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- [00:00]
A
When we started this podcast, it seemed like we had to figure it all out on our own. Scripts, set up, filming schedules, logos. It was super overwhelming and every day seemed to introduce a new decision that needed an answer. When you're starting off with something new, it seems like your to do list keeps growing every day with new tasks and that list can easily begin to overrun your life. Finding the right tools that not only helps you out but simplifies everything can be a game changer for millions of businesses. That tool is Shopify Shopify is the e commerce platform behind millions of businesses around the world and 10% of all e commerce in the US from household names like us at Crypt Nation and the Crypto 101 podcast where you can get our book and merch to brands that are just getting started. Get started with your own design studio. With hundreds of ready to use templates, Shopify helps you build a beautiful online store that matches your brand style. Accelerate your efficiency Whether you're uploading new products or trying to improve existing ones, Shopify is packed with helpful AI tools that write product descriptions, page headlines and even enhance your product photography. Get the word out like you have a marketing team behind you. Easily create email and social media campaigns wherever your customers are scrolling or strolling. And best yet, Shopify is your commerce expert with world class expertise in everything from managing inventory to international shipping to processing returns and beyond. Start your business today with the industry's best business partner, Shopify and start hearing. Sign up for your $1 per month trial today at shopify.com crypto101 Go to shopify.com crypto101 that's shopify.com crypto101 I'll be honest, once it gets hot out, I'm not trying to overthink outfits. I want something that's comfortable, breathable and still looks like I tried a little bit. That's where Quint is coming for me and I absolutely love their 100% linen drawstring pants with the matching short sleeve button down that I just got from Quint. Guys. It's exactly the kind of thing I want in the summer. Super easy to throw on, doesn't feel stiff, it doesn't feel heavy, it's breathable and it looks clean without being too dressed up. It's basically vacation energy without looking like you packed in five minutes and you can have that vacation energy all summer long at home as well. Quinta's high quality essentials without the luxury markup. We're talking linens, organic cotton tees, lightweight Sweaters, all the stuff that you actually wear. Their European linen pants and shirts are a great warm weather upgrade. And the price is right. They're starting at just $34 and pricing is a big part of it. Everything at quince is 50 to 80% less than similar brands because they work directly with ethical factories and cut out the middleman. So, so you're paying for quality, not just the logo. And they go way beyond clothing. You've heard me talk about how much I love the Quint website. They have bedding, cookware, sofas. It's one of those sites where you go for one thing and end up staying for many more. Elevate your summer wardrobe. Go to quince.com crypto101 for free shipping on your order and 365 day returns. Now available in Canada too. That's quin c e.com crypto101 for for free shipping and 365 day returns. Quint.com crypto101. All right everybody, welcome back to another crypto rundown. There is a market sell off going on. Tech is down, bitcoin is down. There are some high flying downward stocks today in the AI trade. A little bit of a momentum unwind. Bitcoin taking it a little bit on the chin itself was down, let's see 24 hours down three and a half percent. So we're going to break that all down. But along with the price action there is a little bit of a clear window of some new news that we want to cover with you guys today. Again, the fundamentals keep building behind the crypto markets. We know the AI trade momentum was flying high. There is a downdraft today in this market sell off. So we're going to gathered up, we're going to pull up the charts, we're going to pull up coin market cap. We're going to break down the news for you all in this say 40 minutes with my friend Brian. Brian, welcome to the show. Hope you had a good weekend. We got a little bit of the chat going on. Holy whale. Julian Legend, Matt Beavers. Welcome guys. Anybody else that jumps in, let us know where you're from. Brian, welcome to the show. Fun little Tuesday for us.
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B
I mean I'll tell you what, and you know exactly where I'm going with this. It's not a little piece of information and right before we went live here that that's the big guy's birthday. Today it's TiVo's birthday. We might be celebrating the market or not or talking about the market I should say. But this, this rundown should be pretty much just the TiVo show centered all around you. He snuck it in on me just a few minutes ago. Everyone, I am absolutely floored. 29 has never looked so good.
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A
That's true. Just a, just a hint under 30 for anybody that's asking but also don't ask for my license either. Thank you Brian. Appreciate it. Yeah, I didn't even sneak it in. I think the company slack let you aware and your response was whoa. Happy birthday. Appreciate it.
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B
This guy doesn't sleep. Everybody. Like let's just really honor what's happening here. He was on the road last week. I'm watching him in his, I think it was his parents basement at one point he's there, he's firing it up his Internet connection going in and out or maybe that was a couple weeks ago but he's, he's back and lights on and it's his freaking birthday. Deliver him from the people.
- [05:35]
A
No sleep is an understatement. I think in the last 10 days, Oregon to Delaware to Atlantic City to Virginia Beach Sunday night in front of 18,000 at that concert I was helping make some fun little content for on the weekend. But there's nowhere else I'd rather be a man of the people. I love doing this. We say it all the time. We appreciate all the listeners and all the community members. So for your birthday, what else would I rather do? I love doing the rundowns. Love the team. Love you Brian. Super fun. And thank you for the birthday wishes coming in. I see them. Thank you guys so much. Another year older, another year wiser. Thus better crypto trading this year. No doubt. So let's jump into it. We'll pull up coin market cap here. Again a little bit of a red. It just feels like one of those days where there's, there's a little bit of an unwind. I saw the momentum trade was going down. You know, space. We'll talk about SpaceX a little bit later in the show. That hit its, you know, new IPO high and has been trading lower over the last couple days. And look set the seven day for the 20. The coin market cap 20 at 6% down Bitcoin about 6%. Ethereum a little more at 8. Some Ethereum news we're going to cover. Overall the market action not super sexy. We'll pull up the. Let's see. Don't share that. Let's share this. Fear and greed is sitting at about 2020 it says so again it's Just one of those times. It's like it feels like selling may and go away is in full effect, especially for crypto. It's just in that holding pattern, waiting on the Clarity act and kind of seeing what the rules of the road are. So there's. But with that said, there's a lot of fundamentals underneath the market we're going to talk about. But Brian will hand it off to you. As we stare at the 20, just on the cusp of extreme fear once again. What are you feeling with the price action before we jump in? The fundamentals?
