Cardano (ADA) faces significant ecosystem challenges despite its $8.8 billion market capitalization, with only $128 million in Total Value Locked (TVL), $17,000 active addresses, and $1.3 million in daily DEX volume. The platform's smart contract implementation initially had severe limitations, processing only one transaction per block compared to thousands on other platforms. Built on Haskell, a functional programming language, Cardano's technical approach creates an uphill battle for developer adoption. While offering non-custodial staking yields of 3-5%, Cardano has struggled to achieve ecosystem growth or price appreciation since reaching $440 in 2022, demonstrating that technological innovation alone does not guarantee market success without sustainable user activity and developer engagement.
Mark Cuban sells Bitcoin, Is Cardano Overvalued?, Nasdaq Gets BTC Options, CLARITY soon? | 26/05/26Added:
The moonshot dispatch and me.
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>> The moonot dispatch.
The moonot dispatch on blast.
We ride the spice. We chase the spark.
The moon >> right from the start.
Whales make waves again, but stack them fade. Sharp little fake outs cut through the trade. Lee says, "Look there." Nick says, "Now here, fresh on the tape and the signals clear. Hold that breath.
Watch it swing. One more push. One more ring." The room goes wide. The chat blows up. Nick and Lee don't let up. The moonot dispatch.
The moonot dispatch.
>> We ride the spike. We chase the spark.
The moon dispatch >> right from the start.
>> Wait for the turn. There it goes. in the chat. Head to toes. Higher, higher. Lock that view. Nick and Lee, pull us through.
The moonshot dispatch.
The moonshot dispatch.
We ride the spice. We chase the stars.
The moon is bad.
>> Right from the start.
HEY, HEY, HEY.
Camera hot chat scroll screens light up on the mic like watch this leave with the chart not luck candles move like wild t green prince then they snap red we the room in real time every kick got a new th one more swinger we can taste that cloud hands on the wheel now eyes on the feed if the line keeps climbing that's the news we need >> THE MOON dispatch >> run it Run it back. The moon dispatch.
>> The moon dispatch.
>> See it rise. See it snap. THE MOON SHOT DISPATCH.
>> Goes wild like that.
Fresh alert. New candle volume. Hit whole screen shakes. One more push through the rumor. One more move for the brave. Nick says don't blink. Now Lee says check that wall. We got the crowd on standby. Waiting on the next call.
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>> THE MOON DISPATCH.
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>> The moon goes wild like that.
When the dust gets thick, we keep it clean and sharp. When the crowd gets hungry, we like that spark. Nick says stay locked. Says stay away. If the moon comes, we don'titate.
>> THE MOON DISPATCH.
>> RUN it live. RUN IT BACK. THE MOON dispatch on the track.
>> The moon dispatch rise SNAP.
>> THE MOON DISPATCH.
>> Shot goes wild like that.
>> The moon dispatch.
>> We don't miss, we don't crash.
>> THE MOON DISPATCH. CATCH the wave then dash.
The moonot.
Nick and Tune in screens lit up at dawn or the book alive. Candles flick a green red in a fight. Nick calls the numbers leap reads the pace. Every tick, a clue, every move, a chase. Hold that breath, watch it swing. One more push, one more ring.
The room goes wide, the chat blows up.
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The moonatch on.
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says now here fresh on the tape and the signals clear. Hold that breath. Watch it swing. One more push. One more rain.
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On we ride the spice.
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The moonshine dispatch right from the start.
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Head to toeser.
Nick pull us through.
The moon shot.
The moon shot on glass.
We ride.
We chase the spark.
The moon shot this right from the start.
Uh uh UH vlogging camera scroll screens light up.
Nick on the mic like watch this leave with the chart not look candles move like wild ties green prints then they snap red we the room in real time every tick got a new thread hold up hold up that room go loud one more swing up we can taste that cloud hands on the wheel now eyes on the feet if the line keeps climbing that's the news we need >> the moonshot dispatch >> run it live it back >> the moon dispatch You can leave on the track. The moon dispatch. See it rise.
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Fresh alert. New candle. Volume hit.
Whole screen shakes. One more push through the rumor. One more move for the break. Nick says don't say check that wall. We got the crowd on standby.
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Hands on the wheel now. Eyes on the beat. If the line keeps climbing, that's the news we need.
>> The moon dispatch.
>> Run it live, run it back.
>> The moon dispatch.
>> Lean on the track.
>> The moon dispatch.
>> See it rise. See it snap.
>> The moonshot dispatch goes wild like that. When the dust gets thick, we keep IT CLEAN AND SHARP.
>> WHEN THE CROWD GETS HUNGRY, WE LIKE THAT FAR. NICK SAYS stay locking stay away.
If the moon comes, we don't >> live it. The moon shot dispatch on the track.
>> The moon shot dispatch.
>> See it rise, see it snap.
>> The moon dispatch goes wild like that.
Dispatch, we don't miss, we don't crash.
The moon.
Catch the wave then.
Leick with the moonshot flow. Dispatch live. Let the market glow. Crypto vibes where the numbers show. To the moon we go. Let the podcast blow. Digital coins, we dissect them quick.
