🥄 Spoony Wielders 💎 Crypto Value, StableCoins & Believers

Added: 2026-05-06

[00:00:00]Spoony holders, you're going to love today's episode because we're going to be speaking about value.

[00:00:06]A lot of people say crypto has no value, and then the rest of us say it is the ultimate value because you actually get to own your own money.

[00:00:16]Now, friends, I made this post here about Apostle Thomas, and I've been talking to you about Apostle Thomas recently because of all the apostles, he is very interesting because he was close to Jesus, saw the miracles, witnessed absolutely everything, literally 99.9% of everything.

[00:00:39]He knew Isaiah, Prophet Isaiah would go and speak about the Messiah and all these things, and then Jesus comes. He literally 99.9% he literally walked right up to the line, but after Jesus died, he only appeared to the other apostles first when they were scared in the room.

[00:01:01]Thomas wasn't there.

[00:01:03]So, Thomas, after seeing this is why it's interesting, friends. It's from a crypto perspective, you will see. He saw 99.9%.

[00:01:13]And then, after Jesus appeared to the apostles, they ran and they told Thomas, and they said, "Guess who I saw? He came back, man. He really did resurrect."

[00:01:23]And uh Thomas, after all of this, he goes, "I don't believe it."

[00:01:30]Keep that in mind.

[00:01:32]And then, Jesus actually appeared to him. And remember Thomas said, "I need to touch the wound. I need to touch the wound for me to believe."

[00:01:43]We have a baby doll before we even go through, friends. I've told you about Thomas, okay? Apostle Thomas.

[00:01:48]There he is, a friend in my telegrams.

[00:01:52]Remember, I explained this for you a lot, friends, but just so everyone knows. Can anyone explain how this is relevant to the market? This is extremely important for crypto.

[00:02:02]You got to remember, friends, once upon a time crypto had no value.

[00:02:07]Okay? Like it actually was zero-dollar market cap, and then Bitcoin had the zero-to-one moment, actually got created.

[00:02:14]But we're going to go through some stuff here so you understand. Two big references.

[00:02:19]Number one.

[00:02:21]So, why why is that relevant? Okay, before we even continue, why is it relevant, friends?

[00:02:26]Value is subjective.

[00:02:29]So, in crypto, what does value subjective mean? Means there's no formula.

[00:02:34]There is no specific formula. People want the formula.

[00:02:39]We make models. We say We say, "Oh, an asset is worth its cash flow." An asset is worth a future stream of income.

[00:02:49]Blah, blah, blah.

[00:02:50]Is that entirely true? No.

[00:02:55]If that was true, gold would be worth zero.

[00:03:01]Gold has no cash flow. If you hold gold, where's your cash flow?

[00:03:08]What about oil?

[00:03:10]If you hold oil, how much cash flow does that give you?

[00:03:15]Well, you might say, "Oh, but technically it's a step removed from a cash flow because it can be consumed, fire up an engine, and then it can help you go produce cash flow."

[00:03:27]So, you can do all these theoreticals.

[00:03:30]You go, "Yeah, but if you hold a barrel of oil, dude, you're not getting any cash flow. Oh, you got to do something with it."

[00:03:35]All right? That's like what we call the utility.

[00:03:38]But here comes Bitcoin. That's why Bitcoin, friends, literally gave us returns because we thought, "Hang on, can we make something that inherently you think has no utility, but it lives in the digital world? You get to own your own money now.

[00:03:54]Is that worth something? Lo and behold, yes, it is.

[00:03:58]Value is subjective, though. If nobody believed in Bitcoin, it would be worth zero.

[00:04:03]And this, friends, is very It's very hard for people to understand and even admit that value is subjective.

[00:04:10]Because you might say, "Well, that's why a lot of friends A lot of people just stick to their own asset class."

[00:04:15]Some people are just They like houses cuz houses give you the ultimate utility where you can actually live in it, or you can rent it out to somebody else.

[00:04:21]They love like real estate, for example.

[00:04:23]Other people want to own stocks because you own this theoretical piece of paper which says you may or may not be entitled to some theoretical cash flow of the company, which everybody knows that it's not, and they're mostly Ponzi's anyway, but people have this imagination that this piece of paper in the DTCC, which is at New York, is going to give you access to the balance sheet, which it doesn't.

