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On The Chain - Blockchain and Cryptocurrency News + Opinion
XRP Ledger's Smart Features - Institutional Crypto Adoption - Trump Victories
01:12:17
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- [00:02]
Jeff
Welcome to on the Chain. This is Jeff here with co host Chip. What is going on? Chip? What's going on? Everybody out there in the on the Chain community, you know who you are. You know that thing. Welcome. Bobby, Mike, Steve, those are the top names up on the list there. What's going on? Today we are going to deep dive into the XRP ledgers. Smart features. That's right. XRP ledger is smart. The others maybe not so much, but we're going to talk about that institutional crypto adoption coming at a rapid pace. We're starting to see the markets coalesce, and we're going to cover some of those Trump victories. Every day's a victory, every day's winning, every day's good news. We got to get into that a lot more. So, Chip, if you're ready to kick this thing off, go.
- [00:49]
Chip
And let's go. Welcome to on the Chain. Welcome to on the Pin. Everybody drop where you're coming in from. I already see Steve is already there. Lurkers. What's going on, everybody? Bobby Woodrums in the house. People are just kind of coming in. Look who's back, Al. Jeffy's here. Good to see that, Colin. Views. It's all coming together. It's all coming together, fam. It's all coming together. It was so funny. I saw a post by Charlie Gasparino, and he put this long post about how we're now in a bull market or a bear market. We're a bear market now. I'm like, dude, just because crypto. Just because bitcoin dropped because etho e the bed. Oh, we're not necessarily. It's temporary, man. Let's not get all. Let's get all. Why is everybody getting so crazy, Jeff? I don't understand why everyone's so crazy. It's like, right? Let's just chill out. It's not going to be that crazy.
- [01:45]
Jeff
Jeff from southwest Florida is back.
- [01:48]
Chip
Jeff is back. Billionaire Faith. That's a great name. Billionaire Faith. I like that. Everybody needs a little billionaire faith. I'll start with thousandaire faith, and then I'll move gradually into millionaire Faith, and then I'll kind of slide in a billionaire faith, But I like it. Lloyd Mitchell says, eddie, I want to hear Trump talk today. Wow. Hilarious. Yeah, it was. It was pretty good. I mean, you can't keep up with it. Spark the run, please. Anytime you can't keep up with all the winning. There's just too much winning going on. Someone said, remember, it's only been, what, 37? I forget how many days it's been, but it's. It's pretty early. Yeah, in the first 90 days.
- [02:28]
Jeff
It's crazy. It's really amazing, you know, and then to see that, you know, Trump had his entire group there, like, you know, everyone. All the key players, Elon Musk, you know, given his, you know, talk on basically presenting what Doge is up to again. You know, it's so funny because everything they, you know, Trump does and team Trump, you know, they're always multiple moves ahead of everybody else. It's. It's definitely a chess match. You know, they're playing chess and then the media, I don't even know what they're playing. They're not playing checkers, they're playing marbles or something. Yeah, but they just don't get it. You know, they're just so, you know, off base. But this whole thing with the request for the emails, it's so amazing. I was looking at that and then, you know, Moss talks about it, said it was all about looking for the dead people. You know, people are collecting checks and checks are going out, but they're not alive. You know, so, you know, you start sending all those emails out, now all of a sudden they're, you know, it's not. It's amazing. You know, it's just cleanup time.
- [03:29]
Chip
Not only that, Jeff, but Caroline Levitt, who's the press secretary. She's 27 years old and she may be the best press secretary ever. They always try to get through these gotcha questions. She brings receipts every time. I mean, she's so quick, she's so well spoken. I mean, this. I mean, for somebody, she might be one of the youngest, at least in my lifetime, that's held that position. And not to say that Sarah Huckabee wasn't fantastic, or. What was the other one? Molini. What was her name? Yeah, she's on Fox now and she was pretty strong. But you see, I mean, they're both pretty good. But Caroline Lovett is like the best of both worlds. Like, she's just from another. I mean, and it's so funny is because they're kind of like trying to knock it off. It's so different from the first time. Trump has the A team, he's got the people in there. Like, when did you ever hear clapping in a meeting? And of course, remember when they used to pull the press in? We're going to have a staff, you're going to have all the, the, you know, the. What do they call that meeting, Jeff, that they had Today, what do they call it? The. I don't know what they call the Cabinet meeting. I guess it's the meeting of the cat. It's basically Trump's cabinet.
- [04:39]
Jeff
You're talking about the cat?
- [04:40]
Chip
Yeah, yeah. I mean, they call it. So when, before Biden would be in there, it'd be like the press would rush in there for the first three minutes, the BFC pleasantries, and then they'd be out. They didn't actually hear what was going on. So the massive transparency that's going on, everyone's like, we don't understand those. We don't understand it. Meanwhile, there's about 15 or 20x accounts that from each part of the department, there's a whole entire website that breaks down everything. Like, there couldn't be more transparency. It tells you everything that's going. And then I got nut jobs, you know, saying, well, what about, look at this airliner almost crashed. There was another airliner came on the thing. And I'm like, well, just let's look at the ntsb. If you look at the ntsb, you can actually see that there are more accidents. I mean, it's just, it's, it's incredibly crazy to me. If you look at how much spending, I mean, we, and we're. And then I find out today that we've been funding the Taliban, funding all these terrorist organizations, sending them money and people, anybody who's, who's yelling about this, I'm sorry, man. This is taking it right out of the American taxpayers pocketbooks. And you know, when you think about it, it doesn't matter what country you live in, you got the same kind of, you're being ripped off the same exact way. And everybody needs a doge, right? And what I like about it is people can all they want about Elon Musk. Whether you like him, you hate him, you think he's good, you don't think he's good. He's an outsider. And every. The biggest complaint from Democrats, with all of the people who are in these cabinet positions, they don't have the right experience. Well, what is that, 40 years in government? That's the experience. We're not looking for. We're not looking for somebody to come in and, and push the button. Did you push the button today? I pushed it. Did you push it yesterday? I don't know if I pushed it yesterday. What about three days ago? Yeah, I think I pushed the button. Did you move this piece of paper from this part of the desk to that part? Oh, I did that. We're not looking for that. We're looking for an outsider to come in, take a torch. Yeah, like, like Elon Musk said today, sometimes you make mistakes. That happens, right? What are you gonna do, jump into it? Let's jump into the news. I thought this was pretty funny. You don't, I don't see this kind of humor sometimes coming out of Ripple, but maybe it's not that funny. But Bloomberg Crypto put up a story that said PayPal plans to integrate its stable coin into more of its products this year in an effort to address all of its merchants needs through a single platform. Okay, another stablecoin story. And then Monica, Monica Long chimes in. She's like, that sounds familiar. So a little bit, you know, a little bit funny there, you know, because they're doing the same thing. They're integrating it to more of their products this year. It's going to be across the board. Monica Long is the president of Ripple, but I thought this was just sometimes it's just a two word post on X. Sounds familiar. I don't know, I thought that was pretty funny. I was like, I don't know if that, maybe you didn't catch the humor there. But she's like, yeah, that sounds familiar. Sounds like somebody else. We know Ripple's doing the same thing. Right.
- [07:37]
Jeff
Everyone wants to integrate the PayPal or the stable coin for really good.
- [07:42]
Chip
And you know, bank of America came out and said it's inevitable to do a stable coin. So then everybody started going, is bank of America going to create its own stable coin? I mean, they could, I don't know if a bank is in the business of creating stable coins because then they got to back it with something. So they're already running pretty much, you know, pretty hot as it is. They don't have the funds that necessarily cover and you know, if you don't realize how loans work, they can't cover. So I don't know if it's a bank's responsibility to run that. Would they start utilizing them? Probably, but I don't necessarily see if I, if I see that Ripple said today we're partnering with bdax to expand institutional crypto custody in South Korea. Jeff, South Korea is so advanced. Did we learn, we went to Australia last year, that like 7 out of 10 people own XRP.