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B
Yeah, I mean, 20 feels about right. You know, I opened up the coin market cap first thing this morning and I closed it pretty quickly after squinting a little bit. And it's not, it's not surprising. I've been saying it's a market updates. We've said on some rundowns that it does feel like we're getting kind of chopped in this zone for a little while. It's summertime, the dog days of crypto. We're waiting for the Clarity Act. The Strait of Hormuz is open. The Straight of Hormuz is kept closed currently. Huh. I'm not even exactly sure what the status is out there and I don't even really want to know because it'll probably change in an hour. And it feels, it feels about right. Obviously institutions, long term or some buyers are there. I'm still as bullish as ever on the crypto market and blockchain, but we're gonna, we're gonna have some up and downs here. It doesn't surprise me that we're peeling back a little bit. It will. Let's see how far we actually drip here. But it's pretty accurate. I mean, again, it doesn't feel like all is lost or anybody should be overly concerned. It's just one of those days. Maybe. We're in it, dude. You and I. I'm following this price. I'm looking for the best opportunities every single day. But you know, normal retail investors, people that are just doing this, you know, in their spare time, I don't blame them if they just want to touch a little bit of grass, you know, they want to look the other way because there's a lot of catalysts we're waiting for. So this feels about right. It just is what it is. No, real. I'm not sounding the alarm. I've told everybody on the rundown, like if I ever lose faith or there's some major concern, I'd be the. This would be the first place I would say it. I'm as bullish as ever where we're going in the future. But the market, you know, it's choppy and it's going to probably stay choppy.
- [09:12]
A
Yeah. And I think we've covered that on multiple levels with the price action. With me and you talking, we've had Brendan on doing the charts. We're going to do that again on Friday with Hunter. I think we're into a Brendan Hunter special, first ever. So it'll be interesting to get some, you know, some different takes. That's what I love about this show, is bringing on our different analysts and personalities to get different thoughts. We can look at the charts with Brendan and Hunter and see what, you know, what they think. Maybe some of the same opinions, maybe some different. So that'll be an awesome episode on Friday. And then. Yeah, I agree. It's just, you know, we've kind of said it technically. There doesn't seem to be a catalyst to the upside to break through that resistance quite yet. We've been in this 60 range, you know, again, eventually the range will break. Does it break to the upside, to the downside? Nobody knows. Anybody guaranteeing one or the other is lying to you. But we kind of know what the game is at this point. It's preserving capital. It's understanding that, you know, hey, this price is. Is a solid for long term. If you've done your research. Again, not personal financial advice, but I think so. And again, if it goes lower, great. You got to make sure you have some capital. If it goes higher, you can play the breakout. And we've kind of taught you along the way, hey, the fundamentals are hot, but the technicals aren't. So if you kind of see those two pair back in lockstep, then you got some brighter days ahead. But we're just not quite there yet. So, not personal financial advice, but I did turn this on a couple weeks ago, I think. I can't remember if I mentioned it on here or not, but I did do the, you know, I just did the automatic weekly buys for bitcoin. Flipped it on, not thinking about it. Small, small, you know, again, just. Just a schmeckle each week, nothing crazy. Because again, yeah, it's sprinkles. We're sprinkling right now. And. And, you know, I think long term, this is where you want to accumulate. And I also don't think I'm alone. And I'm glad I did this a couple weeks ago because this is the stat that I love to see see we brought this stat up. Flip side, it was around 100k when we said, hey, a lot of long term bitcoin holders started to sell. And that was kind of like an interesting, like hey, this is a ch. We've covered this on the show a lot. It was a changing of the guard. It was like, hey, these long term holders, they made unbelievable amount of money. They're start, they found their price and they're handing over their bitcoin to, you know, the ETFs and the people that want to buy. And it's a new generation of bitcoin holders almost. And so they sold and now it seems like they're coming back. So, so the data starts to show that this cohort that took profit at the top is starting to accumulate on the decline. So it'll be interesting to follow the stat. But again, these are the whales that have been around for a long time. So if you can entice them to jump back in, I think that's a interesting and positive sign.
- [11:48]
B
Yeah, I mean this is textbook supply tightening. Weekends are exiting and while strong cans are starting to absorb some of the supply when ETF or just a macro driven demand returns that available floats could probably be a little bit thinner, man. So it does feel like it's a little bit like the beginning of a classic setup for volatility to the upside. I know we're leaking the wrong way and we're in the summer here, but this is slightly bullish to me to see that some people are starting to get back in because they get back in before the masses. That's exactly what happens. And we're starting to see a little bit more sprinkling. And you might be sprinkling some dollar cost average in as well. Actually last week I started doing the same thing. I was like, you know, it certainly feels like this is a good time to just start, you know, slowly building a little bit more of my portfolio. Because before you know it, fingers crossed, you know, at the right time and a few months from now, six months from now, we may be looking back and be like, man, remember when bitcoin was 62k, why didn't we full port. But this is, this feels like a good time to start kind of dollar cost averaging in not financial advice. But we're not alone. There's a lot of people doing it, it looks like.