[00:04:42]Absolutely not.

[00:04:44]Case in point, go buy McDonald's share.

[00:04:46]Are they going to let you change the menu? No, they won't.

[00:04:50]Go buy Tesla. Is Elon going to tell you about the UFO tech? Nope.

[00:04:56]So, what is it there for? Well, it's just it's just another asset class. We have different means of how to categorize stuff. Here comes crypto.

[00:05:06]We're early enough such that there is no formula.

[00:05:09]But it's Metcalfe's law.

[00:05:11]But you can do Metcalfe's law on anything. They're just networks.

[00:05:14]All right? You need people to hold things together.

[00:05:17]So, value is subjective. That's the whole value proposition of crypto, right? But that's why people go off the deep end and they go, "Oh my gosh, nothing's real, nothing's real." Well, either nothing's real or everything's real.

[00:05:30]You actually find everything's real.

[00:05:33]That's the funny part, right?

[00:05:35]Example, Bitcoin offers no new technology. Bitcoin does nothing today compared to 10 years ago, literally nothing.

[00:05:44]Yet, it's no longer $400. Before that, it was $40, and then $1, and then zero.

[00:05:52]It went to $100,000.

[00:05:54]So, what actually changed? More believers.

[00:05:57]That's it.

[00:05:59]That's literally it. No new tech, no new stable coins, no new smart contracts, no new NFTs, no new perp dexes, no new privacy, no nothing.

[00:06:10]Just more believers.

[00:06:13]Ain't that something?

[00:06:15]That's why we conflate on purpose and we use the meme word Ponzi cuz that's why we make it a meme word.

[00:06:23]Ponzi means like you just don't know where the cash flow profit's coming from. It's hidden. But that's why we use it as a word as in like because you know what's hidden is like you don't truly understand why people even holding this stuff. There's no formula.

[00:06:34]They're like, "I don't know. I think it's going to go up."

[00:06:37]You know, that's why people just say, "Oh, that means it's like it's a Ponzi.

[00:06:39]It has no value."

[00:06:41]But then you find out isn't everybody holding every asset class for that reason?

[00:06:47]You're holding a house cuz you think it's going to go up. You're holding a stock cuz you think it's going to go up.

[00:06:53]You're holding gold cuz you think it's going to go up.

[00:06:55]Tell me one thing you hold that you think is not going to appreciate. If you really thought it was going to go down in value, you wouldn't hold it, would you?

[00:07:01]Same.

[00:07:03]Unless you were consuming, like a car.

[00:07:06]Right? Also, so this is where we come, friends, this this concept of faith and belief and stuff. Of course, you believe in the wrong thing, you die.

[00:07:15]Just like you take the wrong pill, instead of it meant to be heal you, it can hurt you.

[00:07:21]Stable coins, friends. The next topic is stable coins. It's actually related to the same thing. So, assets can fluctuate, but then you get the stable coins, and then most people will think, "Oh, well, stable coins, you know, a dollar's always worth a dollar." Or is it?

[00:07:34]No.

[00:07:35]Because stable coins still require faith, which is something interesting to learn when we're on our journey. You think, "How on earth can a stable coin still require faith?" They do, Habib. They do.

[00:07:49]They all do.

[00:07:51]Even if they are programmed on the interwebs, in DeFi, the stable coin still requires faith.

[00:08:00]People must believe that they can redeem for a dollarydoo.

[00:08:06]You might say, "Oh, but there is money in a bank account."

[00:08:10]Yeah, but there's only one way to find out, isn't there? You've actually got to sell into it and do it.

[00:08:16]Isn't it? You've actually got to go spend it.

[00:08:19]If you are holding a stable coin in your pocket, in your wallet, you think you're going to get $1 value for it. You think.

[00:08:28]It's subjective. You don't know. You have to trust that the system's there.

[00:08:31]You have to trust that when you go spend your $1 dollarydoo, even if it's a stable coin, you have to trust there's enough liquidity even within crypto.

