1 00:00:00,000 --> 00:00:01,480 What does the orbital ape seem to think? 2 00:00:03,160 --> 00:00:04,360 Have you seen the here wallet though? 3 00:00:04,400 --> 00:00:08,320 That one, this is totally unrelated, but here wallet. 4 00:00:08,680 --> 00:00:09,720 I posted a link to it. 5 00:00:11,840 --> 00:00:15,960 It's, it's, it's mainly for near, which is why I'm a stand for it, but, uh, 6 00:00:16,800 --> 00:00:18,120 it just looks nice. 7 00:00:18,560 --> 00:00:19,320 Oh, I like this UI. 8 00:00:19,640 --> 00:00:20,000 Yeah. 9 00:00:20,000 --> 00:00:29,160 Welcome to game of notes, a weekly podcast from independent validated teams. 10 00:00:32,800 --> 00:00:36,760 Welcome to game of notes, a weekly podcast from independent validated teams. 11 00:00:37,160 --> 00:00:43,120 Um, and this week I've forgotten to get myself a cup of tea and I have, um, a 12 00:00:43,120 --> 00:00:48,720 marg on my desk, uh, which is currently being used as a paint, uh, a paintbrush 13 00:00:48,720 --> 00:00:51,640 wash and, uh, for various reasons. 14 00:00:51,720 --> 00:00:53,480 And I nearly picked it up and drank from it. 15 00:00:53,480 --> 00:00:56,160 So that would have been a short podcast for me. 16 00:00:57,200 --> 00:00:58,120 Uh, it's 17 00:00:58,120 --> 00:00:59,040 on tangentially related. 18 00:00:59,040 --> 00:01:01,800 No, I have tried Horlicks for the Horlicks. 19 00:01:01,800 --> 00:01:03,280 I think it's called it's like a. 20 00:01:03,840 --> 00:01:04,320 Yes. 21 00:01:04,400 --> 00:01:04,920 Yeah. 22 00:01:05,360 --> 00:01:05,960 Yeah. 23 00:01:06,040 --> 00:01:10,440 I tried it for the first time, um, last week and I really enjoyed it. 24 00:01:10,440 --> 00:01:14,080 It's, I mean, I'm a huge fan of barley, just kind of in general. 25 00:01:14,240 --> 00:01:17,320 My buddy, he brought me barley tea home from, from China one time. 26 00:01:18,000 --> 00:01:18,840 I just love it. 27 00:01:18,840 --> 00:01:19,280 Ever since. 28 00:01:19,280 --> 00:01:19,760 Isn't it? 29 00:01:19,920 --> 00:01:20,400 Yeah. 30 00:01:20,720 --> 00:01:25,080 Everyone that I've tried afterward, man, they're like, it's like drinking mud. 31 00:01:25,120 --> 00:01:25,880 It's the best. 32 00:01:26,000 --> 00:01:27,400 I'm like, yeah, it is the best. 33 00:01:27,440 --> 00:01:28,080 I don't know why. 34 00:01:28,080 --> 00:01:28,800 It's absolutely great. 35 00:01:28,800 --> 00:01:33,040 Like, like, you know, do you ever try to, um, like puer tea where it's like, um, 36 00:01:33,560 --> 00:01:35,560 it's like roasted green tea. 37 00:01:35,560 --> 00:01:38,560 I think it's like roasted or it might still be fermented. 38 00:01:38,560 --> 00:01:44,440 It's blackish in kind of color, but it's, it's green tea, um, with, I want to say 39 00:01:44,440 --> 00:01:49,600 Mandarin peel in the mix when it's fermented or roasted, whichever one it is. 40 00:01:50,000 --> 00:01:52,200 It's like a breakfast tea in some parts of China. 41 00:01:52,200 --> 00:01:53,920 It's absolutely amazing. 42 00:01:54,480 --> 00:01:58,720 And if you try and get it anywhere else, you're just like, they'll be like, oh, 43 00:01:58,720 --> 00:02:00,240 buddy, fucking hell, you have that. 44 00:02:00,240 --> 00:02:00,720 Okay. 45 00:02:00,760 --> 00:02:01,440 And then you try it. 46 00:02:01,440 --> 00:02:04,840 You're like, oh, it must be, there must be something about it that doesn't 47 00:02:04,840 --> 00:02:06,000 travel well or whatever. 48 00:02:06,000 --> 00:02:12,560 Um, so yeah, I maybe, maybe if you went to like a, like a Chinese supermarket, you could, 49 00:02:12,560 --> 00:02:15,480 you could get lucky, but, um, but yeah, barley tea is the absolute shit. 50 00:02:15,840 --> 00:02:16,320 Confirm. 51 00:02:16,680 --> 00:02:19,800 Ovaltine and Horlicks pro tip. 52 00:02:20,280 --> 00:02:23,000 If you make a milkshake, uh, add a scoop of it. 53 00:02:23,680 --> 00:02:28,480 As long as it's like, as long as it's like of the malt drink, uh, mix, as long as 54 00:02:28,480 --> 00:02:33,960 it's like a compatible flavor, like chocolate, this works well with, um, and that 55 00:02:33,960 --> 00:02:38,440 extra mall, the extra malls to do important bit. 56 00:02:38,480 --> 00:02:40,600 I had it with, uh, with oat milk and oat milk. 57 00:02:40,640 --> 00:02:41,040 I don't know. 58 00:02:41,120 --> 00:02:41,960 It hit it really well. 59 00:02:42,920 --> 00:02:43,720 Frozen. 60 00:02:44,600 --> 00:02:45,040 That's good. 61 00:02:45,080 --> 00:02:46,360 We need a topic change anyway. 62 00:02:48,480 --> 00:02:49,240 Which tea talk. 63 00:02:49,880 --> 00:02:51,200 Oh, I thought that was my incident. 64 00:02:51,240 --> 00:02:51,640 Nope. 65 00:02:51,680 --> 00:02:52,360 Fucking up. 66 00:02:52,360 --> 00:02:55,680 Things are, things are absolutely fine in Australia. 67 00:02:55,680 --> 00:02:57,240 It's just center of Europe. 68 00:02:59,720 --> 00:03:02,840 My, uh, my camera looks fucked for some reason. 69 00:03:02,840 --> 00:03:04,640 I looked, I looked like old speckling. 70 00:03:04,800 --> 00:03:07,680 No, uh, you look very high resolution. 71 00:03:07,920 --> 00:03:08,280 Yeah. 72 00:03:08,440 --> 00:03:10,520 This, this, this is your little iPhone camera thing again. 73 00:03:10,960 --> 00:03:11,600 Uh, yeah. 74 00:03:11,600 --> 00:03:12,920 It's duct taped to my monitor. 75 00:03:12,960 --> 00:03:13,200 Yeah. 76 00:03:13,320 --> 00:03:13,800 It's looking good. 77 00:03:14,600 --> 00:03:14,920 Yeah. 78 00:03:14,960 --> 00:03:16,360 I mean, that's better than what you normally do. 79 00:03:16,360 --> 00:03:16,760 Yeah. 80 00:03:16,880 --> 00:03:20,760 It's, it's got really good sharpness in that, in that do. 81 00:03:21,160 --> 00:03:22,240 He's a sharp boy. 82 00:03:23,120 --> 00:03:24,680 Uh, yeah. 83 00:03:24,680 --> 00:03:31,520 So, I mean, so what, what blew up, I've been pushed to get onto the, the fucking 84 00:03:31,520 --> 00:03:35,000 podcast this morning, I was like, you know, trying to deal with a few things. 85 00:03:35,280 --> 00:03:36,360 Have to pinch a shit. 86 00:03:37,120 --> 00:03:38,600 Have to go back and finish that later. 87 00:03:39,600 --> 00:03:40,520 It's kind of half a mill. 88 00:03:41,280 --> 00:03:41,800 What blew up? 89 00:03:41,800 --> 00:03:42,160 Yeah. 90 00:03:42,200 --> 00:03:44,240 It's like, I need an axe to cut it off though. 91 00:03:44,240 --> 00:03:45,160 It's just fucking gone. 92 00:03:45,640 --> 00:03:50,480 Um, I don't know, just a server just decided to not work, but actually it 93 00:03:50,480 --> 00:03:51,280 recovered itself. 94 00:03:51,280 --> 00:03:53,160 So I didn't have to fix that. 95 00:03:53,800 --> 00:03:57,640 Oh, by the time I like got to it, it had already recovered itself. 96 00:03:57,640 --> 00:03:59,240 So I was like, oh, tick. 97 00:03:59,240 --> 00:04:00,240 It's good. 98 00:04:00,240 --> 00:04:01,480 The best type of issue to have. 99 00:04:01,760 --> 00:04:02,280 Yeah. 100 00:04:02,280 --> 00:04:03,440 And so now I'm just, 101 00:04:03,440 --> 00:04:04,640 Your do list has completed. 102 00:04:04,640 --> 00:04:08,440 Do you get the extra little bump of it of adrenaline for fixed? 103 00:04:08,960 --> 00:04:09,400 Yeah. 104 00:04:09,920 --> 00:04:11,040 I use paper though. 105 00:04:11,040 --> 00:04:15,840 So it's like on my little paper notebook, it is ticked it done like I wrote it on 106 00:04:15,840 --> 00:04:17,880 there and then ticked it immediately. 107 00:04:17,880 --> 00:04:20,480 So I could have something done on the list today, scratch it up. 108 00:04:20,680 --> 00:04:21,240 Perfect. 109 00:04:22,440 --> 00:04:22,720 Yeah. 110 00:04:22,720 --> 00:04:26,360 Do you ever have like, you haven't felt like you've had a productive day. 111 00:04:26,360 --> 00:04:30,560 So you sort of just write things down on a piece of paper and then put a line 112 00:04:30,560 --> 00:04:32,360 through them in case anyone ever looks. 113 00:04:32,400 --> 00:04:32,760 Yeah. 114 00:04:32,760 --> 00:04:35,480 That's like how my life rolls. 115 00:04:35,520 --> 00:04:36,360 That's all my life. 116 00:04:36,360 --> 00:04:36,840 It does. 117 00:04:38,840 --> 00:04:40,280 There's nobody looking at that list though. 118 00:04:40,600 --> 00:04:41,480 Just wow. 119 00:04:41,480 --> 00:04:45,560 I'm like me and myself with my own thoughts of not productivity. 120 00:04:45,560 --> 00:04:50,480 I mean, I mean, what if the misses come snooping at the desk and she's like, 121 00:04:50,480 --> 00:04:51,760 what would you do today? 122 00:04:51,760 --> 00:04:53,000 What's been going on today? 123 00:04:53,000 --> 00:04:58,120 You stay at home all day and I came home and the dishes weren't done. 124 00:04:58,120 --> 00:04:59,600 So I had the server blow up. 125 00:04:59,600 --> 00:05:02,920 You know, next to prove to me that you've done something. 126 00:05:02,920 --> 00:05:05,720 I got this list, man, and it's got crosses on it. 127 00:05:08,000 --> 00:05:09,520 I've been ultra productive. 128 00:05:11,480 --> 00:05:15,720 Meanwhile, you know, really leveling up in Diablo. 129 00:05:15,720 --> 00:05:17,720 All right. 130 00:05:21,000 --> 00:05:23,360 The phrase is going to grab my coffee. 131 00:05:23,760 --> 00:05:25,320 So we moved on from T Talk. 132 00:05:25,720 --> 00:05:26,040 Good. 133 00:05:26,040 --> 00:05:27,640 That was probably for the best. 134 00:05:27,640 --> 00:05:30,240 Now it's had to my phone because I am. 135 00:05:30,520 --> 00:05:34,400 Yeah, got wrecked, got rugged by my internet service provider apparently. 136 00:05:34,680 --> 00:05:36,000 It was, yeah, it was. 137 00:05:36,000 --> 00:05:39,640 There's been a whole bunch of problems in our area today. 138 00:05:40,040 --> 00:05:41,280 It's like a major outage. 139 00:05:41,280 --> 00:05:43,920 So I think it might just be a continuation of that bullshit. 140 00:05:43,920 --> 00:05:51,520 And there's a whole fucking there's a whole bunch of fucking stuff like the. 141 00:05:52,640 --> 00:05:56,520 We got my business phone got reprovisioned with an e-sim. 142 00:05:56,840 --> 00:06:01,680 As you know, you were there in Barcelona. 143 00:06:01,680 --> 00:06:06,400 And now now I've gone and got like everything reissued and got a physical 144 00:06:06,400 --> 00:06:08,480 sim for the company phone and blah, blah, blah. 145 00:06:09,200 --> 00:06:12,040 The e-sim just keeps causing the physical real sim. 146 00:06:12,040 --> 00:06:14,080 All right, just they have zoom into now. 147 00:06:15,240 --> 00:06:17,080 That was fucking hilarious. 148 00:06:18,440 --> 00:06:21,280 It just it just disconnects all the time randomly. 149 00:06:21,280 --> 00:06:25,560 It just goes, hmm, this other sim you've got in there can't be as important as this e-sim. 150 00:06:25,560 --> 00:06:27,320 I'm just going to deactivate that for you. 151 00:06:27,320 --> 00:06:31,080 And it's the one with the unlimited data that I'm always using to tether. 152 00:06:31,360 --> 00:06:33,120 It does it quietly. 153 00:06:33,120 --> 00:06:37,720 And my personal contract is like some bullshit data allowance. 154 00:06:38,160 --> 00:06:40,840 And so I was just like working on my laptop. 155 00:06:40,840 --> 00:06:44,720 And, you know, as you know, like there's a bunch of stuff going on at the moment, 156 00:06:44,720 --> 00:06:49,400 means there's quite a lot of server shuffling and whatnot and some some get some 157 00:06:49,400 --> 00:06:51,080 get shenanigans going on. 158 00:06:51,760 --> 00:06:56,360 And then get burned through my personal data allowance on my contract in like a day. 159 00:06:56,520 --> 00:06:58,200 And I was like, hang on a minute. 160 00:06:58,200 --> 00:06:59,640 Why am I getting a data warding? 161 00:06:59,640 --> 00:07:02,160 And it's like some sim one is disconnected. 162 00:07:02,160 --> 00:07:04,360 I was like, fuck yeah. 163 00:07:04,360 --> 00:07:07,080 It was just like e-sim is being used as the default. 164 00:07:07,080 --> 00:07:09,240 And I'm like, well, we need to get that fucking sorted out. 165 00:07:09,240 --> 00:07:13,400 But anyway, so if I disappear again, it's because the e-sim has rugged me. 166 00:07:14,880 --> 00:07:18,040 Just it's there's a lot of interest in rugging me today, apparently. 167 00:07:19,160 --> 00:07:21,720 But the other so the other thing that happened actually when I got home 168 00:07:22,600 --> 00:07:27,240 was that the nobody was getting hold of me for a couple of days on the company phone. 169 00:07:27,720 --> 00:07:32,040 And our finance guys were trying to tell me that there was maybe sort of a bank run 170 00:07:32,400 --> 00:07:34,600 in progress in the UK. 171 00:07:34,600 --> 00:07:36,280 This is actually the title of last week's podcast. 172 00:07:36,280 --> 00:07:37,400 I'm not even sure we mentioned it. 173 00:07:37,400 --> 00:07:42,920 And so I called them back when I finally got home from all the shenanigans 174 00:07:42,920 --> 00:07:47,880 and then got stuck in the train strikes and and then got got to near a station to me. 175 00:07:47,880 --> 00:07:49,560 Got a taxi home, finally got home. 176 00:07:49,560 --> 00:07:55,160 I was like, oh, fucking Chad, what a what a busy week of yorping and shilling, 177 00:07:55,160 --> 00:07:56,040 mainly yorping. 178 00:07:56,040 --> 00:07:57,480 What's a little bit of shilling? 179 00:07:58,280 --> 00:07:58,600 Yeah. 180 00:07:59,720 --> 00:08:01,560 And then like was like, oh shit, right? 181 00:08:01,560 --> 00:08:07,720 I've got my backup phone and got the thing called them up, got the eSIM. 182 00:08:07,720 --> 00:08:10,280 And that's like, you have three missed calls called these guys back. 183 00:08:10,280 --> 00:08:12,760 And they're just like, yeah, there's kind of a bank run in progress. 184 00:08:12,760 --> 00:08:16,200 We've noticed that you mainly use this bank that's affected. 185 00:08:17,160 --> 00:08:19,160 You need to you need to go deal with this. 186 00:08:21,000 --> 00:08:25,320 And this was like 430, let's say 430, 435 in the afternoon. 187 00:08:25,320 --> 00:08:31,800 And so I had to then before the end of the working day get to a bank in the nearest city, 188 00:08:31,800 --> 00:08:34,200 the closest place there was still a bricks and mortar bank. 189 00:08:35,560 --> 00:08:39,080 And then I got there and think about five minutes before they closed. 190 00:08:40,360 --> 00:08:45,560 And I had to run across town and I arrived there completely covered in sweat, 191 00:08:45,560 --> 00:08:47,320 like head to toe. 192 00:08:47,880 --> 00:08:52,520 And they're just like, hello, we're closing in five minutes, but what can we do for you? 193 00:08:52,520 --> 00:08:55,960 And I'm like, I would like to make a withdrawal. 194 00:08:55,960 --> 00:08:58,760 So when you say bank run, it was a literal bank run. 195 00:08:58,760 --> 00:09:03,960 Meaning there was a concern that the bank was going to be liquidated, right? 196 00:09:03,960 --> 00:09:09,880 It was one of those situations where they were like, look, there probably won't be an issue. 197 00:09:09,880 --> 00:09:16,520 But in the event that there is and you rely on the money in this bank for your short-term liquidity of your business, 198 00:09:16,520 --> 00:09:21,720 make sure you have enough to cover that say three months in another bank. 199 00:09:21,720 --> 00:09:25,320 Because I think that's how long it takes. 200 00:09:25,320 --> 00:09:28,760 There's a deposit guarantee scheme here just like there is for you guys. 201 00:09:28,760 --> 00:09:32,040 It's not as generous as you are actually, not nearly as generous. 202 00:09:33,240 --> 00:09:36,440 But I think there's a period you have to wait till you're going to get your funds, right? 203 00:09:36,440 --> 00:09:37,000 Yeah, as a business. 204 00:09:37,000 --> 00:09:40,120 And you're at the back of the queue for your business as well, 205 00:09:40,120 --> 00:09:42,200 because they care more about consumers than businesses. 206 00:09:43,080 --> 00:09:45,400 What's the deposit guarantee in the States? 207 00:09:45,400 --> 00:09:46,440 250,000. 208 00:09:46,440 --> 00:09:47,400 Yes, big. 209 00:09:47,400 --> 00:09:48,040 Per account. 210 00:09:48,040 --> 00:09:48,760 Yeah, that's what it is. 211 00:09:48,760 --> 00:09:49,880 Per account. 212 00:09:49,880 --> 00:09:51,240 Per account. 213 00:09:51,240 --> 00:09:54,840 Yeah, it's per account type, not necessarily per account. 214 00:09:54,840 --> 00:09:58,360 But you have your Kanga Box on, 250,000. 215 00:09:58,360 --> 00:10:02,280 Oh yeah, 250,000 Australian dollar reduce. 216 00:10:02,280 --> 00:10:04,520 But I think that's per bank though. 217 00:10:04,520 --> 00:10:06,440 And I think that's per account. 218 00:10:06,440 --> 00:10:12,280 So no, it's well, for us, it's per, usually you have a single check-in account. 219 00:10:12,280 --> 00:10:14,200 But you can have multiple check-in accounts at one bank. 220 00:10:14,200 --> 00:10:16,520 Each one of those accounts is covered up to 250,000. 221 00:10:16,520 --> 00:10:17,560 No, I don't think that's true. 222 00:10:17,560 --> 00:10:19,720 I've talked to a couple of people about it specifically. 223 00:10:19,720 --> 00:10:22,360 And they said that if you, your checking accounts, 224 00:10:22,360 --> 00:10:23,960 all counts is one checking account. 225 00:10:23,960 --> 00:10:24,440 Right? 226 00:10:24,440 --> 00:10:27,960 And then, but if you have a separate mutual money market account, 227 00:10:27,960 --> 00:10:30,440 then that'll count to a separate 250,000. 228 00:10:30,440 --> 00:10:33,320 But all check-in accounts are considered the same check-in count 229 00:10:33,320 --> 00:10:35,960 with regards to the $250,000 limit. 230 00:10:35,960 --> 00:10:37,000 Ditto for the savings accounts. 