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A
Yeah, I think you gotta, I think some people say you should write a trading diary. A lot of people do that. And so you can remember how you fell. And I remember the first time we, we were doing those, we were trying to break through 100 and there'd be nights you'd be sitting and there would be that, you know, low volatility. 97, 98, 99. And then it broke through 100, 100, 100, 203. And you're sitting there excited, but you're also like, damn. I knew at 72 I wanted to buy more.
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B
I knew it.
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A
I knew that was, we were, we were going. And so you kind of remember those days. And again, things change all the time. You get new information. Obviously we've covered all the reasons of, of kind of Monday morning quarterback what we think caused this market to nosedive a little bit. Whether it's the cycle or the, the, excuse me, the AI trade. But again you got to do your research and come up with, with your continuation thesis of is this where you want to be? And for me it's, it's, you know, it's kind of the, the port, the portion of where we are in this price cycle for me is like, okay, I still believe in this long term it doesn't feel good. But when you don't feel good, that's when you should, you know, sprinkle a little bit. And so, you know, you flip those on and you don't think about it and you got to make sure that you're doing your risk analysis and making sure that you have dry powder for where we are in these volatile times. Because again, the, the momentum and stuff that I like to track with the general market is Bitcoin will get tied up in that again. So when you see SpaceX flying, you know, up 60, 70% and then unwinding and then you have, you know, all these AI trades that we've covered a little bit from afar of like, hey, this is where the momentum is right now. You know, as that unwinds, I don't think that crypto will be immune to it or if it unwinds totally. But also I also think as it's just kind of like what we talk about, there's rotation of money. The money, the money goes and it rotates. The money goes and it rotates. So it'll be interesting to cover what's going to happen next but a good sign that the whales, the old, the whales of old are buying and there's still people that are coming out with some high end price targets. I'll let you do this one as you put the link on the sheet. But Adam, Adam back coming out and given some, some insight.
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B
Yeah, I mean, Adabax Blockstream CEO I think his blockstream and he's like a cyberpunk legend. I mean you and I are saying like we're the permables, we got some mics and we're saying what we believe. But when a guy like Adam Beck comes out and he says he thinks that bitcoin could hit that 500,000 to a million dollar mark, he's not just verbally vomiting on us and he's saying that by I think 2028 there's some real justification there. That's high conviction from one of the Bitcoin's earliest and most respected figures. And he's not just calling a number, he's framing it as the natural outcome for bitcoin, catching up to gold's market cap and institutional flows. And it's credible long term bullish framing. And I, I think he's one of those guys that we have to really listen when he speaks. And I believe this is a clip that, you know, he sounds pretty, pretty sharp here of why he's saying this.
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A
Sure, let's take a look. We can, it's two minutes long. Maybe we won't listen to the whole thing. Looks like this guy's teeing him up for a question. So we'll jump in 18 seconds here and check out what he has to say next.
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C
Four years for Bitcoin to reach a million in 2030. Not much. I mean I think just the market dynamic could do it with the current demand almost right. I think this past the, this hobbing period so far in my view could have done that just from the, you know, new retail interests and new ETFs even without the institutions. So see how it evolves. You know, the people are sort of have short memories so they forget the previous halving cycle had three tops. So yeah, like a 64,000, a 69,000 and then a bit of a bear period and then 73 and a half right before the halving. So here we are, we're about the time of the first two tops. You know, maybe we'll get another one right in the cycle. So who knows it's. And as you said, you know the, there are new types of buyers in the market there and people can only sell once. You get this kind of consultation phase where some people are leaving and some new, new stronger hands are absorbing the bitcoin.
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A
Interesting. He says, I like that. You can only sell once. I guess if you, especially if you sell all of your bag right. You can only sell one. So looking for some consolidation here. Interesting point. Of that transitional hands of who has the. The bags now of kind of like what we said the old hands were trading to the new hands now the new, you know, not all the new hands but seemingly so as we've covered with the especially the outflows of the ETFs some, you know, some shaking, some sh. Some shaky hands there and then seemingly with the onchain data here, some old whales buying back. So positive mo momentum if you will at least news flow wise for some. For some bitcoin consolidation and long term holds. And then he also had to take about strategy as well. Brian.
- [17:56]
B
Yeah, I mean he, he basically is calling out strategy because what they were about the bitcoin sale and he just kind of mentioned why he thought that wasn't as, as. As the market reacted in too big of a negative fashion for that 32 bitcoin sale which I, I agree. And he's, he's basically calling it out and directly him basically calling it out basically is removing a lot of that fud. It's really a neutral take on it. But I thought it was really interesting that he addressed this as well because Saylor and strategy has become such a focal point and a spotlight of this cycle and you see him sell just a minimal amount of bitcoin and the market did not like it. It's interesting to see a guy like Adam Beck really address it. I mean Adam Beck at one point and still is is mentioned to be one more commonly people associated with actually being satoshi. So this isn't just some guy that's out there, you know, pushing his bags or trying to get involved. I really respect what he says and so I thought it was a really interesting take here. And he's just basically saying that the strategy bitcoin sales not as bearish as everyone thinks. And I agree with it. But I understand the market reaction and it's interesting to just see him bring it up on live TV.
- [19:14]
A
Yep. And then some new strategy. Selling more shares. 335 million and acquiring 520 more Bitcoin at an average price of 67,000. So yet another buy where sailors a little underwater on already.