[00:08:40]Ain't that something special to think about? So, all of this is about faith and belief, friends.

[00:08:46]And that's why I even show you the PDI to Pulse ratio has been rising. You know, friends, on the gravestone emoji day, it went down to a value of 10, and now it's a hundred pretty much hit 180. That's now 18x. I've been reporting this for you for a long time. And remember, it went from 10, went all the way up to like almost 180, 200, back down to like 50, and now it's going up.

[00:09:11]Now, why this is interesting is just like ETH/BTC ratio has a price where Ethereum would flip Bitcoin, and the ratio is 0.16, which I'll show you. Okay? If ETH/BTC hits 0.16, and you know what, friends, once upon a time it almost did.

[00:09:29]In 2017, it hit 0.155. It literally almost flipped Bitcoin. If it goes and hits 0.16, Ethereum is now bigger than Bitcoin in market cap. Similarly to that, if PDI goes up a certain ratio, it flips PulseChain.

[00:09:46]Now, why this is a mind-bending scenario for people is because See, Ethereum and Bitcoin, two different chains.

[00:09:57]Okay? It's two different chains. It's like saying one city is bigger than the other city, you know? It's like, "Oh, California's GDP grows bigger than New York." That's okay.

[00:10:07]You know? You're like, "Oh, what's wrong with that?" Or um or China's GDP one day overtakes America's USA GDP. You're like, you you can see that.

[00:10:16]Why not? Okay.

[00:10:20]But with pH if it gets a bigger market cap than Pulse, that means the application layer of pH is bigger than the freaking chain it's on itself.

[00:10:35]So, initially, this is bending reality for a lot of people. Most people don't think it's possible, but it actually is possible. We already see that in the real world. For example, Amazon.

[00:10:45]Amazon is worth zero unless there are trucking companies that could actually distribute stuff.

[00:10:52]It's literally worth zero. It can't distribute anything, especially if you go back 10 years ago. But the market could see beyond that. So, Amazon is the application layer in America.

[00:11:02]But it uses the infrastructure roads.

[00:11:04]So, you can think of maybe Pulse chain the layer one as the infrastructure. And pH would be an application layer. Now, we also see this is stuff like HyperLiquid or even Uniswap, which is plotted on Ethereum.

[00:11:15]So, these things have no limits, do they? Depending how much you can grow.

[00:11:18]So, that's why we already know we can see this from afar. We already know even if it if pH flips Pulse, to me, that's not expensive.

[00:11:27]Why would it be expensive, right? We've seen many examples out here, friends.

[00:11:30]Like, for example, friends, Amazon's worth a couple of trillion market cap.

[00:11:33]What's it worth? I don't even know, like 4 trillion or something. I think the trucking companies, they're like 100 billion.

[00:11:38]Amazon's like 40 times bigger than the infrastructure required to operate it. UPS and the delivery stuff.

[00:11:46]So, the more you dive into it, friends, you see every asset requires belief. Everything requires belief and trust. Literally everything.

[00:11:54]With crypto, though, we've got the blockchain tech starting from Satoshi, which can pretty much be the triple check that the money system, the accounting is correct. But ultimately, there's still trust everywhere.

[00:12:10]You have to trust even, friends, for example, that the explorer you're looking at is giving you information that's correct.

[00:12:17]You have to trust that liquidity on the bid is real, you know? Like like right now, friends, what's the Bitcoin price right now? You you see it on a price You see Let's say you go check a website, but you don't know what the bid's like, you know? You're you're trusting that the bid of Bitcoin, that there's like, you know, if Bitcoin has a trillion market cap, you're trusting that there's like a hundred billion dollars worth of money to buy if it swoops down.

[00:12:40]I mean, technically, I mean, friends, it could have literally just 10 million dollars. You wouldn't know until somebody tests the liquidity. If you remember that meme from 2021 when Elon Musk sold sold some Bitcoin at the top, he said, "I'm just testing liquidity."

[00:12:54]Which is a really funny thing to think about. So, friends, that's why I I related this to this Apostle Thomas story. Because Apostle Thomas, you know, traveled the furthest of all apostles because he initially doubted Jesus's resurrection and was basically converted.