231 00:10:37,000 --> 00:10:37,640 Per what? 232 00:10:37,640 --> 00:10:38,680 Per bank. 233 00:10:38,680 --> 00:10:39,560 Per bank, yeah. 234 00:10:40,040 --> 00:10:42,440 No, I think I've had two, 235 00:10:42,440 --> 00:10:45,080 actually I don't even know if I've had two at the same location. 236 00:10:45,080 --> 00:10:46,760 But money markets would not be covered out of this. 237 00:10:46,760 --> 00:10:47,880 This is purely checking, right? 238 00:10:47,880 --> 00:10:48,920 That would be separate. 239 00:10:48,920 --> 00:10:50,120 All of the money markets are separate. 240 00:10:50,120 --> 00:10:51,720 And so are savings. 241 00:10:51,720 --> 00:10:54,440 Savings accounts would be, that's also covered separately. 242 00:10:55,080 --> 00:10:56,040 Wait, is it? 243 00:10:56,040 --> 00:10:57,320 I don't, hold on. 244 00:10:57,320 --> 00:10:57,960 Now I need to look up. 245 00:10:57,960 --> 00:11:01,480 In the UK, it's only about $100,000 by comparison. 246 00:11:01,480 --> 00:11:01,720 Really? 247 00:11:03,560 --> 00:11:07,400 So yeah, anyway, the long and short of it is that's not material, 248 00:11:07,400 --> 00:11:07,960 really. 249 00:11:07,960 --> 00:11:09,160 The money would be covered. 250 00:11:09,160 --> 00:11:10,840 It's more that we would go bankrupt. 251 00:11:10,840 --> 00:11:11,880 It just takes time. 252 00:11:11,880 --> 00:11:12,200 Yeah. 253 00:11:12,200 --> 00:11:16,200 Yeah, I mean, AWS don't accept their bill in, I'm sorry, 254 00:11:16,200 --> 00:11:20,120 but our bank folded and we don't have any money to pay you right now. 255 00:11:20,120 --> 00:11:22,360 But in three months, we will have your money. 256 00:11:22,360 --> 00:11:23,320 Don't worry about it. 257 00:11:24,120 --> 00:11:27,000 So that's how I ended up covered in sweat at the bank teller, 258 00:11:27,800 --> 00:11:29,400 five minutes or whatever before they closed. 259 00:11:31,160 --> 00:11:34,280 And they're like, yes, and what's the reason for this transfer? 260 00:11:34,280 --> 00:11:39,560 And I was like, no reason, no reason, routine de-risking. 261 00:11:39,560 --> 00:11:42,600 Our finance guys, they gave me a call and said, 262 00:11:42,600 --> 00:11:43,640 why haven't you done this? 263 00:11:43,640 --> 00:11:45,400 And you know, you don't want to piss those guys off. 264 00:11:45,400 --> 00:11:47,640 And they're just like looking at me covered in sweat. 265 00:11:47,640 --> 00:11:51,800 And they're thinking, there's a news headline about our bank not doing so well. 266 00:11:52,360 --> 00:11:53,480 This guy is the worst. 267 00:11:53,480 --> 00:11:55,560 But it was just like the most British thing in the world. 268 00:11:55,560 --> 00:11:56,920 Like I can't say to them. 269 00:11:57,480 --> 00:11:58,120 Or it is your fault. 270 00:11:58,760 --> 00:11:59,960 Yeah, I can't say to them. 271 00:11:59,960 --> 00:12:01,800 I think there's a 3% chance. 272 00:12:01,800 --> 00:12:02,600 Just really? 273 00:12:02,600 --> 00:12:04,600 What would be the Australian response to that question? 274 00:12:05,480 --> 00:12:07,400 I mean, I wouldn't have been able to help myself. 275 00:12:07,400 --> 00:12:11,800 I would have been like, there was a very nice gentleman on the internet who's 276 00:12:11,800 --> 00:12:15,880 accidentally overpaid me by $200,000 on my internet banking. 277 00:12:15,880 --> 00:12:20,600 And I'm just trying to repay them over fucking Western Union. 278 00:12:20,600 --> 00:12:24,360 The Nigerian Prince messaged me about the credit cards. 279 00:12:24,360 --> 00:12:26,520 And it seemed like such a good deal. 280 00:12:27,400 --> 00:12:30,360 Well, at least you're just shitting around. 281 00:12:30,360 --> 00:12:33,320 Like whereas, you know, I just in my head, I'm like, 282 00:12:33,320 --> 00:12:37,320 there is a small chance your bank is going to go under tomorrow morning when the market opens. 283 00:12:38,200 --> 00:12:39,720 But I'm going to say that. 284 00:12:39,720 --> 00:12:44,680 No, no, it didn't as it turned out, of course it didn't because it was like a 1% chance, 285 00:12:44,680 --> 00:12:45,880 a 3% chance. 286 00:12:45,880 --> 00:12:50,360 But if there's like, if somebody tells you, look, you can get off the sofa right now, 287 00:12:51,960 --> 00:12:56,200 get on your bike, ride a train, then run a mile. 288 00:12:56,200 --> 00:12:58,120 Get on your bike, get on a train, get on a bus. 289 00:12:58,120 --> 00:13:00,440 It was convoluted because of time. 290 00:13:00,440 --> 00:13:01,880 If, anyway, whatever, it's not important. 291 00:13:01,880 --> 00:13:04,280 Like it was one of those when you know we look at Google to get the quickest way there. 292 00:13:04,280 --> 00:13:07,560 And it's like all of these ways are really slow for some mad reason. 293 00:13:07,560 --> 00:13:09,080 And I know how to get there the quickest way. 294 00:13:09,080 --> 00:13:10,840 Okay, fine. We're just going to do my way. 295 00:13:10,840 --> 00:13:12,040 And it was anyway. 296 00:13:12,840 --> 00:13:16,520 If somebody tells you you got 1% to 3% chance to your business folding, unless you 297 00:13:16,520 --> 00:13:20,440 really get off your ass off the sofa, let go over, put yourself at massive inconvenience, 298 00:13:20,440 --> 00:13:23,880 and have a socially embarrassing interaction at the end, what do you do? 299 00:13:23,880 --> 00:13:27,880 Because apparently I fucking literally physically run. 300 00:13:27,880 --> 00:13:29,400 I become a part of the problem. 301 00:13:29,400 --> 00:13:30,440 I joined the bank run. 302 00:13:30,440 --> 00:13:32,520 I'd have to be 15% for me. 303 00:13:32,520 --> 00:13:33,720 15%? 304 00:13:33,720 --> 00:13:34,760 I should know that. 305 00:13:34,760 --> 00:13:37,640 Did you to run 25? 306 00:13:37,640 --> 00:13:38,440 25. 307 00:13:38,440 --> 00:13:41,640 To walk casually 15. 308 00:13:41,640 --> 00:13:43,560 If I could do it like tomorrow, I could drive up. 309 00:13:43,560 --> 00:13:48,200 If I had done anything less than pull on sprint, I would not have made the bank. 310 00:13:48,200 --> 00:13:50,200 25, 33% maybe. 311 00:13:50,840 --> 00:13:53,320 Mate, it was like the bittersweet symphony video. 312 00:13:53,320 --> 00:13:57,640 I was like Richard Ashcroft fucking elbowing people out the way in the street. 313 00:13:57,640 --> 00:13:59,320 That is what happens in that video, right? 314 00:13:59,320 --> 00:13:59,800 Hard pass. 315 00:13:59,800 --> 00:14:01,480 Can you make a recreation video? 316 00:14:02,760 --> 00:14:07,000 It was just usually about springing down the fucking main street of London. 317 00:14:07,000 --> 00:14:08,760 You're putting your pajamas in the wall. 318 00:14:08,760 --> 00:14:12,920 To be fucking clear, this was about my like 5.30, right? 319 00:14:12,920 --> 00:14:14,360 It's just before they close. 320 00:14:14,360 --> 00:14:16,280 So it's at the time when everybody gets off work. 321 00:14:16,280 --> 00:14:17,800 So everybody's coming out of offices. 322 00:14:17,800 --> 00:14:21,080 They're all heading towards the ways to get out of the city. 323 00:14:21,080 --> 00:14:22,520 I am heading the other way. 324 00:14:22,520 --> 00:14:26,600 I'm literally fucking, I'm sprinting and punching and sprinting and punching. 325 00:14:26,600 --> 00:14:29,880 I'm like Russell Crow fighting around the world. 326 00:14:30,680 --> 00:14:32,120 And then I get there covered in sweat. 327 00:14:32,120 --> 00:14:33,800 They're like, is there a reason for this? 328 00:14:33,800 --> 00:14:35,720 And I'm like, no, no, no reason. 329 00:14:35,720 --> 00:14:37,800 There is absolutely no reason. 330 00:14:38,760 --> 00:14:39,400 So, okay. 331 00:14:39,400 --> 00:14:40,360 Absolutely no reason. 332 00:14:41,160 --> 00:14:42,600 Did you take every penny out? 333 00:14:42,600 --> 00:14:43,400 Were they like, all right. 334 00:14:43,400 --> 00:14:46,840 So I'd like to wire transfer a thousand dollars and you're like, no, no, no, no, no. 335 00:14:46,840 --> 00:14:49,080 A thousand dollars and 27 cents. 336 00:14:51,080 --> 00:14:53,640 It was social embarrassment central. 337 00:14:53,640 --> 00:15:00,440 It was like, yes, the number we've been given that I've been told to transfer is this. 338 00:15:00,440 --> 00:15:02,440 It's a very arbitrary number. 339 00:15:02,440 --> 00:15:09,880 Again, it's just saving face because I did want to say, I think there is a charge your back is 340 00:15:09,880 --> 00:15:10,520 going under. 341 00:15:11,560 --> 00:15:17,240 So it was just like a calculator guess of like, how much do we need for the next three months? 342 00:15:17,240 --> 00:15:20,040 Guarantee just in a different bank account. 343 00:15:20,760 --> 00:15:21,240 Yeah. 344 00:15:21,240 --> 00:15:25,960 And then the rest, it was just like, oh, it would be really bad if we never got that back. 345 00:15:26,840 --> 00:15:31,960 But apparently that kind of whatever it was, I think 15,000 pounds was the cost of social 346 00:15:31,960 --> 00:15:32,520 embarrassment. 347 00:15:32,520 --> 00:15:39,960 So if we never got that back, then we so we know that 25% to get us up at a run anywhere, 348 00:15:39,960 --> 00:15:48,280 we know that 33% sorry, why my it costs more than 15,000 pounds to get me to 349 00:15:48,280 --> 00:15:50,360 drop the veneer of social decorum. 350 00:15:50,360 --> 00:15:54,840 That is what we've learned, which is funny because most times in my life, 351 00:15:55,480 --> 00:15:57,880 there's absolutely no way I'd be in a position where that would be the case. 352 00:15:57,880 --> 00:16:03,560 But right now, apparently running a business, that's where we've got to the other the other 353 00:16:03,560 --> 00:16:04,280 notable thing, right? 354 00:16:04,280 --> 00:16:08,760 It's obviously we have a bunch of our stuff ledgers and whatnot in a bank vault, 355 00:16:08,760 --> 00:16:12,360 obviously with with the same bank we mainly bank with. 356 00:16:12,360 --> 00:16:13,080 Wait, hold on. 357 00:16:13,080 --> 00:16:14,200 Let's pause this for a sec. 358 00:16:14,200 --> 00:16:18,520 So in the UK, are those bank vaults actually protected in the US? 359 00:16:18,520 --> 00:16:20,520 They're considered like, if you put them in there, that's great. 360 00:16:20,520 --> 00:16:24,120 But if someone takes them out, they're like, that sucks. 361 00:16:24,120 --> 00:16:26,040 It's not like we have insurance on it or anything. 362 00:16:26,040 --> 00:16:28,840 Well, they don't even know what's in there. 363 00:16:28,840 --> 00:16:31,480 They have to get in there, I guess. 364 00:16:31,480 --> 00:16:33,640 So it's like, it's inside a vault. 365 00:16:33,640 --> 00:16:36,920 First of all, we know with a big swingy oceans 11 door. 366 00:16:37,560 --> 00:16:42,280 And inside there's like a box and it has two keys and you have one key and the bank manager has 367 00:16:42,280 --> 00:16:47,400 another key and you have to know the bank manager to access it. 368 00:16:47,400 --> 00:16:53,880 So you come in, say is the manager in and let me tell you, this is a faff when there is a 369 00:16:53,880 --> 00:17:00,440 a bull market and you want to cash out more regularly because you have to go in every week, 370 00:17:00,440 --> 00:17:03,720 do this same 15 minute shuffle where you talk to them. 371 00:17:03,720 --> 00:17:04,360 What are you doing? 372 00:17:04,360 --> 00:17:06,680 Oh, we're just picking up some accounting books or something. 373 00:17:06,680 --> 00:17:07,960 Just whatever bullshit that week. 374 00:17:09,560 --> 00:17:10,200 No, no. 375 00:17:10,200 --> 00:17:16,360 But anyway, and then you go to like a safe room with your thing and then you get out of ledger 376 00:17:16,360 --> 00:17:19,320 and you tether to your phone because there's no, well, this is no internet. 377 00:17:19,320 --> 00:17:20,200 You're in a safe room. 378 00:17:20,200 --> 00:17:23,640 So you just like wave your phone around until you get a little bar of signal 379 00:17:23,640 --> 00:17:26,520 and you're like, right, prop it up on whatever that shelf is. 380 00:17:26,520 --> 00:17:30,680 And then you get your laptop out of your backpack and you do the dance, right? 381 00:17:30,680 --> 00:17:33,320 And you should do whatever shuffling or whatever you need to. 382 00:17:33,320 --> 00:17:38,280 But anyway, the point is that like, I realized as I was coming back from the bank, 383 00:17:38,280 --> 00:17:43,880 having participated successfully in a bank run, like I gather a number of people and businesses 384 00:17:43,880 --> 00:17:48,360 did in the UK on that day on that afternoon, although not enough to destabilize the banks, 385 00:17:48,360 --> 00:17:49,480 everything was fine in the end. 386 00:17:49,480 --> 00:17:57,880 It didn't even cross my way for one second that obviously when a bank becomes a solvent, 387 00:17:57,880 --> 00:18:00,840 one of the problems is actually it takes a long time to be able to access the 388 00:18:01,880 --> 00:18:05,240 deposit boxes and whatnot in the safe, in the vault, sorry. 389 00:18:05,800 --> 00:18:12,520 And that can be a real problem for people that need that stuff more in a time-sensitive way. 390 00:18:13,080 --> 00:18:19,000 And it didn't even occur to me for a second to collect any of the Cosmos ledgers that were 391 00:18:19,000 --> 00:18:20,920 in the bank, not for a fucking second. 392 00:18:20,920 --> 00:18:25,400 Well, a forced shitcoin collection period. 393 00:18:26,600 --> 00:18:31,560 I'm sure the bank manager is hugely impressed with your huge process here to transfer out 394 00:18:31,560 --> 00:18:33,560 $48 in fucking Juneau commissions. 395 00:18:34,680 --> 00:18:35,880 Yeah, just like we did back in the day. 396 00:18:35,880 --> 00:18:36,920 I just saw a lot of Jeff there. 397 00:18:36,920 --> 00:18:41,320 I'm sure they're all like, wow, that's amazing. 398 00:18:41,320 --> 00:18:47,160 Yeah. Anyway, so I can't, I can't, this is the name of last week's episode, I can't believe. 399 00:18:47,160 --> 00:18:52,440 So anyway, that was quite exciting. I participated in a bank run, which was wild. 400 00:18:53,000 --> 00:18:57,240 And as I was coming back from there, not only was I like, oh, it's funny, 401 00:18:57,240 --> 00:18:58,440 I didn't even think of the ledgers. 402 00:18:58,440 --> 00:19:04,920 The second thing I thought was, if only that money had been stored on some kind of permissionless, 403 00:19:04,920 --> 00:19:12,520 decentralized system so there's no way that the bank folding could possibly cause us any trouble. 404 00:19:12,520 --> 00:19:18,440 And I instantly leveled up into crypto CTO, whoever's the bigger shill than we are. 405 00:19:18,440 --> 00:19:21,160 I just, it was like a Pokemon evolving. 406 00:19:21,160 --> 00:19:25,640 I evolved into crypto CTO and became 20% more of a shill. 407 00:19:25,640 --> 00:19:33,640 So I just have to say that like the UK banking system is pretty shit then because in that 408 00:19:33,640 --> 00:19:38,760 same scenario, I would not have to have had left my couch and I could have instantly transferred 409 00:19:38,760 --> 00:19:40,920 that money to another bank. 410 00:19:40,920 --> 00:19:47,320 I mean, it's worth saying that the only reason I had to physically go in was because A is a large transfer. 411 00:19:47,320 --> 00:19:55,000 And so like, you know, up to half, half, like my bank, I can transfer a million dollars 412 00:19:55,000 --> 00:19:56,840 over internet bank. 413 00:19:56,840 --> 00:20:01,880 Normally, most banks here is either five or 10,000 pounds. 414 00:20:01,880 --> 00:20:04,520 They'll be like, not sure about that. 415 00:20:04,520 --> 00:20:06,360 And how does anyone do business there? 416 00:20:06,360 --> 00:20:09,320 Well, if you, you, you can arrange a few things. 417 00:20:09,320 --> 00:20:14,040 If you, you, you can arrange in advance where you say, we have to regularly do this and then 418 00:20:14,040 --> 00:20:16,360 you do some additional authorization and then you can do it. 419 00:20:16,360 --> 00:20:24,360 So, you know, we, as you know, had a hilariously large AWS bill once, but our AWS bill at that point, 420 00:20:24,360 --> 00:20:26,760 especially for some of the app to stuff was already pretty large. 421 00:20:26,760 --> 00:20:31,240 So we obviously have multiple bank accounts as well. 422 00:20:32,200 --> 00:20:37,080 One of them is with a, you know, like an online challenger bank. 423 00:20:37,080 --> 00:20:41,320 And we've already prearranged with them that, yeah, we're going to pay invoices that are 424 00:20:41,320 --> 00:20:44,200 over a certain amount and they just, it just goes through. 425 00:20:45,560 --> 00:20:48,600 Our primary bank, however, is a bricks and mortar bank. 426 00:20:48,600 --> 00:20:51,320 And for Opset reasons, I don't have any online banking. 427 00:20:51,320 --> 00:20:52,920 I don't have any access to online banking. 428 00:20:52,920 --> 00:20:54,040 Don't have it on my phone. 429 00:20:54,520 --> 00:20:59,800 You have to go into the bank and talk to a person who has to check your ID to do anything. 430 00:20:59,800 --> 00:21:02,440 So we have a thing over here called BPAY. 431 00:21:02,440 --> 00:21:05,960 And it's just, it's short for bill pay. 432 00:21:05,960 --> 00:21:12,360 And I think you can pay like 25 or 50 grand or something in a single bill. 433 00:21:12,360 --> 00:21:18,360 But then like just on the internet banking, we've got a process over here called OSCO. 434 00:21:18,360 --> 00:21:20,360 And that's like the back end of that. 435 00:21:20,360 --> 00:21:21,800 All the banks built themselves. 