- [19:31]
B
You know what was interesting here though is what 35 million of that went to Bitcoin but I think 300 of it of the. So he's selling strategy. It looks like 300 million of that went to cash. So he's going to have 300 million bucks. We've kind of talked about that. Like how's he going to cover these dividends? Where's he going to get this cash. So it does look like he's chosen his horse. He's not going to be selling any bitcoin anymore in the near future, at least to cover some of these cash obligations. So it does look like he has about $300 million more in cash. And whenever this was announced, it was a day or two ago it did seem like the market did like this that you know, he's. He's prepping possibly to just have cash on hand. So again, strategy and sailor are doing what strategy and sailor does. But I think it's really encouraging to see that, you know, he, he stockpiled a little bit of cash this go.
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A
Yeah, that is, that is good to see. I'm sure that calms the nerves after that a little bit of selling. You know, something to watch is as this financial alchemy continues how much cash they have on their balance sheet when they report earnings for Microstrategy is going to be a huge focal point of kind of guessing, you know what and how they can do to fund that dividend. But BlackRock some positive, some positive speak. Obviously you could say a little bit of talking their bags but we played a clip, can't remember if you want or if it was with Brendan of Rick Reeder, the CIO of blackrock saying some positive things about bitcoin as well. But being honest and saying hey there's other things I'm looking at but long term, you know this is a part of our portfolio. BlackRock saying that some renewed upside around midterm elections. You know, obviously they're probably talking their book a little bit with also looking into maybe the clarity act getting through. We're going to cover that in the show later. But always good to hear some positive things from BlackRock.
- [21:23]
B
Yeah, I mean this is just more instant. I mean they're. They have bags, you know we get that and you know of course they're going to probably talk positive about this but I think there's a lot of smart people behind this and it's institutional validation that bitcoin can be a premier macro hedge against the u. S. U.S. fiscal irresponsibility. You know, it's that whole digital gold story. We haven't seen that completely unfold the way we expected it this go around but it's another layer of professional conviction from the largest asset manager in the world. And it makes sense because in the midterms it historically creates volume volatility with policy and in. In just overall the political environment. And we could see some. I. I like this take, I think bitcoin could have a little bit of a turnaround when this midterm comes around. We're gonna have to see how everything shakes out. But I really do like this take.
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C
Yeah.
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A
And I'll just pull this up now. The Clarity Act. So looking like Congress scheduled a hearing for the clarity act on July 17th. Again, that's good. The subcommittee fields hearing Building the future of Finance. How the Clarity act unlocks innovation. So this is more progress of education to the people that are going to apparently vote on this stuff. So it looks like a little bit more momentum. I wouldn't say. I guess we could pull up the poly market odds while we're here. I don't think this would be necessarily market moving. Have you seen the poly market Clarity act at odds recently since we last the rundown.
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B
But I'm gay. Guess I'm going to guess I'm going to say 46% bad.
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A
46%.
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B
That's my guess.
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A
Keep flipping.
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B
43. I mean I get. I do like to use prediction markets on like how things are going but obviously the market really doesn't know. We've seen this thing as high as 75% and as low as under 30. It's again, I think the Clarity act is the single biggest unlock for mainstream institutional and corporate capital. Even with the delay from the earlier hopes, the fact that it's still progressing and showing bipartisan momentum is big. Clear rules will reduce risk premiums and enable bigger balance sheet allocations and there'll just be more liquidity that gets unlocked again. I think it's huge. If this Clarity act happens this year. I think it's going to happen. But man, we talk about it all the time. Just talk about wait until the last minute.
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A
Yeah, yeah. It's always. I guess it was always going to be a sweat. So we'll keep checking on.
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B
We. We've been there. We've. Yeah, the light's still on. I didn't even see a flicker back there. So I'm still feeling pretty good.
- [24:09]
A
It's true. Light's always on, baby. Some interesting news out of Franklin Templeton which you. You knew about. If you listen to the recent episode of the Crypto 101 podcast. They've acquired 250 digital and they're going to be launching Franklin Crypto. So you want to make sure that you go if you have not let me pull up the exact where my notes here. It was episode 7 28. I think it was a week or two ago. So ep episode 728 with Chris Perkins. And Chris Perkins was the CEO of 250 digital that got acquired and he will now be heading Franklin Crypto. So we had a conversation with him before the news fully, I mean it was kind of known that it was happening. But before the, the transaction fully went through and the announcement today was we had an interview with Chris who's going to be running the Franklin crypto division. So go back and listen to episode 728 with Brendan and Bryce as they interviewed Chris Perkins. But again, Franklin Templeton just continuing to build within the crypto ecosystem. I think we pulled it up. I went and got some specifics on this. We talked about how they're filing. Franklin Templeton's filing for a US Equity bitcoin drip etf. And so the idea of the drip ETF is there's going to be a holding of stocks and then all the dividend from those stocks is going to be invested into bitcoin. And so I found some of the specifics. So it's going to be 95% stocks, 5% bitcoin to start, and then the dividends are going to be invested into bitcoin only and then there's a hard cap of 20% bitcoin. So it's kind of going to be like a little bit of an actively managed fund in theory, when bitcoin rises, as you accumulate bitcoin through the dividends, as bitcoin rises, if the balance of that gets to 20%, then they will start selling the bitcoin to I guess reinvest into the stocks or raise some cash. So I, I, I actually thought that was a pretty cool, unique for all the products that are going out there and the financial alchemy as we like to call it. I thought that was a cool, a cool idea.
- [26:03]
C
Yeah.
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B
It's great to see them get a little bit creative. And I think the earliest possible launch for this is sometime in September and still need some like full SEC approval. But, but it's great to see that some of these, you know, big players are thinking outside of the box and you love to see them acquiring bitcoin. We need more headlines like this. We need more attention over there because institutions are still fully vested in blockchain and bitcoin. So again, I think it's, you know, a bullish side of things.