[00:13:13]It's such an interesting story. He went the whole way. 99.9% of the way. His whole life, every teaching, saw the miracles, absolutely everything, and he still And then the apostles, like the other 10 of them were They said, "Yeah, yeah, look what we saw." He goes, "Don't believe it. No. I need to see. I still need to see."

[00:13:33]After Jesus initially died, his apostles were sad and scared. They thought the movement was over. Jesus appeared to all of them in the room except Thomas.

[00:13:41]When the apostles told Thomas in excitement, he said, "Unless I get to touch his wounds myself, I do not believe."

[00:13:48]Eight days later, Jesus appears to Thomas. He touches the wound and he's completely shocked. That's why, friends, like you know, let me tell you this, okay?

[00:13:56]When I'm showing you this picture, I'm not actually seeing Thomas touch the wound. I'm not seeing that, okay?

[00:14:04]I'm seeing pH at a dollar.

[00:14:06]All right, that's what I'm seeing. I hope so. That's what I'm seeing, friends. I'm seeing someone actually sell pH and the bid is providing them a dollar. That's what I'm actually seeing.

[00:14:16]I'm seeing Bitcoin at a million dollars.

[00:14:21]I'm seeing everybody have a wallet app on their phone native for Apple.

[00:14:28]That's what I'm actually seeing.

[00:14:30]I am seeing people who are doubting today, I'm seeing their children in like 10 years DCA buy Bitcoin, Ethereum, and whatever else is around.

[00:14:45]Actually buy crypto.

[00:14:47]That's actually what I'm seeing, friends. I'm not just saying, "Ah, it's it's it's someone touching the wound."

[00:14:51]I'm seeing someone who doubted so hard that they're now DCA buying it.

[00:14:56]You know, friends, we've already seen examples of this. Friends, we even have There's a I forgot which country one nation one city out there. They're DCA buying BNB coin.

[00:15:06]Yeah.

[00:15:08]I think it was in Malta. I forgot which one of the one of the cities. Yeah, the actual municipality, they're buying Bitcoin, Ethereum, and BNB. They're actually DCA buying BNB, dude.

[00:15:19]They're like they're acquiring a treasury.

[00:15:23]See, we don't talk about that enough in crypto, but we should. We already have Now, this is probably like pre-October black swan 1010 last year, but I remember reporting on that. I thought, "Whoa, man, we're actually it it made me stop and just think." I'm like, "Dude, we've got cities now DCA buying altcoins.

[00:15:44]The things that we just called poop coins.

[00:15:46]We have whole cities actually joining the networks.

[00:15:49]It's such a surreal moment.

[00:15:52]Touching the wound, my friends. Touching the wound.

[00:15:54]But I think we take it for granted, right? Like, the fact that like Bitcoin at a price here, friends.

[00:16:00]You know, you know it's funny.

[00:16:03]Every every day you meet normies and just people who have no idea about, you know, crypto at all.

[00:16:09]They People I People I meet people all the time, you know, that don't even know about the stock market. All they know about is real estate.

[00:16:18]So, it it's funny even today when people say, like, "How much is a Bitcoin?" Like, when you tell them Like, when I tell them, "Oh, it's about like, you know, 70,000 US or whatever."

[00:16:29]Everybody who's just in real estate, they always say, "Yeah, but can you sell it at that price?

[00:16:35]Can you actually like get your money out?" They all say that.

[00:16:38]>> [laughter] >> You know what's a big deal? Cuz we've watched it grow every single way. We know Metcalfe's law. We know network effects. You know there's an ETF. You know there's bridges of liquidity that go in, okay? You know the world's becoming more digital. You know about the money supply and all the printing All of this it just basically goes and accepts in your heart that this thing is like just as much as an asset class as everything else. But still, people who are just not familiar with it, they still say, "But can you actually get your money out of it? Is it real?

[00:17:05]Can you actually show me the path and do that, right?"

[00:17:09]They're all out there, friends, doubt us. But that's actually just it's fuel for buying on the way up. It really is.