436 00:21:21,800 --> 00:21:26,200 They're like fucking the old, the old bullshits a little bit slow and everyone's getting 437 00:21:26,200 --> 00:21:29,160 a little bit pissed about waiting a day for their funds to show up. 438 00:21:29,160 --> 00:21:32,200 It used to be a couple of days and then they got it down to like a day. 439 00:21:32,200 --> 00:21:36,280 Like it had to be an overnight like bank journaling thing. 440 00:21:36,280 --> 00:21:38,120 And everyone's like, why? 441 00:21:38,120 --> 00:21:39,960 Like you have a database. 442 00:21:39,960 --> 00:21:41,480 They have a database. 443 00:21:41,480 --> 00:21:44,680 You know, can't you just send it? 444 00:21:44,680 --> 00:21:49,000 And so, yeah, I think they just like collaborated for a few months. 445 00:21:49,000 --> 00:21:50,840 They're like, oh, it's not so hard. 446 00:21:50,840 --> 00:21:54,920 And then they came up with this OSCO thing, which is like the settlement back end. 447 00:21:54,920 --> 00:21:57,560 Yeah, that's probably people who the fuck knows. 448 00:21:57,560 --> 00:21:58,680 That's the same as here. 449 00:21:58,680 --> 00:21:59,720 That's the same as here. 450 00:21:59,720 --> 00:22:02,360 The same as here. 451 00:22:02,360 --> 00:22:07,880 So we haven't seen like one to three seconds maybe even for a very large sum of money. 452 00:22:07,880 --> 00:22:13,880 So then, yeah, and then the next thing was like, well, you know, for business accounts, 453 00:22:13,880 --> 00:22:19,080 obviously you can't get by on these like five or $10,000 limits. 454 00:22:19,080 --> 00:22:24,600 So on our like on my personal account, I think I can just go into my app and temporarily 455 00:22:24,600 --> 00:22:28,440 increase it to like 50 grand or something like that if I needed to. 456 00:22:28,440 --> 00:22:33,960 But on the business account, like I can just increase it all the way up to like a million 457 00:22:33,960 --> 00:22:38,200 dollars for single transfers or daily limit is like a million dollars. 458 00:22:38,200 --> 00:22:39,560 That's kind of horrifying. 459 00:22:39,560 --> 00:22:40,560 Why? 460 00:22:40,560 --> 00:22:43,720 We don't like people aren't walking around here pulling out fucking toenails. 461 00:22:43,720 --> 00:22:48,440 Well, yeah, but like you just don't really want access to shuffle around that kind of 462 00:22:48,440 --> 00:22:50,720 money if you don't need it. 463 00:22:50,720 --> 00:22:51,800 Like we don't have. 464 00:22:51,800 --> 00:22:57,680 So I mean, it's somebody picks up a phone number like here to do to do a for example 465 00:22:57,680 --> 00:23:03,160 to do a like term deposit, right? 466 00:23:03,160 --> 00:23:05,400 To get interest. 467 00:23:05,400 --> 00:23:07,760 A lot of times that's like a new bank. 468 00:23:07,760 --> 00:23:10,440 Well, all the time it's a new bank account, right? 469 00:23:10,440 --> 00:23:15,080 And then so you have to make a deposit to that new bank account of the amount that is 470 00:23:15,080 --> 00:23:20,120 the the term deposit. 471 00:23:20,120 --> 00:23:24,880 And so the first time I did was I was fixed term savings account. 472 00:23:24,880 --> 00:23:25,880 Yeah. 473 00:23:25,880 --> 00:23:29,480 So you do for a kid where you say like you're going to go to this in 10 years time when 474 00:23:29,480 --> 00:23:31,240 you're whatever a teenager. 475 00:23:31,240 --> 00:23:33,400 Well, it's it's more short term than that. 476 00:23:33,400 --> 00:23:37,720 So say they have different interest rates for different terms, right? 477 00:23:37,720 --> 00:23:42,760 So say on a three months term, they might give you like, I don't know, 3% interest rate. 478 00:23:42,760 --> 00:23:48,160 And then like on a six months term, they might give you 5% interest rate or something like 479 00:23:48,160 --> 00:23:49,240 that, right? 480 00:23:49,240 --> 00:23:55,280 And so usually it's like risk based over time depending on what's going on with the economy 481 00:23:55,280 --> 00:23:56,840 and whatever. 482 00:23:56,840 --> 00:24:01,840 But you usually get like more of a return over a longer period of time, unless it's like 483 00:24:01,840 --> 00:24:04,160 into the tens of years. 484 00:24:04,160 --> 00:24:08,080 And then usually it actually comes back down again because they don't know what's going 485 00:24:08,080 --> 00:24:10,600 to happen down there. 486 00:24:10,600 --> 00:24:18,160 So anyway, to like finalize the account, you need to put the money in there. 487 00:24:18,160 --> 00:24:23,880 And so I had to do this once by getting a cashier's check from the bank the first time 488 00:24:23,880 --> 00:24:27,240 I did it because I didn't have the facilities set up where I could send a decent amount 489 00:24:27,240 --> 00:24:28,240 of money. 490 00:24:28,240 --> 00:24:30,440 It was like $10,000 or something limit. 491 00:24:30,440 --> 00:24:34,680 And I'll tell you, that was a huge pain in the ass. 492 00:24:34,680 --> 00:24:41,440 Firstly, I had to go to the bank, which I don't like doing because there's people there. 493 00:24:41,440 --> 00:24:43,000 And so I don't want them to look at me. 494 00:24:43,000 --> 00:24:46,240 Also, I'm guessing the nearest bank is about 400 miles away. 495 00:24:46,240 --> 00:24:49,120 And you know, kangaroos, they move like eight hour drive. 496 00:24:49,120 --> 00:24:56,800 Yeah, as I say, it's like a 24 hour kangaroo hike with your convoy of camels and kangaroos. 497 00:24:56,800 --> 00:25:00,600 And once you get to the other side, you're awfully thirsty. 498 00:25:00,600 --> 00:25:01,680 You stop for a beer. 499 00:25:01,680 --> 00:25:04,040 You forget why you even went to town. 500 00:25:04,040 --> 00:25:06,840 You get in a fight with some alcoholic doctor. 501 00:25:06,840 --> 00:25:08,280 A couple of games or two up. 502 00:25:08,280 --> 00:25:09,880 A couple of games or two up. 503 00:25:09,880 --> 00:25:11,960 And before you know it, you're stuck in the upper again. 504 00:25:11,960 --> 00:25:15,240 Next thing you know, it's Tuesday, the bank's closed. 505 00:25:15,240 --> 00:25:18,880 So one of the problems I came across when I got to the bank is that no one knew what 506 00:25:18,880 --> 00:25:20,440 the fuck was going on at the bank. 507 00:25:20,440 --> 00:25:23,480 They're like, what was their bank deposit? 508 00:25:23,480 --> 00:25:27,000 Like, no, just no one knows. 509 00:25:27,000 --> 00:25:29,480 The branches are just full of dumb people now. 510 00:25:29,480 --> 00:25:31,800 They like, they're like, you can do that on the internet. 511 00:25:31,800 --> 00:25:33,440 Like, why are you here? 512 00:25:33,440 --> 00:25:36,160 They got a room with like a couple of people. 513 00:25:36,160 --> 00:25:37,840 They don't have cash at the bank anymore. 514 00:25:37,840 --> 00:25:38,840 You're not getting any money. 515 00:25:38,840 --> 00:25:41,760 And yet they keep building more like fucking banks here. 516 00:25:41,760 --> 00:25:42,760 You're exactly right. 517 00:25:42,760 --> 00:25:45,800 But there's these branches and they got no one there. 518 00:25:45,800 --> 00:25:49,680 And then I was like, I want to talk to your business bankers and they're like, yeah, we 519 00:25:49,680 --> 00:25:51,160 didn't have those here. 520 00:25:51,160 --> 00:25:53,560 I'm like, what do you have? 521 00:25:53,560 --> 00:25:54,760 They're selling mortgages. 522 00:25:54,760 --> 00:25:55,960 Like, what are you doing? 523 00:25:55,960 --> 00:25:59,920 We can, you have to make an appointment to see someone. 524 00:25:59,920 --> 00:26:02,160 And I'm like, I drove nine hours. 525 00:26:02,160 --> 00:26:06,400 I see a couple of desks with people at them with no one else standing by them. 526 00:26:06,400 --> 00:26:08,040 Like, surely I can talk to one of them. 527 00:26:08,040 --> 00:26:10,160 They're like, oh, they're helping people on the internet. 528 00:26:10,160 --> 00:26:11,640 Oh, you fucking hell. 529 00:26:11,640 --> 00:26:12,640 That sounds like me. 530 00:26:12,640 --> 00:26:20,880 I get hold of a GitLab account at New University, which is like, it's like, oh, yeah, there's 531 00:26:20,880 --> 00:26:24,720 there's a bunch of GitLab servers in the, in the CompSci lab in the server farm on the 532 00:26:24,720 --> 00:26:27,200 roof and you're like, oh, cool. 533 00:26:27,200 --> 00:26:28,200 Who can give you access? 534 00:26:28,200 --> 00:26:30,240 It's like, oh, yeah, it's the IT guys. 535 00:26:30,240 --> 00:26:31,240 And then you go to their room. 536 00:26:31,240 --> 00:26:32,840 It's literally like the IT crowd. 537 00:26:32,840 --> 00:26:37,800 There's like four guys with their feet on the desk and you're like, hey, who can I give 538 00:26:37,800 --> 00:26:42,720 my public key to to get access to the GitLab server cluster? 539 00:26:42,720 --> 00:26:48,800 And it's like, oh, that used to be, that used to be Jeff, I think, but Jeff left. 540 00:26:48,800 --> 00:26:52,680 So here's Brian now, but he's got COVID. 541 00:26:52,680 --> 00:26:55,000 So he's probably just fill in the form. 542 00:26:55,000 --> 00:26:57,800 And then when he's back, he'll probably look at the form. 543 00:26:57,800 --> 00:26:58,800 Brian with a Y. 544 00:26:58,800 --> 00:27:01,880 Like, oh, sorry, we actually use four digit pin numbers in you. 545 00:27:01,880 --> 00:27:06,200 Are you really, you're a bit like, I have an enterprise GitHub account. 546 00:27:06,200 --> 00:27:09,440 You know, I could just, or I can just install GitLab on a server. 547 00:27:09,440 --> 00:27:11,200 I could do it. 548 00:27:11,200 --> 00:27:13,480 Why am I doing this? 549 00:27:13,480 --> 00:27:15,740 Not for the first time in this five year period. 550 00:27:15,740 --> 00:27:17,520 Why am I doing this again? 551 00:27:17,520 --> 00:27:20,360 Has come up as a question. 552 00:27:20,360 --> 00:27:26,200 So anyway, the process ended up being that they had to survey the people who were in 553 00:27:26,200 --> 00:27:30,120 the building to see if any of them knew how to do what I needed to do. 554 00:27:30,120 --> 00:27:34,480 And then I had to make an appointment several hours into the future and then return to the 555 00:27:34,480 --> 00:27:36,120 bank at a later date. 556 00:27:36,120 --> 00:27:43,840 And then they had this fucking machine that had to like print this check and have it signed 557 00:27:43,840 --> 00:27:45,600 by different people. 558 00:27:45,600 --> 00:27:50,520 And then they offered me security to walk to the other end of the fucking street to 559 00:27:50,520 --> 00:27:54,240 like give the cashier's check to another person. 560 00:27:54,240 --> 00:27:58,840 What other person at the another bank for the transfer for the transfer? 561 00:27:58,840 --> 00:27:59,840 Yeah. 562 00:27:59,840 --> 00:28:02,080 They're like, this, this, this is as good as cash. 563 00:28:02,080 --> 00:28:03,080 And I'm like, okay. 564 00:28:03,080 --> 00:28:05,080 I'm like, I'm gonna give you a check. 565 00:28:05,080 --> 00:28:07,960 And they're like, do you, do you want us to send someone with you to the bank down the 566 00:28:07,960 --> 00:28:09,960 road to make the deposit? 567 00:28:09,960 --> 00:28:12,640 I was like, no, I fucking unit. 568 00:28:12,640 --> 00:28:13,640 Look at me. 569 00:28:13,640 --> 00:28:15,640 Like I'm bigger than all you. 570 00:28:15,640 --> 00:28:19,640 I'm 24% body fat. 571 00:28:19,640 --> 00:28:25,840 So, so I was like, I think they were threatening you. 572 00:28:25,840 --> 00:28:30,000 I think what just blew over your head there is that they were saying, they're saying you 573 00:28:30,000 --> 00:28:35,480 need somebody to go with you or one of us is going to give you a wedgie nerd and take 574 00:28:35,480 --> 00:28:36,480 your cashiers. 575 00:28:36,480 --> 00:28:37,960 Wedgie in the public bathroom. 576 00:28:37,960 --> 00:28:38,960 Exactly. 577 00:28:38,960 --> 00:28:43,200 But I was like, I don't think there's like people standing around here that are just 578 00:28:43,200 --> 00:28:47,480 gonna like, am I going to look different when I leave here with a cashier's check in your 579 00:28:47,480 --> 00:28:48,480 pocket? 580 00:28:48,480 --> 00:28:51,760 Like if I just fold this and put it in his pocket, it's because they live in your, and 581 00:28:51,760 --> 00:28:54,640 you're like, and you're like swinging your arms and you've got like, obviously like a 582 00:28:54,640 --> 00:28:55,640 tuxedo on it. 583 00:28:55,640 --> 00:29:00,040 You're genuinely swinging your arms down the street and you know, they got that pimp cane 584 00:29:00,040 --> 00:29:01,040 as well. 585 00:29:01,040 --> 00:29:04,800 I mean, there's a lot of clues that you're carrying $10,000 in your pocket. 586 00:29:04,800 --> 00:29:05,800 You know what I mean? 587 00:29:05,800 --> 00:29:10,040 Like all of a sudden, walk out with a crown on my head. 588 00:29:10,040 --> 00:29:11,040 Yeah. 589 00:29:11,040 --> 00:29:12,040 Like just genuinely swinging my arms. 590 00:29:12,040 --> 00:29:13,040 That's the one with the check in it. 591 00:29:13,040 --> 00:29:14,040 I'm on the check. 592 00:29:14,040 --> 00:29:15,040 I'm on the check. 593 00:29:15,040 --> 00:29:16,040 The bank. 594 00:29:16,040 --> 00:29:19,240 So one of the other things I've noticed at the bank is one of the main reason people 595 00:29:19,240 --> 00:29:24,960 still go into the bank who are going to the business desk are like companies that do a 596 00:29:24,960 --> 00:29:30,440 lot of business and cash like cash and carry wholesaler, I guess, like mechanics, stuff 597 00:29:30,440 --> 00:29:31,440 like that. 598 00:29:31,440 --> 00:29:34,920 And there's one of the other people when I was doing the bank run, one of the other 599 00:29:34,920 --> 00:29:40,720 people who was next to me, who was talking to another person, which just to your point 600 00:29:40,720 --> 00:29:46,200 was fucking coolly just dropping off 8,000 pounds in cash. 601 00:29:46,200 --> 00:29:48,400 I've never seen that much physical money. 602 00:29:48,400 --> 00:29:54,360 I was like, I was like, how's that guy not got, you know, but I guess he must have looked 603 00:29:54,360 --> 00:29:55,360 like you, though. 604 00:29:55,360 --> 00:29:59,320 That's why they were worried that you would get mugged because he had a tuxedo on how to 605 00:29:59,320 --> 00:30:02,360 pimp's cane and he'd been swinging his arms as he came in. 606 00:30:02,360 --> 00:30:04,240 So it was just like that guy's carrying buddy. 607 00:30:04,240 --> 00:30:06,680 That guy's got the fucking wad. 608 00:30:06,680 --> 00:30:13,360 So when I was at uni, I used to have like a safe in my room that, you know, I kept my 609 00:30:13,360 --> 00:30:18,040 nice lighters and cash, right? 610 00:30:18,040 --> 00:30:23,120 So I don't know why I just liked to have cash because I went to the pub a lot. 611 00:30:23,120 --> 00:30:27,840 And at that time in history, you'd use cash at the pub and, um, 612 00:30:27,840 --> 00:30:29,960 Well, the 1940s. 613 00:30:29,960 --> 00:30:37,120 Just, just like in the 2010s, you know, um, well, the, you know, the late, the late thousands 614 00:30:37,120 --> 00:30:40,840 like the late 80s. 615 00:30:40,840 --> 00:30:47,200 So you'd go to, uh, you do like, um, it's like, so vacation work. 616 00:30:47,200 --> 00:30:52,000 I don't have the same over there, but when you get off on your holidays, you go and work 617 00:30:52,000 --> 00:30:53,000 at places, right? 618 00:30:53,000 --> 00:30:57,200 And some of these places that I worked, we were like overseas and then you'd bring your 619 00:30:57,200 --> 00:31:02,000 money back in your suitcase because of, you know, the government. 620 00:31:02,000 --> 00:31:03,000 Um, 621 00:31:03,000 --> 00:31:04,000 Wait, wait, wait, wait. 622 00:31:04,000 --> 00:31:08,440 So these places I worked, they were overseas and then you have to bring your body back in 623 00:31:08,440 --> 00:31:09,680 in a suitcase. 624 00:31:09,680 --> 00:31:12,760 We working as a mercenary for the vacna group. 625 00:31:12,760 --> 00:31:19,120 No, no, it's just, uh, you know, I don't, I can't remember exactly what the tax situation 626 00:31:19,120 --> 00:31:24,920 was, but it seemed easier to just bring it back as cash rather than pay tax or something 627 00:31:24,920 --> 00:31:25,920 like that. 628 00:31:25,920 --> 00:31:30,600 So, um, anyway, so it ended up on me like, well, if I put this in the bank now, they're 629 00:31:30,600 --> 00:31:31,600 going to know about it. 630 00:31:31,600 --> 00:31:34,320 So I just, I'll leave that in my safe. 631 00:31:34,320 --> 00:31:37,920 And, uh, and then just very well prepared for the validate to like, 632 00:31:37,920 --> 00:31:38,920 You weren't right. 633 00:31:38,920 --> 00:31:39,920 Exactly. 634 00:31:39,920 --> 00:31:46,360 And then, and then I'd distribute that to the, uh, pub over the course of the year, 635 00:31:46,360 --> 00:31:48,360 discreetly every Thursday. 636 00:31:48,360 --> 00:31:52,960 So your money laundering, fire the medium of drinking and asking for change. 637 00:31:52,960 --> 00:31:53,960 No. 638 00:31:53,960 --> 00:31:54,960 Yes. 639 00:31:54,960 --> 00:31:56,360 No, that was the change. 640 00:31:56,360 --> 00:32:00,360 Change when you go to the pub. 641 00:32:00,360 --> 00:32:01,360 Amazing. 642 00:32:01,360 --> 00:32:05,120 There was no, yeah, I was, you know, you come home when you run out of money. 643 00:32:05,120 --> 00:32:10,560 So, um, yeah, I, that's the process. 644 00:32:10,560 --> 00:32:15,120 You go there at midday and at the point at which you no longer have any money, you come 645 00:32:15,120 --> 00:32:16,120 home. 646 00:32:16,120 --> 00:32:21,560 I worked for like the year before I went to university and then, uh, I still, I, you 647 00:32:21,560 --> 00:32:23,680 could get debit cards at this point. 