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>> No one can hear us. Oh.
False started everybody. We don't know what happened. I think Jared's sort us out. We're back live. We've got a bunch of new stuff, namely Nick's shirt. Check it out. All right. Some fresh kit.
>> Yeah.
>> In addition to the new music that AI has kindly put together for us. Look, there was some quality lyrics. Hey, Jared, what was your favorite lyric in that uh in that >> uh Lee checks the charts while Nick says, "Hold on."
>> Yeah. You know, humanity will never top AI now, will it?
>> Yeah, you really need to stop checking those charts, mate.
>> You know what you're going to carry today, Nick, cuz I have thoroughly underprepared for the day.
>> What have you been doing?
>> As opposed to usual when you don't >> you walking around with a a teacup all day just like chatting to people, not actually doing your job.
>> I actually Well, this this week, today in particular, I have been busy working for which is why I'm underprepared.
>> This is your job, Lee.
>> This is my job. I have other things to do occasionally, Nick.
>> Okay. Anyway, this week I'm going to give a quick summary of the things we're going to talk about this week because I never do. I just jump straight into random stuff instead of going out. You know what? This week we've got a big debate. Is Bitcoin maturing? Have we finally reached a stage of maturity in the Bitcoin market where we can call it a, you know, a tradefi asset? Maybe.
>> What else is happening? Ethereum in the hot seat. Ethereum, you know, Vitalic's come out. We've got some controversy.
Which way is which way are we heading with Ethereum? You've got opinions on it. I've got opinions on it. We're going to thrash it out. We're going to do the Asia roundup, of course. And we've got some interesting talking points which requires Jared's input. Namely, is Cardano overvalued?
>> No, it's not.
>> And some other market highlights, too.
Hey, >> the clarity bill. Oh, no, that's not a highlight. But hype, that's a highlight >> off the back of the boring stuff on clarity. Now, we do have a clarity paragraph, but I feel like there's enough nonclarity stuff >> there that we can kind of have a >> It is not clarity.
>> I don't really want to talk about clarity as we've discussed in previous weeks. Sick of clarity until it does something.
>> Stop talking about clarity, Nick. We have enough of that.
>> Oh, yeah. I'm doing it. I'm providing all of this exposure to clarity when I when I don't want to.
>> But you have something for us. You have prepared a thesis.
>> Yes. So, I thought I would um sort of go through a few of the things that I've been looking at recently. Um, all of this is 100% not financial advice. It could all go to zero immediately. Um, and but it's all sort of bullish stuff which is sort of I guess interesting in in you know what is clearly what a bare market that we're in right now.
>> So, uh, with no further ado, uh, the things I would like to talk about, the first one is maybe a bit controversial and is Salana. So, Salana has been kind of like I'm going to say it's very similar to Ethereum. It's been eating [ __ ] for a long time. We haven't seen really much good stuff. Salana was, you know, the darling of crypto back in the casino memecoin days.
>> It's down like 70% from >> down a lot. Yeah. So, it was up in the 300s, I think. It's now down at 80 something. It's down a lot of a lot of percentage points. Um, hasn't been looking great. People have sort of forgotten about it, um, as far as I can tell. But I was looking at some stats recently and it's one of those ones that seems to be silently doing some interesting things. So if you look at the uh the app revenue on Salana, it is by far number one of all the chains. So something like over the last 24 hours 2 point something million bucks and the next closest next closest is 1 point something or maybe even like 700,000.
It's it's significantly higher than the than number two. Um what else is happening on Salana? So it's number seven in terms of market cap but number five in terms of activity. So yes, prices are down and that's just, you know, prices can go up and down. It really depends on what people are doing with their buying and their selling, but the, you know, activity numbers are hard, much harder to fake or much harder to sort of or much easier to use as a as a real metric for how well the um chain is performing. And so activity, it's it's outperforming its market cap in that sense.
>> Um, what else have we got here? Um, yeah, so I guess my my question when I read these numbers is, you know, why is why Why is the um app revenue so high?
But if you look at the chain revenue, so the amount of fees that the network is bringing in, they're not that high.
They're I can't even remember what number it is, like number four or five or something like that.
>> And to me, what that's kind of saying at a at a high level is that people are using the chain to do transactions and the chain isn't really taking much of that as revenue. It's not sitting there and collecting a whole bunch of revenue from network fees and all that kind of stuff, but the activity is super high.
Why would it be like that? Well, I guess to me, again, this is all just sort of extrapolating from the data, but to me, it seems like people are wanting to use the chain to do these transactions because it is cheap. And so, it's cheap.
It brings people in. They do all this activity and the chain doesn't reap heaps and heaps of fees. But that's just how it is. That's how it's built. It's meant to be a fast, cheap chain. So, it seems to be doing what's written on the tin. Um, anyway, that's that's kind of my Salana piece. I thought that was >> interesting. Interesting. Mhm.