[00:17:16]So, obviously, it's fun Just be honest, friends. Like, you know, we had some fun out here because Apostle Thomas, it's See, I didn't even learn this from some sort of story. It's I'm discovering it along the way. And I It's funny cuz I'm I'm reading I'm watching all these videos.

[00:17:32]No one comes out and says, you know, it's interesting that Apostle Thomas as a non-believer right at the very very end, he ends up traveling the furthest to preach after getting like massively converted.

[00:17:48]Eight days later, Jesus appears to Thomas. He touches the wound, he's completely shocked.

[00:17:52]This gives him the strongest slingshot of motivation to travel the furthest and preach as a believer. Apostle Thomas ends up in India, where he was ultimately killed. And friends, yes, he's got a a churchy.

[00:18:05]And they sta- actually they speeded him to death.

[00:18:08]Um that's what happened to actually all the apostles, whether they were in Greece, you know, Saint Andrew.

[00:18:14]Andrew died on the cross. He actually got an X cross. He didn't want to be on the crucified like Jesus. He died in in Greece. You had Paul in He was beheaded.

[00:18:23]That was a Roman death. That was like the easiest, I guess, the cleanest. Uh they tried to boil John alive, but John survived the boiling.

[00:18:33]Which is also interesting from the story. Because John is almost like the favorite. And the Gospel of John is also one of you know, really accounted for Gospels. And then he lived to like 90. And Jesus said, "Look after my mother when I'm gone."

[00:18:44]Basically, he's almost like a bit of a favorite. But he's like he survived the boiling. But you look at all this stuff.

[00:18:48]That's why I like I I thought cuz it's funny, friends. Cuz everyone's meming India. You know what I mean? Everyone's like, "Damn it, the Indians got it." But no, it's It is just It's funny just to see what happens when you're a non-believer of sorts and just how far your message actually goes. That's why I called like it really is a slingshot. So, when I see total crypto here, when I see even pH, when I see Pulse chain, and I want you to understand this as well.

[00:19:23]You don't know what happens to the people who are doubting who actually see the candles go up. You don't know what happens to them.

[00:19:33]It's literally an evangelionization of a lifetime, okay? Remember, we're all here because it happened to the Bitcoiners. That's why we're all here.

[00:19:45]The amount of FOMO that came with Bitcoin. I mean, friends, think about Bitcoin got Bitcoin went up so far, now they just shill it to countries cuz they they can't get enough retailers in. Just to show you how big how big how big it grew.

[00:19:55]So, remember, after all these friends, I was I was replying to the V, you know, how is it relevant? Well, now you see how it how how it's relevant. Cuz value is subjective, and we are still early enough.

[00:20:06]We are networks.

[00:20:08]But you don't know ultimately, like, what's the formula? Oh, okay, more people means more value. Yeah, but why are the people holding?

[00:20:17]There's no formula. You don't know.

[00:20:18]You know, with all the asset classes, there is a formula.

[00:20:21]There is uh they've been around long enough where you have a bit of a formula. Stocks, people believe in the future cash flow that's going to increase.

[00:20:31]Gold, monetary hedge. It actually is, right?

[00:20:35]It is a money money money supply hedge, you know? Uh real estate, you know, oh, you can lease it out to somebody else.

[00:20:41]There's a land value, and it's it it's got a formula based off how many multiples of the same middle wage income, etc. There's all these cute formulas that kind of give you this base value of say a city and the asset and whatever it is. But what where does crypto stand?

[00:20:58]Why is everyone even in here? See, we are here cuz we believe cuz the price is cheap. Everybody else, when they see these question marks, they run away.

[00:21:08]But what they don't know is you should be running towards the question marks.

[00:21:13]Because you got you don't think about how much you don't know right now. If you look at a question mark and you walk away, you're missing out on an opportunity. What you should look at is how many question marks did they used to be and how many are there now?

[00:21:24]When Bitcoin was zero, there were a trillion question marks, weren't there?

[00:21:28]Literally trillions of question marks.

[00:21:30]This can't even work. Now, you don't have a trillion question marks. Now you've got like five.

[00:21:34]>> [laughter] >> Do you see? Look at the ratio of question marks that have been basically destroyed.