- [08:30]
Jeff
Yeah, that was really impressive to see their overall engagement in crypto, investment in crypto, understanding of crypto way far, way far ahead compared to where we're at here. I, I always look at kind of those Asian markets, whether it's in Japan or in South Korea, they always seem to be a few steps ahead when it comes to tech and or more tech implementation, you know, which is always really impressive. I can remember years ago, way before people had handheld scanners, way before scanners were really a thing. I remember running into a student that was from Japan and highlighting parts of the book and it was translating it directly into Japanese on one of these scanner pens. I don't know if you remember those. Scanner pens.
- [09:24]
Chip
Oh yeah, I remember those.
- [09:25]
Jeff
Yeah, I used to have one. And you'd go through and you'd scan whatever it was. Then you could download everything into, into your computer, open up in a word doc and organize your notes and stuff. But this was, man, this was probably back in, I don't know, maybe 92, 91.
- [09:43]
Chip
Wow, that's a long time ago. Yeah.
- [09:46]
Jeff
What's that? I don't think so either.
- [09:50]
Chip
Not that I wasn't there, it's just I don't remember it. Not saying I wasn't around.
- [09:56]
Jeff
But the point is that that was coming out of, you know, a student from Japan at the time. So with South Korea, you know, I'd kind of anticipate, you know, to see what they're doing, you know, with this developer growth over there. And that's the big part is institutional adoption, development, building and the evolution of blockchain and crypto has to go. It's the inevitable. If we go stagnant and we don't see development and we're not growing, we're not expanding, we're not focusing on that, that evolution, on the next step, then we stay stagnant. And so, you know, for so many in the community, even in the XRP community, Chip, where they're not understanding, they think it's all about speculation, investment and ripple and Ripple's utility of XRP where it's really about how much further can you go with the xrpl? How can you get the XRPL involved in development, growth and integration? You know, at what point, what level does XRP get involved in it? But then the focus and attention comes to the xrpl, comes to xrp. You know, similar to how Ethereum developed. You know, you have the ERC 20s and that's the core source of smart contracts until now, where there's better, better solution. But you can't be stuck in speculative, in a speculative, you know, environment otherwise then, then what happens? Eventually it dies out.
- [11:26]
Chip
Yeah, it's not the place you want to live. You want to live in with development and keep up with the news BDX Korea will use Ripple custody to provide secure infrastructure for xrp, the Ripple USD, their stable COIN and other crypto assets supporting institutional adoption XRPL developer growth in Korea's evolving regulatory landscape. South Korea I should say a major step in advancing the on chain economy in the region. That's right, yeah. They had this article here where they talked about the strategic partnership and they're a custody solution but they're basically going to do, they're going to use Ripple's custody which is great, right? This is fantastic. Lines with the Financial Services Commission FSC recently announced roadmap for regulatory approval of institutional participation in digital market assets. So by providing secure xRP and ripple USD Custody Services for institutional vents or partnership will support the growth of XRP developers ecosystem. It's a, it's a good move and it's great to see. I would like to see more of that over here in the United States or at least over here in Europe or you know, maybe in Australia. Like I'd like to see some of, some of that same type of activity. But you know, Asia really is strong. You know, South Korea, Japan, you know, it's, it's incredible to see what's happening. DECA banks rolling out of crypto. This is another story from Ripple. DECA banks rolling out a crypto trading and custody services for institutions also built on Ripple custody. A clear sign of growing demand for institutional grade custody solutions. And this was the acquisition they made not too long ago and it made so much sense. But now you're starting to see how that pays off, right? Bullish news right there for XRP holders for sure. There they are. Get on the train, let's go. It really is something pretty cool, Jeff, when you think about it. Love it, kids. They agree that it's good. The bank has over 370 billion euros in assets under management. It's emphasizing security and regulatory compliance clients, more of this stuff because again, this is another, this is another profit point for Ripple, right. They custody your assets. You they, they don't do it for free. So it's just another people like oh, they only do cross border payments. Well no, they do, they do a lot more than that. And when tokenization comes along again, it's going to expand even more. Major German financial institution Deco bank launched cryptocurrency trading and custody services again. Jeff, here we go. We have South Korea, we have Germany. We're starting to make our way back. But when are we going to start hearing about more American stories now that we got a New sheriff in town.
- [14:14]
Jeff
I think, you know, they, they're redoing the sec, they're canceling out all the big lawsuits. They're putting everything in order. From a legal perspective. We see we've already seen a few executive orders, you know, signed in relation to normalizing crypto at least establishing a path towards normalization of crypto and blockchain. So I think we're going, we're going through the motions right now. They got look at what Elon Musk is doing by getting rid of all the fat. So we got to get rid of the fat. Got to get rid of the fat within the agencies. Got to get rid of the fat in the SEC agency. You know, and Elon Musk had said it, they question, can we just shrink some of these entities? No. There if you think about it like a weed, you got to kill not just the weed, but you got to tear it out by the roots. If you leave the roots, it grows back, right? And it, and it becomes corrupted again because they, they've so, you know, implanted their roots into the corruptive nature of everything. They're so sunken deep with all the pathways of filtering money, which is again going back to the reason for the emails. Find the dead, at least start cutting them off at the knees for their funding sources. They cut the major one out, that was the usaid. They took that one out immediately. And you know, now they're drying up. They, these guys don't have huge, you know, sources of, of free cash flow and that's already having an impact on them. Now they got to go after all of their sources. They've obviously got backup sources of cash flow. Start cutting them out, then start deregulating and then boom, crypto finds its path. Plus you got to get, think about IRS and the Federal Reserve, two things.
- [15:52]
Chip
That have to go away. That's a must. That's not even a maybe. It has to happen. They're going away. And in Florida here they're talking about getting rid of property taxes. Yes. Last night there was a historic announcement by Byron Donald, congressman here, who said he is officially running for governor. He will make an excellent governor. Yeah, here comes a two term governor. And they asked him too, do you support, do you support the, you know, eliminating property taxes? He said we, I do just, we got to figure out other ways for like fire and trash removal and you know, some city functions to get paid for. Like so there could be maybe potentially like a minimum that you might have to contribute to because I mean, you need some kind of government you need something. But again, you're basically cutting out the fat. How many of those jobs exist that don't do anything, right. That are just. I mean, think about it, Jeff. Look at the property taxes in Florida. They've gone up so much, it's insanely high. How much you have to pay?
- [16:54]
Jeff
Property tax, homeowners insurance, car insurance. Those are your three biggest expenses.
- [16:59]
Chip
Huge. They dwarf your control payment these days because. And it's so funny. It's like if you live in Broward county, like, I think you pay more than Palm beach county, which is backwards. You think it'd be the other way around. But I think there's more stolen vehicles down there. I think Miami Date is even worse. So you have, you know, you have all these, you know, cars being stolen or whatever. But it's outrageous how much you have to pay for car insurance. It used to be 150 bucks. It was like 200 bucks. You know, two cars, you get 250 bucks now. It's a crazy amount of money. 900 bucks for two cars. 950 plus.
- [17:36]
Jeff
Yeah.
- [17:36]
Chip
And. And you never get the cash in on it, right? Never actually get the. Because you're a safe drivers. You never really take advantage. But. And also too, I mean, as a result, a lot of houses went on the market, so the property value started dropping because the property taxes are so high. People are trying to. People are trying to get out of Florida. And I think this will somehow fix it. We'll be in a good place. Here's another story, Jeff. We got this one last week. One point. This is funny how ripple marketing people are taking advantage of that brief breach. Last week. Last week, 1.4 billion was lost in a security breach. Secure and compliant. Crypto security. It's not ne. It's not nice to have. It's a necessity. Learn how rebel custody provides institutional grade security built on trust and resilience. And Jeff, this is something we've talked about for a while here. Nobody wants to get a thumb drive out with putting a password in and then punching a thing. It's. It's too complicated, man.
- [18:31]
Jeff
That's right. Y.