- [26:34]
A
Agree, agree. Now I guess, well, we'll see what the take is here. I'll hand it off to you first. Bullish or not, a couple takes around Ethereum here. So Ethereum, you know, what slows Teams down More than anything, it's not always headcount, budget, or even the tools themselves. It's when the way work gets done lives in someone's head and never actually gets documented. Then someone new joins, a new platform, gets rolled out, or a teammate leaves and suddenly everyone's doing the same process in a different way. That's exactly the problem today's sponsor, Scribe, was built to solve. Scribe is a workflow AI platform that captures any workflow in real time and turns it into a step by step documentation automatically. You just turn on the extension, do the process like you normally would, and Scribe builds the guide as you go, capturing every click, step and screenshot. And it's already trusted by over 80,000 enterprises, including nearly half of the Fortune 500. 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MengotoMars.com that's MengotoMars.com for 50% off, three free gifts when you check out and it's also available on Amazon. After you purchase, they will ask you where you heard about them. Please support our show and tell them Crypto101 sent you. Again, For a limited time, our listeners get 50% off and free shipping for life plus three free gifts. Go to mengotomars.com that's mengotomars.com for 50 off and three free gifts when you check out. Also check them out on Amazon and wherever you purchase it, tell them Crypto101 sent you. Are you curious about the economic forces shaping your daily life? The Planet Money podcast from NPR makes sense of the economy in ways you'll actually understand and enjoy. Guys, I you love listening to the rundowns. I get some of that information from this NPR Planet Money podcast. Especially recently with the war going on, the straight of Hormuz, you're just kind of getting those updates as they come from these guys. They put out a ton of awesome content. It's a different perspective from crypto101, but still a great listen. So go over there and check out the Planet Money podcast. If stuff like current events and the finance world interest you, each story on Planet Money starts with a question. Recent episodes ask why Pokemon cards are growing faster than your retirement count. Questions about the war. Just like we talked about recently a lot on our program. From the job market to the stock market to prices at the supermarket, Planet Money explains it all. Planet Money is a different kind of world where the complex economy somehow makes sense. Where human stories supersede abstract theories so you can learn, laugh and be entertained. It's econ, but just down to earth. The hosts go to unusual lengths to explain the economy. They've published their own book to track the global supply chain. They've shot a satellite into space to understand the economics of the private space industry. They' gone inside a live book auction to show how ideas get to market. It's the kind of show where you learn something, probably laugh and walk away seeing the world a little differently. And I think if you like crypto101, you'll enjoy Planet Money. So maybe check that out. Follow NPR's Planet Money podcast and understand how money shapes the world. Foundation announces a new structure that will be cutting 20% of its workforce. Thought that was quite interesting. And then Vitalik had a book long tweet here. One of those ones where you kind of scroll and you're like congrats or sorry. But the summary of it, sorry that happened to you because the summary of it is the fear of foundation budget is being cut and we've talked about how they've been selling their eth. They're now getting tighter. Team, I don't know. Brian, what are your thoughts here? There's some. We have some other news that we'll get to next that's maybe a little bit more bullish, but this, it doesn't seem good for the foundation.
- [33:04]
B
You could, you could look at this in a couple of different ways. You know, off the cuff, it's, it's painful short term, you know, but it does feel like it's a little necessary to mature. Trimming overhead and refocusing on the poor. The core protocol that scaling usability, the L1 improvements is the right move and a more efficient Ethereum foundation that delivers this faster and more net positive for Ethereum's long term competitiveness. So I, I don't think it's horrible short term it doesn't look great, but it's probably the right way. What, what, who was the company recently? Was it like Coinbase or something that cut like 2,000 jobs? And I was like, yeah, off the cuff, Coin, Coinbase.
- [33:48]
A
Did Robin Hood cut some jobs the other week? Yeah. Teams are trimming, they're getting trimmed.
- [33:55]
B
Yeah. I don't think they're bagging out on their thesis or the investment, but they're, they're, they're trimming a little bit and they're refocusing on the core protocol and the Ethereum Foundation I think probably needs to do that. I, I don't, I mean, I hate to see people lose their job or any sort of cutting of, of any sort of employment, but it's, it's, it. I, I'm gonna, I'm gonna hope it's the right move. I did not read Vitalik's entire post here. I should have, but it did seem he was just really, he's just always pushing that decentralized ethos. You know, it's kind of classic, his classic, you know, point of view with decentralization.
- [34:37]
A
Yeah, I guess some of, he's saying like, hey, we're not saying that we're losing. You know, he's like a lot of times the summary of what I read was the like, hey, usually companies say we're cutting back and you know, we're not losing anything. You know, we're moving forward. Our team got too quote unquote bloated. I don't think he's really saying that. He's saying, hey, there's some stuff that we will be missing. But the deficit over here, this line, the deficit will be recovered through more work happening outside the ef, but not all. So what are the grand sacrifices that will enable leaner effort to accomplish all this? And then he kind of goes in like, hey, here's what we'll be accomplishing more with a leaner effort. But what we are losing, the deficit will be recovered outside of it. Which I thought was really interesting because at this point, you know, when, when they keep selling their Ethereum, the stakeholders that have been stacking it like Bit Mine, S bet Sharplink, you know, they, they in a way are becoming new guards to the system. Right. And kind of if they're going to donate money or invest in different companies to build out the network, there's more arms to this thing. Which I guess is referring to that Vitalik tweet. So here's what I saw is Bit Mine and Sharp Link and Ethereum co founder Joe Lubin back a non profit Eth Labs research group to accelerate Ethereum development and institutional adoptions. That's exactly what he was referring to, is like, hey, there's a lot of stakeholders outside of EF that are going to be helping guide us into the future. And it's been interesting to cover the alchemy of 5% for bit mine. They're basically almost there. Sharplink. I rescheduled their cio. He's coming back on the pod in a couple weeks. So we'll get a cool update with them and we'll bring up this tweet. Eve Labs to get a deep dive on it. But again, there's a new era of kind of Ethereum stakeholders and I think this is part of that process.
