damn it I've not heard of that before I had it in my head and I lost it what's
the what's the show with the two guys are in the band um Beavis and butt head no no no no no no
no no no um they're Australian no Tenacious D Right
Flight the Concords follow the Concords they're in New Zealand
[Music] thank you
hello welcome to gaming nodes a weekly podcast on the cosmos from independent validators soon to be acquired and
swallowed up by binance until they see our balance sheets and immediately withdraw from the deal rendering us
insolvent and sending us to the poor house hopefully everybody out there is doing okay it has been a week and the
week is continuing we're already on Wednesday um so
um yeah Sam bankman freed has lost 1.4
foreign
1.6 is that 14.6 billion dollars worth of magic internet money
wallet equality um so if you think you've had a bad week uh
well you've probably had a worse week than him because he's still got 900 million so today
um today which you might not have tomorrow so we'll check back we'll have a special podcast
and Friday we'll track uh what is going on uh yeah we it's um
yeah so this week yeah so what's happening in the cosmos is
that the cosmos is getting rugged by a Ponzi called the rest of the market
and um I know we don't normally do price chat but why start now I mean why do we still
appreciate it we don't normally do price chat but we decided to start when the market is that
possibly is most depressing um yeah I reckon I think I think I I
just looked at Juno and stargaze stargaz surprisingly sort of seemed okay I mean in the sense it's you know it's not a
a super high value token anyway um it's down the least amount this week
of everything that I'm tracked up was that was my thing that was my glass half full yep
um take away from that and then Juno's about 20 cents off all-time low and a lot of the other Cosmos tokens are also
taking a kick in which is
well we sold almost all of our osmosis so that was
once again good financial decisions being made all the time uh by your value
by your local Friendly Neighborhood validators um yeah so yeah osmosis fair play they I
mean how's awesome doing you know just throw some spice in there [Music]
nobody wants to answer oh here comes schultzy I mean I think that it's doing pretty okay from what I can tell
um I know that there was some more drama today because uh Jack and Jacob had an
atom 2.0 meeting and then I guess what happened was uh Jack was the leader of
the meeting and like Midway through he decided he was out so he just canceled the meeting and so everyone was all like what the what freaking happened what
what happened meeting's over okay foreign
but I don't really know I don't really know okay so was this was this sorry was this
planning implementation and I think it's more of a debate on merits
um I'm only hearing a second hand from what other people are talking about um that is
um yeah atom I would say my review of the last sort
of couple of days would be another Sunshine roses
but not as bad as it could be so it's it's it's down about on average for most of
the cosmos I think it's down 21 this year third yeah that statements statements uh Juno's down a third almost
exactly yeah [ __ ] Solana just getting brutally crushed that's all FTX related
there was do you know why Solana is specifically getting targeted here is it they held a FTX held a ton or something
like that they were worried about liquidity Solana incubated by FTX yeah
uh
Almeida uh my favorite one yet
salamata research or whatever the hell they're called um are like massive investors in um
Solana and also FTX and have a lot of cross loan [ __ ]
going on and I think you know have been pretty
affected by us like that uh freed guy I think is um involved with alamata research yeah
FTX that's ftx's Venture slash whatever arm right yeah yeah yeah yeah yeah yeah
so they're like massively invested in Solana and because they're like
gone uh I think I think that's affected their uh ability to pay their their
loans or whatever yeah
yeah that that will happen this is uh I mean it's it's kind of funny isn't it
because you're just like it's like it's you know it's the obvious
it's it's like the absolute most obvious point of failure that everybody talks about which is that some
until you can until there's like a way of paying for stuff in a lower risk
higher liquidity um token in the real world you always
have to off-board interfere and it happens through like one of three places one of four places
right and now one of them has hit the buffers um and that's uh you know
it turns out centralization is bad but it turns out centralization is not
having uh you know arguments about the validator set it's about everybody affording their fear in the same place
at the same time occasionally yeah exactly it's almost like that thing ran to a
physical location to get their money and it had a name and there was like a precedent I've heard of that yeah this
is something oh a car race foreign stock cars demolition derby yeah I think
demolition derby is probably a better uh better metaphor for what we're doing today um in the market so um better news
happening we can talk about something else like a car crash or airplane going down or something is there anything else that you have I mean hexner seems a bit
silly for closing down solos were the first things I thought about is like I was like
okay yeah right it's like the one two hit combo against Solana right now I
don't even know I mean it's at salon at 13 bucks right it's down 55 this week
already and what high was like 180 190 right something like that I mean I know
it's a lot as expensive to run too there's got to be a lot of underwater validators in that in that ecosystem
yeah hey Ragin not so bad
depressing depressing shot yeah don't look good yeah this is awful hey livestream who knows what live stream is
absolutely no oh my goodness so I I took a walk around the block
um if you like and um thought about thought about our decisions uh
yeah and uh I kind of realized actually like you know this this market crash is now kind of underway which is like the
this is like the this is the oh I wonder if there's a real bear coming uh
um I do wonder if yeah I think like the real bear is about
to setting and we've just been we've just been cosplaying the bear market so
far I think um but hey the the thing the thing is I took a walk around the block and the
this doesn't sound glass are full but it is bear with me I realize that if you're
gonna survive the the bear Market that is about to descend you've already done
the things that you need to do to survive it and if you're not going to survive it you've already made the mistakes I mean you're not going to
survive it so actually at this point is just you can be as calm as calm as like
a you know like a cow in a kind of Buddhist morality parable because it doesn't matter like you you
are part you know your your path is laid like you just gotta you just go walk at
the end of the field and it might be a [ __ ] avatar on the other end and you know YOLO basically would be my conclusion
um so actually I kind of I thought I found that I thought quite relaxing you did it sounds like you're about to walk into traffic
and on that note yeah I was like oh this is kind of right on the street I'm gonna go maybe go for
a bike ride or something don't worry too much about the end [ __ ] agent UT
exactly so at this I think the next thing to follow will be some of these some of
these like a liquidity a liquid sticking pool right that'll be something like that will fail and some of those types of things will happen where it'll be a
larger chain though probably you know like whatever it's big yeah uh I mean
is that kind of like I mean obviously it's it's not like something you're
super jazzed about to see whereas when you're kind of in this in this like as a business entity you know like for us we
put our hiring on hold and all this stuff and but you are sort of like morbidly
fascinated by it you know I certainly am like
it because it is like you know I'm not really a computer scientist I'm a if
anything probably a historian of Economics or whatever and like it's just it's just like oh this is
this is like a really accelerated really extreme version of something you just read about all the time and you see you
know we saw in 2008 we saw in the.com boom I can remember that when that happened although
it didn't study it till later yeah it's kind of like it's like fascinating the mechanics of how it all works like and
how it kind of repeats itself as well but like how I don't know you would kind of think
that they would get sort of like they would cut the the crashes and things would converge toward a stability
but it feels like they're getting more and more extreme instead yeah it gets
more because as we go along we we like find more and more ways to
leverage positions against certain things than when that
thing runs out of steam it just all falls butt it's gonna be Perpetual boom
bust for as long as humans exist because whilst ever someone can make something
look good and profit off everyone else until it is exhausted and then everything comes falling down
it'll keep happening yeah so what you're saying is like agent Smith in The Matrix you believe that
humans are like a virus [Laughter]
uh no that's not really human that's that's not what we're concluding
but but like do you not think there is like a the it it can't be that you
create ever greater infinite leverage and make every crash worse because that