[00:21:40]Can it even work? Is the cryptography even even real? What is the Bitcoin halvening? All of these things get slapped over time, and the market adjusts upwards.

[00:21:48]You know, right now, friends, we don't know. There's still there there is a big question mark in crypto.

[00:21:56]How can you keep a stable coin near a dollar with the minimum amount of capital?

[00:22:05]You don't know that answer. No one does.

[00:22:08]Nobody does.

[00:22:10]It's scary, isn't it?

[00:22:12]It is scary, but if the P I prophecy scriptures are real, we're about to find out.

[00:22:19]We are.

[00:22:20]Right?

[00:22:21]That's why, if you're looking for unicorns, you've never seen something like that before. I haven't either.

[00:22:25]Right? I mean, like, friends, getting in a Bitcoin early, remember at some point at one point, friends, remember Bitcoin is 1 cent and then 10 cents, right?

[00:22:34]And like $7, right? They were what do you think they're talking about back then? They're not talking about the BlackRock ETF, right? They were talking about something like hey, can you actually run a global decentralized network like this without any bugs in this cryptography and how the nodes talk to each other?

[00:22:57]You know? Well, obviously, now you know the answer is yes. Yeah, but you're not buying Bitcoin at $7 anymore, are you?

[00:23:03]You're buying it at 70,000.

[00:23:06]Opportunity's gone cuz you already know the answer to that.

[00:23:11]Now we're asking different questions.

[00:23:13]Now you're asking, oh, is AI going to use crypto for their wallets? Oh, is uh uh is is crypto going to have a bid when the next president comes and it's not Donald Trump if they don't like us as much? Oh, how much money they're going to print? You see, they're totally different questions, dude.

[00:23:28]Totally different questions. They're not like existential questions questions.

[00:23:31]The existential questions, those are Bitcoin $7 environment stuff.

[00:23:39]That's why when we talk about all these things, friends, remember, I'm telling you it it ultimately it ultimately does come back to faith. All of it does. You just don't have the answers.

[00:23:50]Many people doubt its significance.

[00:23:51]Seeing is believing. I wonder if there will be doubters when P I flips Pulse in market cap. So, that's why I showed you all of this, and that's why I know the answer will be yes. There will be doubters.

[00:24:02]That's the ultimate conclusion of all of this. You now seen this.

[00:24:06]Apostle Thomas, 99.9% confirmation, he just he says, "No, I need to touch it, too. I need to touch the wound.

[00:24:13]I need to see and touch the wound, otherwise it's not on. Doesn't count."

[00:24:18]Yeah.

[00:24:19]That's why >> [laughter] >> it's going to it's going to be one hell of a story if P I, a ping pong coin, not even yet complete, is higher market cap than the actual layer one chain itself, you know?

[00:24:35]But let me you probably think, oh, Sam, if that happens, everyone's going to FOMO in. No.

[00:24:39]Nope. You want to know why? I know what they're going to tell you.

[00:24:42]They're going to say, "Oh, P Hex is already bigger than Pulse market cap.

[00:24:46]So, we've already seen that. It doesn't mean anything."

[00:24:48]You know?

[00:24:50]So, what I've seen all these friends, no matter what evidence comes out, it's it's like a it's a it's a infinite domino.

[00:24:56]It's literally just a flywheel of no, I need I need to see more. I need to see more. I need to see more. Oh, but the beauty about the beauty about markets and how this thing works is if you are long, you are betting on, you know, these question marks getting toppled and answered, right? And it just continuously spiraling like that.

[00:25:17]Okay, you're betting on that continuously happening, right? Just like if you're early in Bitcoin, like you have thousands of questions, friends.

[00:25:24]You know, like Andreas Antonopoulos, when he first heard of Bitcoin, he said he locked his locked himself into his room for like 7 days. His family was getting worried about him. He didn't eat for like 7 days. He was trying to break Bitcoin. He says, "No, I I can't believe this thing works. There's no way this thing actually works. There has to be a bug. There has to be something which just There has to be something which just cracks." And yeah, he You know, see, they're the questions they're asking back then. Yeah, that's that's freaking that's Bitcoin. Not even It doesn't even have a price yet. You're mining it. You're buying it for like 6 cents cuz you don't even know if the thing can survive yet.