>> The next thing I want to talk about is ZEC, ZedCash. So Zedcash, as those of you who know have been kind of looking at these charts, um, Zedcash have been outperforming for a while. I've got a Zedcash uh chart. If you can throw it up there, please Jared. Not that one.
The one with which is mostly black.
Yeah, that's it. Um, so this is quite a zoomed out chart from I'm going to say 2020 something 20 early 2020s October.
Oh no, sorry. No, no, I'm thinking of another chart. This is from uh late last year when Zedcash finally caught a bid.
So for forever Zedcash was sitting at as you can see there, it's like about 60 bucks. If you look at the very lefth hand side of the chart and then suddenly it just got launched into the zeitgeist and everyone started talking about it and it pumped up to almost $800. It has since been you know in a bare market and then since about April this year when it was in the sort of high two low 200s it's just been up only it's now tripled its price since then basically >> really >> um and down to 625 from almost 700 um like a day or two ago. So, this this coin is obviously doing some amazing things. First question you ask is, you know, why? What's what's causing?
>> Yeah, I'd love to hear the story behind this.
>> Um, well, I mean, who who knows why specifically, but but you know, why is Zed Cash different from Nick? That's why we're here.
>> I can give you some like pointers, but I'm not going to sit there and go, well, actually, um, you know, Joe Blogs from 39 High Street bought 50 50 Zedcash on the 14th of April. Um, no. So, like Zedcash, what is Zcash if you don't know? It is like it is kind of like a competitor to Monero. So, it is a privacy coin. You can send transactions on Zedcash where you can see the transaction on the blockchain explorer, but you don't know who it's going from and who it's going to. It just it will just kind of appear in the the receivers's wallet and disappear from the sender's wallet. It's some pretty fancy technology to do this. Oh, by the way, Moonshot Dispatch, we forgot about this one again. Um, >> does Hang on. Did Jared do the right numbers?
>> Yeah, let's say the right date. Says 26.
It's a date atomic date unless you're American and then it's >> Yeah, it's it's the normal date you Americans get with it. Um anyway, back to Zedcash. So Zcash can do private transactions. You don't have to do private transactions. So I think they're called shielded transactions on Zcash.
But um and again, I just want to over I'm going to keep saying this, none of this is financial advice. Don't go and buy what I'm what I'm shielding because it's just some interesting um narratives I'm seeing at the moment. So um Zedcash yeah can can do shielded transactions.
They can also do non-shielded transactions where you can see the sender and receiver. You kind of have to choose when you're making the when you're like initiating the transaction.
But um I guess what you know that that must be a reason in my mind like there it's not just because Zcash has I don't know some cool other tech. I mean it's been around for a long long time been around for many many years. Um and people are obviously sitting here and valuing this this privacy. um narrative. I suppose they're looking at, you know, what's going on in the world and going, you know, I want to be able to have some kind of privacy in my transactions. Y >> or at least people are are thinking, okay, this is what other people are going to want to do and kind of trying to frontr run that that narrative of the privacy coin thing. Anyway, it seems very interesting. Um >> uh the SEC had a like, you know, they they were holding a gun to Zed Cash's head and saying, you know, tell us where the the codes are or we'll get you kind of thing. Anyway, they did a bunch of investigations into Zed Cash and they ended it with a no enforcement sort of ruling. So, um that was definitely a weight off Zed Cash's shoulders and and you know allowed it to spread its wings and fly. Um but it's just very interesting like when you know everything is in a downward or like you know Bitcoin's kind of quite flat but everything else all altcoins are down and something like Zed Cash is is pumping hard. You got to pay attention and try and find out why and figure out you know do I you know is this going to be a double top? Are we going to end up somewhere just below 800 and then we're going to, you know, it's going to launch into its bare market or is it going to go higher? I have no idea. But it's >> been a a bright pocket of activity.
>> Yeah. Yeah. Surprisingly, in this in this current sort of climate, >> a bit like hype, which >> but I think we'll touch on a bit later on because of the >> Yes. Well, hype was my next next one I talk about. So, um, hype is definitely something if you've been paying attention over the last week, it's been going absolutely crazy. stuck in kind of a a channel between I'm going to say like 25 and $35 or so um for a long time and then it's just broken out with the vengeance. We're up in I think about 60 bucks at the moment. Um >> again, amazing performance for what is you know in all other words a bare market. We're seeing these kind of pockets of activity in these specific coins. Um, hype is an interesting one and I think hype a lot of people a lot of hype bulls have been screaming about hype for a long time just because it it does kick so many goals like the the um platform itself I got some numbers here open interest for RWA on hype is $2.6 6 billion. This is not just like, you know, people trading Bitcoin and Ethereum. This is RWA specifically. So, it's really pivoting to to try and go, look, we're not just a crypto exchange.
We're not just, you can't just, you know, take a a leverage long on Bitcoin here. You can trade things like oil and uranium and whatever.
>> This is effectively a tradchain rails.
>> Yeah. It's decentralized on chain. Well, decentralized is tough, but it's definitely onchain. an onchain version of what you can get on um the trady rails. You're absolutely right.
>> Sorry, go ahead.