well I mean okay so the nature of infinity is that yes it could get infinitely worse but it doesn't seem
like Society could take that right no well number one what what won't take
it is is government and government ages agencies as well so this will
from a regulation perspective you have like a friend of the show artifact pointed this out on on
uh Discord a couple minutes because we have this year with Tara we had Celsius you have three arrows Capital you have
Voyager and now you have FTX explosion all within what 12 months maybe not even nine months so with the amount of loss
and bad decision making and everything else at some point people start to get tired of that [ __ ] and even though it is a
uh even though it's a dyor type of ecosystem at some point that ends up
stopping especially when you have stable coins involved and you have people having things if they're losing money at
within exchange so I think that's what that's what'll change I mean some of the stuff you're gonna get I think we need to take a bit of a
step back though this isn't just the crypto Market that's um kind of having trouble right now
right election day in the US was yesterday so S P 500 is down two plus
percent yeah over two percent which of course will affect crypto as well and so like yeah people are having issues with
you know volatility of crypto but crypto still following the market in
general now granted yesterday was a bit more um Salon is down 50 in 24 hours like I
mean I mean again it's not it's this is not these are not Securities and Investments
right like that's not what they are so not saying it needs to follow that piece but at some point especially with something
like FTX that is running a ventral Capital arm that has most of its assets based on a token that it made
right so basically you're building a valuation you're lending money off of a token that you invented
that piece I can see yes that piece I could see having some
regulations that piece I could see having some regulation involved right
yeah well I mean is that is that so far different from Securities though because
that's all shares are right they're matching paper money yeah
comparison yeah no they're not putting their own money there right they're not they're not putting US dollars are they
leveraged yeah sure sure the difference is that in crypto people just make up a
coin and then people speculate on it and then people call themselves billionaires and say that their company has billions
of dollars of Equity when what they have have is billions of a coin that they
made up and some people have paid a dollar for yeah so like a company when they float they have
to do all kinds of due diligence they have to prove the value of the company for people to be able to make an
informed decision on and then they have tangible assets that you can sell IRL
when the company goes bust so I would say it's a little bit different a little
bit different sure but if you squint a little bit then it's basically the same thing
about streams of prices right if you just squint exactly yeah I mean Tesla
went up to a thousand dollars last year or something and I mean it was valued more than like every other car company
in the world combined that they aren't valuation has nothing to do with that though right that's those are two different things speculation yeah
they're doing loans and doing stuff based off their balance sheet but their balance sheets based off of a coin that
they created like no organization can do like Tesla can borrow money and they can valuations is how many people are buying
the stock they really don't control that right Tesla doesn't control their own valuation that's that's the rest of the
market that determines that the stock is undervalued because they think elon's going to take it over like that's that's totally different but this in terms of a
VC as a private organization they are they're creating deals um and have a
balance sheet that's based off of tokens that they invented that that's a little bit like that piece and and then you know
then somebody realizes that that ftt coin is that they buy a ton up they sell it off they drive it to zero and the
next thing you know FTX is in the in the [ __ ] because they're they're they're the ones that hold that coin and like this is a I don't know it seems like did
CZ start all this is this is that what happened like did they did binance start this train rolling yeah that's what I
was gonna say I've read something about that yesterday where there's some sort of pissing contest happening and then CZ was like well we
have a lot of ftt how about we just sell it all just dump it and see what happens yeah and then
yeah they saw they saw an opportunity to kill a competitor right because they get I mean FTX is totally they're
totally over the ski tips right like you you're you're driving all the stuff based off a token that you have and you think there's liquidity there it sounds
like kind of sounds like tarawan actually doesn't it are we are we spreading misinformation here or is this
always check this we're not journalists no no
we're not okay who's checking with Checkers someone somebody got Twitter at and checking the
facts yeah fair enough
um so another point I would make is that you know the stocks world has like tens
of thousands of actually qualified economists and um analysts
the emphasis been on actually qualified not Twitter Bots
yeah I mean I think that's fair but then also the finance world is what caused the 2008 recession for sure again another another
industry over there was no recession yeah in Australia
there was no wait it didn't hit Australia really in 2008 that didn't that didn't hit you they have a massive
unsustainable bubble course by the extraction primarily of what rare earth metals and [ __ ] oil right uh there's
no Rare Earth but the um so the the funny thing about 2008 for Australia was
that um everyone had to spend money to stimulate their economies and how do you stimulate
your economy you build [ __ ] and get money out that way right infrastructure buildings all that type of stuff and
who's got the [ __ ] you need to build [ __ ] Australia so we're just selling iron ore Handover first oh and all coal
you know all the resources just dig them up put them on a boat that's nice then it works yeah I think
we might be [ __ ] this time though can't buy your way out of this one with
you fancy iron oil [ __ ] yeah well I mean right now we have
the housing crisis that's probably gonna hit that starts more or less in China right because now they have banks that
can't even pay their loans for the housing and then it's a cultural thing to buy a house and then they bought
houses Chinese and bought houses all over the place like Vancouver doesn't let um playing foreigners in general buy houses
in in Canada anymore like there's all sorts of these weird ramifications that are that are kind of flowing with this
but that's kind of a wider economic discussion yeah the whole the whole uh the bite the
the was the prepaid mortgage thing the contraction of that is a fascinating car
crash in slow motion which so so the the point was made I
think a minute ago that there are a bunch of like actual economists like working in the financial sector and
remember that like a lot of people drink and turn up late to their seminars
and still graduate with good degrees from High Flight University so actual Economist doesn't mean all that much
unless you're a jobbing academic and in addition the people that are leveraging
uh you know things one 100 times or 200 times or a thousand times are quite
often not speaking to an economist or the legal department of their own bank or or the risk Department of their own
bank before they do those things so I think it is a fair criticism to say
crypto is only similar in the sense that there's people at the wheel who are thick
and they are removed from the experts but the problem is that
maybe nobody's expert and maybe nobody's
well there is absolutely nobody at the wheel is more that's like a feeling that
I have quite often I mean that kind of goes with the joke uh what do you call a doctor that guide
a D in med school doctor right it's like all these people charade as experts but
the reality is like I've seen some experts talking I'm like I don't know if they know what they're talking about
gaming nodes would like to apologize to all doctors and coaches [Laughter]
um we had a couple of good comments actually so Ben Ben Davis said uh I said a little earlier it seems like it's a
good time for Fortis to launch agreed that's uh that's where Cosmos goes to zero um
and that Australia can't be affected by a bank run because they trade kangaroos I thought it did launch on uh Wawa did
they yeah I thought they did like ages ago
Juno version uh well uh there you go then
um so although Ben Davis I would say that having now read the book that either usurper or
Don Wang recommended graber's book on debt
um no no evidence of a barter economy ever existing so uh that's my like first
year economics degree I was a [ __ ] waste of 9 000 pounds isn't it there you go you caught yourself an expert we're
just good you're just like you're like all right I mean I've never really seen anybody trade a rug for a banana but I
guess maybe it happens it's implausible and they're like and like next thing graphs and you're like oh it's a lot of
I'm not really a maths person right better just better just crack on with this I mean I'll tell I'll just take
your word for it about the the butter thing I gotta I gotta work out what the [ __ ] this is