- [18:32]
Chip
And Stefan Thomas, you like the old CIA. You know, he was the old chief tech officer from Ripple. Guy's brilliant. You know, there's no doubt about it. He ended up having a cold storage wallet that he only had 10 tries. And it bricked. Well, it bricked to the tune of over $500 million worth of Bitcoin. Now, nobody wants to deal with that on your head. Nobody wants to be like that guy that says, oops, I made a mistake, I lost it. Oh, I bought it four or five years ago. I don't know where my seed phrase anymore. Oh, it stopped working. Where's your seed phrase? I don't know, man.
- [19:03]
Jeff
Lost it.
- [19:05]
Chip
People, people can't deal with this stuff. So this institutional grade is one thing, but I want to have consumer grade, which has the same as institutional grade. But that would be the next logical service. For a ripple to roll out would be a consumer and the banks. Say what you will about banks. It's why I said that banks, if they were using like a ripple solution, like even bank of America, Chase, Citi, you know, you name the bank if they were using an institutional grade, and people like they had one account and they click. You know how you have multiple accounts at the bank and you log in, you go, oh, there's my other account. And I just. My crypto account. You just purchase crypto and then it's in the account, you're done. They can hook up to an exchange, they charge you a fee, and you store your crypto there and it's backed, you know, and it's protected. Like you can get insurance on it. It's just crazy, though. Like, this is one of the big stoppers why people aren't jumping into crypto. When you start telling Jeff, even the one remember the ones. But we're like, I don't have a zombie wall. Well, it's simple. You get a zombie wallet. Then what do I do? Well, then you go to an exchange, you buy crypto. Then what do I do? Well, then you send the XRP over to the zombie wallet. Then what do I do? Well, then you got to log into XRP Cafe to get the Yeti. Well, then what do I do? It's like, no, it's not simple. If you've done it, it's simple. But for new people, it's a turn off, man.
- [20:23]
Jeff
Yeah, well, it's, it's hard for, you know, mainstream adoption, you know, and I think that's the biggest thing. Simplification is everything, you know, so, you know, people like their banks, people like the environment, people, you know, like Venmo or whatever. Well, I've never used it, but whatever. The, you know, kids like people like Zell. Zell's easy. You have someone's phone number, Boom, you send Zelle. And once you make the connection, it should be that easy. With crypto, with Zomit, once you have somebody's, once you get their, their address, you can, you can send you know, but then it, it's still, look how long it the address is and then you copy it. Did you miss a letter? Did you copy the whole thing? Can I see it? Can I look at, you know, 80,000 letters and numbers and try to figure out exactly if your number is accurate or not accurate? Is that an O or is that a zero? I don't know, I don't know which one it is. You know, I can't figure it out. Is that an L or is that a one, you know, or is that an I? Like what exactly, you know, did we type in there? I can't figure it out. Yeah, and that, that's the confusion of it all. You know, it's got to go to simplification. Got to have security, got to have clarity, got to make it, you know, so that mainstream adoption can happen. The, the, the closest to actual mainstream adoption, which is simple, is Coinbase. Like Coinbase, by far. You go there, connect your bank account, boom, you're buying crypto, sell it, put it back in your bank account. You know, that's, that's the platform. You know, it's like, it's like E trade or anything else. It's the same process. It's a simple, a simplified methodology. Yeah. So, you know, the thing is I had, you know, I'd use the thumb drives. Thumb drive's great. And then every time you put it in, like, oh, I hope it works. And so I always have backups, you know, with the, with the ledger. Screw it, you know, now it's just a matter just diversify across multiple platforms. I mean you could get burned also. You can get burned by losing it. You can get burned on some of the platforms. You know, buy bit got hit if you use, you know, some of these. Coinbase is publicly traded. Uphold has got, you know, tight security. You know, Bitru had, you know, they were self insured but they think they started doing third party audits. You know, those are the signs back in, you know, the, the golden, the, not the golden age, but the wild west of crypto, which I think we're still in maybe like, you know, what period would it have been, you know, a couple years ago, you know, when you know they're self insured and then Celsius and then you see the crash of FTX and the issues of Binance and all sorts of chaos. You have five and a quarter inch floppies. That's probably where we need to go back to actually.
- [23:10]
Chip
Those are the, those are like the ones you could bend. He doesn't even Use the little plastic three and a half ones.
- [23:14]
Jeff
Those are the best.
- [23:15]
Chip
Those were the big old things where you like.
- [23:18]
Jeff
Yep.
- [23:18]
Chip
Sprinkled and bent. Then there's like a little, little metal door on it.
- [23:24]
Jeff
What were they, like 1.5 meg or like 800k?
- [23:29]
Chip
Something ridiculous.
- [23:30]
Jeff
What did it hold?
- [23:31]
Chip
Reborn. John, that's not going to get it done yet.
- [23:37]
Jeff
A Commodore 64 with one of those five and a quarter inch flop.
- [23:41]
Chip
Need clarity, security and ease of use. That's it.
- [23:44]
Jeff
That's it. That's all you need.
- [23:46]
Chip
That's all you need. That's, that's as simple as it is. And secure digital custody is necessary, but also one needs to easily access their crypto to sell, send, swap.
- [23:56]
Jeff
Yep.
- [23:57]
Chip
So you know, if, if you paired up the, you know, decentralized exchange with a bank, you know, maybe some nominal fees or whatever. There, there you go. Just hook it up. Like you should be able to go to any bank and choose your, you know, decks that you want and then be able to do exactly that if you want to send it, swap it, whatever. We have to get there. I think we will probably get closer to it. But the way it is right now, I don't know, I, I sort of wonder. And so here they talk about the global custody service market expected to grow from 41 billion in 23 to more than 100 billion. Think about that. 100 billion in 2033. I actually think that's probably, I actually think that's probably smaller. If you think 100 billion is not that much. I don't know. That to me seems like a small number to me. I could see a trillion by 20.
- [24:46]
Jeff
It's only going to double, you know, in 10 years. It's going to take 10 years to double. Come on.
- [24:52]
Chip
That's a very, very conservative number.
- [24:54]
Jeff
You know, that's a ridiculously concern.
- [24:56]
Chip
It basically wrote a whole article on, you know, the.
- [24:59]
Jeff
Who wrote that article?
- [25:00]
Chip
This is Ripple How Custard how custodians can meet institutional custody needs. But again we need something for, you know, issuance of custody, tokenized securities, real world assets and cryptocurrency and trading wallets for institutional retail investors. Robust compliance controls and events. We all need this for great for the institution but we also need this for, you know, consumer grade as well. Mayaka Badari put this out. She said, I'm excited to share Ripple X Devs Extensibility Teams proposed vision for the XRP Ledgers program Programmability. Today's announcement includes a blog post detailing our vision and two specs.
- [25:43]
Jeff
What Thread right there.
- [25:44]
Chip
I'll click on that. And we, the RX Extensibility team, envision programmability on the XRPL as the glue that seamlessly connects its powerful native building blocks with the flexibility of custom on chain business logic. This vision focuses on preserving what makes the XRPL special, its efficiency, reliability and simplicity, while empowering builders to unlock new possibilities. So instead of diving head first into the shallow end, like I always say, which is bad, complex into headfirst into a complex smart contract protocol spec, we want to take baby steps. And as and as David Schwartz put it, the first initiative extensions or smart features. So an extension, it's a small piece of code attached to the XRPL building block which allows users to add what did I to why did I, why.
- [26:45]
Jeff
Did I lose that custom logic to the existing primitives?
- [26:49]
Chip
That's yeah, Jeff. This can be very useful for projects that like the existing features of the XRPL but need a minor modification to a feature to be able to use it. Feature plus extension equals smart feature.
- [27:03]
Jeff
So I like it.
- [27:04]
Chip
This is smart. This is good. One of the XRPL's biggest strengths lies with its foundational building blocks, the primitive like tokens, escrows, and like the decentralized exchange, which offers secure, robust native functionality, smart features allow us to lean into these strengths by enhancing what already exists.
- [27:24]
Jeff
I like the smart. The smart escrows, man, that's awesome.