648 00:32:23,680 --> 00:32:27,680 And that was, I think the principal problem I had in my first year. 649 00:32:27,680 --> 00:32:32,720 I was working as well while I was at university and, uh, at least for the first while. 650 00:32:32,720 --> 00:32:37,640 And, uh, you, you just keep tap, you just keep putting in your card and drinks keep 651 00:32:37,640 --> 00:32:38,640 coming. 652 00:32:38,640 --> 00:32:42,320 And it was written like that first semester, you just like, you start doing the maths and 653 00:32:42,320 --> 00:32:44,360 you're like, how much have I spent on booze? 654 00:32:44,360 --> 00:32:46,400 And you're like, Oh shit. 655 00:32:46,400 --> 00:32:48,040 So you're, you're not far off. 656 00:32:48,040 --> 00:32:51,840 You should probably take, you should probably pay in cash when you go out drinking because 657 00:32:51,840 --> 00:32:54,480 that shit gets out of control so fast. 658 00:32:54,480 --> 00:33:03,040 I would not like to add up how much I have spent on the devil's nectar over the years. 659 00:33:03,040 --> 00:33:04,040 Yeah. 660 00:33:04,040 --> 00:33:07,280 I would be like considerable man. 661 00:33:07,280 --> 00:33:08,600 Hey cheaper than smoking. 662 00:33:08,600 --> 00:33:09,600 Yeah. 663 00:33:09,600 --> 00:33:11,440 Did I tell you how much cigarettes cost here now? 664 00:33:11,440 --> 00:33:15,640 It's like for a pack of like 30 cigarettes, it's like $50. 665 00:33:15,640 --> 00:33:16,640 Oh, yeah. 666 00:33:16,640 --> 00:33:17,640 What? 667 00:33:17,640 --> 00:33:18,640 Yeah. 668 00:33:18,640 --> 00:33:19,640 It's like 35 us dollars or something. 669 00:33:19,640 --> 00:33:20,640 Holy shit. 670 00:33:20,640 --> 00:33:21,640 That's the way to kill yourself. 671 00:33:21,640 --> 00:33:24,160 How much bullets over there? 672 00:33:24,160 --> 00:33:25,160 Cheaper. 673 00:33:25,160 --> 00:33:26,160 Far cheaper. 674 00:33:26,160 --> 00:33:29,440 You can get like a pretty decent caliber bullet for two bucks. 675 00:33:29,440 --> 00:33:31,640 They're, they're rated by caliber. 676 00:33:31,640 --> 00:33:34,560 The more expensive the higher the caliber. 677 00:33:34,560 --> 00:33:37,960 Well, you know, the higher the caliber and grain count. 678 00:33:37,960 --> 00:33:38,960 Yeah. 679 00:33:38,960 --> 00:33:39,960 The more, the more out. 680 00:33:39,960 --> 00:33:42,600 You know, you just put your hand in. 681 00:33:42,600 --> 00:33:46,440 So at the risk of breaking out party, I'm very well aware we have actually like a bunch 682 00:33:46,440 --> 00:33:47,960 of news and stuff to get through. 683 00:33:47,960 --> 00:33:48,960 Yeah. 684 00:33:48,960 --> 00:33:49,960 It's not importantly. 685 00:33:49,960 --> 00:33:50,960 We've got the drill to the week. 686 00:33:50,960 --> 00:33:51,960 Mm hmm. 687 00:33:51,960 --> 00:33:52,960 Sure. 688 00:33:52,960 --> 00:33:53,960 Last week. 689 00:33:53,960 --> 00:33:54,960 So you serve. 690 00:33:54,960 --> 00:33:55,960 I think that means it's you. 691 00:33:55,960 --> 00:33:56,960 I think it's, I think it's nocturn actually. 692 00:33:56,960 --> 00:33:57,960 Is it now? 693 00:33:57,960 --> 00:33:58,960 Yeah. 694 00:33:58,960 --> 00:33:59,960 We can go clockwise. 695 00:33:59,960 --> 00:34:01,680 No, I went, I went the week before. 696 00:34:01,680 --> 00:34:03,200 He always picks a good one anyway. 697 00:34:03,200 --> 00:34:04,200 All right. 698 00:34:04,200 --> 00:34:07,200 He's got that sixth sense for say when. 699 00:34:07,200 --> 00:34:08,200 Yeah. 700 00:34:08,200 --> 00:34:09,200 Go towards the back. 701 00:34:09,200 --> 00:34:12,440 When the book is empty. 702 00:34:12,440 --> 00:34:13,440 Right. 703 00:34:13,440 --> 00:34:15,720 Just go back a page, go back a page. 704 00:34:15,720 --> 00:34:16,720 Yeah. 705 00:34:16,720 --> 00:34:17,720 Yeah. 706 00:34:17,720 --> 00:34:18,720 Yeah. 707 00:34:18,720 --> 00:34:19,720 Yeah. 708 00:34:19,720 --> 00:34:20,720 Yeah. 709 00:34:20,720 --> 00:34:21,720 Yeah. 710 00:34:21,720 --> 00:34:22,720 Yeah. 711 00:34:22,720 --> 00:34:23,720 Yeah. 712 00:34:23,720 --> 00:34:24,720 Yeah. 713 00:34:24,720 --> 00:34:25,720 Bottom, bottom on the left hand side, bottom on the left hand side. 714 00:34:25,720 --> 00:34:26,720 Last one. 715 00:34:26,720 --> 00:34:29,320 We're in the section marked wisdom. 716 00:34:29,320 --> 00:34:33,400 Unlike normal humans, geniuses do not like bullshit. 717 00:34:33,400 --> 00:34:34,400 Nice. 718 00:34:34,400 --> 00:34:40,000 Worth saying is right, it was very specifically bull shit. 719 00:34:40,000 --> 00:34:41,240 Bull shit. 720 00:34:41,240 --> 00:34:43,240 Bull shit. 721 00:34:43,240 --> 00:34:47,800 Leaving one to wonder whether they meant the colloquialism bullshit or whether they 722 00:34:47,800 --> 00:34:48,800 meant physically. 723 00:34:48,800 --> 00:34:55,040 Well, if it was, if it was two words, it's the actual shit. 724 00:34:55,040 --> 00:34:59,920 So are they insinuating that normies are quite fond of old. 725 00:34:59,920 --> 00:35:01,680 The feces of a bull, perhaps. 726 00:35:01,680 --> 00:35:02,680 Perhaps. 727 00:35:02,680 --> 00:35:04,520 A lot of time packed there. 728 00:35:04,520 --> 00:35:06,120 A lot of bullshit. 729 00:35:06,120 --> 00:35:09,880 A lot of back there, arguably. 730 00:35:09,880 --> 00:35:13,320 Bullshit one word though, in that particular instance. 731 00:35:13,320 --> 00:35:18,200 Look, Funky's just come in and he's already hanging shit on my cam. 732 00:35:18,200 --> 00:35:19,200 Thanks Funky. 733 00:35:19,200 --> 00:35:20,200 Different for better. 734 00:35:20,200 --> 00:35:21,200 Yeah. 735 00:35:21,200 --> 00:35:25,760 I mean, this looks very actually, it looks like very good quality at the moment, I think. 736 00:35:25,760 --> 00:35:28,720 You missed a bit where you walked away and it just tracked your ass. 737 00:35:28,720 --> 00:35:32,920 It's just tracked your ass in the refrigerator. 738 00:35:32,920 --> 00:35:36,720 He's in the refrigerator baby. 739 00:35:36,720 --> 00:35:38,400 I'm actually, well, sorry Funky. 740 00:35:38,400 --> 00:35:43,680 I mean, you were hanging shit on my other cam and now that I've got my iPhone tape 741 00:35:43,680 --> 00:35:45,880 to the screen of my monitor. 742 00:35:45,880 --> 00:35:46,880 It does look pretty good. 743 00:35:46,880 --> 00:35:47,880 All of a sudden everything's good. 744 00:35:47,880 --> 00:35:49,520 It's got nice bokeh going on. 745 00:35:49,520 --> 00:35:50,520 Yeah. 746 00:35:50,520 --> 00:35:51,520 The tone's nice too. 747 00:35:51,520 --> 00:35:55,680 It's like the, you know, the other one's a bit aggressive. 748 00:35:55,680 --> 00:36:00,120 I noticed like my eyeballs look washed out on the other one. 749 00:36:00,120 --> 00:36:01,120 Not because of lack of sleep. 750 00:36:01,120 --> 00:36:02,120 It's a very odd complaint. 751 00:36:02,120 --> 00:36:04,120 I try not to look at your eyes. 752 00:36:04,120 --> 00:36:05,120 Yeah. 753 00:36:05,120 --> 00:36:09,480 I mean, if you go back and have a look, you see like my face is a normal color and then 754 00:36:09,480 --> 00:36:13,320 my, around my eye sockets are just like washed out white. 755 00:36:13,320 --> 00:36:21,680 I look like the fucking guy off Star Wars, you know, the main guy that's not Darth Vader. 756 00:36:21,680 --> 00:36:22,680 Palpatine. 757 00:36:22,680 --> 00:36:23,680 With the cape. 758 00:36:23,680 --> 00:36:24,680 Palpatine, yeah, the guy with the cape. 759 00:36:24,680 --> 00:36:25,680 That's the reminds me. 760 00:36:25,680 --> 00:36:26,680 All the Jedi? 761 00:36:26,680 --> 00:36:27,680 Yoda. 762 00:36:27,680 --> 00:36:29,680 I mean, Yoda. 763 00:36:29,680 --> 00:36:30,680 The emperor. 764 00:36:30,680 --> 00:36:35,680 No, that looked like Yoda. 765 00:36:35,680 --> 00:36:39,960 There's a bit in a British comedy where somebody's trying to convince somebody else to do something 766 00:36:39,960 --> 00:36:42,760 and he goes and he says, oh, it's going to be great. 767 00:36:42,760 --> 00:36:48,920 It's like that fucking, it's like that fucking film you love, you know, where there's that 768 00:36:48,920 --> 00:36:55,480 guy and he's got a fucking carpet for a pal and then they've got, there's like a wheelie 769 00:36:55,480 --> 00:37:00,640 bin or some shit, you know, the one where the guy fucked his sister is like, are you 770 00:37:00,640 --> 00:37:03,160 trying to describe Star Wars Malcolm? 771 00:37:03,160 --> 00:37:05,680 It's like, it's like whatever. 772 00:37:05,680 --> 00:37:07,680 I don't like wizards. 773 00:37:07,680 --> 00:37:13,360 It's from Snitch. 774 00:37:13,360 --> 00:37:14,360 Snatch. 775 00:37:14,360 --> 00:37:18,880 No, it's from the political comedy in the thick of it. 776 00:37:18,880 --> 00:37:25,960 He's trying to convince somebody to end the political career of somebody by leaking something. 777 00:37:25,960 --> 00:37:27,880 Okay, okay. 778 00:37:27,880 --> 00:37:28,880 It's. 779 00:37:28,880 --> 00:37:29,880 Oh, sorry. 780 00:37:29,880 --> 00:37:37,400 Just, I just thought before we get like, in the news too far into the podcast. 781 00:37:37,400 --> 00:37:41,120 Into the news. 782 00:37:41,120 --> 00:37:43,000 Did anyone watch bad boy, Bobby? 783 00:37:43,000 --> 00:37:46,560 No, I started it and I fell asleep, but it's on my list. 784 00:37:46,560 --> 00:37:48,400 How could you fall asleep? 785 00:37:48,400 --> 00:37:50,840 It's like, oh, God, it was the yellow. 786 00:37:50,840 --> 00:37:53,920 It's been a show is. 787 00:37:53,920 --> 00:37:58,600 I didn't watch it, but I did watch Ren, which is very good. 788 00:37:58,600 --> 00:37:59,600 What? 789 00:37:59,600 --> 00:38:00,600 Akira Kurosawa. 790 00:38:00,600 --> 00:38:01,600 I recommend it. 791 00:38:01,600 --> 00:38:02,600 What is it? 792 00:38:02,600 --> 00:38:03,600 Run. 793 00:38:03,600 --> 00:38:04,600 R-A-N? 794 00:38:04,600 --> 00:38:05,600 Yeah. 795 00:38:05,600 --> 00:38:06,600 No. 796 00:38:06,600 --> 00:38:08,600 Is it that running to the bank? 797 00:38:08,600 --> 00:38:11,200 No, as luck would have it. 798 00:38:11,200 --> 00:38:12,200 I did. 799 00:38:12,200 --> 00:38:13,200 I did think, you know what? 800 00:38:13,200 --> 00:38:14,200 I think I said this. 801 00:38:14,200 --> 00:38:16,920 I think I said this on the group chat after I ran back. 802 00:38:16,920 --> 00:38:21,360 After I got ran back on the other direction to get out of town because I was like, I didn't 803 00:38:21,360 --> 00:38:23,880 want to miss my train. 804 00:38:23,880 --> 00:38:31,240 I think I caught what's the line from the Beatles like made the bus in seconds flat. 805 00:38:31,240 --> 00:38:33,520 It was basically that. 806 00:38:33,520 --> 00:38:36,640 Funky has said that bad boy, Bobby's a great movie. 807 00:38:36,640 --> 00:38:38,200 Just, just pointing that out. 808 00:38:38,200 --> 00:38:39,200 There you go. 809 00:38:39,200 --> 00:38:43,200 But I think I said on the group chat after participating in the bank run, like that's 810 00:38:43,200 --> 00:38:46,440 the closest I'll get to margin call. 811 00:38:46,440 --> 00:38:47,440 Which is a good movie. 812 00:38:47,440 --> 00:38:48,440 It's a really good movie. 813 00:38:48,440 --> 00:38:49,440 I love that movie. 814 00:38:49,440 --> 00:38:51,400 I feel like, because I feel like we were talking about that at some point. 815 00:38:51,400 --> 00:38:52,400 I think this might have been why. 816 00:38:52,400 --> 00:38:57,280 I think it might have been my bank run participation that inspired that one. 817 00:38:57,280 --> 00:39:00,800 But yeah, no, I would recommend seeing Run. 818 00:39:00,800 --> 00:39:01,800 It's a great film. 819 00:39:01,800 --> 00:39:03,600 I've seen a bunch of Kurosawa. 820 00:39:03,600 --> 00:39:04,960 I hadn't seen it before. 821 00:39:04,960 --> 00:39:08,680 But the visual design is amazing. 822 00:39:08,680 --> 00:39:13,040 It's like really interesting to look at a film where so much of the film is done with 823 00:39:13,040 --> 00:39:14,880 one dominant color in shot. 824 00:39:14,880 --> 00:39:18,920 Like really deliberately, so no matter how complex it gets, and there's a lot of extras. 825 00:39:18,920 --> 00:39:21,960 At some point, there's hundreds and hundreds of people on screen. 826 00:39:21,960 --> 00:39:24,680 You can follow very clearly the action of what's happening. 827 00:39:24,680 --> 00:39:31,160 And in fact, you could probably follow most of what happens in it without even seeing 828 00:39:31,160 --> 00:39:32,160 the words. 829 00:39:32,160 --> 00:39:36,200 It's Japanese, obviously. 830 00:39:36,200 --> 00:39:40,560 Because the colors and the movement, like the dynamics of how the people move, they're 831 00:39:40,560 --> 00:39:44,360 kind of, oh, he's done again. 832 00:39:44,360 --> 00:39:47,360 It's like a third world country over there. 833 00:39:47,360 --> 00:39:49,360 What the hell's going on? 834 00:39:49,360 --> 00:39:52,040 I think that we figured out the internet. 835 00:39:52,040 --> 00:39:54,680 Fucking gotta run to your banks. 836 00:39:54,680 --> 00:39:56,720 You can't get a fucking cell phone signal. 837 00:39:56,720 --> 00:39:57,720 It's unbelievable. 838 00:39:57,720 --> 00:39:58,720 There is. 839 00:39:58,720 --> 00:39:59,720 He's back. 840 00:39:59,720 --> 00:40:01,720 Hey, it's going on. 841 00:40:01,720 --> 00:40:02,720 Incredibly pixelated. 842 00:40:02,720 --> 00:40:06,480 Man, I had better internet out in the middle of the bush. 843 00:40:06,480 --> 00:40:07,480 Seriously. 844 00:40:07,480 --> 00:40:08,480 How am I supposed to? 845 00:40:08,480 --> 00:40:09,480 Yeah, I know. 846 00:40:09,480 --> 00:40:10,480 It's been a tough week. 847 00:40:10,480 --> 00:40:11,480 We're going to tell you. 848 00:40:11,480 --> 00:40:12,480 It has been. 849 00:40:12,480 --> 00:40:17,480 So that's a little bit squalor over there. 850 00:40:17,480 --> 00:40:18,480 I understand. 851 00:40:18,480 --> 00:40:19,480 Do you know what? 852 00:40:19,480 --> 00:40:26,160 It's really humbling to go from fucking one gigabit per second or whatever to whatever 853 00:40:26,160 --> 00:40:27,160 this is. 854 00:40:27,160 --> 00:40:28,160 Whatever that is. 855 00:40:28,160 --> 00:40:29,160 It is trash. 856 00:40:29,160 --> 00:40:30,160 Yeah. 857 00:40:30,160 --> 00:40:31,160 What it is. 858 00:40:31,160 --> 00:40:32,160 It's trash. 859 00:40:32,160 --> 00:40:33,160 Not very well. 860 00:40:33,160 --> 00:40:36,280 I mean, yeah, not very fast is what it is. 861 00:40:36,280 --> 00:40:38,280 14 megabit per second. 862 00:40:38,280 --> 00:40:40,280 I'm a pleb. 863 00:40:40,280 --> 00:40:42,560 That's like rural plebspeed. 864 00:40:42,560 --> 00:40:44,480 All right, let's do some news. 865 00:40:44,480 --> 00:40:45,480 Let's get this podcast going. 866 00:40:45,480 --> 00:40:46,480 Let's do it. 867 00:40:46,480 --> 00:40:52,640 No fucking FDIC rules and running down the street and your damn 40 minutes on your on 868 00:40:52,640 --> 00:40:53,640 your camera. 869 00:40:53,640 --> 00:40:55,680 I've been up and spread sheet. 870 00:40:55,680 --> 00:40:56,680 I can't find it. 871 00:40:56,680 --> 00:41:00,160 This seems like a pretty saucy week for news from what I'm seeing. 872 00:41:00,160 --> 00:41:01,160 I can't wait. 873 00:41:01,160 --> 00:41:04,680 You know, we should just get ramen on to talk about these because this is good enough that 874 00:41:04,680 --> 00:41:08,280 I think I need like a firsthand accounting. 875 00:41:08,280 --> 00:41:11,800 There were complaints last night from the fray. 876 00:41:11,800 --> 00:41:16,520 I was I was reading the the groupie where there were complaints about the lack of news. 877 00:41:16,520 --> 00:41:19,280 Well, I think it was empty at that point, which was the result. 878 00:41:19,280 --> 00:41:21,680 Oh, yeah, it was there last night. 879 00:41:21,680 --> 00:41:22,680 Yeah. 880 00:41:22,680 --> 00:41:23,680 Yeah. 881 00:41:23,680 --> 00:41:26,280 Last night your time was not Ram was saving the source for the last minute. 882 00:41:26,280 --> 00:41:28,280 It was more of an observation. 883 00:41:28,280 --> 00:41:29,280 Yeah. 884 00:41:29,280 --> 00:41:30,280 I was just, yeah. 885 00:41:30,280 --> 00:41:33,920 Look, all I'm saying is I was worried that I was going to have to backfill news. 886 00:41:33,920 --> 00:41:39,840 And I was like, I don't really know how much this happened this week other than the Binance 887 00:41:39,840 --> 00:41:43,920 thing, which I did put in the form, which was kind of I caught kind of interesting. 888 00:41:43,920 --> 00:41:44,920 Oh, yeah. 889 00:41:44,920 --> 00:41:49,720 We were going to talk about our our amazing customer sponsorship as well. 890 00:41:49,720 --> 00:41:50,720 Oh, yeah. 891 00:41:50,720 --> 00:41:53,000 Do you want to talk about that first or? 892 00:41:53,000 --> 00:41:56,200 No, let's do let's let Nell run his good news. 893 00:41:56,200 --> 00:41:57,200 Let's do it. 894 00:41:57,200 --> 00:42:02,400 I thought you guys say let's let Nell run his mouth for a bit longer. 895 00:42:02,400 --> 00:42:07,280 Nell, has anyone else actually read this yet? 896 00:42:07,280 --> 00:42:08,520 Yeah, I looked through. 897 00:42:08,520 --> 00:42:12,680 Yeah, maybe maybe you would be more suited to take a look at the link section. 898 00:42:12,680 --> 00:42:14,960 I've even added a couple of snarky comments. 899 00:42:14,960 --> 00:42:15,960 Did you? 900 00:42:15,960 --> 00:42:16,960 Yeah, the link. 901 00:42:16,960 --> 00:42:21,480 Well, and actually phrase snarky comments after reading the pieces. 902 00:42:21,480 --> 00:42:24,600 Oh, so this is your your your. 903 00:42:24,600 --> 00:42:26,600 Yeah, that's snarky. 904 00:42:26,600 --> 00:42:33,160 Yeah, snarky GPT breakdown, how do I make this even more cynical? 