oh [ __ ] null's right August wow August but we
see this is we're so up on current affairs this year [ __ ]
didn't we hear any other tweet about it after that one that was it it's kind of interesting to see your uh see your
recommends as well no from I assume you're not like on a VPN or something
it looks like you you like Bollywood I guess and the war in Ukraine Bitcoin and
Solana and cricket cricket I guess that's uh that's on brand for Australia isn't it where do these recommends come
from it's algorithmic isn't it notes
that's what he's just just watching watching Bollywood films
um more just looking at his fat stacks of Bitcoin could be
and number channels I guess what did Golden Ratio say scroll down just a little bit I'm curious
nope okay so anyway um so FTX Market we're all screwed he
said yes thank you OMFG cool nothing's on brand okay that's on brand I'm
surprised for all of the degenerate [ __ ] on uh yep
let's go Twitter uh Adam Bomb says Fortis is not live on oahua yet
oh no well dragging their heels like wouldn't they have have had a functioning project
wouldn't they have just have to press the Go Button from I mean it's just like those [ __ ] how guys that have like
[ __ ] finishing the code and not launched huh I've heard of those dicks my bunch of [ __ ] Dead games
it's almost it's almost like people are kind of loathe to launch at the at the
beginning of a year-long bear Market um but yeah no when did one pick the
turning point to Launch is and and do you just get the Lost in the Avalanche of people who have been waiting like why
not give the people something to do during the bear Market because then you have users who are going to demand
features when you have no capacity to deliver them so you die anyway what's
the point of dying I heard you can do it all yourself
uh no between five and seven in the
afternoons um I've been the last week I've been getting up at six a.m and working
through to like 10 at night generally so um It's been a there's not a lot of slack I've only
seen you once at six a.m and it was not [ __ ] pretty yep in my last
[Laughter] that's been my last week or whatever it's um I'm not sure there's much slack
in the um in the old the old schedule at the moment so not a lot of float
no no no no not really it's funny as well I was looking at the sheet and like we've been collecting some of the many
dramas of the last week just like no them down and like it all seems quite tame compared to the FTX thing is so
wild like the fact that Caesar might have initiated it and everything like it's it's so like the like that is wild
speculation though as well I mean I I guess I should say I live in the UK so um you know the sources have alleged
there are this is on Twitter have commented that it might be the case that
um I obviously have no opinion on the matter and have not looked into it and I'm not alleging any kind of criminal
misdeed um or civil with deed or moral misdeed like it's not incredibly far but even
even if you like look at how Terror collapsed same type of thing right so I mean some may not saw an opportunity and and applied funds to be able to
to be able to work out here right so it's not it's not worth it and what if they're all the same person yeah could
be yeah what if it's all the Federal
Reserve because they just really want to get everybody on that centralized Bank digital currency yeah man they're just
priming the market for their cbdc it's probably Australia government yeah
I think people got money in Australia is Woodside and BHP that's true
um so did you did you watch that uh that Australian government or the Western
Australian government um honest dad foreign
yeah I've not been to Western Australia so I didn't really I I like I I recognize that there are some
no no did you the the that link I dropped here so did you did you read did you watch the honest dad
which one are you talking about okay never mind so there's this YouTube channel that does like honest government
ads and it's [ __ ] hilarious and they did one for Western Australia
and um it was like doubly hilarious but they've got one for the UK and they've
um there's a good one for all kinds of governments it's funny they just basically pick on the you know misdeeds
of the government what would it be like it's run by aristocratic people with webbed feet
well we could watch it we could watch it right now because like you know we demonetizing we do we get copyright
strikes on anything I've been one of the Season where they [ __ ] come up with our YouTube
notifications it's like I get the email it's like [ __ ] what are you
doing and I'm like God damn it nulls just loose cannon that we can't get copyright struck off before next week
because next week's mesh mesh chats
that's the Chow chat we're gonna do we can do mesh security it's gonna be great
for the all the heaviest realized that three of the people here would just be like
what are they talking about why hey why do you think I understand what
it is we were having to understand it better that's that's the whole point yeah but the phrase is going to get deep
in the weeds of like rust and then say something about
that other software I don't think there's a there's a restaurant is there oh maybe there's I
don't know oh it's one of the things for us baby is it oh yeah cool
it's like cosm wasn't thing it was going to be go wasn't it and then
just for [ __ ] Chad points that kind of like knocked out one in Cosmos them to prove it's just quicker to just do
share and customize them yeah I just want to [ __ ] on interchange security
I believe the exact quote was I see it is [ __ ] let's make something better
I heard um I heard that was what Ethan said that's their direct quote yeah you
would say isn't it um maybe maybe not find out next week on game of notes that was a different quote
from the cosmosum circle jerk you're not in that you're not in the
telegram chat for that so I know you're lying um do they did they get commit that like uh
yeah like Jake one like Jake one yeah
it's it's his own Reddit it's uh R forward slash cosmosom circle jerk uh
oh oh spicy means about why because anyway it's like a party of three
like grabs killing go-goafers and [ __ ] it's just it's all very childish memes
um yeah so sit like again like it all feels so low stakes that the sifters sift
driver wasn't there that's all kind of the wheels are coming off over there right what is going on there anyway yeah are
you working your way down you're listening yeah well I've just I'm just kind of like I feel like the fact
that the second the only viable capacitor decks to um osmosis in the ecosystem
appears to be sort of shaking itself to pieces which is again kind of it's kind of
interesting how like is it a problem that osmosis is so dominant as a as a DEX in the Eco like
maybe not it's got deep liquidity at least but it's kind of interesting that like from where they were this time last
year like Sif is kind of just feels like to me is somebody who's not validating that chain that has fallen
the pieces really and a lot of the pools the liquidity on them and stuff reflects consumer sentiment about the riskiness of that
chain as well I would say has anyone ever made money on sift validating
do any of you guys validate Siff I don't no no that was too early for me
no I mean I was here but I was like no thanks
why were you like no it was for me it was because of the UI
I was just about to say that I was gonna say I don't trust any chains with uh cursive logos
chain never made it must've cursive feels like
question your abilities like if you're not sure just go with
helvetica right that's right yeah exactly I uh I actually validated on safety in
the very beginning um what why ever did you leave
uh yeah so they they use this custom script to get signing up and everything
and my validator would would sign for a day and then it'd just stop signing
in jail itself and so after a couple times at doing that I was like you know what it's not worth the time
and bounced that was this was schultzy app
my valuator is actually still jailed on here I just pulled it up yeah I was just like
no I'm out I had like eight tokens or something well it's it's the blockchain
and it'll never disappear you'll be jailed forever well I wasn't sure if I unjailed and then
like unbonded yeah instead I was just like nah I'm out uh do you kind of feel like maybe you
should unjail and unbond though just so you've not got that hanging over your head one of your uh 11 to five nodes
perpetually in jail forever well so that's why I thought about it so I was like am I still jailed because I know I
did that on some chains um because I didn't like I would have people exit and then I would just shut
it down right Whenever there was no delegations left on it um I think Cobb is one of those
um before I do that you know this is very early on because I was in Hover pretty
early as well um and I didn't realize that you could unbond to to not become jailed
you picked two winners there mate I know right just change your name on there to King
nodes or needlecast or something yeah
Cosmo station [ __ ] this chain do you think you could just change your name to Cosmo station
anybody yeah so I can pick one hold on a second steak fish it would be quite fun
actually to just run a bunch of sybils on um on kerberus and just call it all
Cosmo station Cosmo station two Cosmo station you just have like eight of them are just oh do it on Huawei because
people vague care but it probably cost you about five quid to pull that prank and then just have like eight Cosmos