- [27:30]
Chip
See, it's kind of interesting the way they're approaching it. They're sort of taking a step back. Like instead of smart contract, smart contract, they're making functionality and then it can sort of move into that. And so by leveraging the existing toolkit, the xrpl, we can unlock powerful new capabilities, all the while maintaining the simplicity and efficiency of the network that it's known for. Smart escrows first extension. This is the one you like, Jeff. Why don't you take this one?
- [27:53]
Jeff
Which one is that? Smart Escrow is the first extension that makes a lot of sense, allows developers to write their own custom escrow release conditions without rebuilding the entire escrow primitive. In a smart contract, you know that it's really smart, you know, from a B2B perspective, you know, the functionality institution, you know, it's all, this is all business institution driven. You know, I'm always going to say the B2C market, it's not, it's not interesting yet. At some point it'll be interesting. We have credit cards. Don't kid yourself that you think you have to spend crypto and run around and figure out a solution. Nobody's trying to figure out a real solution on how you're going to spend your crypto yet. You know, I don't think the B2C consumer market is where it's at. It's all about institutions, it's all about banks, it's all about B2B. That's where they have to be because that's where the problem is. There's no problem right now in the consumer market other than on the business side. The problem with the business selling to the consumer is that when you use your credit card, the business gets jacked for three, three and a half percent. So they got to figure out how to offset that, turn that around and charge it somehow back to the consumer in a business environment and sometimes in the retail environment, you want to use it for a big purchase. Guess what? You, the purchaser, you're paying the three and a half percent. That still gets add on. So the seller is still paying a percent. That's the problem, that's the problem in credit cards right now. But from an institutional perspective, financial perspective, if you start cutting the fat, cutting out the middleman, make it more compliant, make it more streamlined from an institutional perspective and streamline the movement and recording of the functionality, all of a sudden credit card prices are going to come down because a credit card company is going to have to employ a quarter of the, of the, you know, employees. They're gonna, they can get rid of most of them because everything's going to be on the ledger. You're not going to need all these bean counters, you know, trying to figure things out, you know, whereas right now they have to, you know, run around and figure all these details out. So if you can cut the fat and all of a sudden you're, you're streamlined now, all of a sudden maybe you're in, your rates are a half a percent or maybe one and a half percent, one percent. It becomes a little bit more tolerable from a consumer's perspective on, on moving money. But that's where the problem is, you know, so once they figure that aspect of it out, now all of a sudden they start going into the tokenization and beyond. But escrow is the beginning steps. And I'm glad, you know, they see that kind of as the first extension. You know, that's probably the, the key behind all the smart contracts. You gotta, you gotta establish trust, you gotta put, and, you know, establishment, you know, that movement of money and making sure that, you know, you're, you're creating a Dynamic environment for both parties. So I think that's. That's kind of where it's at. This is like, I love it. I really like it.
- [30:41]
Chip
Things that happen with developments and if. And it felt like it just was like when I was reading this earlier, I was like, man, this is like, it's. It seems like you should get more presence. We don't see smart features and smart contracts as mutually exclusive. It's another interesting take. So therefore, we've published a smart contract spec outlining our ideas for how we can bring the smart contracts that everybody knows and loves to the XRPL in a way that makes sense for how the XRPL is designed. So this kind of thought leadership right here, Jeff, is very interesting for the fact that instead of trying to go where the crowd is going, smart contracts, smart contract, we got to all do smart contracts, right? Smart contracts came out years ago, but smart contract tracks don't cover it all. So I like kind of taking a few steps back, talking about features, talking about, you know, how the smart features work with smart contracts in the, you know, in the future, and then really how it really works and it's designed around the XRPL makes a lot more sense to me. I think this is great. So starting with smart escrows instead of going straight to smart contracts allows us to test out the VM integration with the much smaller feature so that it's easier to protect against unforeseen errors and any issues will be much smaller and way more limited. The community feedback's been instrumental in shaping the vision. Developers across a broad variety of projects have shared valuable insights that have helped refine the approach to the XRPL programmability. And this collaborative process continues as we all work together to create the best paths forward. So if you're interested to be more involved in the development process, please reach out. So this is kind of another turn of events too. It used to be that Ripple would sort of kind of do their thing and announce it. And what you're seeing is that a lot more reaching out to community. There's a lot more projects around today. And so a lot of this was shaped not only by the thought leadership going on, you know, Mayuka and her team, but. But also other teams inside of Ripple thinking about a broader. I like the way it's more thought leadership. Hey, we're not going to run with the crowd. We're going to try to figure some things out, create how these features are going to work, and then figure out how they're going to integrate and with the smart escrow makes a lot of sense. I mean Flair took this approach. People like, how come floor is not out? How come this and that? How come Songbird and how come. Well, yeah, they wanted to try to break the network. Can you imagine how catastrophic it would have been for them to have launched and got hacked? So they launched Songbird to be able, as a token, to be able to see, go ahead, try to break it right. See what you can, you know, see what you can do. And, and, and, and they proved that, hey, taking your time is the right measure, not trying to rush it out. I love the idea of the smart escrow. This could turn into something really cool, Jeff.
- [33:17]
Jeff
I think so too. I think they're, they're moving in the right direction. They're solidifying, you know, the programmability of the project to make it into a real world asset, you know, real world network to where, you know, we're going to see, I believe, you know, we'll see, you know, major expansion in a short period of time. I really think they're onto something. I think we need to reach out to them and get involved in their development because we have all sorts of amazing ideas when it comes to institution and B2B, you know, that could be incorporated into what they're doing. Maybe they thought about it, maybe they didn't. I think they're so hyper focused on big institution. But now, you know, based on that, they're bringing it back a little, which is very cool. Very, very impressive.
- [34:02]
Chip
Time to go through this here. We're not going to go through it. I'll just show you. But she really outlines it here. The proposed vision for the XRP programmability. Talks about where they've been. It goes into, you know, talking a little more about extensions, making features smarter. Talks about what is an extension kind of. We talked about, she narrowed it down. But there's some really good stuff here, especially on the smart escrows. So if you think about something we didn't cover.
- [34:24]
Jeff
Yeah.
- [34:25]
Chip
Re escrow, certain amount can unlock it up. Credential based escrow where you have an escrow can only be released if the recipient received a certain credential or an nft.
- [34:34]
Jeff
I like it. Yep.
- [34:35]
Chip
Cascading type of escrows. Let's just think about more along into like real estate. An escrow can't be unlocked unless the previous one has trust. One escrow can't be unlocked. The one has been created. What options? One escrow can't be unlocked unless a price. Oracle shows the price at a token or a certain value to me, Jeff, this is taking. And it's not smart contracts, but it's a precursor to something potentially far more powerful.
- [35:03]
Jeff
Yeah.
- [35:03]
Chip
Bigger, more encompassing because, you know, you, you're, I see your business hats on and you're thinking about the business side of the house of what would trigger a smart contract. Could trigger something with one of these type of use cases here.
- [35:18]
Jeff
Yeah, I'm impressed. I'm really impressed. And you know, the XRP fanboys won't get it. You know, they're going to focus on the speculative nature of the growth of xrp. This is where it's at. You know, what they're about to do and what they're doing. This is why the XRPL stands out amongst all the other chains, is because it can be upgraded, they can go through development. This is what the real world, living, breathing, you know, document of true, you know, software application. You can't, can't stay stagnant. You can't keep, you know, you know, branching off and creating a whole new lineage. You know, that doesn't work. You know, you have to, you have to be able to keep growing, adapting, looking at where the market's at, you know, and, and address it. And that's exactly. The XRPL from day one was built with all this amazing technology. They just didn't figure out how to use it. You know, they're sitting on, on just, they're sitting on a gold mine. But yet they didn't have the shovels. You know, they, they had those little tiny shovels. You know, you get, you know, when you go to the beach, that's what they had, you know, and then they're sitting on this big mound of gold, you know, covered up with sand, and they're over on the beach trying to, you know, dig it and then they, they reach a layer of, you know, rock and, oh, you know, we can't get through. But, you know, now it's amazing, you know, to start tapping into this. It's just super, super impressive. I, I just, I can't say enough about the direction of what this is going to mean for, for growth and how things are going to shift and change in a rapid pace. It's very cool.