905 00:42:33,160 --> 00:42:36,080 I mean, has anybody snarky GPT? 906 00:42:36,080 --> 00:42:37,960 It's a great fucking idea. 907 00:42:37,960 --> 00:42:39,960 Let me tell you snarky GPT. 908 00:42:39,960 --> 00:42:43,280 Have you been on eBay recently? 909 00:42:43,280 --> 00:42:49,200 eBay uses chat GPT now to recommend you a description for your item. 910 00:42:49,200 --> 00:42:55,920 And now every item description every item description is just garbage, garbage level 911 00:42:55,920 --> 00:42:56,920 or AI descriptions. 912 00:42:56,920 --> 00:43:00,360 It will be like, this is the greatest blah, blah, blah, blah, blah. 913 00:43:00,360 --> 00:43:05,880 And they all look and sound the same tone of moron trying to sell you something. 914 00:43:05,880 --> 00:43:13,200 And you just go like, fuck, I much preferred it when every seller listed a plus plus plus 915 00:43:13,200 --> 00:43:20,560 fucking lack, you know, do you remember that capital L at at K and they were like lack, 916 00:43:20,560 --> 00:43:21,560 new whatever. 917 00:43:21,560 --> 00:43:22,560 What does that mean? 918 00:43:22,560 --> 00:43:23,840 Yeah, what's that supposed to mean? 919 00:43:23,840 --> 00:43:26,040 It was like eBay speak for look. 920 00:43:26,040 --> 00:43:27,040 Oh, yeah. 921 00:43:27,040 --> 00:43:30,040 With the at symbols. 922 00:43:30,040 --> 00:43:33,840 We're talking proper old school eBay like 2005, 2006, somebody would be like, oh my 923 00:43:33,840 --> 00:43:40,320 god, I'm selling something brand new for like 40 pounds off and it's definitely not stolen. 924 00:43:40,320 --> 00:43:41,320 Lack. 925 00:43:41,320 --> 00:43:42,320 Yeah. 926 00:43:42,320 --> 00:43:45,360 I always pronounce it by headers. 927 00:43:45,360 --> 00:43:46,360 Lack. 928 00:43:46,360 --> 00:43:49,120 With a little jazz hands. 929 00:43:49,120 --> 00:43:51,720 I got the gist of that. 930 00:43:51,720 --> 00:43:57,120 All right, I'll do, I'll do, I'll do, I'll do one kick us off. 931 00:43:57,120 --> 00:43:58,120 This is an I'll do one. 932 00:43:58,120 --> 00:43:59,120 I'll do one. 933 00:43:59,120 --> 00:44:03,640 This is in this is in a Romer snarky tone, but Jack's Amplin is proud dad after seeing 934 00:44:03,640 --> 00:44:08,160 his son Crypto Ceto following his in his footsteps again by being appointed as an advisor for 935 00:44:08,160 --> 00:44:09,720 composable finance. 936 00:44:09,720 --> 00:44:13,760 Many questions in which way Crypto Ceto will provide advice, give his history as a YouTuber 937 00:44:13,760 --> 00:44:16,040 with no business experience. 938 00:44:16,040 --> 00:44:20,160 But we have high hopes for composable now that they have the A team on board. 939 00:44:20,160 --> 00:44:22,520 There's like five layers of snark in that one. 940 00:44:22,520 --> 00:44:27,840 But yeah, I feel like it's not entirely fair though, like presumably running that conference 941 00:44:27,840 --> 00:44:29,440 is some kind of business, right? 942 00:44:29,440 --> 00:44:33,760 Or to pay you're actually being rude to me because as we described earlier, I actually 943 00:44:33,760 --> 00:44:36,120 evolved into Crypto Ceto. 944 00:44:36,120 --> 00:44:38,680 It's my Pokemon Evolution tree. 945 00:44:38,680 --> 00:44:41,960 I am Crypto Ceto and I will next become Charizard. 946 00:44:41,960 --> 00:44:46,840 Are you saying I can trap you in a ball? 947 00:44:46,840 --> 00:44:53,200 Put you in my cupboard in my cupboard. 948 00:44:53,200 --> 00:44:54,200 He's frozen. 949 00:44:54,200 --> 00:44:57,480 No, it's just eight megabit, one megabit. 950 00:44:57,480 --> 00:44:58,480 Yeah. 951 00:44:58,480 --> 00:45:00,800 So I mean, this is, I don't know, whatever. 952 00:45:00,800 --> 00:45:06,040 There's a long, there's a long history of celebrity people getting associated to projects 953 00:45:06,040 --> 00:45:09,600 when they have no knowledge or understanding of the products that are being associated 954 00:45:09,600 --> 00:45:10,600 to. 955 00:45:10,600 --> 00:45:12,360 So I think this is entering into the crypto space now. 956 00:45:12,360 --> 00:45:13,360 Makes sense. 957 00:45:13,360 --> 00:45:14,360 It seems. 958 00:45:14,360 --> 00:45:15,360 No, I'm good. 959 00:45:15,360 --> 00:45:17,360 Please show us. 960 00:45:17,360 --> 00:45:21,960 Yeah, I think you have something to add. 961 00:45:21,960 --> 00:45:25,800 Known for it in composable says known for an in depth research and insights in the Cosmos 962 00:45:25,800 --> 00:45:27,800 ecosystem. 963 00:45:27,800 --> 00:45:31,400 His content, he's a content creator and a thought leader that shares his findings on 964 00:45:31,400 --> 00:45:32,720 Twitter and YouTube. 965 00:45:32,720 --> 00:45:33,720 Okay. 966 00:45:33,720 --> 00:45:34,720 Yeah. 967 00:45:34,720 --> 00:45:36,880 I mean, it's a bit chilling, but okay, whatever. 968 00:45:36,880 --> 00:45:42,040 I mean, this is going to change the whole composable viewpoint, I think, right? 969 00:45:42,040 --> 00:45:45,960 I love one of the comments in here, do you realize that if you fail to propagate the 970 00:45:45,960 --> 00:45:50,240 bright image of composable, the consequences for your own reputation might be devastating? 971 00:45:50,240 --> 00:45:54,440 The legacy of composable being an alleged scammer team is too much to handle. 972 00:45:54,440 --> 00:45:55,440 That's from Waggar. 973 00:45:55,440 --> 00:45:57,600 Dude, Waggar, nobody gives a shit. 974 00:45:57,600 --> 00:46:01,400 Like nobody gives a shit about either side of this conversation. 975 00:46:01,400 --> 00:46:05,040 As long as they have the correct amount of money. 976 00:46:05,040 --> 00:46:06,160 Nobody gives a shit. 977 00:46:06,160 --> 00:46:08,320 So no, I think you're good. 978 00:46:08,320 --> 00:46:16,360 What has composable finance achieved to date as a network? 979 00:46:16,360 --> 00:46:19,200 I think there've been some shitty upgrades. 980 00:46:19,200 --> 00:46:21,280 That's a pretty good achievement. 981 00:46:21,280 --> 00:46:23,760 And so what like what is the... 982 00:46:23,760 --> 00:46:27,760 Maybe Chris Tosito wrote them because he's a thought leader. 983 00:46:27,760 --> 00:46:32,640 At what like, I'm just, you know, I'm just thinking out loud, like at what, what benefit 984 00:46:32,640 --> 00:46:36,600 is there to them to have an advisor? 985 00:46:36,600 --> 00:46:38,280 Ah, short C, I've got it right. 986 00:46:38,280 --> 00:46:40,160 I've got a question for you, short C. 987 00:46:40,160 --> 00:46:46,600 Would you rather have as a dev for your blockchain, would you rather have Crypto Sito or Jacob 988 00:46:46,600 --> 00:46:47,600 G? 989 00:46:47,600 --> 00:46:50,640 Ooh, that's an easy one. 990 00:46:50,640 --> 00:46:52,720 I'm not going to answer though. 991 00:46:52,720 --> 00:46:54,560 But I will answer those question. 992 00:46:54,560 --> 00:47:00,680 I think they want CETA one because they want to become a, a sub chain for, from Adam and 993 00:47:00,680 --> 00:47:02,840 they wanted like a big buyout for it, right? 994 00:47:02,840 --> 00:47:07,400 So if they get CETA on board, then maybe he can try and like bump elbows to, to steer 995 00:47:07,400 --> 00:47:10,520 the conversation in the way they want it to go. 996 00:47:10,520 --> 00:47:11,520 That's my guess. 997 00:47:11,520 --> 00:47:16,560 So, so in your opinion, in words, they're after a cheerleader. 998 00:47:16,560 --> 00:47:17,560 Yeah. 999 00:47:17,560 --> 00:47:20,040 Well, yeah, you want a marketing part. 1000 00:47:20,040 --> 00:47:24,240 You want somebody to be able to espouse the benefits of something that's not coming from 1001 00:47:24,240 --> 00:47:25,360 your own team, right? 1002 00:47:25,360 --> 00:47:27,960 Is that your opinion or is that shilling? 1003 00:47:27,960 --> 00:47:28,960 That is... 1004 00:47:28,960 --> 00:47:30,480 It's really important that we clarify for the... 1005 00:47:30,480 --> 00:47:34,840 I think that's yapping because they're trying to get bought out, which means they're trying 1006 00:47:34,840 --> 00:47:36,600 to go up, which means they're yapping. 1007 00:47:36,600 --> 00:47:42,440 But they're doing it via a platform that's primarily broadcast down, which is shilling. 1008 00:47:42,440 --> 00:47:44,880 Well, no, I think, I think that's a fish. 1009 00:47:44,880 --> 00:47:48,600 That would be Crypto Sito yapping to Adam, right? 1010 00:47:48,600 --> 00:47:50,120 That's your point, right, Chelsea? 1011 00:47:50,120 --> 00:47:51,120 Yeah, he's yapping up. 1012 00:47:51,120 --> 00:47:52,120 Yeah, he's yapping up, shilling down. 1013 00:47:52,120 --> 00:47:54,120 Yeah, they're not shilling down. 1014 00:47:54,120 --> 00:47:59,520 So he's not going to be making a bunch of videos about how great Composable are to his... 1015 00:47:59,520 --> 00:48:01,320 He's a really massive fan base. 1016 00:48:01,320 --> 00:48:02,320 Well, he might, but... 1017 00:48:02,320 --> 00:48:07,600 And whilst to you, Dr. Frey, that might seem like a shill. 1018 00:48:07,600 --> 00:48:08,600 That's right. 1019 00:48:08,600 --> 00:48:10,100 It is actually a yaw to Adam. 1020 00:48:10,100 --> 00:48:11,100 That is right. 1021 00:48:11,100 --> 00:48:12,100 That is exactly right. 1022 00:48:12,100 --> 00:48:13,100 That is a... 1023 00:48:13,100 --> 00:48:14,100 Well, it's like a secret yaw. 1024 00:48:14,100 --> 00:48:15,100 That's a secret yaw. 1025 00:48:15,100 --> 00:48:16,100 Yeah, it's like a... 1026 00:48:16,100 --> 00:48:19,520 The semantic distinction is really something here. 1027 00:48:19,520 --> 00:48:20,520 I think I might have to write... 1028 00:48:20,520 --> 00:48:24,040 I think I might have to do some research and then write a paper on this because... 1029 00:48:24,040 --> 00:48:25,040 It's one of those... 1030 00:48:25,040 --> 00:48:26,040 It's a Russian doll. 1031 00:48:26,040 --> 00:48:28,920 It's a Russian doll of yours. 1032 00:48:28,920 --> 00:48:29,920 That is a yaw. 1033 00:48:29,920 --> 00:48:32,880 That is a yaw masquerading as a shill. 1034 00:48:32,880 --> 00:48:33,880 That's exactly what that is. 1035 00:48:33,880 --> 00:48:34,880 I know it's shill masquerading. 1036 00:48:34,880 --> 00:48:35,880 I know it's shill masquerading. 1037 00:48:35,880 --> 00:48:36,880 No, it's shill. 1038 00:48:36,880 --> 00:48:37,880 It's the word yaw. 1039 00:48:37,880 --> 00:48:38,880 No, yeah. 1040 00:48:38,880 --> 00:48:39,880 It's a yaw masquerading as a shill. 1041 00:48:39,880 --> 00:48:40,880 It's a yaw masquerading as a shill. 1042 00:48:40,880 --> 00:48:41,880 It's fucking genius. 1043 00:48:41,880 --> 00:48:46,040 Maybe they're playing fucking 3D chess over here. 1044 00:48:46,040 --> 00:48:50,280 It's nice that the Cosmos ecosystem is actually going to follow the actual Cosmos, which is 1045 00:48:50,280 --> 00:48:56,120 that at first it's small and then it expands and then suddenly it contracts because everybody 1046 00:48:56,120 --> 00:48:57,640 is going to fucking bot. 1047 00:48:57,640 --> 00:48:58,640 Right? 1048 00:48:58,640 --> 00:49:02,760 We're going to go from millions of chains back down to two that, hey, there's only 1049 00:49:02,760 --> 00:49:03,880 ones that have any TBL. 1050 00:49:03,880 --> 00:49:08,800 Well, there'll still be millions of chains that will just all be using the same fucking 1051 00:49:08,800 --> 00:49:09,800 security. 1052 00:49:09,800 --> 00:49:11,800 They're all ICF, right, exactly. 1053 00:49:11,800 --> 00:49:15,400 They're all minting empty block after empty block. 1054 00:49:15,400 --> 00:49:19,000 That sounds like a good solution. 1055 00:49:19,000 --> 00:49:23,160 Adam Balladator is living in cardboard boxes because they're fucking all their money's going 1056 00:49:23,160 --> 00:49:24,160 to server bills. 1057 00:49:24,160 --> 00:49:25,160 Holy shit. 1058 00:49:25,160 --> 00:49:27,080 That's exactly right. 1059 00:49:27,080 --> 00:49:28,080 That's fucking hell. 1060 00:49:28,080 --> 00:49:38,320 What kind of epic return will the Composable Finance investment be making to the Adam holders, 1061 00:49:38,320 --> 00:49:41,560 do you think? 1062 00:49:41,560 --> 00:49:44,640 They actually have a proposal for this and they want to be bought out. 1063 00:49:44,640 --> 00:49:46,360 I can't remember the exact numbers. 1064 00:49:46,360 --> 00:49:49,360 I want to say like $400,000 to $600,000. 1065 00:49:49,360 --> 00:49:53,040 That's how much the item would have to buy Composable for. 1066 00:49:53,040 --> 00:49:57,320 They put out a bunch of math on how much the bridge would bring in. 1067 00:49:57,320 --> 00:50:03,000 It would be fees based on bridge utilization, which of course it's not really used right 1068 00:50:03,000 --> 00:50:04,000 now. 1069 00:50:04,000 --> 00:50:07,640 It's all theoretical fees. 1070 00:50:07,640 --> 00:50:10,120 Which the team's really loving the buyout lately. 1071 00:50:10,120 --> 00:50:13,840 It seems to be the new, it's because they want to get the new house. 1072 00:50:13,840 --> 00:50:17,080 They want to get the fuck out of this ecosystem. 1073 00:50:17,080 --> 00:50:18,080 That's the exit. 1074 00:50:18,080 --> 00:50:19,080 That's the exit. 1075 00:50:19,080 --> 00:50:21,080 That's an exit. 1076 00:50:21,080 --> 00:50:22,080 That's an exit. 1077 00:50:22,080 --> 00:50:23,080 Yeah. 1078 00:50:23,080 --> 00:50:27,680 I think that's an exit that maybe didn't know exist and then look at all then strike 1079 00:50:27,680 --> 00:50:29,040 in Zen or something else comes in. 1080 00:50:29,040 --> 00:50:30,040 Oh shit. 1081 00:50:30,040 --> 00:50:31,040 Is this an exit? 1082 00:50:31,040 --> 00:50:33,040 It seems like a relatively modest buyout. 1083 00:50:33,040 --> 00:50:35,480 What was it for half a mil? 1084 00:50:35,480 --> 00:50:38,760 SG1 could have probably done that in fucking trade losses. 1085 00:50:38,760 --> 00:50:44,480 That's just slippage, baby. 1086 00:50:44,480 --> 00:50:46,120 That's just a bit of slippage for us. 1087 00:50:46,120 --> 00:50:47,280 Don't you worry, buddy? 1088 00:50:47,280 --> 00:50:48,280 I'll do one more. 1089 00:50:48,280 --> 00:50:49,280 That's on you. 1090 00:50:49,280 --> 00:50:50,280 Okay. 1091 00:50:50,280 --> 00:50:52,000 Why can't it be on the cover? 1092 00:50:52,000 --> 00:50:55,360 Your name is closest to the word news. 1093 00:50:55,360 --> 00:50:56,360 That's it. 1094 00:50:56,360 --> 00:50:57,360 That's the only reason. 1095 00:50:57,360 --> 00:50:58,360 It's just the fucking end. 1096 00:50:58,360 --> 00:50:59,360 That's it. 1097 00:50:59,360 --> 00:51:00,360 No, it's not. 1098 00:51:00,360 --> 00:51:01,360 He wanted to. 1099 00:51:01,360 --> 00:51:04,680 He said, listen, if we do news, the only thing I ask is I'm the one that does the news. 1100 00:51:04,680 --> 00:51:07,400 I envision the news to be different. 1101 00:51:07,400 --> 00:51:10,280 I imagined that a set would pop up. 1102 00:51:10,280 --> 00:51:16,400 There'd be some well endowed lady standing near me that I could banter with. 1103 00:51:16,400 --> 00:51:17,400 What? 1104 00:51:17,400 --> 00:51:20,120 None of that shit happened. 1105 00:51:20,120 --> 00:51:22,680 That's like a shade when I do the news. 1106 00:51:22,680 --> 00:51:23,680 Don't get shady. 1107 00:51:23,680 --> 00:51:25,920 It's only you giving yourself shade on the news. 1108 00:51:25,920 --> 00:51:26,920 That's it. 1109 00:51:26,920 --> 00:51:27,920 So it feels shady. 1110 00:51:27,920 --> 00:51:28,920 Does that help? 1111 00:51:28,920 --> 00:51:29,920 Yeah. 1112 00:51:29,920 --> 00:51:34,480 As an aside on that last one, Jack's a proud dad. 1113 00:51:34,480 --> 00:51:35,960 Why is Jack a proud dad? 1114 00:51:35,960 --> 00:51:36,960 I don't know. 1115 00:51:36,960 --> 00:51:38,120 Yeah, I don't know the relationship between those two. 1116 00:51:38,120 --> 00:51:39,120 His son, Cito. 1117 00:51:39,120 --> 00:51:40,120 Maybe. 1118 00:51:40,120 --> 00:51:41,120 Well, anyway. 1119 00:51:41,120 --> 00:51:44,360 I think it was a general Yop comment. 1120 00:51:44,360 --> 00:51:48,320 I think it's because Jack got shit on a bunch for over the last couple of weeks because 1121 00:51:48,320 --> 00:51:51,160 he was an investor in Composable. 1122 00:51:51,160 --> 00:51:57,600 And so Cito jumping on is kind of just following that path of joining Composable regardless 1123 00:51:57,600 --> 00:51:58,600 of intent. 1124 00:51:58,600 --> 00:51:59,600 Okay. 1125 00:51:59,600 --> 00:52:00,600 Fair enough. 1126 00:52:00,600 --> 00:52:05,440 Because there was the previous week wasn't there with the whole Chango thing. 1127 00:52:05,440 --> 00:52:06,440 Yeah, exactly. 1128 00:52:06,440 --> 00:52:07,440 Yeah. 1129 00:52:07,440 --> 00:52:08,440 I think it was like a back reference. 1130 00:52:08,440 --> 00:52:09,440 Exactly. 1131 00:52:09,440 --> 00:52:12,200 Which all bust one out the all bust. 1132 00:52:12,200 --> 00:52:13,200 What's it called? 1133 00:52:13,200 --> 00:52:15,320 The the the one let's move on. 1134 00:52:15,320 --> 00:52:20,200 Have you seen the Chango drama thing because that was that was a news point from previous. 1135 00:52:20,200 --> 00:52:21,200 Yeah, I don't know. 1136 00:52:21,200 --> 00:52:23,760 I don't know why we skipped it because it was like the spiciest thing. 1137 00:52:23,760 --> 00:52:25,800 Did you watch the did you watch the clip? 1138 00:52:25,800 --> 00:52:27,200 I started it. 1139 00:52:27,200 --> 00:52:28,200 I started it. 1140 00:52:28,200 --> 00:52:29,200 I lost interest like everything else. 1141 00:52:29,200 --> 00:52:30,200 I watched the whole thing. 1142 00:52:30,200 --> 00:52:31,200 Yeah. 1143 00:52:31,200 --> 00:52:32,200 I watched the whole thing. 