>> I was gonna say like you know that they're working hard to expand their offerings. So obviously they don't offer everything that the trady markets do.
There's a lot more sort of assets and even asset classes you can you can trade you know in the trady world. Obviously that's sort of the you know centralized originating point for those kind of assets. But um Hyperlquid is expanding and and listing more and more and more so you can get what you want there >> which is great because anyone can do it.
You just buy some USDC and away you go kind of thing.
>> Yeah. And we've talked about hype a few times now. Uh you know just just you know showing it the respect it deserves for how good the the tech and all that kind of stuff has been. uh and recently I guess the catalyst for some some specifically for that price action had been off the back of the um the stock the SEC providing the uh what was called innovation exemption or tokenized stock exemption or something like that >> and people naturally went oh great I mean that has hit some roadblocks we've seen this week and it's that's worth having a discussion about but effectively you know people went hang on >> you know there's going to be tokenized stocks and exemption which allows innovation hang on who's going to be the place that's going to capitalize off that you would say hype >> you know yeah So, it's a good point and they're very similar, but I think and and I may be wrong here, but so hype allows you to sort of um gamble for a better term, you know, for a better word, um on on the on a perpetual future >> for for an asset, whereas what the SEC's tokenized um sandboxing that they were offering that we talked about last week, that's more for actual non-perpetual, you know, physical stocks. Um but it's the same kind of thing, right? people people, you know, when you're looking for exposure to some asset, >> you're not specific, you don't specifically care whether it's a future or the physical because you just want to get the upside. So, hype makes that super easy, but you kind of you're paying funding and you're paying fees and like there are, you know, it is an expensive way to hold a long-term position. Um whereas the tokenized sandbox for sorry the um sandbox for tokenized stocks the thing that we were talking about last week that the SEC was entertaining that's sort of more at a um physical level I think so you know it should hopefully be cheaper a cheaper way to get access to the underlying asset.
>> Um but yeah Hyper is going crazy and and and you know the the one of the big things that's driving this hype price movement is their buybacks. So something like 97% of the trading fees that they earn they use to buy back the hype token. So when you when you've just got this sustained bid on it can only go one way, right? And this and these guys are keeping goals like it's such a popular market. People doing so much trading on this thing and then they're taking all of those trading fees which are just going bigger and bigger >> to buy back the hype token. It's it's yeah it's unsurprising that that actually you know what is surprising is it took this long to break out to be honest. That's kind of surprised me that it was able to be suppressed for so long.
>> Um, and obviously hype ETFs are getting filed at the moment as well. So, >> it's just all like >> it's all happening. It's all happening.
It's incredible. And like if somebody somebody surely is looking at this going >> actually there's probably a couple ways to look at this from a competitor standpoint going, "Oh man, >> we're in trouble here."
>> Definitely.
>> Because I mean, if you have play on the hype market, you don't have to go 40x long on something. You can still Okay.
You're not buying the underlying, you're still buying a derivative effectively.
>> I mean, they do have >> but but the perpetuals are like, you know, where everyone goes.
>> Yeah. Yeah. Yeah. But what I'm saying is um you've got the capacity to to buy the get exposure to those investments with or without leverage.
>> So, you're covered regardless. And we know that humans being degenerate gamblers love a bit of leverage.
>> Yeah. But you've got both bases covered.
>> In one simple, fairly easy to simple to use marketplace, >> which is a pretty powerful tool.
>> Yes.
>> And if I'm anyone who's a competitor that going my business model relies on >> people trading on my platform, >> you'd have to kind of look at that with some degree of uh what's the word? Um >> caution. Trepidation. Yeah, trepidation.
That's a great word, >> right?
>> Um yeah. So yeah, if we liken this back to, you know, some some of the astute listeners might notice that I've I've talked about Salana as a trading platform, you know, for memecoins and whatever, and now we're talking about hype, and how can I be how can I be interested in both of them? Aren't they competitors? Um, it's kind of interesting because, you know, we talked about before how Salana's app revenue is way higher than anyone else's. In that same metric, um, hype is something like number three or four.
>> So, and they're way way way under. And so what you know and what that means basically is that hype is um basic is is taking a lot of this a lot of these trading fees for themselves. Admittedly they're using it all to buy back but it's you know relatively an expensive um chain to trade on.
>> Uh they take they you know they they don't earn that many uh the apps sitting on top of hype don't earn that that many fees. Not like it um happens on Salana.
Gez I'm tripping over my words here. But Salana's the DAPs, the decentralized apps that sit on Salana earn much more revenue than the ones sitting on Hyperlquid. But, you know, Hyperlid, they've both got their pros and cons.
They're kind of looking at different sides of the market here. Um, Hype is obviously going crazy with its its fees like the L1 fees that are getting earned. Salana not so much, but Salana is killing it on the app side from the app revenue. Um, and my final part of this thesis is a uh token and and this one's a bit specky, so you know, strap yourself in. But, um, there's a token called Cards. So, Cards is a uh physical card trading NFT style website. So, you can trade um uh physical cards. So, I don't know if you guys have like even around the office, we'll see a bunch of people doing card trading stuff.