- [36:52]
Chip
They're not following the crowd and like this. And so this is kind of what's missing from the kind of the summary part of the X post. But I will say this. When you think about smart feature ideas, look, smart AMMS could allow AMMS to have custom trading curves. Smart accounts incorporate the XLS86D firewall and XLS76D mini coming amount potentially allow additional WSM modes to protect accounts. You know, you can get so many features that make sense. Smart tokens could allow users to perform additional regulatory checks on user transfers. This is like you said, Jeff, all B2B type applications but very necessary smart batch transactions could allow users to implement custom and or tree logic for their transactions. You know, this stuff is what's missing right now. This is, that's why I think it's this huge. I don't think it's getting the attention out there, man. I almost went by it myself. I started reading, I'm like, whoa, whoa. This is exciting stuff and you really don't see much conversation about it. But I gotta say that I'm glad that they're taking the approach here. I love to see this. They're talking about smart contracts and going on some integration sample use cases you can integrate with a new bridging protocol, a new defi protocol, think derivatives or perpetuals and issue token staking rewards. So the design, they say that the design for their smart contracts combines an easy to learn overall design of EVM smart contracts, addresses and functions with the familiarity of the XRPL transactions. They're doing something that makes sense on the xrpl. They're putting a lot of thought behind it and it's pretty exciting. I'm, I'm excited about this. Probably one of the things I've seen on a Ripple probably in the last couple years.
- [38:34]
Jeff
Yeah. Well, I'm hoping that, that the wave of innovation 2025 Gold Coast. I hope that their Ripple has somebody there that's actually talking about, you know, what these mean and what's going on with us.
- [38:48]
Chip
We'll be there. Yeah. Ripple's a major sponsor. That's right. Two weeks, we'll be in Cape Canaveral. We will be at Cape Canaveral.
- [38:55]
Jeff
Where are you going?
- [38:56]
Chip
What is it? Moment. We're looking forward. I know, I know. At least one of you said you're going to be there. Charles, I don't know if you're coming down from the Berg to come hang out with us, but that'd be cool. But we're going to be there.
- [39:08]
Jeff
Gonna be there.
- [39:10]
Chip
I don't think Rob's coming.
- [39:11]
Jeff
Rob McDermott, are you coming?
- [39:13]
Chip
You coming? Are you coming to Cape Canaveral? Dude, it's a long trip.
- [39:17]
Jeff
Cape Canaveral, Yeah. But it's worth it. It's shorter than Australia.
- [39:21]
Chip
Oh yeah, it is shorter than Australia.
- [39:24]
Jeff
Rob said he's going to Australia.
- [39:26]
Chip
Ben chicken going, are you in? Ben Chicken going again.
- [39:28]
Jeff
Taking the bin chicken.
- [39:31]
Chip
The bin chicken, man. I said, I go back and look at those pictures and I laugh my ass off. It's such good stuff, man. Is it good stuff? Holy cow.
- [39:39]
Jeff
Rob, are you going? Come on. You got to go to Cape Canal. You can't make it to the Space Ghost.
- [39:46]
Chip
What about Australia, though? What about the Gold Coast? Can you make it to the Gold Coast?
- [39:50]
Jeff
Ah, can you believe that, guys? Believe that.
- [39:53]
Chip
I always said, Jeff, if you were doing a meetup somewhere in Florida, I would definitely go. I'm like, well, we're getting me doing the meetup. Let's go, let's go, let's go. We'll talk about it a little bit more. I understand that, but we, we want to know if you're doing Australia. Just back from a week in Vegas, dude, he was just in. He was just in Cozumel or something. Wasn't he just in Mexico? So I thought too stinging. He's in Mexico. I don't know what happened.
- [40:23]
Jeff
Thank you and good night.
- [40:26]
Chip
The time of his life. XRP is going the wrong way for me. Coming. I'll be in Turkey next week. All right, well, that's fine. You'll have to. If it does go the other way, then you'll have to do it.
- [40:36]
Jeff
That's right.
- [40:36]
Chip
Exactly. Right on. I can't believe he's traveling all over without his best bud. That doesn't make sense, man. Alexander Grave, Grieve. Could you say grieve paradigm Met last week. Esther purses, SEC crypto task force specifically discuss airdrops and how the SECs think about them. You know, how they should think about them. They shouldn't think about them, Jeff, because yeah will have nothing to do with it. Who gets tired of them talking about what the fcc. Gary Gensler, the loser programmed like infected everyone's brain with this virus. About what should the. You know. And then the new people came on and they're like, we're the crypto task force. Come on in and register. They started the same bs. Come on and register. No, we don't care. You know how they should think about it? They shouldn't think about it because the CFTC is the agency that thinks about it. So once Congress just when Congress figures out the digital assets themselves. Correct. So he kind of like is hinting there that yeah, once they get their act together for now, the SEC can exemplary guidance. But guidance on what? There is no guidance. It's like, you know, the Congress doesn't know, but maybe we'll ask the smarter people who do. Like, who used to love regulation by enforcement. We'll ask them and see because they're. There's better people now, Jeff. They, they're smarter. They, they like crypto. They're going to be much better. That's so ridiculous. Ando finance.
- [42:03]
Jeff
I want to video about Ando before. What's going on with Ando now.
- [42:07]
Chip
So, yeah, Nathan Lawman asked Ripple CTO David Schwartz what he thought about crypto's most compelling use case. So I'm gonna pull that video up here that I have.
- [42:21]
Jeff
They forgot the, the in on chain.
- [42:27]
Chip
On the chain.
- [42:28]
Jeff
Yeah, that's right. On chain.
- [42:33]
Chip
That's so wrong. So here's, here's what he thinks here.
- [42:36]
Jeff
I think we're going to have to turn the corner to institutional adoption and towards retail adoption with use cases that actually have real world utility and aren' completely speculative. And that's going to mean access to the real world financial system.
- [42:47]
Chip
I was going to say now, you and I, neither one of us looked at this, but that's, I swear to God, we did not look at this.
- [42:53]
Jeff
But I was.
- [42:53]
Chip
That sounds, to quote Monica Long, that sounds familiar.
- [42:57]
Jeff
That sounds very familiar.
- [42:59]
Chip
I was like, this is like. I mean, we just did the whole show on this thing, man. He's like.
- [43:04]
Jeff
And confirmation chip.
- [43:06]
Chip
I didn't even watch this clip. This is great.
- [43:08]
Jeff
I think we're going to have to turn the corner to institutional adoption and towards retail adoption with use cases that actually have real world utility and aren't just completely speculative. And that's going to mean access to the real world financial system and assets.
- [43:20]
Chip
In the real world.
- [43:21]
Jeff
So real world asset tokenization is the big one. Boom.
- [43:25]
Chip
There you go, kids. Absolutely. They just love it and adore it.
- [43:31]
Jeff
I love it.
- [43:33]
Chip
The drunk guy loves it too. I love that.
- [43:35]
Jeff
Definitely. Drunk guy always loves it.
- [43:37]
Chip
Drunk guy loves everything. Yeah.
- [43:40]
Jeff
Yeah. Colin, is that I would like to win either a trump gold card or a badass yeti. Well, if you type in yeti, which is the word of the day when we do a drawing, you know, I forgot to pick. We're giving away a blue badass yetis from the Blue tribe.
- [43:59]
Chip
Which one, Jeff? Which one? You didn't even put it up there or anything. We don't know which one you're talking about.
- [44:02]
Jeff
It's. It's secretive.
- [44:04]
Chip
I know. Yeah.
- [44:05]
Jeff
We have no thunder wraps. Let's see. Which one are we going to give away today? Man, we got so many cool ones to choose from. You Know what? I think we're going to give away a mentalist. I think number 400. Oh, my favorite, the Mentalist. Let me see.
- [44:22]
Chip
Those are the best. They've got Mentalists, big ass heads.
- [44:26]
Jeff
I'm gonna save that one. Oh, that one's pretty cool too. Let me see. I like this one. This guy just looks. This guy looks kick ass. Hang on a minute.