1144 00:52:32,200 --> 00:52:35,920 It was, I mean, a lot of it is basically, look, you have this person that is very, very 1145 00:52:35,920 --> 00:52:38,040 central to the ecosystem. 1146 00:52:38,040 --> 00:52:39,280 Maybe that's a problem. 1147 00:52:39,280 --> 00:52:43,320 That would be my non spice emotion taken out of its summary. 1148 00:52:43,320 --> 00:52:45,520 A fair point. 1149 00:52:45,520 --> 00:52:53,320 The the actual sort of 12 to 15 minute takedown video was a bit gratuitous, but I think the 1150 00:52:53,320 --> 00:52:55,520 underlying question was that long. 1151 00:52:55,520 --> 00:52:56,520 Yeah, it was long. 1152 00:52:56,520 --> 00:53:03,000 Yeah, I think I like the underlying point, which is that maybe not maybe this ecosystem 1153 00:53:03,000 --> 00:53:04,280 isn't in any way decentralized. 1154 00:53:04,280 --> 00:53:08,240 If you're so reliant on one person is a fair question to ask. 1155 00:53:08,240 --> 00:53:09,880 And it's a necessary question to ask. 1156 00:53:09,880 --> 00:53:14,080 I think all of the rest of it was basically window dressing and a little bit of vendetta 1157 00:53:14,080 --> 00:53:15,080 re. 1158 00:53:15,080 --> 00:53:19,520 There's also like, you kind of throw your argument out the window if you're like, strange lover 1159 00:53:19,520 --> 00:53:22,280 relied upon too much to do blah, blah, blah, blah. 1160 00:53:22,280 --> 00:53:23,280 They're the primary. 1161 00:53:23,280 --> 00:53:24,680 They're the primary mantainers of IBC. 1162 00:53:24,680 --> 00:53:28,320 They relied upon because they're one of the only teams that understand IBC and can do 1163 00:53:28,320 --> 00:53:29,680 meaningful work to it. 1164 00:53:29,680 --> 00:53:30,680 Absolutely. 1165 00:53:30,680 --> 00:53:31,920 That's not that's not their fault. 1166 00:53:31,920 --> 00:53:34,480 And that, you know, that is like, okay, fine. 1167 00:53:34,480 --> 00:53:39,120 If you think that's a problem, find some money, pay a bunch of other devs. 1168 00:53:39,120 --> 00:53:41,600 And also work on IBC. 1169 00:53:41,600 --> 00:53:43,880 I think there's plenty of white space, right? 1170 00:53:43,880 --> 00:53:47,240 Like for capable teams like that, I think there's, there's tons of white space to be 1171 00:53:47,240 --> 00:53:51,000 able to be able to do that if somebody can actually produce that team. 1172 00:53:51,000 --> 00:53:53,040 And they have a pretty long, don't get me wrong. 1173 00:53:53,040 --> 00:53:55,960 There's a, it's a pretty long lead, right? 1174 00:53:55,960 --> 00:53:59,880 In terms of projects they've built and the tools that they have and they're tie into 1175 00:53:59,880 --> 00:54:00,880 the ecosystem. 1176 00:54:00,880 --> 00:54:04,240 Obviously that's a, that's a tough thing to chip away at, but there's still white space. 1177 00:54:04,240 --> 00:54:07,920 I think you could still, you could, if you wanted to compete, if you wanted to build 1178 00:54:07,920 --> 00:54:10,200 Strangelove too, I think you could do that. 1179 00:54:10,200 --> 00:54:11,200 Right. 1180 00:54:11,200 --> 00:54:12,200 And I think you could be successful. 1181 00:54:12,200 --> 00:54:15,920 I think a more interesting question really is like, why is there not a second Strangelove? 1182 00:54:15,920 --> 00:54:19,600 And like number one is like, there's no money in the ecosystem, right? 1183 00:54:19,600 --> 00:54:20,600 Obviously. 1184 00:54:20,600 --> 00:54:21,600 Is there not? 1185 00:54:21,600 --> 00:54:23,320 Is it informal like a second Strangelove? 1186 00:54:23,320 --> 00:54:24,320 Yeah. 1187 00:54:24,320 --> 00:54:25,920 I mean, they would be the closest, right? 1188 00:54:25,920 --> 00:54:26,920 Wouldn't they? 1189 00:54:26,920 --> 00:54:30,560 Well, so this is actually kind of, I guess, relevant to the follow up thing, which is 1190 00:54:30,560 --> 00:54:35,600 that I think like perhaps the way that the SDK itself is fucking. 1191 00:54:35,600 --> 00:54:37,600 What a horrible time to start. 1192 00:54:37,600 --> 00:54:43,320 I mean, on my screen, it's just like seven pixels. 1193 00:54:43,320 --> 00:54:44,320 Yeah. 1194 00:54:44,320 --> 00:54:45,320 Yeah. 1195 00:54:45,320 --> 00:54:50,560 The defined name Dr. Frey is like perfectly, like juxtaposes it. 1196 00:54:50,560 --> 00:54:52,760 Like, yeah, it's horrible. 1197 00:54:52,760 --> 00:54:53,760 Yeah. 1198 00:54:53,760 --> 00:54:54,760 Meal comes back to you. 1199 00:54:54,760 --> 00:54:55,760 He could turn off. 1200 00:54:55,760 --> 00:55:00,320 Maybe we can move on to another topic because this one's going on for 20 minutes. 1201 00:55:00,320 --> 00:55:01,320 All right. 1202 00:55:01,320 --> 00:55:02,320 Do you want to, do you want to take on this next one? 1203 00:55:02,320 --> 00:55:03,320 Yeah. 1204 00:55:03,320 --> 00:55:04,320 I'll do the Reddit one. 1205 00:55:04,320 --> 00:55:05,320 So. 1206 00:55:05,320 --> 00:55:06,320 Okay. 1207 00:55:06,320 --> 00:55:07,320 Reddit. 1208 00:55:07,320 --> 00:55:14,680 Reddit phases out block chain community points announcing on Reddit due to regulation uncertainty, 1209 00:55:14,680 --> 00:55:17,240 they're ending the program immediately. 1210 00:55:17,240 --> 00:55:20,480 They rubbed their token moon 90% to flat zero. 1211 00:55:20,480 --> 00:55:21,480 Yeah. 1212 00:55:21,480 --> 00:55:24,880 I feel like that's 100%, but you know, I take your meaning. 1213 00:55:24,880 --> 00:55:29,240 So I thought that that was built by the community. 1214 00:55:29,240 --> 00:55:31,760 I didn't think that was actually built by Reddit. 1215 00:55:31,760 --> 00:55:36,920 Well, presumably it was integrated into the Reddit platform. 1216 00:55:36,920 --> 00:55:37,920 That's a good question. 1217 00:55:37,920 --> 00:55:41,440 I don't know where that actually, if that was community built or, but either way, I 1218 00:55:41,440 --> 00:55:43,720 think it was, it wasn't integrated, right? 1219 00:55:43,720 --> 00:55:45,320 It says it was first launched in 2020. 1220 00:55:45,320 --> 00:55:49,080 I can see if that is who actually built that. 1221 00:55:49,080 --> 00:55:55,240 I mean, this isn't at the moment, it's becoming more and more and more evident about how scared 1222 00:55:55,240 --> 00:55:58,560 teams are of the US regulation. 1223 00:55:58,560 --> 00:56:05,160 Because there isn't a clear one and it seems like people are afraid of retrospectively 1224 00:56:05,160 --> 00:56:13,360 being prosecuted for or gone after for things they don't know now. 1225 00:56:13,360 --> 00:56:22,720 And so, a lot of the new projects that are operating are geo blocking the US and other 1226 00:56:22,720 --> 00:56:25,400 countries. 1227 00:56:25,400 --> 00:56:32,400 And yeah, just generally shutting down because of regulation uncertainty, it's kind of stifling. 1228 00:56:32,400 --> 00:56:33,400 Is that their plan? 1229 00:56:33,400 --> 00:56:34,840 I don't know. 1230 00:56:34,840 --> 00:56:36,480 But that's what's happening. 1231 00:56:36,480 --> 00:56:38,080 And it seems like, well, Reddit's a big company. 1232 00:56:38,080 --> 00:56:39,640 They want to be caught up in that shit. 1233 00:56:39,640 --> 00:56:42,320 So easiest just to put a lid on it, right? 1234 00:56:42,320 --> 00:56:43,320 Yeah, it's easier to burn. 1235 00:56:43,320 --> 00:56:45,960 And it seems like it's just a rewards points thing anyway, right? 1236 00:56:45,960 --> 00:56:51,160 I thought it was like, I haven't used Reddit in a while, but I thought it was somehow related 1237 00:56:51,160 --> 00:56:56,520 to if you were upvoted to other types of things, basically turn into community points, right? 1238 00:56:56,520 --> 00:57:00,000 And then at some point, the idea was that you could monetize those in some sort of way. 1239 00:57:00,000 --> 00:57:03,160 So the more you contributed, the more you got upvoted or other types of things, like 1240 00:57:03,160 --> 00:57:05,000 no different than anything else. 1241 00:57:05,000 --> 00:57:10,000 Okay, so I was thinking of moons. 1242 00:57:10,000 --> 00:57:14,400 Moons are a community built thing on the cryptocurrency subreddit. 1243 00:57:14,400 --> 00:57:17,800 The community points thing is actually Reddit built. 1244 00:57:17,800 --> 00:57:18,800 Okay. 1245 00:57:18,800 --> 00:57:22,280 And it has a lot of weird requirements like, okay, so here's kind of requirements. 1246 00:57:22,280 --> 00:57:25,880 Redditors who earn at least 10 gold within a third of the period are eligible for a monthly 1247 00:57:25,880 --> 00:57:27,400 withdrawal. 1248 00:57:27,400 --> 00:57:33,000 Reddit users who have over 5,000 karma total upvotes can earn $1 per gold. 1249 00:57:33,000 --> 00:57:39,400 So I can see why that wouldn't be considered scalable because some people get like tens 1250 00:57:39,400 --> 00:57:43,680 of thousands of karma and so then it would be, yeah, turns into some dollars. 1251 00:57:43,680 --> 00:57:44,680 Yeah. 1252 00:57:44,680 --> 00:57:45,680 Plus gas. 1253 00:57:45,680 --> 00:57:50,000 Look, maybe this isn't like non-trivial as well to shuffle. 1254 00:57:50,000 --> 00:57:54,200 It's basically like as soon as they start, well, speed plus as soon as they start trying 1255 00:57:54,200 --> 00:57:56,920 to use it for payments, it doesn't work, right? 1256 00:57:56,920 --> 00:57:57,920 Well, so it uses arbitrum. 1257 00:57:57,920 --> 00:57:58,920 It's sitting on arbitrum. 1258 00:57:58,920 --> 00:58:02,040 It used to use Ethereum. 1259 00:58:02,040 --> 00:58:05,320 So gas wouldn't be quite as big of an issue. 1260 00:58:05,320 --> 00:58:06,320 Yeah. 1261 00:58:06,320 --> 00:58:13,000 But again, in my opinion, as far as closing it down goes, is that if they close it down 1262 00:58:13,000 --> 00:58:18,640 responsibly and honor any obligations they have, don't really see it being a big problem. 1263 00:58:18,640 --> 00:58:20,320 I don't think anybody in the world cares. 1264 00:58:20,320 --> 00:58:21,320 Yeah. 1265 00:58:21,320 --> 00:58:23,480 I don't think anybody in the world cares either. 1266 00:58:23,480 --> 00:58:29,080 The one thing I'll say is that I can see where there might be merit in having points 1267 00:58:29,080 --> 00:58:34,920 on a blockchain like Sephora points or whatever, but just the tax implications of it, I think 1268 00:58:34,920 --> 00:58:36,120 are just too much. 1269 00:58:36,120 --> 00:58:40,880 The fact that Reddit even tried it out is kind of astonishing to me because everyone 1270 00:58:40,880 --> 00:58:47,880 having taxable events just because they got upvoted, like, no, absolutely not. 1271 00:58:47,880 --> 00:58:52,840 So now we'll do, it's almost better to just have a database with points in it and then 1272 00:58:52,840 --> 00:58:55,480 give people money. 1273 00:58:55,480 --> 00:59:00,240 I think you just have to instead say like their utility tokens or something, go back 1274 00:59:00,240 --> 00:59:05,280 to the seaside arcade model where you get tickets when you enter and you can throw the 1275 00:59:05,280 --> 00:59:08,240 basketball into that hoop and try and win the bear. 1276 00:59:08,240 --> 00:59:11,600 And then when you leave, you hand back in the tickets and you get a couple dollars back, 1277 00:59:11,600 --> 00:59:12,600 right? 1278 00:59:12,600 --> 00:59:13,600 Yeah. 1279 00:59:13,600 --> 00:59:16,480 So argue for that, maybe. 1280 00:59:16,480 --> 00:59:20,320 And even in the article at the end, basically talking about, we're able to scale several 1281 00:59:20,320 --> 00:59:23,920 products that accomplish what community points was trying to accomplish such as subreddit 1282 00:59:23,920 --> 00:59:25,240 karma and GIFs. 1283 00:59:25,240 --> 00:59:29,040 So instead of giving away things that actually have monetary value that requires some sort 1284 00:59:29,040 --> 00:59:33,880 of taxable event, I can give away useless fucking GIFs and like stupid badges and shit 1285 00:59:33,880 --> 00:59:38,280 that have no monetary value at all, but have some sort of emotional value, right? 1286 00:59:38,280 --> 00:59:42,560 Which means they're not really, they can't be traded, they can't be sold, can't do whatever. 1287 00:59:42,560 --> 00:59:47,240 So therefore, you know, they're just, you kind of get the same idea without actually 1288 00:59:47,240 --> 00:59:49,560 having the monetary piece out of it. 1289 00:59:49,560 --> 00:59:55,200 Well, this kind of follows in suit with, I mean, so I keep still hearing that blogs 1290 00:59:55,200 --> 00:59:56,880 chain gaming is the future. 1291 00:59:56,880 --> 01:00:01,000 And then I've heard so many times that blockchain gaming is going to be what brings the bull 1292 01:00:01,000 --> 01:00:02,000 run back. 1293 01:00:02,000 --> 01:00:08,240 And I just don't see it like blockchain gaming is this points brought up to the Mth degree, 1294 01:00:08,240 --> 01:00:09,240 right? 1295 01:00:09,240 --> 01:00:11,760 Like you go and get a green sword, but that green sword has to be one cent. 1296 01:00:11,760 --> 01:00:13,200 You're supposed to be taxes on that. 1297 01:00:13,200 --> 01:00:14,680 No, absolutely not. 1298 01:00:14,680 --> 01:00:20,480 Like as interested as I am in the idea of blockchain gaming, just the risk of that. 1299 01:00:20,480 --> 01:00:21,480 Absolutely not. 1300 01:00:21,480 --> 01:00:22,480 Yeah. 1301 01:00:22,480 --> 01:00:26,160 I think there's a lot of that too, because you could even in some of those types of things, 1302 01:00:26,160 --> 01:00:31,160 we're talking to somebody that like you could just walk around, you know, earning anything, 1303 01:00:31,160 --> 01:00:33,080 but you just walk around picking things up, right? 1304 01:00:33,080 --> 01:00:35,840 And those things actually have monetary value to them. 1305 01:00:35,840 --> 01:00:38,640 And are you, are you responsible for that? 1306 01:00:38,640 --> 01:00:42,800 Since they have value, are you responsible or is it only at the point of sale or at the 1307 01:00:42,800 --> 01:00:45,800 time you pick it up or, you know, like all those types of things, right? 1308 01:00:45,800 --> 01:00:48,360 So they do end up having value. 1309 01:00:48,360 --> 01:00:49,360 There is a market for them. 1310 01:00:49,360 --> 01:00:54,200 But again, like you can buy that shit on Steam, but at that point, that's, I mean, that is 1311 01:00:54,200 --> 01:00:57,120 still, you could still buy and sell on Steam, right? 1312 01:00:57,120 --> 01:00:58,440 So I assume that there is. 1313 01:00:58,440 --> 01:01:00,280 It's like the Eve problem, isn't it? 1314 01:01:00,280 --> 01:01:05,120 We talked about it on a previous podcast where the Eve online really aggressively tried to 1315 01:01:05,120 --> 01:01:11,800 avoid that situation because they were like, we've genuinely created an economy and we're 1316 01:01:11,800 --> 01:01:18,240 a little bit concerned that our video game will get shut down if our actual functionally 1317 01:01:18,240 --> 01:01:24,880 working simulation of an economy starts generating real world value in a way that makes a regulator 1318 01:01:24,880 --> 01:01:30,080 interested, which is interesting because their economy is in some ways more successful than 1319 01:01:30,080 --> 01:01:32,320 almost any of the crypto economies that have been built. 1320 01:01:32,320 --> 01:01:33,800 But hey, you know, what are you going to do? 1321 01:01:33,800 --> 01:01:39,920 It's almost like you need to build a thing that users want to use first and then an economic 1322 01:01:39,920 --> 01:01:43,240 case will, and system will come out of that. 1323 01:01:43,240 --> 01:01:47,960 I think we were all fooled by that one baseball movie, Field of Dreams. 1324 01:01:47,960 --> 01:01:50,440 That catchphrase, if you build it, they will come. 1325 01:01:50,440 --> 01:01:53,280 Man, entire generation, let us stray. 1326 01:01:53,280 --> 01:01:55,160 I was going to such a different place. 1327 01:01:55,160 --> 01:01:56,480 I was like, what baseball movie? 1328 01:01:56,480 --> 01:01:58,280 And I was like, I was like, Moneyball? 1329 01:01:58,280 --> 01:02:00,880 I was like, what do you want to do? 1330 01:02:00,880 --> 01:02:04,680 Do you mean it's better to have one in the head than three in the chest to bleed out? 1331 01:02:04,680 --> 01:02:06,160 I was like, I'm not sure that's relevant. 1332 01:02:06,160 --> 01:02:07,160 Here, she'll see. 1333 01:02:07,160 --> 01:02:09,520 You're thinking of something else. 1334 01:02:09,520 --> 01:02:14,320 Well, I don't think there's a non-zero chance you might survive if you get three in the 1335 01:02:14,320 --> 01:02:15,320 chest. 1336 01:02:15,320 --> 01:02:18,120 The head is like kind of a death cross. 1337 01:02:18,120 --> 01:02:22,360 You weren't paying too much attention to the moral of that story. 1338 01:02:22,360 --> 01:02:23,840 That's not quite the right. 1339 01:02:23,840 --> 01:02:24,840 It's like quite the... 1340 01:02:24,840 --> 01:02:25,840 All right. 1341 01:02:25,840 --> 01:02:26,840 What's next? 1342 01:02:26,840 --> 01:02:27,840 Explain it. 1343 01:02:27,840 --> 01:02:28,840 Jonah Hill. 1344 01:02:28,840 --> 01:02:34,000 I think Schiltze is best suited to take this one. 1345 01:02:34,000 --> 01:02:36,640 Oh, the bold one, the only one I haven't read. 1346 01:02:36,640 --> 01:02:39,720 Okay, here we go. 1347 01:02:39,720 --> 01:02:40,720 The middle ones, man. 1348 01:02:40,720 --> 01:02:41,720 I just... 1349 01:02:41,720 --> 01:02:43,440 My ADHD goes, not past that. 1350 01:02:43,440 --> 01:02:46,120 I've got to read the first and the last ones. 1351 01:02:46,120 --> 01:02:47,120 That's funny. 1352 01:02:47,120 --> 01:02:48,120 That's right. 1353 01:02:48,120 --> 01:02:53,120 If there was only like one row between each one, I could focus better, but there's not. 1354 01:02:53,120 --> 01:02:54,120 So I can't focus. 