- [36:24]
B
Yeah, I mean it's certainly interesting to see how this is all going to shake out here for Ethereum and what they're building. You know, I think you addressed it great.
- [36:34]
A
Yeah. And just I thought this was interesting. World Coin going live on Robinhood. Worldcoin had some, some interesting backers. Wasn't that the one with Sam Altman?
- [36:47]
B
Yeah. Scanning your eyes for 50 bucks. I think that was it. Right?
- [36:52]
A
Yeah, I just, I thought it was interesting. I mean I. We tried to ask Robin Hood, Johan Kerbat when he was on of just like, what, what, what's your decision? Like, how do you guys go about choosing what goes on? He's like, ah, there's a bunch of different things. Obviously Momentum's one if people are talking about it, but there's a number of different things that go into it. So I don't know, I just thought that was interesting. I was like, why would WorldCoin go live now? I wonder if there's something that we don't know, you know?
- [37:18]
B
Yeah. I mean, listing on a major retail friendly platform obviously expands the accessibility and liquidity, but it's certainly an interesting time for it to come about. I was never a big World Coin guy because that whole scanning of your eyeball just, you know, I was like, I don't know, I don't really want that done. Would you get your eyeball scanned for 50?
- [37:38]
A
Probably not.
- [37:40]
B
Yeah. Yeah. Especially not on your birthday. Who knows what will come out?
- [37:43]
A
Yeah, you'd have to throw in like a cheesesteak or something. So we got some bit. Bit Tensor News. Bittensor was the bell of the ball AI wise at the beginning of the year. And then definitely momentum faded a little bit. But back in the news here, what are you reading into it?
- [38:00]
B
Yeah, I mean, you know, there was, it was the bell of the ball. It's a great way to put it. Then we had some subnets saying that they were too centralized and now they're trying to push forward to a level of decentralization. So it's a rare level of transparency and honesty from the leadership and I absolutely love that. That they're acknowledging the movement fast while centralized. But the path of laying out the concrete milestones builds a lot of credibility. And if they deliver on the roadmap, Bittensor could become one of the stronger, more decentralized AI incentive networks. I think this is slightly bullish for Bittensor or the TAO token. Long term, it looks like they're trying to move to a more decentralized model, and that was one of the knocks that they had from one of their subnets that they were too centralized. So it looks like the leadership took that to heart and now they're looking to revamp it slightly. So I like Bittensor, I like tao. So I'm definitely gonna be paying a little bit closer attention to how this is all gonna shake out over the next few months.
- [39:00]
C
Good.
- [39:01]
A
And we'll cover it here for you guys for sure. Let's see. Oh, man. Of course, they're signing me out of my Crypto101 podcast account as I'm trying to pull up the sheet on my drive. Classic live. Live content here. Sign back in. Oh, Jared from Subway. Oh my God. The world famous, well known mev bot. Take it away, Brian. This is, this is your. This is your department.
- [39:29]
B
Well, I, I guess, I guess we should talk about like, where this name comes from. Jared from Subway. He's alluding to it being a sandwich attack. It's when a MEV bot sparked a large, large pending trade from a regular user. And that bot will quickly buy right before the users pushing it pushes the price up, lets the users trade execute at a worse price. Then it immediately sells right after pushing the price down. And the regular trader gets what they call sandwiched and loses money in slippage. Slippage. Wow. That bought profits. It's a unique way to do it. I'm sure I've been sandwiched from Jared in the past as well, but he had about 15 million bucks in his wallet and it got drained in really a sophisticated kind of honeypot style exploit that tricked the automatic logic into approving malicious contracts. And then this even took another, another take where I think he. Hopefully I get this all right here. So that's what happened, Jared. Jared from Subway loses 15 million. But a lot of people in the industry are like, yeah, you kind of got what you deserved because you were like kind of screwing regular users for so long. And that was like 15 million bucks of their own money. I don't, I don't have too big of a take there. I don't love it. But then he. I believe this was yesterday. He Came out and he said he was gonna give a white hat bounty of seven and a half million if anybody could recover it. And then there was a. I think it was like the meta mask, a MetaMask ETH user. It's not the actual account. Kind of attacked him and he basically was like, you can't do anything. Called him all these names. He's like, you can't. This isn't illegal. He's like, what are you gonna do, dox yourself? I bet that's the last thing you want to do. Just take it and eat it. You, you lost the money. So it's really interesting. But this is a very well known Eth name and he lost $15 million in this exploit. It sucks, but it's certainly kind of making its way around the timeline right there.
- [41:39]
A
So it ended up being 15. It says 7.5 here.
- [41:45]
B
I thought it was 15 and he was offering 7.5. Maybe I got that a little wrong. I thought it was 15. He was offering 7.5 for the actual. If anybody could help recover it. But long story short, he lost millions of freaking dollars and not a lot of people are, are, are crying over what he lost.
- [42:07]
A
Okay. Subway was an interesting character who made money in an interesting way. So we don't feel bad for this guy, I guess is the summary of it. And that is. Yeah, it's one expensive foot long 7.5 million. Whether it's 7.5 or 15, it's an expensive foot long for the show.
- [42:26]
B
The $5 Footlong got a little bit more expensive.
- [42:30]
A
That's a wild inflation.