>> Magic the Gathering. Magic the Gathering is the original, but like you know these days it's all about Pokemon, right? So Pokemon is going through this ridiculous renaissance. Um, and from what it seems like, you know, people who used to play Pokemon when they were kids now have a bit of disposable income and so now they're like, you know what, I'm going to go buy >> this phenomenon. I've seen this before.
The same thing happened with Transformers.
>> Yeah. Yeah. Yeah. Yeah. But but now it's on chain. So you can do you can buy this cards token which um is this you know you they literally tokenize physical cards and and you can trade them on on this platform.
>> Um the cards token itself is you know how the fees are getting earned and all that stuff is sort of the token of this platform.
>> But um it's going crazy. So it's like the the fees that this cards token platform is earning is only only second on it's a Salana based um app. It's only second to pump. Fun, which is massive.
>> Yeah.
Yeah. And it's only and it's got like something like a $45 million market cap.
>> It's relatively tiny compared to, >> you know, the stuff that's out there.
But it's just doing this crazy volumes.
Everyone's getting into the physical card trading. If you want to somehow express that, you know, on chain, then this seems to be the venue to do it.
>> This is fascinating. This actually kind of fascinating and has implications for the blockchain industry. That's for sure. Now, um, again, I'll just digress and use a simple example. I when I was at university and uh I was in I think I was like 19 or something. I was working at Target or something like that, right?
>> And in the store room they were selling old Super Nintendos, the old SNS >> for 10 bucks, >> right? This is back in 19 Dicky whenever >> but the early naughties, let's call it.
But like I went and bought like a SNS for 10 bucks cuz I was just like getting rid of them because they were just they were really really old and crappy at that point.
>> Yeah.
>> You know how much it cost to buy a SNST now? Like a boxed one?
>> Yeah. Hundreds. Hundreds. cuz people want the retro stuff cuz all the guys who are like me who have been like cured for a SNES when they first came out >> and now like sweet I'm going to go buy one just to play some retro Street Fighter or whatever >> and they're happy to pay for the genuine article. Same thing for Transformers.
>> I've heard that when the world starts collecting and speculating over useless stupid stuff that that's the canary for a recession.
>> So when you start getting Pokemon trades and come back and Tazos make a make a resurgence. Hey, look, if if someone if I have to pay a thousand bucks for an al pog, sure, but like, you know, we're not, you know, I mean, I feel like this is a phenomenon that happens throughout generations. There's always that there's always a uh there's a premium for nostalgia, a nostalgia premium, let's call it. And the same thing happened for like a when I was a, you know, they got kids, whatever, they're into Lego. And for some reason, I don't I can't remember why I was like, "Hey, you want to see some Lego that I had when I was growing up?" Thinking it wouldn't even be available. It was like there's like a space train station or something like that, this little train. I don't know how much my parents spent on it back when I was 10 or whatever, but like it's like 1,600 bucks for this old school retro kit. And of course, you could never open it. It was just the collector's edition of the the original kit.
>> Yeah. I pulled out the old Xbox like a couple of months ago. The original Xbox I got in like 1999 or something like that.
>> You You took it out of the box.
>> No, no, no. Well, out of the bag like it's up in my attic and I was I was like, I should get this thing out. I had to go to JB Hi-Fi and buy a converter because my TV didn't have the right plugs for it. like HDMI to RCA converter or something. And um and yeah, I was like, I'm gonna get, you know, play with my kids, like show them, you know, this game. Anyway, it was the idea was cool.
It didn't work out as well. Like a lot of, for some reason, a lot of the like screen was covered in green, like a green wash. It didn't quite like it was a boxy, you know, the widescreen stuff didn't exist back then. So, it was this like 4x3.
It just wasn't quite as good as I was expecting slashhoping it to be. Yeah.
>> Um but, you know, the kids had no idea what it used to be like, so they're like, "Oh, wow. Cool. what do I do with this weird controller thing? You know, we don't have like a PlayStation or whatever. So, so this is all new to them. But, um, >> yeah, definitely that retro the bring retro stuff back. And it seems to be like the the whole um, yeah, as you say, like Magic the Gathering, which has got very strong crypto ties back to Mount Gox.
>> Um, and now we're doing this whole Pokemon thing. I hear a lot of people talking about the One Piece. I've started watching the One Piece on Netflix, like the live action thing, not the cartoon one, and I'm really enjoying it. Like, it's right up my alley. even though I'm not a Pokemon guy at all and I've never seen the One Piece cartoon or manga or whatever. It's just I'm having a lot of fun with that one.
>> Um but yeah, anyway, um so let's look at some stats on these cards things.
>> Uh since 2004, Pokemon cards returned 3,800%.
>> Damn.
>> I've got Look at the S&P 500.
>> I've got a stack of Pokemon cards.
>> It's like 4 480% on S&P.
>> My kids have stacks of them. I could be sitting on a gold one.
>> You could be. Yeah, absolutely.
>> Pokemon ETF.