station and people be like what the [ __ ] crank because they're not one two three four five which they would be
if Cosmo station was finally gone Rogue and what why were they doing a whole lot
but that's another story for another day yeah up and coming
it's an up-and-coming chain Forest is launching on it yeah going where
up up only up up they're down
it's the cycle it's the cycle of Life boom bust yeah I do I do have to say though I mean
I probably shouldn't say this because maybe this is flooding but um I've been thinking more and more about
the you know like the line you draw between like map chain and
a smart contract chain and and obviously I'm biased right because
because CW SDK is like eventually hopefully will be a very easy
substrate for if you know how to deploy a smart contract if you know a bit of rust you can just spin up an app chain IBC module
YOLO right but I imagine things like that will make the
economic security bit so the picture piece um you know easier in time and etc etc but it does feel like we're in a
weird place right now with Cosmos where I the more I think about it the more I'm not actually sure
we need smart contract platforms on in the cosmos ecosystem
because I was thinking about Archway you know like they're so late to the party they've literally had like a year and they have like millions of dollars
of investment but it feels like you know you're chasing
after the Paradigm of ethereum which is not going to happen in Cosmos like by the time you have the density of
applications on a chain to make it like ethereum those applications would move on to their app Trends anyway
and and like Juno and the other change recognize that they go oh well you know people will go and make their own up
chains but actually like the bar for an app chain is way lower than that
than that theory suggests you know um
so I'm I'm yeah I think I don't know if we ever get back we'll Market I think
that will be tested that'll be like the first assumption I think they'll go
I I would tend to agree and I think there's something to be said about the additional um marketing excitement that comes
around a new chain as opposed to a new app that deploys on Juno or wherever
um there's something about the something about a native token being part of the app as opposed to a just a
cw20 or what have you
no no it's just I was thinking I got stuck in the Cog turned and got stuck
I'm thinking of why I like that might be um you know that there's more
enthusiasm around an app when it has a native coin and I think that's probably
like I don't know if it's because people think that potentially the coin might
become worth something because of the network activity or whether the coin might become worth something
because of the app activity driving network activity or people are just [ __ ] crazy and buy whatever I think
possibly people are correct people people missed out on bitcoin right that's the fundamental reason
you can scratch all your light but that is like the root of all of it so this is like the Perpetual search to get in at
the bottom of something right and and the great beauty of the app chain thesis
if it works will be that eventually an app chain will be like [ __ ] making an HTML
website and it will be incredibly obvious that it's worthless
like the token will serve whatever utility the application has and as soon as the application stops having utility
the token will be 100 worthless like yeah
like so taking that idea for like three years in the future five years in the future whatever it is where you if the
app chain model wins out right you you want to make a new eBay you would just do a snap chain right and it would have
its own native token but it would be completely worthless and that that's this is the point at
which you need you would need you know tokenomics experts to go oh well it needs to have a high Supply maybe you want constant emissions and like a low
but steady inflation rate or whatever but like it's also going to be one chain among many many many so
like you you'll see teams starting to shoot for sustainability of income
rather than High return potentially nothing afterward which is
what you see at the moment because as soon as the hype cycle is over people don't wait around to see if
a team can deliver they generally dump so here's the thing right
I think that the way people launch in Market projects is all wrong
in that they like the the way it's gone is that a
team will like get an MVP launch the MVP with the aim of like
selling the token to people who are already in the community and want to
speculate but what they like they should I don't think
they should be doing that I think they should be just accepting that like running at a loss like a normal company who's in a
development phase for a fairly long period while they actually
the the aim would should be to Market to users of the actual app that they're
trying to build so like people shouldn't be buying big bags of token for an app chain they
should be buying it as they need it to use it for that application they
shouldn't be buying a big [ __ ] bag and going I'm rich they should be like you know an app chain should be when
someone needs to use that app on that chain and the app chain
concept is just for scalability it's not for anything else it's just that
you spin up a different app so that you can you know have some sort of
serviceability on there without crazy gas fees and all the other [ __ ] but
the flip side is that it's not good for an investment you should be buying it to use it pay to use and that's what Drive
should drive the price of that in the long run and they should just be pretty much
selling that constantly out of a treasury to fund development as people need to use it
so if you've got something that no one needs to use it should never [ __ ] make it anyway so it's a little bit different for
something like Juno where they actually want to create a platform that people can build on
but if you're purely an app chain then you shouldn't need to
convince people to speculate on your token you should develop and drive utility through your
token and then the price go up when people actually need to use it but it shouldn't even really be based around
the price going up anyway that should only be to support validators who can just claim and dump
basically when they get their rewards to sustain their
operations as a business right but another way of doing that would be to not have the price go up and just have
low sustainable emissions so the validators like there's never a constriction in minting so validators
are always always getting the sort of predictable minting schedule but you keep the mint low
so that inflation is going to somewhat tread a similar line to
fear right into a kind of real world you know worldwide price inflation if you
get a basket of all um Market trackers like you know ETF or something it's going to be like three
percent or something averaged you know across all the years whatever so if you have like a token that just emitted
three percent um with the assumption that the primary consumer of that three percent is
validators who have to pay um their server bill is in Fiat
but everybody else like you say is maybe going to buy from other people exiting
based on I mean really what you need to do is design your app chain around
Concepts that have a market because then people are always I'm
almost certain that the original you know idea of the circus of the
tokens going round and round right so is not the idea that the
some people invest right and then the tokens that get burned in fees through usage go back and then they
come back for sale to people to buy them on Market from people getting the rewards and selling them then they go
back to users who use them and then they come back to people who get those fees from rewards from people using it like
emission if you can sustain it like well you
can't sustainably do it that's the thing but yeah if it is if there is enough
usage of the app like if it is actually gonna [ __ ] make it out if there's enough usage it should be able to
sustain itself because if it's it's the same with
Bitcoin right if there is like a certain price point that it costs to make the
Bitcoin then miners are reluctant to sell it below that right and then they
won't but there can be like a self-leveling Market as in the
validators as well in that you know if you don't have enough stake to be able to get enough fees to sustain
your business you would just drop off and those would go up and be distributed to the other ones
and then so you know the people drop off people come when Market when the usage forces allow more fees to be distributed
like it can work without inflation at all it's just that you know the app actually has to [ __ ] have users and
if they don't have them and why have the chain anyway well for a profit of you know
the core team who sell them like yeah
you know I think I think it can work the app chains in some respect and I think it is abused as
well a lot in other respects I think users are abused a lot
um yeah I mean there's speculators are abused a lot in that they just
hype things to sell them stuff that's like snake oil yeah plus I mean app chains are doing
airdrops to get people interested and then there's you also have an easy amount of VC money
but some of that VC money is also coming from similar to the FDX thing is based off of valuations internally that are
also based off of Holdings of other things that don't necessarily have any value um or they couldn't be sold because