- [42:33]
B
Yeah, I'm kind of doing. It appears that after the fact saying closer to 15. They're saying the stolen amount was. Yeah. So it was being reported at 15. That's why I know now it's saying the stolen amount was closer to 7.5. So he at least lost 7.5 with the operator claiming the total losses were closer to. To 15 million. So he, he lost a lot. Dude. Long story short, but I don't know, I'm not, I'm not losing sleep. I, I would feel horrible if this was like just a regular user who was absolutely attacked. But you know, he was, he was preying on, you know, the regular retail users for too, too long. You know, it is what it is. I don't have much of a take other than it was definitely interesting story that's been floating around.
- [43:19]
A
Interesting. I guess we could wrap up. I thought it'd be cool to wrap up some space X talks. So today up 5% on the five day down 40%, I'm sorry, 20% overall basically traded back even to its IPO price which credits us. We kind of called, we're like hey, if you want to trade this thing out of the gate, probably some opportunity there but I, I think you know, long term, you know, maybe it's a buy, maybe it's not. You gotta do your own research there. The, it's a fascinating company with an interesting balance sheet and revenue when it comes to profitability for sure you gotta do your research there. But we nailed it on this show which I'm pretty proud of because we said hey, out of the gate here there's gonna be some volatility, there's definitely some trading opportunity especially if you could get those pre IPO shares. But once it starts trading, yeah there's gonna be a little bit, definitely some exit liquidity and those lockups haven't even really started yet so. So maybe more pressure. Maybe this is fair value for long term holders. We'll have to see any, any insights into Space X Brian, any especially around like the tokenized stocks. Any news on, on all that stuff that you've been following?
- [44:32]
B
Yeah, I mean this was like the talk of the town for like a couple weeks there. The SpaceX IPO. I know Joe was heavily involved in it. I was watching very close. I mean this thing ran up to like 220 bucks on an absolute rocket ship up and it's slowly bleeding back. Yeah, credit to us. I think we, we called this out pretty correctly because we knew there was a low float. I think it was like 4.55% initially and there's a naturally some sell off but I think the big unlocks come. I believe it's at three months. So in three months or two and a half months from now we could see another leg down. I would not be shocked by that in by any means. I do really like SpaceX. I think they're doing some really unique things. I think it could be a very interesting stock to hold. I have zero exposure to it. My whole plan was to kind of just watch this, you know, play out. Especially because we have some two big IPOs coming up this year as well. We got Open AI and Anthropic coming out which is going to get some attention as well and maybe I'll dabble in that. But a lot of these initial IPOs a lot of people point to Facebook initially is that you can see, you know, that initial spike up. Then it just kind of bleeds out for six months all the way to a year, year and a half. And then you know, it slowly starts to go up. So obviously people who got in at pre IPO are going to probably insta sell right around that three month mark. I'll be watching it closely because I'd like to get some exposure. I wouldn't be surprised if we're lower than this in three months from now. What's your take there?
- [46:04]
A
That was always my thought. I, so I got, I didn't get a ton. I think I got like 50 shares or something. It was a couple grand and then I sold it at 200. I thought that blow off top was 225 and then it crashed down to 200. I was like, I'm up 70% here. Like let's, let's take that. And I got dinged because I did it on Robinhood. And it's like, hey, if you sell this after within 30 days you get like blackballed from future IPOs for 90 days or something. And I was like, I don't know, I just feel like this is gonna go back down to its IPO price eventually with the unlocks and so sold. It took the nice little profit. We'll take it. And that's what I said on the show was like, hey, if this thing blows up or pops off, I'm selling. And I think there's more selling pressure to come now. What I don't, here's the thing, I don't. And open and honest is just like I don't know what fair value is because it's not a profitable company. It has interesting profitable things. It has xai profitable space. Not SpaceX. Starlink. Starlink is a great Internet brand that I think is gonna really take off. They have so many pieces of it I think and, and then you gotta think so the way I might play this. And again, this is not personal financial advice. This is just a couple friends here talking trading and crypto and stocks. I feel like the play might be to sprinkle to be like whatever money you want to invest. This is a long term. So I'm thinking like this, I might even in like an ira, like a tax free ira. And so what I, what I think I'm going to do is put a chunk of change in to an IRA and just buy like weekly. Right now is SpaceX and Tesla the same amount each week. And the hopes would be that Tesla is going to get acquired by SpaceX. And so you, you could, you could. I think if that happens, SpaceX trades off a little bit and, but Tesla would go up a lot probably, I don't know, 20, 30, 40% if that actually, if the number of that deal went through and then that's the merge you're waiting for and then that it's just like a future. It's a futuristic company. Like I think they're, it's like a hundred times earnings. So like what are you really buying? You're buying a call option on Elon Musk and Rockets, which is awesome. It's rockets, robots, AI and Musk. It's like that's, that's what it is. So I think in the short term of like a year to two years, it's going to be a liquidity instrument. It's like, hey, bull market pile in, bear market. That's going to be one of the first things people are going to sell. And then you got to factor in the lockups where it's like, hey, if you've been in this thing five, 10 years and you, you know, have astronomical gains, you're gonna, you're gonna take some off the table for sure just from a position sizing thing. Like I think some of these funds are gonna keep a, you got to position size it.
- [48:56]
B
Yeah, I love that, I love that take. I don't have any exposure to SpaceX, but I'm going to start after these unlocks kind of go through and where the price settles. I think I'm going to take a similar approach to you and I'll just start dollar cost average again. Almost how I treat my bitcoin bag. You know, I'm not sweating the 5, 10%, 20%, 40% drawdowns because I'm so bullish on it long term. I am bullish that where SpaceX can go long term, but I think there's a little bit more bleed out we can see. And then I kind of just want to slowly acquire a bag and then you almost like forget about it for a few years.