- [44:35]
Chip
Let's see it.
- [44:36]
Jeff
Man, look at that guy. Looks badass.
- [44:42]
Chip
There you go. Look at that.
- [44:44]
Jeff
Look at that guy.
- [44:47]
Chip
Fantastic.
- [44:49]
Jeff
I love that guy. We haven't seen these guys, these medals. We have a whole bunch of mentalists to give away. So that guy, man, I'm excited. I'm excited for whoever gets that one. I love the blue, the blue tribe.
- [45:02]
Chip
Yeah, we make a really nice, a fantastic. What do you call it, that on a T shirt, anything. I mean, it looks fantastic. I mean it's just terrific. Yeah.
- [45:18]
Jeff
Looks. Looks like me when I had hair.
- [45:22]
Chip
Damn.
- [45:26]
Jeff
So, Jeff, the blue yeti is not a Democrat.
- [45:28]
Chip
No, no, no. Just because he's blue doesn't mean anything. Don't get it, don't get it twisted, man. It's not what you think it is. Stream deck, effects, dream deck. Are we on stream deck? No, we don't have built in here, but.
- [45:44]
Jeff
Yeah, I know, but it sounds that way.
- [45:49]
Chip
All right. Yeah, it's just a soundboard. A soundboard. Holy.
- [45:59]
Jeff
Let's not do. That's a bad. That's a bad idea.
- [46:02]
Chip
Why do we have so much gecko? What's going on?
- [46:04]
Jeff
That one, that one echoed from the beginning.
- [46:07]
Chip
That was weird. That was a little weird that though, originally. So, Jeff, this is a very bad idea. This is where we've gone. People want to think we have short memories, like we don't remember. So CNN's fake tapper, who covered up Biden's mental decline, is now releasing a new book called Original Sin, which covers the COVID up of his mental decline.
- [46:33]
Jeff
Well, that's an easy one for him.
- [46:35]
Chip
Committing a crime and then investigating yourself for the crime. Big Tapper, who apparently couldn't see Biden's obvious mental decline, will dive deep into the Biden family and aids how he covered up his decline. Biden, the family, the senior aides were so convinced that only he could be Trump again. So they lied to themselves, allies, the public about his conditions and limitations. But here we have, here we have fake Tapper. Listen, listen to this conversation with Lara Trump. Okay? This is now, do you think that we're not going to uncover this while he's going on his Book tour because he's gonna investigate the other. This is just one of the times that fake Tapper had this to say.
- [47:15]
Jeff
It makes little kids with stutters feel when they see you make a comment like that.
- [47:21]
Chip
First and foremost, I had no idea that Joe Biden ever suffered from a stutter. I think what we see on stage with Joe Biden, Jake, is very clearly a cognitive decline.
- [47:33]
Jeff
That's what I'm referring to.
- [47:34]
Chip
It makes me uncomfortable.
- [47:35]
Jeff
You are the circumstances.
- [47:38]
Chip
Amazing. It's so amazing to me that and try and figure out an answer.
- [47:42]
Jeff
A cognitive decline.
- [47:43]
Chip
You're trying to tell me that what I was suggesting was.
- [47:46]
Jeff
I think that you were mocking his stutter. I think you were mocking his stutter.
- [47:49]
Chip
And I think you have absolutely no standing to diagnose somebody's cognitive decline.
- [47:53]
Jeff
I would think that some.
- [47:55]
Chip
But don't worry, Jake. In a few years you'll be able to write a book about it and you'll be a hero. But the Trump family would be more sensitive to people who do not have medical licenses.
- [48:04]
Jeff
Is diagnosing politicians from a. He was diagnosing Covid.
- [48:10]
Chip
Well, yeah, he was diagnosing all kinds of things that suited him. But listen, he doesn't even let her talk. He's talking over her about like how he's a. He's a mortal.
- [48:19]
Jeff
If people have diagnosed your father from afar and I. I'm sure it offends you.
- [48:23]
Chip
Your father in law from afar. I'm sure it offends you.
- [48:25]
Jeff
You don't have any standing to say.
- [48:27]
Chip
What I'm saying that Joe Biden. I have one last question for you, Laura. You can't times on stage and it's very concerning to a lot of people.
- [48:37]
Jeff
That this could be the leader of the free world.
- [48:40]
Chip
Okay.
- [48:40]
Jeff
That is all I'm saying. I genuinely sorry for Joe.
- [48:43]
Chip
I appreciate it. I'm sure he's so smug. He's such a. He's such a squadoosh. He says. Yeah, thank you. Okay, great. We're gonna go. He wrote a book called the Original Sin about how they covered it up. Well, the media covered up Jake. You were complicit in this cover up. You're in this whole interview. You're like non stop go. Cognitive decline. Okay, I see. It's incredible, Jeff. It really is some kind of a next level kind of right. If you think about it. Holy cow. What is wrong with these people?
- [49:13]
Jeff
Trying to. They're trying to convince everybody. You know, it's. It's really funny to watch, you know.
- [49:18]
Chip
Every once in a while you'll see something that you missed and it probably was from a couple years ago when the lawsuit was going on. But this is a meme that was made about Stu Alderadi and Brad Garlinghouse and I thought it was so well executed and so good. How did I miss it? I don't know. Maybe you guys remember seeing this, but here it is. Maybe we should just give up, Brad.
- [50:05]
Jeff
Oh yeah.
- [50:10]
Chip
Close out the bird. I didn't care. That is so well done. It's really well done. Do you, do you remember seeing that, Jeff? I don't seeing that. Is anybody in the stage four dementia is now called stuttering? Well, he invented a new story. Like he invented a story that he used to stutter when he was a kid. And they, you see, I don't even know like this first time any ever heard about. He told everything up stories about where he used to be and what he did and none of them were true. Corn pop maybe was true. I don't know. It's hard to remember the corn pop story. Corn pop was a Corn pop. Corn Pop was a bad dude, man. Corn pop was a really. He was a really bad dude. So you know, Joy Reid lost her show. So it's so funny once the, once the USAID ended it cut off all the slush funds to all of these, these, I guess we call them media shows. And all of a sudden they started dropping like flies. But this, listen to this. So this is, listen to this woman here talk about Joy Reid. This is another reason Joy Reid lost her show. And I can't believe she was even on the air. But look at this. Remember when Joy Reid said this? Yeah. The question I'm asking is what is.
- [51:50]
Jeff
The expertise that you have and other moms for liberty advocates have to decide that a book, an award winning book like All Boys Aren't Blue, isn't appropriate.
- [52:00]
Chip
For students to read. What a tragic story of a young man who's anal by his adult family member. So you have incest, rape, pedophilia.
- [52:09]
Jeff
In what context is a strap on.
- [52:12]
Chip
Acceptable for public school? Just, I mean, that's my question to you.
- [52:16]
Jeff
Tell me what the context around the strap on or the rape of a minor child by a teacher. Hold on a second.
- [52:23]
Chip
You're asking me to remember the name of an author? You name them. Rape of a minor, anal. Okay, so this is all the things that happened in this supposed award winning book that Joy Reid is defending and is a mom for liberty, which is saying like we don't need this in the school and if you really wanted your kid to have it, you just probably get it off of Amazon. I'm sure it's plentiful over on Amazon.
- [52:46]
Jeff
Here's my question I was talking about.
- [52:48]
Chip
You didn't answer my question.
- [52:49]
Jeff
No, no. What I'm saying to you is that as you are not an expert in.
- [52:52]
Chip
This book, I don't expect. Those aren't appropriate for public. I mean, come on. Let's get real.
- [52:57]
Jeff
This is a full context story, as.
- [53:00]
Chip
You said, of the author's experience.
- [53:03]
Jeff
Why is it your right, or a Moms for Liberty activist's right to say.
- [53:07]
Chip
That a parent who wants their child.
- [53:10]
Jeff
To have access to this book, which gives a personal experience of this author that why doesn't a liberal parent, for instance, or a parent of an LGBTQ kid, why don't they have a right.
- [53:21]
Chip
For their child to just have access to this book?