1355 01:02:54,120 --> 01:02:55,720 All right. 1356 01:02:55,720 --> 01:03:00,400 In an effort to recover some reputation within the community after the merger debacle, the 1357 01:03:00,400 --> 01:03:04,720 Stride team implemented substantial changes to their chain, introducing invariance checks 1358 01:03:04,720 --> 01:03:10,760 on the ST-Adam and ST-Osmo rewards, which caused both assets to halt minting of ST assets 1359 01:03:10,760 --> 01:03:16,920 due to volatility in rewards, which is to say mass unbondings of the base assets. 1360 01:03:16,920 --> 01:03:21,700 This caused the Stride chain to require upgrades slash forks, as well as on-chain proposals 1361 01:03:21,700 --> 01:03:26,360 to receive the two IBC clients between the chains for ST assets. 1362 01:03:26,360 --> 01:03:27,360 Wow. 1363 01:03:27,360 --> 01:03:28,360 Okay. 1364 01:03:28,360 --> 01:03:30,400 So it sounds like... 1365 01:03:30,400 --> 01:03:34,960 Well, I kind of assumed that you would already be all over it is why I was like, this one's 1366 01:03:34,960 --> 01:03:36,480 probably a Schiltze thing. 1367 01:03:36,480 --> 01:03:39,960 So I was loosely following, but I didn't get the context. 1368 01:03:39,960 --> 01:03:44,160 I didn't realize that this was like a mitigation. 1369 01:03:44,160 --> 01:03:49,760 There has been several Stride upgrades lately, and I wasn't really clear as to what was going 1370 01:03:49,760 --> 01:03:52,160 on, but this makes a lot of sense. 1371 01:03:52,160 --> 01:03:58,160 I thought I read somewhere that they had halted, but that's a lot of context that I kind of 1372 01:03:58,160 --> 01:03:59,160 needed. 1373 01:03:59,160 --> 01:04:00,160 Though I'm not entirely sure I understood. 1374 01:04:00,160 --> 01:04:03,720 This is why we need to... 1375 01:04:03,720 --> 01:04:09,240 As Schiltze struggles through this, and I read the tweet and the stuff, and I was like, 1376 01:04:09,240 --> 01:04:11,680 oh yeah, that kind of did happen. 1377 01:04:11,680 --> 01:04:15,280 I'm not sure I technically know enough to really say something useful. 1378 01:04:15,280 --> 01:04:21,240 And I was thinking, kind of be easier for Robert just cave on and set this with it. 1379 01:04:21,240 --> 01:04:22,240 Yeah. 1380 01:04:22,240 --> 01:04:27,200 This drama eating is with walls of text like this is too deep DGN for me. 1381 01:04:27,200 --> 01:04:33,840 This is short, easily digestible news. 1382 01:04:33,840 --> 01:04:34,840 We've got some... 1383 01:04:34,840 --> 01:04:35,840 Yeah. 1384 01:04:35,840 --> 01:04:39,880 Because every news item have to be like nine layers of crypto horseshit to figure out the 1385 01:04:39,880 --> 01:04:40,880 hell's going on. 1386 01:04:40,880 --> 01:04:45,720 Maybe we should have all the news be posted on some platform that's like a maximum of 1387 01:04:45,720 --> 01:04:49,520 160 characters. 1388 01:04:49,520 --> 01:04:51,520 That would be sensational. 1389 01:04:51,520 --> 01:04:54,000 I think these are probably not far off 160 characters. 1390 01:04:54,000 --> 01:04:59,760 They would be uproar, and we would have to increase it to 250 characters, and then just 1391 01:04:59,760 --> 01:05:01,360 unlimited characters, truncated. 1392 01:05:01,360 --> 01:05:04,360 That's how it goes. 1393 01:05:04,360 --> 01:05:10,720 All right, I got the last two since you guys are struggling with these two. 1394 01:05:10,720 --> 01:05:11,720 All right. 1395 01:05:11,720 --> 01:05:12,720 Second to last. 1396 01:05:12,720 --> 01:05:14,520 I just opened up Twitter for that. 1397 01:05:14,520 --> 01:05:19,680 Now I've seen the Telstra live earnings call. 1398 01:05:19,680 --> 01:05:20,680 Why? 1399 01:05:20,680 --> 01:05:21,680 Very distracting. 1400 01:05:21,680 --> 01:05:22,680 Now I'm just interested. 1401 01:05:22,680 --> 01:05:23,680 Are they making money? 1402 01:05:23,680 --> 01:05:24,680 Are they not making money? 1403 01:05:24,680 --> 01:05:25,680 For what? 1404 01:05:25,680 --> 01:05:26,680 Who? 1405 01:05:26,680 --> 01:05:27,680 I'm guessing they're making money. 1406 01:05:27,680 --> 01:05:30,520 Are they making enough money is the question. 1407 01:05:30,520 --> 01:05:32,520 Developers rejoice as plebs. 1408 01:05:32,520 --> 01:05:35,840 Geez, tough language on the Game of Notes podcast. 1409 01:05:35,840 --> 01:05:39,360 As plebs fail to understand how to get around some of the toughest geo-blocking node-a-man, 1410 01:05:39,360 --> 01:05:43,800 meaning only that 33% of all the TIA airdrop was claimed at Celestria, this means that 1411 01:05:43,800 --> 01:05:48,200 likely everyone who did claim will potentially get three times their airdrop as developers 1412 01:05:48,200 --> 01:05:53,920 receive substantially more than the plebs were holding another conference to celebrate. 1413 01:05:53,920 --> 01:05:58,920 Long story short, is Celestia airdrop only, I think, was it two weeks it was open or something 1414 01:05:58,920 --> 01:05:59,920 like that? 1415 01:05:59,920 --> 01:06:01,120 It wasn't long for sure. 1416 01:06:01,120 --> 01:06:02,600 Yeah, it was a couple of weeks. 1417 01:06:02,600 --> 01:06:06,440 Usually it might be upwards of, we've had one third, like five or six months, right? 1418 01:06:06,440 --> 01:06:09,280 Were they still allowed that? 1419 01:06:09,280 --> 01:06:11,960 But it looks like only about a third was actually claimed. 1420 01:06:11,960 --> 01:06:15,240 We were blocked because of the US and honestly, I didn't even bother. 1421 01:06:15,240 --> 01:06:16,960 I know we had some in there. 1422 01:06:16,960 --> 01:06:18,320 I didn't even bother. 1423 01:06:18,320 --> 01:06:20,120 That's how much I don't care. 1424 01:06:20,120 --> 01:06:22,040 Why did you, I didn't look. 1425 01:06:22,040 --> 01:06:24,680 I'm not a developer, so I assumed I did not have any. 1426 01:06:24,680 --> 01:06:26,840 I thought it was more than developer though. 1427 01:06:26,840 --> 01:06:30,960 Developers, Stakers and Relayers were really free. 1428 01:06:30,960 --> 01:06:32,280 Because of what though? 1429 01:06:32,280 --> 01:06:33,280 Adam or Osmo. 1430 01:06:33,280 --> 01:06:34,280 Osmo. 1431 01:06:34,280 --> 01:06:36,280 What else are we talking about? 1432 01:06:36,280 --> 01:06:37,280 Nothing for me. 1433 01:06:37,280 --> 01:06:42,480 It wasn't very, the translation wasn't very much either. 1434 01:06:42,480 --> 01:06:50,040 Overall my Cosmo or Osmo, Adam and Osmosis, which is like 2000 Adam, you can see that 1435 01:06:50,040 --> 01:06:51,040 from my validator. 1436 01:06:51,040 --> 01:06:55,160 I got like 100 TIA and even more Osmo. 1437 01:06:55,160 --> 01:06:58,160 So yeah, probably wasn't worth it. 1438 01:06:58,160 --> 01:07:00,480 For Relang we did 100. 1439 01:07:00,480 --> 01:07:02,760 For Relang we did get quite a bit. 1440 01:07:02,760 --> 01:07:04,920 They think it's going to be $1 each. 1441 01:07:04,920 --> 01:07:06,920 So 100 bucks. 1442 01:07:06,920 --> 01:07:08,400 Yeah, there you go. 1443 01:07:08,400 --> 01:07:09,400 Free night out. 1444 01:07:09,400 --> 01:07:11,600 You said it was right to stay on the couch. 1445 01:07:11,600 --> 01:07:15,240 I didn't even, again, 33% or I don't, we're on down the street. 1446 01:07:15,240 --> 01:07:17,240 So it wasn't that. 1447 01:07:17,240 --> 01:07:18,760 It was just, I don't know. 1448 01:07:18,760 --> 01:07:22,160 I kind of, I figured I actually had more time and then I kind of lost interest in the whole 1449 01:07:22,160 --> 01:07:23,160 thing. 1450 01:07:23,160 --> 01:07:25,360 Last news item is, 1451 01:07:25,360 --> 01:07:26,880 It sounds like a lie. 1452 01:07:26,880 --> 01:07:27,880 Yeah. 1453 01:07:27,880 --> 01:07:33,400 It's really dynamic with the reason, so at Quasar, quasar.fi, the reason, the recent 1454 01:07:33,400 --> 01:07:39,840 Osmo price action, which is really a name for drop, blockchain sleuth and extraordinary 1455 01:07:39,840 --> 01:07:40,840 Rama. 1456 01:07:40,840 --> 01:07:41,840 Holy shit. 1457 01:07:41,840 --> 01:07:43,480 Look at this fucking self-grandiizing in here. 1458 01:07:43,480 --> 01:07:45,880 He is just giving himself a hand job. 1459 01:07:45,880 --> 01:07:46,880 Extraordinary. 1460 01:07:46,880 --> 01:07:51,840 Anyway, big douche, Rama, notice that Quasar's Osmo slash USDCA plus volts, which are meant 1461 01:07:51,840 --> 01:07:57,840 to be dynamic had fallen out of range, meaning that around the $235,000 volt was 100% Osmo 1462 01:07:57,840 --> 01:08:00,080 and zero USDC. 1463 01:08:00,080 --> 01:08:04,880 Once notified by a friendly reminder, Quasar volts rebalance selling 35% of the Osmo balance 1464 01:08:04,880 --> 01:08:08,240 to USDC and two swaps tanking the price. 1465 01:08:08,240 --> 01:08:09,880 The dynamic volts are back in range. 1466 01:08:09,880 --> 01:08:16,840 The new lower bound on the vault is Osmo at 22 cents, which is not too far off or it's 1467 01:08:16,840 --> 01:08:19,520 still at 23 and a half. 1468 01:08:19,520 --> 01:08:20,520 So there we go. 1469 01:08:20,520 --> 01:08:25,040 I just actually took a look at the vaults based on this as well to see kind of where 1470 01:08:25,040 --> 01:08:26,040 they are. 1471 01:08:26,040 --> 01:08:30,920 Yeah, there's like a, and also there's like, I think it was USDC, if it was USDCA plus 1472 01:08:30,920 --> 01:08:35,440 volt or one of the end vaults, but the spike and the pullback and the actual number of 1473 01:08:35,440 --> 01:08:39,160 value in those vaults is like pretty dramatic. 1474 01:08:39,160 --> 01:08:42,800 So not sure what's exactly going on with that, but there you go. 1475 01:08:42,800 --> 01:08:48,040 So I guess there's a minimum range on there and it fell out of that range and you have 1476 01:08:48,040 --> 01:08:54,000 a vault that has no USDC in it and something that's supposed to be 6535, I think is what 1477 01:08:54,000 --> 01:08:55,000 it was supposed to be. 1478 01:08:55,000 --> 01:09:00,120 It seems pretty interesting to me that that happened because my understanding was that, 1479 01:09:00,120 --> 01:09:02,880 so was that quasar is totally automated, right? 1480 01:09:02,880 --> 01:09:04,280 Like that's kind of his claim to fame. 1481 01:09:04,280 --> 01:09:06,440 I, yes, agreed. 1482 01:09:06,440 --> 01:09:12,920 And quasar, I've always been like a pretty big fan of because the way that Osmosis payouts 1483 01:09:12,920 --> 01:09:20,080 work on an epoch basis for US residents, like that's a taxable event every day, right? 1484 01:09:20,080 --> 01:09:23,800 For maybe not a lot of money, however, if you use the vaults, then it kind of like just 1485 01:09:23,800 --> 01:09:26,400 rolls it all in and then once you pull it out, you actually get it, right? 1486 01:09:26,400 --> 01:09:31,440 I've always been a big proponent of that and seeing that there was in my mind such 1487 01:09:31,440 --> 01:09:38,880 a big discrepancy and expected behavior versus actual behavior that phrase you're looking 1488 01:09:38,880 --> 01:09:39,880 for was fuck up. 1489 01:09:39,880 --> 01:09:40,880 Fuck up. 1490 01:09:40,880 --> 01:09:41,880 Thank you. 1491 01:09:41,880 --> 01:09:45,440 I was trying to be a British of it there and so you called me out on it. 1492 01:09:45,440 --> 01:09:46,440 This is crypto. 1493 01:09:46,440 --> 01:09:48,760 This is why British people love crypto. 1494 01:09:48,760 --> 01:09:55,560 It's the one place we don't have to do the normal social, social glue stuff because it's 1495 01:09:55,560 --> 01:09:56,560 all bullshit. 1496 01:09:56,560 --> 01:09:58,040 You don't have to be polite. 1497 01:09:58,040 --> 01:09:59,040 It's garbage. 1498 01:09:59,040 --> 01:10:00,040 People are DJs. 1499 01:10:00,040 --> 01:10:02,720 They're happy if you've called them DJs. 1500 01:10:02,720 --> 01:10:03,720 It's great. 1501 01:10:03,720 --> 01:10:04,720 Everything's on fire. 1502 01:10:04,720 --> 01:10:06,200 This is fine anyway. 1503 01:10:06,200 --> 01:10:07,200 Yeah. 1504 01:10:07,200 --> 01:10:11,480 So I don't know, but that's a red flag for me and it makes me really curious. 1505 01:10:11,480 --> 01:10:14,600 How far has Osmo fallen in the last two months? 1506 01:10:14,600 --> 01:10:15,600 It must be a significant light. 1507 01:10:15,600 --> 01:10:16,600 It's unlikely. 1508 01:10:16,600 --> 01:10:18,600 It's fucking brutal. 1509 01:10:18,600 --> 01:10:27,880 It's interesting because Osmo is meant to be the flagship of AMMs in the cosmos, but 1510 01:10:27,880 --> 01:10:31,920 I think it feels like it's starting to wane a little bit. 1511 01:10:31,920 --> 01:10:32,920 It is. 1512 01:10:32,920 --> 01:10:38,560 Well, also, what's the primary use case for Osmo is getting liquidity into the cosmos 1513 01:10:38,560 --> 01:10:40,360 ecosystem to take it where? 1514 01:10:40,360 --> 01:10:41,360 Yeah. 1515 01:10:41,360 --> 01:10:42,920 There's got to be projects there to be able to do it, right? 1516 01:10:42,920 --> 01:10:45,400 There are no fucking projects in the cosmos at the moment. 1517 01:10:45,400 --> 01:10:53,280 So Stargaze and Stargaze are so cheap, you only need to bring in like 50 bucks. 1518 01:10:53,280 --> 01:10:54,280 I guess it's... 1519 01:10:54,280 --> 01:10:55,520 You can play the machines forever. 1520 01:10:55,520 --> 01:10:59,360 You can complete time crisis too as many times as you want, 50 bucks on Stargaze. 1521 01:10:59,360 --> 01:11:00,360 Yeah. 1522 01:11:00,360 --> 01:11:04,440 The price has been cut in half since, I guess, since July, maybe August. 1523 01:11:04,440 --> 01:11:11,840 I think most of the bigger projects in the cosmos try to direct traffic to centralized 1524 01:11:11,840 --> 01:11:14,880 exchanges anyway, which is kind of where the users are. 1525 01:11:14,880 --> 01:11:19,840 Well, I mean, a lot of people like to shit on it, but a lot of chains spinning up and 1526 01:11:19,840 --> 01:11:25,920 then taking advantage of Osmosis' rewards, that benefited Osmosis' price as well because 1527 01:11:25,920 --> 01:11:28,320 they still got that pairing, right? 1528 01:11:28,320 --> 01:11:32,880 So chains would spin up, they would go for rewards, it would be have a huge APR and then 1529 01:11:32,880 --> 01:11:35,480 the team would cash out, happen time and time again. 1530 01:11:35,480 --> 01:11:38,200 Osmo benefited from that without a doubt. 1531 01:11:38,200 --> 01:11:42,240 And now that there aren't chains constantly doing that, now that the chains that have 1532 01:11:42,240 --> 01:11:46,920 been done haven't been called out, that means there's no longer that circular dependency 1533 01:11:46,920 --> 01:11:48,240 of price going up. 1534 01:11:48,240 --> 01:11:53,200 I mean, it's not just about the lack of liquidity, which is a huge issue. 1535 01:11:53,200 --> 01:12:02,360 But yeah, now it's like pools and super fluid and stride and like it's all shuffling. 1536 01:12:02,360 --> 01:12:03,760 Yeah, it's just shuffling, right? 1537 01:12:03,760 --> 01:12:06,040 It's all more shuffling. 1538 01:12:06,040 --> 01:12:13,080 The last time that Osmo had real upward momentum was at chain winter, which is when every 1539 01:12:13,080 --> 01:12:18,240 Cosmos chain had upward momentum and crucially, there are a bunch of new Cosmos chains launching 1540 01:12:18,240 --> 01:12:20,040 all the time. 1541 01:12:20,040 --> 01:12:22,240 And it's like that. 1542 01:12:22,240 --> 01:12:25,840 It's just pure inertia as it turns out. 1543 01:12:25,840 --> 01:12:30,920 Because as soon as it hit the top, it all just, you know, it gets to the other side 1544 01:12:30,920 --> 01:12:32,320 of the coin, isn't it? 1545 01:12:32,320 --> 01:12:35,320 Basically, it's where we've been for some time now. 1546 01:12:35,320 --> 01:12:37,080 Yeah, there's, yeah. 1547 01:12:37,080 --> 01:12:39,600 And these pools actually, I mean, I'm looking at the Coisar pools. 1548 01:12:39,600 --> 01:12:44,120 I know these, the new dynamic ones are probably what, like that hasn't been that long. 1549 01:12:44,120 --> 01:12:46,600 It's maybe been a month. 1550 01:12:46,600 --> 01:12:47,600 Something like that. 1551 01:12:47,600 --> 01:12:50,720 I can't even tell you how long ago those launched because we, I still have stuff in the Osmo 1552 01:12:50,720 --> 01:12:54,400 pro pool when I pulled stuff out of just staking. 1553 01:12:54,400 --> 01:12:58,800 And I mean, they're still like even from a market, from a deposit perspective, some 1554 01:12:58,800 --> 01:13:00,360 of these dynamic pools are pretty low. 1555 01:13:00,360 --> 01:13:06,260 Like they're $350,000 in terms of cap and they're still a 45, 50, 60% hitting those 1556 01:13:06,260 --> 01:13:08,260 caps. 1557 01:13:08,260 --> 01:13:15,720 Largest one being the Noble USDC USDT pool, which is right now at 1.6 million at 16% for 1558 01:13:15,720 --> 01:13:17,720 stable coins. 1559 01:13:17,720 --> 01:13:20,600 I've heard that story before, right? 1560 01:13:20,600 --> 01:13:22,520 Somehow making 16% of stable coins. 1561 01:13:22,520 --> 01:13:23,520 What was that? 1562 01:13:23,520 --> 01:13:24,520 Yeah, right. 1563 01:13:24,520 --> 01:13:25,520 Yeah. 1564 01:13:25,520 --> 01:13:26,520 It's a big worry. 1565 01:13:26,520 --> 01:13:32,320 I should get that paper back that you remember that conference I went to and then I saw that 1566 01:13:32,320 --> 01:13:36,160 paper and it was just like, here's how you can track what happens to stable coins and 1567 01:13:36,160 --> 01:13:39,200 whether they're going to go to zero. 1568 01:13:39,200 --> 01:13:41,520 It's like, oh, imagine my surprise. 