- [49:29]
A
Yeah, you know, it feels like an IRA play. Like again, I am not a, I can't give anybody personal financial advice. It feels like if you're buying this thing, you have to want to hold it for, you know, it's like a bitcoin almost. It's a cycle, it's a five, it's a ten. I mean this is just something you're saying, hey, this is either going to work or it's not. And if it does work, then yeah, I guess the, the profitability of this thing is, you know, never, never ending. It's creating a whole new industry just Like Tesla did at the time, right? I mean, Tesla became the absolute. I guess it's fair to say that this is a fact, like the best business of battery powered electric cars. The only one that kind of survived because it was electric only. I think, you know, other companies like a Ford or gm, they, they started either, either they have some ones that work. I think the hybrid ended up being the most profitable for those a legacy car companies. But then a lot of the legacy ones put all this money into the EV and then they're, they're bagging it. They're like, yeah, we're not doing it anymore. So, you know, Tesla kind of proved that, you know, it had the wherewithal. Now, obviously the debate is, you know, the bears say Tesla's a car company. The bulls say, no, it's an AI robotics company. So it's going to be a similar bear bull for SpaceX. The bears are going to be like, what is this rockets? Like, it's not profitable. And the bulls are going to say, hey, we're literally going to the moon. So it'll be a fun one. It'll be a fun one to watch and cover another.
- [50:55]
B
Just to put one more bullet point on that. Just a tough fade for me, you know, I can't, like, I want to get in on it. I just want to have some exposure because this is like what I'm built for. It's like a little bit risky asset that could go to the moon and really tough for me to look back and like, let's say this is trading at a thousand dollars a share five, eight years from now. And I'm telling my kids, oh yeah, I was doing weekly podcasts talking about SpaceX. How much did you buy? I'm like zero. Like just, just can't do that. So I'm gonna have to DCA into it. But I'm also a believer in what they could do and want some exposure.
- [51:35]
A
Well, spin zone, that's what I said about Tom Lee and Ethereum and that that has not played out so far. Far, still riding, still holding. Yeah, that's exactly what I said. I was like, I can't be talking about this guy every week and not be a part of it. After he went on national television forever when Bitcoin was under, you know, $5,000 a coin pound on the table as a, as a buy. So good point. I just think the number one thing for, and we've talked about, I think I talked about this, but we didn't pull this up. Since it's been live Is, you know, listen, SpaceX is a top 10 company by market cap and it was on day one. So again when you, you know the people that made life changing money, they bought Nvidia when it was way off. It wasn't even on this list. It was a video game company and then now the video game chips turn into AI chips and it rocket up again. You could go back in time and buy Alphabet Goo or Google at the time Apple, Microsoft years and years ago, Amazon when Jeff Bezos was selling books and you ride it to what it's become. That's when, when you, when you pick up these companies that are in the Russell 2000 and they make their way up to the top 10 by market cap, that's how you have those life changing gains. But it takes years to get there. I just think with SpaceX there's a, there's a whole nother different side to this conversation of like companies not going public until they're fully matured. And you're going to see that with anthropic and open AI later in the year those, those companies are going to, you know, IPO and they're going to be somewhere in this top 15. Top 20 is my guess as well. If not top 10 maybe so, so it's a new era of investing. And yeah, other than that I don't have a solid take I think other than this thing can't really, it can't really is a famous last words. I just don't think SpaceX could really double, triple, quadruple in the near term just because it's just not profitable. The future earnings don't make sense.
- [53:28]
B
Yes, agreed, agreed. Can't wait to dollar cost averaging on in a few months.
- [53:34]
A
Yeah and it's not a low enough market cap to truly become like a meme coin, you know. So it's like there's factors to. The summary of what I'm trying to say is you can be bullish on it long term, but there's factors to being a top 10 company by market cap that like if you're not educated on that, you don't understand what market cap is and you're just buying it blindly. You need to do a little bit of understanding of what you're buying and when the market caps are so high it takes a lot more to move that price.
- [54:02]
B
Yeah, absolutely, absolutely. And I love your take, I love your take about SpaceX possibly acquiring Tesla. I think that's, I think that's a
- [54:13]
A
nice one to clip the clip.
- [54:15]
B
That's not a non zero Chance. I just wanted to say it here too so I could clip myself a year from now. I'm like, hey, I was in on it too. It wasn't just TiVo. Hey, we need Robin Hood.
- [54:25]
A
We need another. The podcast needs another great clip. I mean, we did Robin Hood years ago. We've had some winners, obviously inside the community and on the podcast with, you know, Hyper Liquid was huge for us and some others. So we have winners along the way. But yeah, it's nice to get a storyline right. So I'm excited to see how that one will work out. We'll clip it if we need be, but other than that, we'll wrap up. I got a wrap. Thank you guys for the birthday wishes in the chat. Matt coming through with a super chat. That's unbelievable. He says he appreciates the good live info we provide, you know, each week. So thank you, Matt. Really appreciate it. Thank you all for the birthday wishes. Give this video a thumbs up, everybody, and subscribe if you're new and then obviously check the links below. To be a part of the community. We got Brian's $1 trial there every time he comes on the show. It's a good time to get into the community, get involved because again, I think there's, there's long term upside here. So you want to get as much information as you can. We'll be back Friday with Brian. I'm sorry, Brian's here today. We're back Friday with Brendan and, and Hunter. So that'll be a fun show. Thank you all as always. That's all for today. We'll talk to you next time.
- [55:36]
B
Bye everybody.
- [55:48]
D
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