>> Yeah, that's right. I mean, yeah. Cards ETF maybe. Anyway, yeah. Um, so it's like it's outperforming, you know, again, cherry-picking timelines and whatever. I'm guessing you got to be careful, but >> the financial controller who's just behind me at my desk has his Pokémon cards on >> on display.
>> Yeah. Yeah, I've seen them. Um, but you got to Yeah, they got to still be in their packets or like in mint condition.
You can't just have like >> Yeah, they're in These are things Yeah, these are things are in plastic kind of like >> Yeah, the lock sort of lock. Yeah. Yeah.
Um but yeah, it just seems like um these this the whole cards trade is like providing this liquidity to an illquid market because it's difficult trading physical things, right? You go on Facebook marketplace and you have to meet someone in real life and hand over cash.
>> But how do you how do you verify the uh the how do you get veracity? How do you get what's the word I'm looking?
>> I know like I know what you're saying.
Um you can so in terms of this specific token I'm talking about it's they're not the NFT. So, you're just buying like a fungeible token called cards. If you wanted to, you could go on to the um common it's called the the crypto collector or something which is where cards, you know, that's the genesis of cards and you could do your actual NFT trading on there and they'll have some kind of way to verify I'm guessing. I haven't actually looked into that bit.
I'm just looking at the token itself.
>> But, um yeah. Anyway, so that's my thesis at the moment. Seems like obviously Bitcoin is an underpinninging one, but it's pretty flat at the moment.
I feel like Salana's underperforming for what it's doing on chain. ZEC is going crazy. Hype is going crazy. And cards seems to be this thing that's just coming out of nowhere. Anyway, again, not financial advice, just some interesting pockets of activity that are happening on chain in this >> Well, cards is really just a uh a really fun interesting application of RWAS, right? That's what it's an RWA.
>> Yep.
>> Well, okay. Uh that was a great summary.
Did you got more to go or should I >> That's it. No, we're done.
>> Well, like I said, I had to quickly run over the market mood. So, that was that's interesting. Well, I've already I I already Well, I already own Except for cards. I think I own those tokens. So, >> Jared, we're going to get on to Cardano later on. That's one token I don't own.
>> I just wish it was undervalued.
>> Sorry, it didn't appear to my thesis.
>> Did not make Nick's thesis, I think.
Anyway, >> the market mood this week. All right.
So, we haven't even talked about the market summary this week. But the market summary this week has just been volatile uh off the back of Iran. Will we get a deal? Will we not get a deal? You know what? Uh the likelihood of getting a deal this week according to the prediction markets is 36%.
>> So, the year is 2042. Trump has Trump has announced a peace deal and he boasts that the straight will be so open you wish it was closed again.
>> Although, if you >> the market pumps 7%. If you add the percentages of clarity getting passed with the Iran deal, you get 100%.
>> Okay. So, something's going to happen.
That's what you're saying.
>> The clarity deal is at 65% which I know we weren't going to talk about, but there you go.
>> Ah, damn it, Lee.
>> I've mentioned it to Sorry for ruining your week with that stat.
>> Uh, which with the market summary, the market did dip, but you know what? The fear and greed index, which is a number no one cares about, is sitting at 34.
Apparently, that means the sentiment is soft. demand is at its most bearish level of the year.
>> Is that is that is that is that what 34 means to you?
>> Yeah, I mean it's less than 50, so obviously we're not having a great time, but >> I'm glad I'm glad someone wrote that out for me because I didn't know.
>> Cycle theory is warning that uh the bears or cycle theory bears are warning uh of a potential drop to 54k with the three more months of the bare market ahead and ETH is down 1.5%.
Okay, the cycle theory stuff. Let me let me read you an excerpt because I read this. I'm like, you know what? I don't know what I just read. Um, see if you can make sense of this. So, this is when I when we're talking about the cycle theory and bears, you know, here was the he was the the the here's what the author had written to back up that claim.
And I and I quote, "Technical analysis of Bitcoin's volume shows that the transaction volume strength indicator, which tracks the relative weight of Bitcoin's onchain transaction activity against its price history, is compressing towards the low volume zone that has reliably marked the end of bare markets. Is that is that bullish? Is that bearish? What the hell is even that?"
>> Yeah, this is the we're back.
>> But apparently that's the state of the market. Yeah, it's it's astrology for men times again, I guess.
>> But did you understand what I just said?
Because I don't.
>> Uh at a high level this it's talking about um onchain activity is is going down. So not many people are sending Bitcoin transactions backwards and forwards. Um and you know gen you know at >> therefore we're going up or down.
>> No. So people you know at the face of it you go well okay that's not a good thing right you want activity to be going up not down. But we can kind of overlay this with historic you know we can chart this out and and have a look at what happened in previous times and every sort of previous prior to just bull market upwards pressure of price we're getting this kind of low volume activity. So it's kind of saying look you know this is what you want to see just before you get a a bull market starting but as the first guy said you know we've we've probably got a few months of this left. We are having, you know, the activity on chain is pretty low, >> but it's not low enough. We need more lowness.
>> Oh, really?