[00:25:59]Well, that's why, you know, I'm I'm I wonder if when we look at something we haven't seen before, as Ivan on Tech eloquently writes that PulseChain's a scam in his latest book, if we're looking at P I here, you know, we haven't answered the question.

[00:26:14]You know, friends, I just to let you know, just so everyone's familiar, Richard Heart asked Carl Schaeser or someone else multiple times, even Crypto Wendy, he he asks on the stream. He goes, you know, I wonder how much money do you actually need to keep it at a dollar?

[00:26:33]He goes, "Can't wait to find out."

[00:26:35]>> [laughter] >> Yeah, we don't know, you know? And look no further than that example I've shown you involving Tether, right? So, friends, such a such an absolute cracker example. Like you you just this example of 2022. I remember I I went to I went through with it for you before, but even it is such an amazing example where in 2022, we literally had a stable coin bear market, right? We literally had a stable coin bear market. And holding a stable coin, you've only got $1 upside.

[00:27:12]And if you get it wrong, you lose everything.

[00:27:14]And what we saw in 2022 was that not everybody redeemed.

[00:27:22]Still, 83 billion down to 65 billion.

[00:27:28]But I I still think about this every day.

[00:27:31]You know? It You know, when I saw this Tether market cap thing, when I started looking at it, I remember I I I went through this like 2024.

[00:27:41]The first thing I thought of was how did Richard Heart even know to ask this question? You know, he asked it before the bear market started of 2022. Did you know that?

[00:27:54]That's the wild part. We were We He was asking this question before we even tested the theory that it's worth asking the question in 2022 when Terra Luna collapsed. That is the most amazing thing of all.

[00:28:09]This guy's asking about stable coin super cycle, and then Luna hasn't even collapsed yet.

[00:28:15]It hasn't even gone to zero.

[00:28:17]Now we ask stuff like this. And then the amazing stuff happens of Tether.

[00:28:21]These people still believed in $1.

[00:28:26]Remember the risk reward, friends. It's totally inverted, and people took the risk.

[00:28:30]You want to talk about lopsided belief?

[00:28:34]$65 billion of people here still held their Tether. They did not redeem in a stable coin bear market crisis.

[00:28:43]65 billion. Your maximum upside is that you get your $1.

[00:28:47]Your maximum upside is you just get your money back. Your downside is that you lose everything.

[00:28:51]And they still didn't redeem.

[00:28:53]Why is it? They're lazy or they knew? I don't know.

[00:28:57]It's is it's it's wild to just think about this event happening. Once again, it all comes down to belief. And this is people with actual $1 redeemables inside the bank account.

[00:29:06]So, look, ultimately, I don't want you to run away with some ideas thinking, oh, I can just believe in anything and everything works. No, we know that's not it's we know that's not the game.

[00:29:16]The real juice of all of this is that we've never seen anything like this before, right? Like you don't know the answer to that question, by the way. We still haven't answered it.

[00:29:26]What's the minimum amount of money you need to run this algo stable coin?

[00:29:35]No one knows the answer yet.

[00:29:37]We don't know.

[00:29:39]That's that's opportunity. Yeah. That's remember, P I is forked from E I.

[00:29:45]You just you just There's question marks there, you know? That's by the way, the fact that we don't know this is why I say PII is like 600 extra weight or dollar and it's not much higher. If there was a known proven example this thing would be way higher.

[00:30:01]Right? That's just like friends for example when they launch another chain now, they don't launch at 100,000 market cap.

[00:30:10]Right? That's like a joke valuation.

[00:30:12]Why? Because you know how big Bitcoin and Ethereum grew.

[00:30:17]You see?

[00:30:18]So maybe we're looking at a unicorn or maybe this thing's going to go to zero for the third time. I don't know.

[00:30:23]It is funny that Luna UST hit 7 cents which is still a distance of 53 X from PII here. That's wild as well. Luna UST back at the end of 2023 went up to 7 cents.

[00:30:37]Just let me show that to you right here.

[00:30:39]So it used to be a dollar a dooney and then it went all the way down and it's still it's kind of funny it's somehow got back to 7 cents.