there's so much that would drive price pressure down and so it's like a it's like a cyclical type of thing that can
feed into itself for sure I mean some of that stuff is just the money's too easy right um and then when you have a tokenomic
structure that uh has a heavy amount of internal selling and then you have
groups selling those things off behind the scenes your validators are trying to be able to repay costs like it's not
it's not a typical startup culture where there's a percentage that fail
um and there's a high percentage that fail and a small percentage that succeeds and only the best or only
sometimes the best some of the best ideas to succeed like there's so much cash that's flowing around and and the
liquidity is there really from launch that I think startup teams can usually do pretty well
right yeah but to people who don't do well are the ones
coming in afterwards yeah or or the people who are like you know making making Investments
thinking that they're gonna correct make money in the long run when they just are building liquidity for it to be dumped
on by other people that's exactly it right because then you have airdroppers coming in or you think it's going to go up or you see the possibility there and
you're just kind of buying into a bet and then then it turns into a Ponzi because the only thing that sustains
that is more people coming in right that's the only thing that's there because there's no there's no return on that investment because there's no
investment there there's nothing there that's necessarily valuable right and so it just turns into my way of sustaining
that coin price is more people coming into the ecosystem exactly that's bad
well I mean that's that's bad for individuals it's bad for everybody particularly yeah like it's particularly
bad for like people entering crypto who think that they're going to be able to
you know have a go of it make some Investments because of the hype and then
ultimately just end up losing their investment right and you do that to enough people and then
the you know the enthusiasm goes out of the market entirely
yeah um so like we're I feel like we're getting there now
um it's probably been enough people burnt across the market that there's probably going to be a pretty big loss
of enthusiasm across the market as a whole I would say now yeah so then you
then you've got a bear market and then you've got like a couple of years until there's a stimulus that makes the
enthusiasm come back and I'm almost confident that the stimulus
for the last bull market which lasted a good few years was covered
and people being bought at home and having nothing to do and it was there was a liquidity Crunch and then there
was a boom and it just went for like two years right so
yeah I mean it's probably but probably describing
something that's similar to you know real world stuff as well yeah
Bitcoin just crossed under 16 000 just while we were talking so as that if that
like if that goes to under 10 and then it starts going into right you
start getting into the fives and those types of things where you're going back years and years and years I think all
these ecosystems fall off like yeah like there's there's a direct correlation
there unfortunately and um ethereum is 1100 right now that thing
starts getting to the under the Grand and eight seven six hundred five hundred like it starts falling in those types of areas that's those are usually like the
bellwethers for some of these other types yeah that's crazy because I remember I remember selling my ether
1100 yeah [ __ ] years ago like me too and that was riding up from a hundred
dollars right right right 1100 I think the doors down again once and then
riding it up the second time and then being like I should look I probably have that I think the last door stop for eath was
around 200 bucks and the last door stop for Bitcoin was maybe like five grand yeah
it was like it was still pretty high yeah
I mean we're um we're in the process of looking at what
will come off uh come off AWS finally this is our um we're
what's the um do you get Wallace and Gromit in America or in Australia uh you know in the wrong trousers when
they're sat around the breakfast table and he's counting the pennies and the biggie back because he's like we're going to have to make some economies
from it that's like uh it's real that's that's where we are right now is there's
no sense prevaricating about the bush yeah um
like right now this is this is is this this is worse well I guess it's not as bad as where we were at in some of these
prices right Cosmos under 10 bucks um yeah let's go ahead and do a dollar
here like Cosmos was around seven I think yeah I think that's where it went down to I remember osmosis like 90 cents
Yeah okay or something like that yeah big picture I guess like in 2019 2020
whenever it was I first picked up a stack of atom it was one or two dollars
per atom so yeah it's got a long way to go down I mean Juno's going there right now
um by look of it we might hit ATL tonight
maybe which is a not great place to be but yeah
I saw the theory I saw the theorem in 2019 at 250. but I
think I bought it at like 10 or 30 or something nice I mean this is the thing that every like
I think is I think sometimes when you look at things like I went a lot higher I mean I saw like 10 000 or 20 000 uh
well you know right Dogecoin or for I tried to get it for 2069 but obviously
it was it ended up being about 421 um I got back for it and then of course
it kept going up and then that would have been like I don't know 10 grand or something at one point yeah I sold 200 I
sold 200 each at 250. damn I remember that I remember that
coming back too and I was like all right I'm selling it now and of course then I went to three grand that was smart what are you gonna do you never know
right well you can do you take the percentage that you have yeah I know something that had 3 000 Bitcoin and then often would have been
the the original Dow no it would have been Mountain Cox Maybe
obviously super down and then as soon as it starts to recover back past their
original buying point they were like I'm out yeah taking taking a dollar profit on
each one or whatever two dollars because this was like way back in the day when it was worth [ __ ] people on Juno at
43 if it went to 43 people everybody would sell right so yeah same thing exactly yeah
um I mean to be honest I think if it went over five dollars right now with the like I I would be lying if I said we
wouldn't liquidate some stuff to make sure that because we're now looking
we're now looking at our road map and doing so our Runway and going like
how many months can we sustain at x amount of you know cost basis or whatever right
um that's I think that's I think the planning that validates and chains Now
sort of need to be looking at probably um I would think some of these other like these larger business I mean our
costs are in control right but like you got steak fishes of the world and
Cosmo stations everything else those things are pretty those are pretty large cost structures there that it's a fixed income or a fixed cost piece that
you know I got a hundred thousand dollars a month or 250 or 300 000 that's going out for salaries or whatever a
million dollars a month goes out in salaries that's fixed um this has a it's a huge amount of risk here
yeah but I mean we're a lot smaller like I mean we were talking about what they're called like even for for Aptos
we are in a we are in a increasingly less risky situation
based on some you know sharp decision making but after some
very bad decision making but you know uh there is a scenario I think where you
can see how quickly it could happen basically you know yeah even as a smaller operator that you can make us
make a set of course based on market conditions as you call them and you know like uh obviously staking
different ecosystems and whatnot Works differently but like you know unbonding is 28 days and Juno is like we're 14 on
atom yeah um look at FTX look at Solana you can get wrecked in that time if it's more
than a day if there's more than a minute you can get wrecked yeah
UST do you and you know all that whole situation that went down in day didn't it
um yeah [ __ ] mess
and then you're still gonna have to pay the tax on it to your government well I mean I don't know how it works in your jurisdiction but we still would have to
so you'd have to pay the tax at the point at the point you had it on the thing that's now worth nothing and you
can't write it off as a loss either so you just go bust not pulling in Rewards
yeah that's it yeah I'm not sure we're going to compound compound anything again for a while there's not much Point
even a re even at selling at you know almost nothing it's just like well anything you have to pay tax on that's
not going to make money um yeah I think DCA is probably out
there out the window when when things get really tough isn't it this is a great episode I'm glad I'm
glad we sat around we're glad we get good together and talk about this for an hour and a half
what else we got going on right yeah you're some good news now well I
could tell if you're a test net that's kind of cool was that an invite thing uh uh or is it like
it wasn't a free-for-all it was kind of it looks like a free throw it's a yeah maybe it's somewhere in the
middle I remember do you want some tokens what's a free-for-all what are you talking about yeah
uh it was invite but you can get a couple of tokens from people to to spawn a validator yeah I got I got some I'm