>> Too high at the moment. Um, >> and so, yeah, once we get once we get a bit lower and maybe it'll take a couple of months to play out, >> then we can we can hopefully someone can make a call about end of bare market.
>> So, it's a fancy way of saying it's always darkest before the dawn.
>> Yeah, literally. And and this is not for Bitcoin. We've also like XRP is showing exactly the same signs I saw. Um, and I'm guessing a bunch of other tokens, too. probably Cardano. Although I guess that Dawn doesn't go up. It just stays That just stays low.
>> There is no Dan for Charles Hoskinson.
>> That one's darkest before the dark.
>> When do you know I can No. No.
Deliberately because of Claude knew that we could like get more mileage out of this story and teasing Jared about it.
The Kadano overvalued story is the very last story we're going to cover off on.
First of all, we have to get through the Bitcoin maturing debate. So Mark Cuban has come out and said, "You know what?
>> I'm done with it."
>> He's basically sold all his Bitcoin and said, "Look, hey, you know, Bitcoin's gone down more than gold. Therefore, what I thought it was going to be this hedge against all this stuff just ain't the case."
>> But there's conjecture on this.
>> Yeah, this is a this is nonsense to be honest.
>> It's because he just sold at the low. If you Yeah, if you look back far enough, like back in 2019, Mark Cuban said bananas are worth more than Bitcoin.
It's the classic sort of like Michael Sailor back in the day, he said, "This thing's worthless. Don't touch it." And then I'm going to say literally like nine months later or something, he turns around and goes, "This thing is sick."
Like it could be it could be the next gold, everybody. Um, and now he's crying like a baby saying, "Oh, it's not it's not acting like a gold hedge anymore.
Look at look what gold did. It went to $5,000. It's such nonsense." So, let's have a look at the numbers back in 2020 when um he made this call. And I'm not even going to go to 2019, which would be sort of cherrypicking when he first called it shitterter than bananas. I'm going to go to when he flipped and said it was 20 it was um it was the a hedge against inflation and he was bullish on it.
>> Since that point in time, which is sort of mid2020ish to now, gold has gone up 100, no 200%.
So it's it's definitely gone up. You know, we've had that $5,000 thing. You know, it's hit five grand, it's now back to 4,500 or so. But if we look at the same period of time for Bitcoin, Bitcoin's up 1,100%.
>> What is he talking about? It's literally like, what is that? I don't know. 56x.
Yeah.
>> And >> and and he's complaining that it's not a like it's a crap thing and he's sold 80% of his bags. Like come on. This either he hasn't sold and he's just trying to signal the market or I don't know, maybe he wants to buy. you know, there like all those con conspiracy theories of people talking about how the big bag holders claim they sell just so the market dumps and then they can buy in and buy, you know, take the money out of your hands kind of thing. Um, I don't know. It just seems like and this guy can't be dumb, right? He's a billionaire investor like he's usually very pragmatic. He doesn't sort of >> get get caught up in the ideology of things and yet he's saying this this complete nonsense where he's take he's fully cherrypicking this one period where gold went up to 5,000 and Bitcoin didn't. If you look like after that, gold is now down 14% and Bitcoin's up 30%. I saw that.
>> I don't know. I should throw my hands out.
>> Is he an actual billionaire or is he just one of those TV guys that just Hey, you want to fact check it? Let's see.
Let's see what Google says.
>> Maybe Google's not wrong, but let's How much does Mark Cubin worth? I think these statements kind of remind me of a tweet that I saw yesterday and it was a tweet from an Iranian news source and it said, "Iranian officials have been advised that Trump's social tweets are for promotional purposes only and should not be taken in context with the wider discussion, >> which is totally fair if you ask me."
Yeah.
>> It's like the year is 2042. Trump has announced another peace deal.
>> Yeah. Um Yeah. So, I don't know. This this one this >> Can we find how much he's worth though?
Just to see if he's just hanging up.
Maybe he's like Maybe he's just a TV celebrity. I don't know. Maybe in America.
>> He owned one of those football clubs for a while, didn't he? Like he's got basketball team or something.
>> Yeah, but being rich doesn't mean you know everything.
>> Anyway, >> Jared refuses to Google.
>> He's like, I'm going to Google something else and then close the window.
>> Oh, I wish takes longer than seven.
>> We need a camera on Jared just to see the face reactions that we get when you ask him to do something. He's like, >> "It's not doing it. You You can't come over here and stop me.
>> What are you going to do?"
>> Uh, do you want to talk about Oh, what are you talking about next?
>> Ethereum in the hot seat.
>> Yeah. Cool.
>> All right. So, a little bit of introduction to this. And I found this kind of interesting because someone had done the analysis of positive comments to negative comments as though that meant anything.
>> If you've not watched the budget, >> is it like a worm for Ethereum?
>> Ethereum worm. But, you know, okay. So basically, you know, Vitalics come out and said, "All right, guys. Look, okay, price action hasn't been great, but you know what? We're working on some cool stuff.
>> That's kind of the introduction to this story, but the actual details of it.