[00:30:49]That's wild. It's actually sitting here.

[00:30:52]Remember that I want to tell you something, right?

[00:30:54]It could have been saved.

[00:30:56]It could have because, right? Do Kwon had 40,000 Bitcoin purchased using the treasury.

[00:31:04]40,000 Bitcoin at 40K equals 1.6 billion.

[00:31:08]But what he ends up doing friends is so basically so you need to cover 16 billion, okay? That's the total market cap. That's if everybody redeemed.

[00:31:19]But not everybody needed to redeem.

[00:31:21]Maybe you only needed to cover half of it.

[00:31:24]Which means you'd only need 8 billion, okay?

[00:31:27]So if you think friends if one day Bitcoin hit 250K then and he held it he held that Bitcoin. If Bitcoin hit 250K he'd have 10 billion.

[00:31:40]Right?

[00:31:41]Terra Luna would still be a dollar a dooney.

[00:31:44]Yeah, of course Bitcoin is not 250K right now, but like the venture again there. And the and the funny part is if he knew this is this is massive PII alpha by the way.

[00:31:53]This is explained to everything. Well, I've told you this by the way thousands of times.

[00:31:58]If you knew you were going to let's use this as Terra Luna example. If you knew you were going to peg Terra Luna one day with your Bitcoin and you needed just Bitcoin to go up high enough then what you would be doing is because Terra's UST is below really really low here you would be buying it yourself.

[00:32:20]You'd be front running yourself.

[00:32:22]Because you knew your payout is a dollar.

[00:32:24]You'd be slowly accumulating.

[00:32:27]Hence why the pulse chain pioneers if they accumulate size it makes total sense.

[00:32:36]Because that's actually friends I I made this video in 2024. It was for Eric Wall cuz what I did is I did remember I did this experiment where I go well what would Eric Wall write about in 5 years from now if this thing did hit a dollar?

[00:32:52]And then my answer was I'll just be blunt. The answer was a bunch of insiders were just front running themselves cuz they knew they were going to peg it. Yeah, cuz I wanted to take his like very very crude myopic dystopian black pillar approach to that.

[00:33:06]Oh, I was just front running himself.

[00:33:08]Right? So that's why like and I answered that it was kind of funny. No matter how many times I said that people still didn't want to believe.

[00:33:15]Okay bro, listen I understand it. You know you're going to peg something in the future.

[00:33:18]All right, you know something's going to be a dollar. Don't you want to accumulate? Exactly cuz you know your future action. But nobody else does. And it was funny friends they still that's why look that's why friends look we know all this theoretically.

[00:33:34]I don't think people will wake up unless they literally see maybe PII is up at like 13 cents.

[00:33:41]>> [laughter] >> When you start to think something's happening at that point? But you got to think about but not even 13 cents friends. Even if it gets to seven but that's literally like look what we're talking about here. We're talking about literally another 52X price appreciation, right? So we've come full circle.

[00:33:59]Okay, you can't get everybody to believe. That's it. Seeing is believing.

[00:34:02]They have to just see the price higher.

[00:34:04]No different to anybody else. So remember there are a lot of question marks here. We don't have all the answers.

[00:34:10]But if that's why I showed you friends early Bitcoin, early Ethereum, early everything that actually went up it was the same damn thing. Maximum number of question marks. And if you're waiting for those question marks to get answered well that means your risk goes down and because your risk goes down your upside goes down as well.

[00:34:29]It really does because you're getting more confirmation. Right?

[00:34:34]Perfect examples seen all over there.

[00:34:36]That's why the highest returns went to the people who were holding Bitcoin early, right? Roger Ver, Richard Heart, everybody else.

[00:34:44]They had all they they got the biggest reward of Bitcoin. Why? Because you had nothing to go off. You had no correlation. You had nothing from the stock market. There's no assets and liabilities. It's not a real commodity.

[00:34:55]No use case. There's nothing. It was just full on belief. And then they got the believers reward, didn't they? A massive believers reward.

[00:35:06]I hope we get the same. Like, subscribe, belly button and all. Catch you in the next one.