not pulling uh what do you call it commissions or that kind of stuff Auto
Company yeah I only got five I think I got a couple hundred or something like that I really I mean going back I really
like utility chains I really like this idea I think it's cool and it seems like they made a huge amount of progress in
this last build um just with what's going on and the functionality of providing I don't think private repos are there yet I know it's
a little bit more complicated than just enabling it um but it seems like they made a ton of
progress on the on the app side so and I like the UI is great everything's cool but so it kind of seems like there's
like an app guitopia and then it's kind of like the
chain how you pay for stuff and the two are like loosely associated
but the actual the the wiring and plumbing for how all the back end works is still
like centralized within the organization within the digitopia Dow right
I don't know about that I know the storage they made some changes of storage Rachel say that they're using ipfs and something else
does it something like that yeah I'm not sure there but I think it's I
think it's a little more tightly coupled like you're a counter associated with your mnemonics kind of your private key
um and there's a lot of things they can do with it uh Ryan and I were talking about um like it'd be really cool if one way
to be able to support a repo would be to like stake on the repo that way the repo owner would you know get commissions or
what have you I think there's a lot of really interesting um things they could do to run with it
yeah yeah that makes sense sign binaries like there's just so much good stuff here that like just on chain I mean it's
a good blockchain use case it really is yeah I mean I think I I mean I do agree
I'm I'm quite excited yeah but like teams like they're very patient like it
seems like they're not rush ahead with things uh like they're making progress from a Dev team perspective and you know
I'm glad we're involved in some sort of small way it's cool yeah you should spin up a note on it now
yeah it's gonna be good tell me some stuff
we have some you have some guitar up here test that tokens if you want them I'll uh I'll check it out I looked at
gitopia months and months ago I just at the time like I couldn't see how it
could possibly work kind of sort of started to work I
mean you sort of have to you do a bit of wrangling but you know they self-host their own code which is a start
um [Music] there's still quite a lot of a faff but I think um
yeah I mean I'd be open to to using it to say host the Hal code or something like that yeah yeah if we ever actually
[ __ ] get some of those bits sorted you can move uh gaming nodes episode notes for
sure that was easy let's move some stuff over there come on
yeah um but yeah it seems like an obvious it seems like an obvious use case for
anything where a dow will probably legally own its own code in the future if and when Dal is a
recognized thing if it ever is um it seems like Utopia is like a
[ __ ] no-brainer yeah um and
it's I guess the problem there is it's so untested so like our position the way we worked on Juno and and stuff like
that and the way that our lawyers sort of talked about it was
um you know we're sort of appointed and the fact that they you know said obviously with caveat it's all
completely untested in actual legal Preston but um if you if you can be removed like a
contract Association if you're a company you're basically just you know you're
working on an appointment basis and that and it will get a little bit
interesting I guess in terms of liability and stuff but just in terms of dows actually being able to make decisions and stuff
um obviously that's an interesting kind of view to take that it's like you know
like being appointed to anything um but also like the more you have tools
for these things to make decisions and then like host their own stuff the more interesting it is really like does that mean you're considered
like a almost like you call like a contractor at that point if you're if you're how we see ourselves as
um related to Juno whatever it's how we see ourselves related to how like we work on
the code yeah um yeah we work on the code I think we pay
a few quid a month for some GitHub action credits to to make sure the
code's solid uh in return will uh get a Genesis allocation as a company for the
work we put in um same as other contributors our percentage isn't different from other
core contributors you know um it's j you know it's a beginner it's
all this kind of untested kind of waters where it's just like well yeah but you can have some say in determining what
those how those things work which is maybe more true of a project you're very directly involved in versus some like you know do you know where the
tokenomics like we're just like you know completely out of our um
yeah yeah you got any control right you have no idea we have no no no say no you're
you're a you're a member of a team that's somebody else has that issue I should say yeah a member of a member of
a member of a Dao if you like right um well well group group of people grouping us on the internet certainly
um is that what if a Dao is just
I hate to make that [ __ ] I need to make that mean it's a butterfly meme
it's just a new version of an IRC Channel yeah a Dao is just a telegram it's just
the ilc chat with extra steps is this cool it is gamer nodes a Dao I
mean this is a job yeah yeah to be fair I I should
probably just start sending Jake that Meme with just everything I can think about which is caption
um as long as you say the word down enough times uh he'd probably be happy if you
see it like four times position actually join the call I think so it's like uh probably doing
something busy and exciting these days yeah it was like a Beetlejuice thing where you say his name three times and
like it's just like this Freddy Krueger that did that oh was it that was Bloody Mary
it's bloody Mary was it the Candyman or is it a different thing
which one's the candy man I know I mean I know for sure that it is Beetlejuice but there might be I know for sure just
to be clear I know exactly it's Beetlejuice but it's awesome after the
31st I'm 100 clear uh which monster we're invoking here [Music]
um [ __ ] hell what a week yeah it's been it's been a week
um it's got a rooster in their house at
your place what's going on in Australia out there
Jesus don't open the window make it worse
that's gonna work now [Music] work it out is there a Pokemon they give up I need
somebody to chat like the day uh Midway through what has been a a tough week
yesterday yourself made the joke about you need to get the you know the poster of the cats thing like hang in there
hang in there maybe there's a spot right behind null you can literally put it there
yeah I don't like to hear yeah right there yeah exactly on the blinds exactly
that would be great um do you see that the documentary on Netflix about the uh if that feels like
oddly oddly um relevant actually but you know about the GameStop thing and then right at the end
it has the it has like the Senate hearing where they're like did you engage in parking manipulation that's
got that the the troll guy that found the the that found the um the over
leveraging in the first place and he's just sat there on this Senate hearing but in a certain type like just in his
home office with his headphones on and he has like a poster behind him that just says Hi in there that's it is that
true yeah yeah and he just like he's just like he basically is just like I wasn't
involved in any collusion I didn't tell people to do anything about what I was doing and fundamentally I like the stock
which the the Wall Street bets meme is like we like the stockings like yeah
Madam chairwoman I have to just say that I like the stock and they're just they yeah they didn't
pin anything on him at all he was just like stuck they're like the stock that's it if I just say that enough times and
like you could tell he's been briefed by a lawyer and he's just like dead I like the stock
I just like it that's all I gotta tell you I mean that was someone with like Brett Kavanaugh's hearing for a supreme
court where he basically just kept saying well I like beer what do you want me to say I like it I like beer
[ __ ] hell I can't pick up there it yeah it reminds it reminds me of uh well
remember uh University of Chappelle Show with uh you ever you guys ever watched Dave
Chappelle Show back in the day yeah absolutely yeah yeah when he goes when he goes in front of the grand jury when they do the they do the swap between the
corporate uh the kind of the corporate tax evasion whatever skit and the drug dealer and
they switch kind of locations and he goes in the Senate healing he pleads the fifth because I'll put it I'll put a
link in the show Notes too but it's kind of the same idea I plead the fifth
yeah nobody knows what I'm talking about all right yeah all right I'm just like really distracted by this the chicken
the rooster is that just a picture of a rooster and it's like rooster [ __ ] and
you're like race to Cox huh
it's just a [ __ ] thing it's just like [Music] nose dog
yeah a couple of minutes since we've been on this call everything I'm watching is down at least four to five
percent that is it is do we have to rename this do we need to
rename this [ __ ] this episode to the [ __ ]
Downer and now like we've bummed out our five viewers [Laughter]
nobody's watching this right now they're just watching this board yeah it's 9 40.