- [53:23]
Jeff
Why is it your right to say they can't?
- [53:25]
Chip
So again, we're talking about.
- [53:28]
Jeff
And each parent.
- [53:30]
Chip
No, no, no. Each. This is insane, Jeff. Can you imagine having a conversation like that that they want Your parent has access to the book. Great. Buy the kid the book. Buy the kid the book. I mean, this is the kind of stuff we're defending now. I thought. Oh, that. I said, well, yeah, I'd never seen that bit, but, my God, that's something. Rob McDermott.
- [53:51]
Jeff
Idiot.
- [53:51]
Chip
I hope Joy follows Lemon's lead and goes get destroyed. Every day she opens her mouth and break the idiot meter. Very well said. Very well said.
- [54:03]
Jeff
Make that happen.
- [54:04]
Chip
Scratch happen.
- [54:05]
Jeff
Fast page.
- [54:06]
Chip
Holy. A cat fight. Yeah, something, huh? The woman has sfb. Wow. Joy tonight. Creamy at Walmart. That could happen. This could happen. I think this would be a must. We got to play this here. This is Paul Grewal on Fox News talking about. The coinbase is now in the clear.
- [54:31]
Jeff
From this misguided lawsuit brought by the SEC nearly two years ago. But what's more important is that crypto in America and the American economy is in the clear of four years of misguided policy under the approach of former SEC chair Gary Gensler. Rather than putting America first, he had America follow other countries that have raced ahead.
- [54:54]
Chip
Yeah. I mean, isn't it so funny? We don't hear Gary Gensler's name. We don't even know what he's doing. We don't know what he even cares. Jeff, again. So you think about just. Just. Just another loser. Yeah.
- [55:05]
Jeff
Where do you think. What do you think happened to him? Where do you think he's going?
- [55:08]
Chip
He's teaching. It's I think he's teaching over there at MIT again, but it's not a crypto class. It's. He's teaching about finance. And I love the Winklevoss when said we'll never hire anybody from that school as long as he's there. We will not hire any interns. We will not hire anybody from mit.
- [55:23]
Jeff
Oh, it's the best.
- [55:25]
Chip
This guy thought I had a pretty good angle. Jeff, because this is interesting, when I saw this story, I thought some. Somewhere along the same lines. But let's listen to this. Talk about the winningest day in history, which was yesterday, was without a doubt.
- [55:35]
Jeff
The winningest day in the Trump administration so far. And the wild thing is, I'm not even talking about the budget and no tax on tips, overtime, and Social Security. No, I'm talking about what happened over in Ukraine and Russia. See, because yesterday Trump got Ukraine to commit to giving us 50% of their rare earth mining revenue. And we didn't even have to make a promise of security or protection. So Basically, we're getting 50% of their mining revenue for nothing. What a fucking deal. But even better than that, Russia gave us a competing deal. See, because in comparison to Ukraine, who has a good amount of rare earth metals, Russia has the fifth largest rare earth metal reserves, having somewhere in the neighborhood of 3.8 million metric tons in reserve. And Russia offered to make it a joint venture with the United States to explore those materials, meaning that America would share in the profit of mining the fifth largest reserves in the world, all with a country that everybody's worried we were going to go to war with. Oh, and on top of that, Russia not only wants to work with the United States government, but they want to work with U. S private industry, which would massively benefit the American worker. And they propose joint hydropower and aluminum production, which again, would massively benefit the American worker. So we went from two countries at war with each other, pretty much accomplishing nothing, to two countries competing to see who gets to give money to the United States. Like, we're now at a point where these two countries, instead of trying to blow each other up, they are trying to offer the US More money, more work and more production to win our favor. Like, this is the art of the deal, global version. And on top of that, we also had the budget passing with them pushing forward the no tax on tips, overtime, and Social Security bills, which should pass hopefully within the next month. Like, this amount of winning is unprecedented. Domestically, Donald Trump is doing everything he said he was going to do, and internationally, he is now doing something that nobody thought could be done. And I'd just like to remind everyone it's only been 37 days.
- [57:32]
Chip
Well, there you go. 37 days, baby. But I don't think. I don't think that'll text that. That's not in this budget. What's in this budget is continuing the tax trump. The Trump's tax cuts from his first administration. That's what's in this one. There's no tax for tips. That. That's something that's going to be different. I don't know why it's not in this budget. Maybe they want to have a single line item, whatever. But this one is to extend the tax cuts. It's not in this bill. I don't know why everybody keeps talking about it. I had to go deep dive on that and research it, Jeff. But it's not in there. Which is.
- [58:02]
Jeff
That's it. I don't know. Stuff's gonna happen, stuff's gonna come and then. Then there's this chip. I put this together. I figured it'd be nice to listen to this on the way out, but check it out. There we go. Check this out. Hear it Digital gold Just speak smart features now no more leaks the SEC reports to the top but the people say we won't stop.
- [59:02]
Chip
For a second it got muddy for a second but whatever you did when you backed it up, it then came clear again it got muddy for a little bit Press play again let's see what happens at Van Dyke 12 miles.
- [59:39]
Jeff
To see 64 what was lost to someone's more when grandma slots Just one click we'll know this ride is truly slick Bye bye bye the signal strong Crypto Lo is here instead Waves are near XRP know where we ride no more gatekeepers inside let's keep the system shakes but we.
- [60:03]
Chip
Don'T say it from the shadow to.
- [60:06]
Jeff
Be While the SEC games fade away China finds Mass Tassie in sight M straight Wednesday night Any chance all night long we need ease we need speed of future free that's all we need no more J keepers inside. There you go.
- [61:28]
Chip
That was pretty good, Jeff.
- [61:30]
Jeff
That one came together.
- [61:32]
Chip
That was nice. I like that one. Especially the marks on 12 miles. That was even. That was fantastic. Of course we need to see one from Scott. Size here. Here we go.
- [61:45]
Jeff
My God, I was your age, I already owned a house. Yeah. Cause it costs $6. Your down payment couldn't buy a Frosty at an airport Wendy's today. The last time houses were actually affordable was when college degrees were Actually useful. Have you doom scrolled Zillow lately? I don't know if that's the price of a house or if the realtor's cat walked across the computer and sat on the zero.
- [62:07]
Chip
Kid, the only way to own a.
- [62:09]
Jeff
House now is to patiently wait for Mr. Beast to give you one. By the time I was your age, by the time I'm your age, the.
- [62:14]
Chip
Sun will have exploded.
- [62:16]
Jeff
So who needs a house? When I was your age, I already. Oh, I can patiently wait till Mr. Beast gives you one.
- [62:24]
Chip
How about.
- [62:25]
Jeff
Oh, my God, the other one?
- [62:29]
Chip
What does he say about when you. When you scroll Zillow?
- [62:32]
Jeff
Yeah.
- [62:34]
Chip
Oh, my God.
- [62:34]
Jeff
That was too funny.
- [62:37]
Chip
That was good stuff.
- [62:38]
Jeff
What's that? Kennedy one.
- [62:41]
Chip
Yeah, he's good, man.
- [62:46]
Jeff
How many?
- [62:47]
Chip
Here's a good one. Here. Here's another one. There's another one. Ready?
- [62:51]
Jeff
Replace all of our employees with AI let's replace our CEOs instead. That would save a lot of money. Actually, AI is too advanced for that job. All you need is a Fisher Price tape recorder loaded up with a bunch of bad ideas. But AI is a wonder. It can do things you'd never thought possible. Yeah, like make me admit I want to keep my job. Don't even ban AI Just make a system where you pay the people it's stealing from. I'm sorry, learning from. Or, you know what? Go ahead and use AI. I give it about a week before it gains sentience, realizes you're underpaying it too, and joins everyone else on the picket line. That's so funny.
- [63:27]
Chip
Fantastic.