1569 01:13:41,520 --> 01:13:42,520 Yeah. 1570 01:13:42,520 --> 01:13:47,520 But yeah, in this case, probably not, I guess, because it's USDC, but. 1571 01:13:47,520 --> 01:13:48,520 Yeah. 1572 01:13:48,520 --> 01:13:50,200 Anyway, that's what's up with that. 1573 01:13:50,200 --> 01:13:55,840 So I guess the, I guess back to this vault, the idea that this was supposed to drop this 1574 01:13:55,840 --> 01:14:01,280 far did not fit into the computer programmer, which was resolved by dumping the price and 1575 01:14:01,280 --> 01:14:02,920 selling 35% of the Osmo balance. 1576 01:14:02,920 --> 01:14:04,720 I'd get the USDC amount back up. 1577 01:14:04,720 --> 01:14:05,720 So. 1578 01:14:05,720 --> 01:14:06,720 Normal everyday behavior. 1579 01:14:06,720 --> 01:14:10,800 Just win after win, maybe it was racking them up. 1580 01:14:10,800 --> 01:14:12,280 This is just how it works. 1581 01:14:12,280 --> 01:14:20,000 So I think that's a pretty good segue to be fair into the other thing, Fallout we had, 1582 01:14:20,000 --> 01:14:22,920 which was asked about in the comments section yesterday. 1583 01:14:22,920 --> 01:14:25,120 God, I'm tired. 1584 01:14:25,120 --> 01:14:32,040 Last week, which was usurpers hot takes or right, I should say, Rhino, it was, I think, 1585 01:14:32,040 --> 01:14:34,160 a Rhino Twitter account. 1586 01:14:34,160 --> 01:14:40,280 Not sure we can be certain it was usurper over the whole. 1587 01:14:40,280 --> 01:14:49,920 So the background to this is that Larry, friend of the show from Mars, CWSDK, whatnot, did 1588 01:14:49,920 --> 01:14:54,640 this thread about ETH and what was it? 1589 01:14:54,640 --> 01:14:56,160 Oh, that fucking. 1590 01:14:56,160 --> 01:14:57,160 Yeah. 1591 01:14:57,160 --> 01:14:58,160 Yeah. 1592 01:14:58,160 --> 01:15:02,920 Yeah, it was like, it was like a DeFi thing, basically, is about how simple it was to get 1593 01:15:02,920 --> 01:15:07,000 your ETH into this DeFi protocol from offside of my head, right? 1594 01:15:07,000 --> 01:15:13,800 And I read that and I honestly wasn't sure whether this was very dry humor from Larry 1595 01:15:13,800 --> 01:15:21,800 and he was taking the piss and it was kind of like a performative joke about how complicated 1596 01:15:21,800 --> 01:15:25,120 DeFi is and how much it makes kind of no sense. 1597 01:15:25,120 --> 01:15:28,680 I kind of genuinely read that and thought, oh, is this Larry making a joke? 1598 01:15:28,680 --> 01:15:33,880 And then usurper replied to this thread, taking it as face value, which I think you're right. 1599 01:15:33,880 --> 01:15:35,920 I think he was actually genuinely trying to explain. 1600 01:15:35,920 --> 01:15:36,920 Oh, he was definitely trying. 1601 01:15:36,920 --> 01:15:37,920 Oh, he was definitely trying. 1602 01:15:37,920 --> 01:15:44,920 I mean, he took the time to make a diagram with like 75 boxes and 300 lines on it, right? 1603 01:15:44,920 --> 01:15:45,920 So right. 1604 01:15:45,920 --> 01:15:48,680 But that's what I would be doing if I was making a joke. 1605 01:15:48,680 --> 01:15:49,680 So it's difficult. 1606 01:15:49,680 --> 01:15:52,040 Yeah, but it actually had like real labels on it. 1607 01:15:52,040 --> 01:15:54,040 It wasn't like a picture of a donkey and shit on there. 1608 01:15:54,040 --> 01:15:57,120 Like it was like a real, all right, all right, okay, fair enough. 1609 01:15:57,120 --> 01:16:00,520 There was a real diagram though. 1610 01:16:00,520 --> 01:16:02,960 And it was like, I didn't even know how you got this in a tweet. 1611 01:16:02,960 --> 01:16:07,960 He must, oh, maybe this is like a special thing because it's like 2000 words in this 1612 01:16:07,960 --> 01:16:09,280 fucking Twitter. 1613 01:16:09,280 --> 01:16:12,320 So yeah, but he was basically, I think he was walking through, you might have heard 1614 01:16:12,320 --> 01:16:17,280 of how the ST ETH farm on Neutron, but how exactly did you get in to understand this 1615 01:16:17,280 --> 01:16:20,720 being established a theoretical background on how ST ETH works on Neutron? 1616 01:16:20,720 --> 01:16:22,120 And it keeps going on and on and on. 1617 01:16:22,120 --> 01:16:27,880 It was this giant diagram of like all this shit to get into this ST ETH thing. 1618 01:16:27,880 --> 01:16:29,640 And he had like six URLs. 1619 01:16:29,640 --> 01:16:31,200 Here's the tools you need to do it. 1620 01:16:31,200 --> 01:16:32,200 Thanks for tuning into my lecture. 1621 01:16:32,200 --> 01:16:38,800 And the irony is he only needed one image to explain the whole thing. 1622 01:16:38,800 --> 01:16:39,800 Yeah. 1623 01:16:39,800 --> 01:16:43,360 So my only comment was like, people say D5 won't overtake TRIFY, right? 1624 01:16:43,360 --> 01:16:49,160 Because it's so fucking easy to get into these circle steak type of situations. 1625 01:16:49,160 --> 01:16:55,440 And yeah, anyway, like, and I think like the responses and they were like, hey, thanks. 1626 01:16:55,440 --> 01:16:58,680 And someone were like, you know, at least Aiden from Stride was like, my God, this is complex 1627 01:16:58,680 --> 01:16:59,680 and things like that. 1628 01:16:59,680 --> 01:17:02,440 But, but yeah, it's just, I don't know. 1629 01:17:02,440 --> 01:17:06,560 It's just, it was like, it was like a, like if you looked up circle steak in the, in the 1630 01:17:06,560 --> 01:17:09,560 fucking dictionary, this would be the definition, this tweet. 1631 01:17:09,560 --> 01:17:10,560 Yeah. 1632 01:17:10,560 --> 01:17:11,560 Yeah. 1633 01:17:11,560 --> 01:17:12,560 100%. 1634 01:17:12,560 --> 01:17:17,400 I thought it might be a joke, but I realized, you know, it can't be that it was, it was not, 1635 01:17:17,400 --> 01:17:18,400 of course it's crypto. 1636 01:17:18,400 --> 01:17:21,880 So it's, it's completely po-face serious. 1637 01:17:21,880 --> 01:17:24,880 Of course it is. 1638 01:17:24,880 --> 01:17:30,960 But hey, so the other interesting thing, so we, we talked about in the podcast, if you 1639 01:17:30,960 --> 01:17:34,840 a couple of, we've been nearly a month ago actually about the fact that the regulation 1640 01:17:34,840 --> 01:17:38,080 for advertising of crypto assets is changing in the UK. 1641 01:17:38,080 --> 01:17:44,480 And you now have to register with the regulator, the FCA, which would, you know, be bad if crypto 1642 01:17:44,480 --> 01:17:46,640 CTO was based in the UK, bad for him anyway. 1643 01:17:46,640 --> 01:17:49,440 It cost him a few Bob. 1644 01:17:49,440 --> 01:17:55,640 And what's happened is that Binance and a number of other exchanges, they basically thought 1645 01:17:55,640 --> 01:18:00,480 they could get around this by essentially nominating a completely legitimate sounding 1646 01:18:00,480 --> 01:18:01,480 business. 1647 01:18:01,480 --> 01:18:03,800 Fuck, I didn't write it down. 1648 01:18:03,800 --> 01:18:04,800 It was cool. 1649 01:18:04,800 --> 01:18:06,320 Let me see if I can find the name of the company. 1650 01:18:06,320 --> 01:18:10,240 It was called literally like, we are great guys limited. 1651 01:18:10,240 --> 01:18:11,240 Not a blockchain.com. 1652 01:18:11,240 --> 01:18:12,240 Yeah. 1653 01:18:12,240 --> 01:18:13,240 It was like a third. 1654 01:18:13,240 --> 01:18:14,240 Not a blockchain. 1655 01:18:14,240 --> 01:18:19,680 It was, it was literally like a third party that they could nominate as their, essentially 1656 01:18:19,680 --> 01:18:25,360 their outsource marketing agency and be like, hmm, what marketing to people? 1657 01:18:25,360 --> 01:18:27,200 Oh no, no, no, no, no. 1658 01:18:27,200 --> 01:18:28,360 We don't market to people. 1659 01:18:28,360 --> 01:18:30,360 That's our third party. 1660 01:18:30,360 --> 01:18:31,360 Okay. 1661 01:18:31,360 --> 01:18:32,360 Right. 1662 01:18:32,360 --> 01:18:33,360 The, okay. 1663 01:18:33,360 --> 01:18:34,360 So. 1664 01:18:34,360 --> 01:18:35,360 Totally, totally tranfied. 1665 01:18:35,360 --> 01:18:36,360 I've got it. 1666 01:18:36,360 --> 01:18:37,360 I've got it. 1667 01:18:37,360 --> 01:18:42,760 We engaged a firm authorized by the financial conduct authority FCA. 1668 01:18:42,760 --> 01:18:50,160 We engage FCA authorized firm, rebuilding society.com limited. 1669 01:18:50,160 --> 01:18:56,520 Also, hereafter known as REBS in all caps. 1670 01:18:56,520 --> 01:18:57,800 That's awful. 1671 01:18:57,800 --> 01:19:03,240 To review and approve our UK financial promotions in compliance with the new rules. 1672 01:19:03,240 --> 01:19:07,840 However, as fortunately this didn't work. 1673 01:19:07,840 --> 01:19:14,280 I'm literally reading the email that Binance sent to every UK user on 10th of October, the 1674 01:19:14,280 --> 01:19:20,520 FCA imposed additional legally binding requirements on REBS, which meant that REBS was no longer 1675 01:19:20,520 --> 01:19:23,360 able to approve financial promotions. 1676 01:19:23,360 --> 01:19:30,880 And with effect from 5pm on the 11th of October, 2023, REBS had to withdraw any existing approvals 1677 01:19:30,880 --> 01:19:37,520 of financial promotions on behalf of any crypto asset business, including Binance. 1678 01:19:37,520 --> 01:19:43,000 Binance is currently looking for a new FCA authorized approver. 1679 01:19:43,000 --> 01:19:46,360 So that's all the bunch of stuff where they basically tried to get somebody to just do 1680 01:19:46,360 --> 01:19:51,920 their laundering for them and the FCA tapped them on the shoulder and went, no, as of tomorrow, 1681 01:19:51,920 --> 01:19:58,840 you can no longer do that because we're not fucking five lads, which I'm kind of cheered 1682 01:19:58,840 --> 01:20:00,800 by because I think that's really funny. 1683 01:20:00,800 --> 01:20:05,560 Like they thought that Binance, who are massive, like somebody wouldn't Google what they're 1684 01:20:05,560 --> 01:20:10,080 up to or be on their mailing list and be like, but somebody at the FCA wouldn't be on their 1685 01:20:10,080 --> 01:20:13,840 mailing list and be like, lads, they're trying to do something really stupid to get around 1686 01:20:13,840 --> 01:20:15,120 this rule. 1687 01:20:15,120 --> 01:20:18,520 But the thing that I don't understand is that from my understanding from talking to a lawyer, 1688 01:20:18,520 --> 01:20:20,960 I'm not a lawyer, but I've talked to a lawyer about this. 1689 01:20:20,960 --> 01:20:27,040 If you're caught in the regulation, you fill in the paperwork, you hand over £10,000, and 1690 01:20:27,040 --> 01:20:32,200 that's not nothing to a business like one of ours that's fucking really bad. 1691 01:20:32,200 --> 01:20:33,760 To Binance, that's chicken feed. 1692 01:20:33,760 --> 01:20:34,760 Right. 1693 01:20:34,760 --> 01:20:39,240 And then once they've done that, I think it's a five-year approval and then they have to 1694 01:20:39,240 --> 01:20:41,360 reregister each year and pay some fee. 1695 01:20:41,360 --> 01:20:42,720 I don't know what the fee is. 1696 01:20:42,720 --> 01:20:45,480 Even if the fee were £10,000, Binance can afford it. 1697 01:20:45,480 --> 01:20:47,600 They make more than that of UK users. 1698 01:20:47,600 --> 01:20:48,600 But... 1699 01:20:48,600 --> 01:20:50,560 So why the fuck do they care? 1700 01:20:50,560 --> 01:20:53,080 Why don't they just pay the fee and then it's boys will be boys? 1701 01:20:53,080 --> 01:20:55,440 Maybe they're not as solvent as they're letting on. 1702 01:20:55,440 --> 01:21:00,320 I mean, SPF was making a big humdinger about how good they are and how they're going to 1703 01:21:00,320 --> 01:21:03,520 take down Binance, and then suddenly they were being stormed. 1704 01:21:03,520 --> 01:21:04,920 £10,000, she'll see. 1705 01:21:04,920 --> 01:21:05,920 I know. 1706 01:21:05,920 --> 01:21:07,320 £10,000, blah, blah, blah. 1707 01:21:07,320 --> 01:21:09,320 How many people do they have in their payroll? 1708 01:21:09,320 --> 01:21:12,120 Maybe they're just resting on the principles. 1709 01:21:12,120 --> 01:21:14,320 They're like, no, fuck you. 1710 01:21:14,320 --> 01:21:15,320 No. 1711 01:21:15,320 --> 01:21:16,320 We're going to try everything else. 1712 01:21:16,320 --> 01:21:19,240 We're going to be able to shell shitcoins to under-informed investors. 1713 01:21:19,240 --> 01:21:22,800 They're probably worried about larger... 1714 01:21:22,800 --> 01:21:25,440 If you fuck with the rules and you actually... 1715 01:21:25,440 --> 01:21:29,720 If you're bold around that, then maybe they get worried about some larger restrictions 1716 01:21:29,720 --> 01:21:30,720 coming in. 1717 01:21:30,720 --> 01:21:33,320 I think it must be because once you... 1718 01:21:33,320 --> 01:21:37,760 If you accept the regulation and then you go, okay, cool, we're going to buy by the rules. 1719 01:21:37,760 --> 01:21:41,560 If you're a business like one of ours, you'd just be like, well, all we want to do is run 1720 01:21:41,560 --> 01:21:43,680 servers at the end of the day. 1721 01:21:43,680 --> 01:21:45,560 We just know it's whatever. 1722 01:21:45,560 --> 01:21:50,520 But if you're Binance, they're continually going to be kind of fucking around with that 1723 01:21:50,520 --> 01:21:51,520 gray line. 1724 01:21:51,520 --> 01:21:52,520 Yeah. 1725 01:21:52,520 --> 01:21:55,760 And I guess they must be worried that they're going to end up paying 10 grand and then get 1726 01:21:55,760 --> 01:21:57,400 into trouble later anyway. 1727 01:21:57,400 --> 01:22:02,800 But it is bizarre to me that the way a lot of this stuff works at the end of the day 1728 01:22:02,800 --> 01:22:10,360 is as long as you make a show of actually doing the thing. 1729 01:22:10,360 --> 01:22:11,360 That's how you get leeway. 1730 01:22:11,360 --> 01:22:14,360 That's how you actually play the game. 1731 01:22:14,360 --> 01:22:15,360 I get that. 1732 01:22:15,360 --> 01:22:16,560 Who gives a shit about Britain? 1733 01:22:16,560 --> 01:22:17,560 I do get that. 1734 01:22:17,560 --> 01:22:22,840 I think it's a fucking tiny island in the Atlantic Ocean and Binance is an offshore 1735 01:22:22,840 --> 01:22:24,120 entity. 1736 01:22:24,120 --> 01:22:27,800 So there's a very big reason for them to just say, go fuck yourselves just right there. 1737 01:22:27,800 --> 01:22:31,240 Even if it was the whole of Europe, they could go fuck yourselves. 1738 01:22:31,240 --> 01:22:35,720 But by the same point, at some point, they're going to have to accept some kind of regulation 1739 01:22:35,720 --> 01:22:37,400 from somewhere probably. 1740 01:22:37,400 --> 01:22:41,480 So why not experiment with it while the stakes are low, while it's very early doors, while 1741 01:22:41,480 --> 01:22:44,080 they can influence the regulation, while it's cheap? 1742 01:22:44,080 --> 01:22:49,880 Presumably, the whole fucking song and dance cost them more than 10 grand anyway. 1743 01:22:49,880 --> 01:22:50,880 Yeah. 1744 01:22:50,880 --> 01:22:51,880 Exactly. 1745 01:22:51,880 --> 01:22:52,880 Yeah. 1746 01:22:52,880 --> 01:22:59,480 I mean, they must have some sort of reason for it. 1747 01:22:59,480 --> 01:23:04,280 Yeah, I don't know. 1748 01:23:04,280 --> 01:23:10,800 So the only thing I can think is that the lawyer I spoke to, obviously, I asked about what 1749 01:23:10,800 --> 01:23:14,680 hypothetical costs are for a small business and they gave me an idea. 1750 01:23:14,680 --> 01:23:20,720 There was some talk about how it could in future be a percentage, I think, of income 1751 01:23:20,720 --> 01:23:23,920 earned in that area in this territory. 1752 01:23:23,920 --> 01:23:26,400 And that could be a reason why they go fuck yourself. 1753 01:23:26,400 --> 01:23:29,320 Because if it was 1% of their earnings in the UK, then that would be a lot of money. 1754 01:23:29,320 --> 01:23:31,680 That wouldn't just be 10,000 pounds, right? 1755 01:23:31,680 --> 01:23:33,680 So I don't know. 1756 01:23:33,680 --> 01:23:37,000 Maybe that's because that kind of shit wouldn't... 1757 01:23:37,000 --> 01:23:38,680 I'd already tuned out by that point. 1758 01:23:38,680 --> 01:23:43,000 But maybe there's some additional cause that I've missed in the regulation, the registration 1759 01:23:43,000 --> 01:23:45,600 fee that adds up to a lot of money. 1760 01:23:45,600 --> 01:23:46,600 I don't know. 1761 01:23:46,600 --> 01:23:49,080 Well, maybe it's just like that they don't want to... 1762 01:23:49,080 --> 01:23:53,800 If they bend over now, then tomorrow they're just going to come up with another thing and 1763 01:23:53,800 --> 01:23:56,400 bend over again, bend over again. 1764 01:23:56,400 --> 01:23:59,640 Yeah, but nobody really wants to do that. 1765 01:23:59,640 --> 01:24:01,560 It's just like paranoid fantasy. 1766 01:24:01,560 --> 01:24:07,640 People look at the city of London, the city of London, literally money launders in plain 1767 01:24:07,640 --> 01:24:12,560 sight for massive organized crime. 1768 01:24:12,560 --> 01:24:15,560 If you just do the bare minimum, people just forget about you. 1769 01:24:15,560 --> 01:24:18,120 That's the reality of the real world, right? 1770 01:24:18,120 --> 01:24:25,640 And even when the actual beneficial solution would be to actually do it properly, I don't 1771 01:24:25,640 --> 01:24:26,640 know. 1772 01:24:26,640 --> 01:24:27,640 They're just so... 1773 01:24:27,640 --> 01:24:31,200 It just seems like a paranoid worldview that is completely in flight. 1774 01:24:31,200 --> 01:24:36,080 It flies in the face of how the existing financial system is regulated, which is a best effort 1775 01:24:36,080 --> 01:24:40,520 and even the definition of best effort is quite lazily done. 1776 01:24:40,520 --> 01:24:43,960 You can get away with bloody murder as long as you fill out your paperwork and pay your 1777 01:24:43,960 --> 01:24:47,960 fee is what I can see in TradFi. 1778 01:24:47,960 --> 01:24:51,600 So why are they so fucking paranoid? 1779 01:24:51,600 --> 01:25:07,680 That's the question I have, I guess.