I swear I just said it was I said did I just say it was 11 like 10 minutes ago
when we like it 11 earlier [ __ ] hell did I [ __ ] say that I thought I saw that I have to go back when we started
the podcast Juno is 230 it's 210. yeah we're one
cent off all-time low sell sell sell Joy I do not sell
don't you rugby you [ __ ] did you unborn
just unbond everything now [ __ ] man in 21 days it was 24 days
27 days how many [ __ ] days is Juno it's a lot I've never unblocked it I think it's 28 because it's four weeks
geez Juno's 28 am expect everything to be pretty much Adam says change the size
of f in the chart oh [ __ ] F in the chart is exactly right
that's the one you know we the the thing that I've learned from
this particular bear and I is that I'm I suspected it would this would happen
like that we was going to go and then like something else was gonna kick off and I didn't act accordingly and I was
like I should have remembered the the meme that I shared around earlier you know the Simpsons one
roller coaster park and it's like Enron the ride and it's like it's like the.com
crash I think isn't it it's like we're all gonna be millionaires oh oh wait we
might make our money back oh and then the the poor house yeah the final
station where the roller coast goes into this is labeled the poor house oh they're like oh
I was like yeah that's that's kind of where we are right now um whether or not we can weather it I
don't know you know I pulled rewards and all that [ __ ] last night to do our Gibbs thing and everything else I never sold
it I just realized you to do your work gifts all right we do that right on Gibson where we do 10
and everything else I pulled all I pulled I pulled rewards last night and
then I never actually pulled the mower smart
I was meant to go and do that accounting loss like [ __ ] Tuesday uh and then
everything kicked off and so we haven't pulled rewards and ages and now they're like worth nothing so
I don't think this new osmosis uh UI really does it for me the new one it's
just bigger it's just bigger like just just less [ __ ] on the screen that's all early is I mean it's great you don't
really need money anyway right it's not like any bank will take it
yeah I mean that is true well
yeah it is that's one of the many things that's concerning me right about now
um if I'm honest yeah so we're
I've said crypto to my bank many many times and they're just like
well yeah [ __ ] I we've we have been doing it for for 18 months uh although
granted until Juno launch we were very infrequent in tiny amounts but
um yeah they just did run away though you can't run away yeah you can yeah
we're just actually run away like not with my money they just uh
swelling it away from you absolutely they just want to get away from me
I mean they dropped me as a client they're like uh this seems a bit high
risk oh yeah I was like yeah probably right yeah yeah probably right
fair enough they got really nice really nice liability insurance it should be
fine I don't think they like people are
scared of getting audited yeah yeah we we have a problem like the probably
my biggest concern right now is that the complexity of accounting for crypto is such that we still don't have our
settled year accounts that ended in like April so we don't know how much we are in tax and
we don't know what that position is related to before the market completely bottomed out so we could be in the
position right now where we are technically bankrupt um because of our tax bill because in
the UK crypto is just like cars right so on our tax on our budget
sheet like as a company we've got like 20 000 cars they're just very cheap cars right they're worth five for each or two
dollars or whatever but we've just bought and sold a load of used cars and we might have screwed up
the price we bought them for the price we sold them for and we don't know yet and that's like when you realize that analogy you're
like I'm literally a used car salesman and B possibly a used car salesman who's bad at maths and three possibly also
bankrupt already you're like yes A Better Call Saul
yeah we're gonna need to like we need to take ourselves out this one boys um
but yeah that is like a a genuine thing now where like right we you know you
know things are like not ideal when you're writings like uh when you write to anybody and being like this is um
sorry to bug you but like you know this thing has still not been you know like settled and like um you know it is now
an existential threat to the business so if you could just yeah just finalize those up and try to
figure this out send them on to the government so they can tell us what we owe them that would be just great that'd
be just great yeah they go yeah yeah that'd be great
so I'll tell good when price go up yeah exactly
do you know it's it's that thing it's that thing isn't it if you're just like it's been such a tiring it's been such a
tiring year even when the price was up there hasn't really been a break
you're just like if you go through the whole thing and uh
you know you just kind of it's I think it's that thing of like um the realization of how exhausting a
prolonged bear market cap could be in terms of like death by a thousand carts you're like oh God do we really have to
go through this maybe it's maybe it's time to go back to a contract [ __ ] prop 16 was in March is that
right that was this year that feels like a decade ago yeah
holy [ __ ] what a [ __ ] year yeah broke the market wow
yeah that was the point that was the point since then seriously what an awful year
I I was I was talking about this um with my wife earlier and just being like
um a variety of stuff that wasn't super great happened in quick succession around then I was like [ __ ] hell that
was like over six months ago and it feels like
minutes it feels a lot longer to me it feels like it happened like a while ago like a long time because six months ago
it was like five years in crypto land yeah yeah it's super weird like if you if you
ask me like what what the year has felt like as it's been going along I feel like every day has been like 10 000
years long and just full of work but because all the days have been work they've all just like you know the way
your memory compacts them all down like really similar experiences it compacts them all down and like sitting at a
laptop just bashing away in emacs like it gets or
whatever like a lot of it to be honest I haven't even I don't even get to write that much code anymore so
yeah it just all gets compacted down like [ __ ] staring at Cosmic visor logs yeah your memory is like don't need
that garbage collect that [ __ ] let's log compact all those times we were just staring at a log going like
what the [ __ ] um I don't need to remember about that you're not gonna need that in two years mate uh compact all that stuff down
keep Lord the Rings heat re-watch that's right as good a film as I remember so you know
it's like right we better keep that keep it free yeah he worth watching might
want to tell your friends that that's in the memory bank almost everything else discard it's probably not important dump
Simpson's memories that's it everything else can go gaming knows Simpson's references are a keeper I'd say yeah
they're always a keeper and gamer Knows episode 35 hugely popular
that was a good one live forever live for it'll live forever what was that episode about
exactly that's the one that's the one we accidentally skipped over
oh yeah oh yeah well yeah that hence the name of this
one now if in the chat I get it
what else happened this week fct busd up 50 in the last five minutes sixty
percent ftt busd yeah binance us oh is
why last 24 hours up two thousand percent I don't know it
doesn't seem right that's that doesn't seem right at all maybe this interface is booked
yeah it might be USD oh it's a
I don't know some [ __ ] coin I think some [ __ ] oh BSD is finances stable
isn't it yeah yeah no but the ftt one is like I think it's a [ __ ] coin oh that's not
that's not certain Finance smart chains so it's you know a Ponzi rug I like getting all the rest
immediately I got you I got you we start getting uh we start getting uh sex spam bots in the
chat but only around the hour 15 Mark I think if you're running for longer than