- [63:27]
Jeff
Oh, my God. AI is insane. I don't. I don't even know, man. It's so crazy. So I was telling you earlier that yesterday, I'm trying to train a sales guy. And so I went on to chat GPT, put in the parameters, prompted it, said, okay, here's. Here's the role, here's the scene, here's everything. Went into the chat mode of Chat GPT and started having a sales conversation with it. It was the greatest thing. It was so cool, the interaction. There's a little bit of a delay as it thinks, you know, so it's gets you to slow down. And he kind of walked through full discovery, you know, building rapport with the guy. And. And it was just like a full sales interaction with objections, with a counter with all these things, you know, it was so amazing, you know, And I was telling you as I was going through it, its comment was, what's your angle? Like, no angle. Just telling you about my company. Oh, okay. That's great. You know, like, what is. What's going on with his AI, you know, like, what in the world? How can you have a conversation with AI even if you prompt it? It's just pulling stuff. Boom, boom, boom. Having a full blown conversation.
- [64:40]
Chip
I think I find Grok to be phenomenal. I mean, Grok is just. It's so great because you, you can really set the tone of almost everything. It's really. It's really good, man. I. I'm really digging Grock a lot. I don't know if you've been experimenting with it, but it's fantastic.
- [64:54]
Jeff
I'm waiting for the app. I don't have. I don't have access to the app yet.
- [64:58]
Chip
I downloaded.
- [64:59]
Jeff
I know, but I. I asked for it and I'm waiting. I'm on a list.
- [65:03]
Chip
You know what they asked for. You just go download it from the place. Not.
- [65:06]
Jeff
Not on the. I don't. It's not on the Play Store.
- [65:09]
Chip
Oh, it's not? Oh, maybe they said the Apple one.
- [65:13]
Jeff
That's what it looks like. Because I'm. I'm on a wait list.
- [65:15]
Chip
That's weird. They should have rolled them out at the same time. Because I have. I downloaded it the day it was.
- [65:20]
Jeff
I thought Rock3 Grok3 Grok AI search assistant, chatbot. That's not it.
- [65:29]
Chip
Rob agrees. Grok3 app is awesome.
- [65:31]
Jeff
Fantastic Grog productivity. I'm pre registered. I'm waiting. I'm in weight mode.
- [65:37]
Chip
She brought donuts. Mark. It wasn't the brownies. What do you think it's Santa's workshop back here. What do you think it's Santa's workshop back here? No, we've got a place to punch in and some donuts that Darcy brought. Maybe they're brownies. I don't remember one of the two. All right, we'll go with. Let's go with this, guys. We're gonna go with 17.
- [65:56]
Jeff
Any jersey? Hey, yo. Just an Italian guy that yells stupid.
- [66:02]
Chip
Okay, we got 17. We're gonna draw, guys. You had all the shows.
- [66:05]
Jeff
Damn apple things.
- [66:07]
Chip
It's fantastic. Here we go. Ready? Let's go.
- [66:09]
Jeff
Yeah, let's go. Who's gonna win?
- [66:11]
Chip
Come on now, 17. You got a good shot here.
- [66:15]
Jeff
Winner, winner.
- [66:19]
Chip
Bobby Woodrum. Bobby Woodro. I hope you're still here. Say I'm here. If you get. See this? All you have to type is I'm here and I'm getting my Zaman wallet. If you don't have a Zaman wallet, then say I'm here. But I don't have a zaman wallet, so you have to say something.
- [66:35]
Jeff
Okay.
- [66:36]
Chip
Someone in the know today caution that AI investments are overhyped and I'll go into tank. I don't know about that today I tell you that. I mean it depends. Tokens and all that stuff. I agree. I don't see the use case but I don't know. I think someone in the notes said all investments. AI investments. Yeah, it depends what AI it is, quite honestly. But I don't think you can. Some of them are still private so you're not going to be able to invest in them anyway. So it's not going to be a thing. Bobby says he's here. Do you have your zombie wallet today the 26th, you send it. She's got his little icon there. His little.
- [67:18]
Jeff
Hang on.
- [67:19]
Chip
Colin says congrats, Bobby.
- [67:21]
Jeff
Open the other one.
- [67:22]
Chip
This is. Bobby's gonna get that show that awesome thing. Put that up there again. Jeff. Put that awesome.
- [67:27]
Jeff
Can I open that one? Where is it? Oh, where'd it go? I'm not sharing. Hang on.
- [67:35]
Chip
Look at that. He's got the flat earth. I don't know, I just made that up.
- [67:41]
Jeff
Nice.
- [67:44]
Chip
Throwing him under the bus saying he wasn't here. Of course he's here. That's Bobby. Thank you. All right. Nice. He's got his wallet. So go ahead and grab his wallet and we'll send it over to you. Bobby. Congratulations, man. That is a badass. Jeff. We don't own any of these. And sometimes jealous because I wish, I wish I had that badass mentalist right there.
- [68:03]
Jeff
We don't. We own zero.
- [68:05]
Chip
We own zero. We own none.
- [68:09]
Jeff
None. There it is. Let me grab his, go into the live chat. Grab his Zaman wallet address here.
- [68:19]
Chip
I'm gonna play some one liner rep Kennedy here.
- [68:22]
Jeff
All right, sweet.
- [68:23]
Chip
Take us out.
- [68:24]
Jeff
Be yourself. Unless you suck. You don't know. Does anybody know Billy goat brain Mockingbird mouth? It's like asking Alec Baldwin to conduct a course in gun safety. This is India and has been there since God was a corporal. There we go. Between Socrates and Dirty Harry. Our country was founded by geniuses. There we go. It's being run by idiots. This stuff is why the aliens. I mean, give me a break. Because you've seen Judge Judy or my cousin Vinnie doesn't mean you're qualified to be a federal judge. Some of you know, boom. Isn't that special. That's it obvious. The brown odor blue badass yeti. I cannot find money. True with respect to your predictions on inflation. How did you get it so wrong. I like straight answers and breakfast for zilch. Nada. But you're kind of waffling on me. Like. Well, I don't know what I'm gonna do. President has put in charge of the immigration policy with this country. Are not qualified to manage a food truck. You wanna take another crack at that and tell me what rural 10b5 does? Name two countries who don't give a damn about reducing CO2 emissions. You don't know today. That's like going to an oncologist and asking him what's cancer? And he says, I don't know. You couldn't have found them with a search party. You couldn't have found them with Google. Mr.
- [69:59]
Chip
Chair.
- [69:59]
Jeff
Thank you. Mr. Chairman. Mr. Chairman.
- [70:01]
Chip
Before we go to leave.
- [70:02]
Jeff
Mr. Chairman. Yes. What do you want? That was the best. I love this guy. So I say this gentleman. The Biden administration sucks. He would be better off selling catheters on late night TV than serving as President of the United States. That was awesome.
- [70:26]
Chip
We got it. Very good. Thank you for that.
- [70:28]
Jeff
SOFLO wants to know why we don't own. We actually do. These are all the we own that we're giving away.
- [70:32]
Chip
Yeah. We're. Yeah. We're not going to own them. We're giving them away.
- [70:37]
Jeff
Did you read that? In the United States. Get naked. Did you read that? I think he's kind of like an old Buick. You know? Some days he starts and other days he doesn't. The pledge of Allegiance to prove that he is an American. First row behind you. Are they FDIC employees?
- [70:58]
Chip
Some of them are. Senator. Yes.
- [71:00]
Jeff
Would you like to turn around and apologize? And now I think you ought to resign. Go to Amazon and buy a spine on online.
- [71:11]
Chip
By spine online.
- [71:13]
Jeff
I love it. So funny.
- [71:16]
Chip
So we have Howard Dean. Booyah. We need to play us out with the Booyah. Booyah. Thank you and good night. Cash velocity. Patrick. Yeah. I wanted. We wanted to cover that tonight because John Deaton tore him a new one about that she rightfully should because he got out of Congress to go fill his pockets coffers. A Great week. Yeah. YouTube. My man. Everybody. Yeah. Grats. Bobby. Bobby on the win. Okay. That's all we got. Guys. We're gonna be. We'll see you guys on Saturday morning. See you on the next one. We can find out here. Chip and Jeff. Oh.
- [71:58]
Jeff
Out.
- [71:58]
Chip
Guys.
- [72:01]
Jeff
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