a period of time they're like they're like this must be really engrossing content let's offer let's offer some
nudity yeah yeah exactly I mean uh
like how many of our five viewers have Bots can can people put in Proof of Life
I think that really is Tai G I can't believe the rest I can't I can't silk noses here I can't believe we just
accidentally streamed the market collapsing I just
wow I I know and you know like it's like um what's the film it in the loop where
they have like the fake it's like it's not the Iraq War but it's a fake version of it and then right at the end that
it's you know it's like a political comedy they're all going to go to war
and one of them is like so that's it then and then uh they're they're like Aid is like oh so
most momentous event of Our Generation I'll tell this story to my grandchildren
I turn to the minister and and he said to me well that's it then that's that's your
quote for the ages I feel like that is this episode it's like well that's a year two year bear
Market there potentially hey but you know it's your side maybe it would be fine no next week maybe we must
be back up Gina be back up we'll be like that it's all fine boys the hell were we talking about last week I don't remember yeah I mean that'd be nice the Giga
charts episode could be the one to turn around that's what I'm saying yeah give
me no spreadsheet what are you enthusiastic about this week what are you optimistic about this week game of
notes put in your Diaries Giga Chad's episode you're going to turn the market around
like the last Market body slam was UST right like that's when we hit the ATL last was it UST that sounds great
or was it uh three arrows after that I forgot
I forget which one you had a bigger June 18th so that would be about a month
after the terracolapse um that might have been three arrows right
I thought that was I thought that actually kicked it off a little bit harder three Euros three Arrow Capital yeah
when they collapsed like has it has that been that that can't have been a
comparable issue to a major Exchange like since Mount gox really like can you
remember like a time when a major like an actual like big no not a proper ones
has gone bust because this is Uncharted at this point yeah
I think so uh fun fact did you guys know that mount gox was actually uh a magic the
Gathering exchange originally yes that's the yeah because this is Magic the Gathering
online exchange isn't it that's that yeah yeah
I didn't know that I learned that recently it was like wow okay that that is it kind of checks out because well I
mean a great analog for nfts is like trading cards right and so it stands to reason that trading cards would become
something of the first exchange for cryptocurrency yeah
I mean back to the question a bunch of nerds on the Internet is this
a Dao [Laughter] it's pretty much saved like is this a
doll like is this important to see I mean trading cards the original with the
original nft Ponzi like this original nft
the original nft Dow yeah for Ponzi or are they the same I had a
complete set of Star Wars tazos and I had quite a lot of pogs when I was younger so I was I was I was in on that I was in
that [ __ ] Ponzi just eating loads of Walkers crisps to to get the [ __ ] pogs
or whatever it was skips maybe skips for pogs I can't remember and so many crisps
I actually got more Pokemon cards than I know what to deal with don't want to play them anymore just
have them at this point burn them live on the show
brothers nfts and IRL those are probably those are probably more valuable than
any nft right now so hang on to them yes yeah they are
oh dear me so um there was something else on the sheet
yeah f f t t down 60 24 hours down to two dollars
it's down uh let's see it's down 10 since we've been on this call
good stuff oof it's a bigger in the size is large
it's oh man I think everybody's giving up on it
yeah we're gonna need liabilities there is an interest
there is an interesting question isn't there like about I yeah it's time to look at any servers that you're renting
on a yearly basis I would say but um it's going to be interesting to see because there are a lot of people now
who have moved into the space who work in this space you know ourselves included it's going to be interesting to
see what now happens in terms of survival economics of
you know like yeah because the thing is like so right if you have this kind of
thing in a traditional economy uh it's the centralized bank's job to bail everybody out to work out what is going
to go on and handle the debt relations in that situation usually debt relief is one of the key tenets of that or you
know increased yeah money supply or whatever we're in an environment where we all
work with programmable currency if we end up staring down the the barrel
of a longer bear and tragically the Giga Charge episode doesn't turn the market around
what will be the monetary response or like the fiscal response of
crypto to that situation I mean look at atom 2.0 right
you I think it's very easy to argue that that is response to the bear Market at this stage right print a crazy amount of
tokens over the next year or two and then let it die off from there
not let the token die off let the let the printing die off from there right right yeah
yeah it's it's something we've been talking about with Max um recently Max do you know about whether you can have a meme token that
drops to a sustainable level to then
sort of become a a utility token um or whether like you your initial
inflation sets the expectation um not only for the token itself but
also would for example disincentivize a founding team to continue working on the chain
um but then it's hard to say isn't it because well I mean even like from stuff we've seen already from the from the
bull market that kind of happened where some founding teams were like made so much money I'm basically out
like did because the Huawei is not that's not maintained by any of the original people is it
um well Lydia does most of the development but the other people are still there are
they still there okay but I guess well it's probably about a better examples actually than than
Hawaii to be fair they have actually stayed around and kind of done something with the chain uh against expectations
so but yeah it does feel like it would be interesting it would be interesting
to see how people decide to try and launch products or launch chains because if the bear is long enough and it could
well be it's not like everybody's gonna be like well I'm just going to go back to well
some people will but like not everybody's gonna be like well I'm just gonna go back to my corporate job or go back to another you know that's that
style of job you know yep um the other thing the other good thing
here is this bubble that this
um ecosystem now has its tentacles right so you have traditional finance that are getting more involved in crypto than are
also over their skis a bit so I was just actually taking a look at Robinhood because Robin Hood I think has been one
of the bigger ones here in the US that have been trying to kind of build crypto
as a part of individuals portfolio and make built more you know um
I guess exposure might be the right way to say it so since yesterday they are down
it's from 12 to 8.26 so that's about 33 stock price drop similar to a lot of the
yeah so I think their overall what is their I don't even know what their
total uh I don't even know what their market cap is 7.44 billion I guess that's now
so if that's 25 or 30 off that means they probably lost in the area of two to
three billion dollars over 24 hours yeah so that's another I mean going back
to the regulation conversation um I think when when crypto markets
do stupid things and it people understand that there's risks there and blah blah that's one thing but
when it starts getting like it's starting to get intertwined here I think I guess the Federal loosen us let's see regulation coming in
a little bit more trying to figure out way which is not necessarily a bad thing like I'm not I'm not opposed to that depending on kind of what the area is
but um really it's it's interesting you know when when things like this
happen like what kind of what comes out of that what what spawns out of that