That's as I said, I've not prepared.
That's why Well, I've got you, Nick.
>> Yeah. So, this is this is this one's cool. So, everyone for as long as we've been alive has been complaining about the price of Ethereum. As we know, won't pump. It only goes in one direction.
Somehow, it's not at zero yet. It's like the magic of Ethereum. Maybe that's what the smart contracts do. They somehow make the price always go down, but it still stays around 2,000 bucks. Anyway, >> it's Ethereum has been done has kicked so many goals and it's got so many reasons to be like, "Hey, this Ethereum is going to be like this >> foundational like infrastructure for the next hundred years." And everyone's like, "No, >> yeah, but I still don't want it.
>> Everyone's going to use it for everything. I don't want it." Um, yeah.
So, it's it's done this thing. We've obviously been very cynical Ethereum over the months and years we've been How long have we been doing this podcast for now?
>> Over a year. We didn't even have a one year birthday. You probably should have.
>> Jared, don't shake your head at this one. Can you find that photo I put up of our first episode?
>> Anyway, we've been doing this podcast for a long time and I feel like I've never Oh, I was remember I was quite bullish on Ethereum.
>> You've always been bullish. You I called you the East Whisperers for a long time.
>> I was in it for the tech.
>> Um, sorry.
>> Anyway, so there's there's been a couple of blows to Ethereum recently.
Obviously, everyone knows Ethereum constantly goes down. We have fun with um Tom Lee because he's always, you know, that guy's always homeless.
>> He's, you know, he sleeps in his office.
>> Yeah, I believe. You can't you can't you can't afford a real house when you're invested in Ethereum.
>> Um and then one of the big Ethereum proponents. So, there's this podcast um who gets a few more views than we do called um Bankless.
>> Oh, yeah. Okay. Maybe >> just just a few more.
>> We're catching them.
>> Um yeah, we'll get them. Now we've got an opportunity because these guys these guys hung their hats on Ethereum.
They've been always um talking about Ethereum about how good it is and trying to like show everyone all the cool stuff that's happening in Ethereum. Um and and one of the guys so it's a podcast of two guys very similar to you and me.
>> Um one of the one of the banks guys has come out and said you know what I've now sold my last Ethereum >> really. And this guy, like these guys honestly have been one of the biggest proponents of Ethereum over the last sort of I'm gonna say, you know, five or 10 years, like a long long time. They've been doing this podcast. They've had unlimited amount of tier one kind of in uh um guests on their podcast. They've done they've invested in all sorts of things and this guy's now sold all of his Ethereum and like obviously he's bought hype. like that's, you know, he hasn't said it, but everyone knows like if you get out of the everyone's just pivoting to hype at the moment, but um yeah, he's it's that that's like a big blow for the Ethereum community because those guys, you know, those guys were the figureheads almost.
>> Um Vitalic has always kind of distanced himself from price action. So people, I'm not sure if you remember, like back in the day, people used to air drop stuff to him in the hope that it would pump the price of their crappy token.
And Fatalic would famously just burn it or immediately dump it and um give the money to charity or something like he would he just not really interested in money and price. He's in it for the he's literally in it for the tech like and and you know un unironically so.
>> Um but yeah, Vitalik is now focusing on this call was it crops?
>> Crops is what they call it. So this is the um censorship/capture resistance is the CR, the O is openness, the P is privacy, and the S is security.
>> Yeah.
>> So this is what he's saying. Look, I'm kind of interested in this. The Ethereum Foundation is going to be working on this crop stuff. The Ethereum Foundation um has nothing to do with price. So if someone else wants to sit there and like figure out how to make the ETH price go up, good on you. Good luck to you. And we'll help you. But this is not what we're here for. We're here to make this protocol kick ass even more than it kicks ass. And as we've said many times, this protocol kicks ass. Like, it does so many good things. It's used in so many amazing ways. It has so much activity. Um, but the the, you know, the governance token, the the the gas token just can't catch a bid. Um, so yeah, he's kind of, as usual, Vitalic has distanced himself distanc about about price. Um Tom Lee's never distances himself from discussions about price. He's always bullish on what's going to happen next.
>> Um and actually let's pivot to the um next Tom Lee discussion. So Tom Lee, his company Bitmine, which is like an Ethereum treasury company has is likely going to be included in at least the Foxy Russell 3000 index.
>> Um which is pretty cool.
>> Um good on him. like you know it's it's time he caught a time bid. Yeah. So he should get a bid from this like everyone has to start buying it. Um theoretically according to you know if if all goes well he should actually be in the um the Russell 1000 not just the 3000.
>> So the market cap of the company at the um what's it called the ranking day I think they they have like a ranking day once a year although it might be twice a year now. Um the the ranking day uh price uh market cap was something like 12 billion which >> puts in a pretty you know pretty good number considering the previous rank day. And this thing blew my mind actually to learn that bit mine had only had been a treasury company for less than 12 months. Would you have guessed that?
>> No.
>> I would have said it's been there for like years.
>> Yeah, I would have thought so too.
>> No, like June last year is when it began. And so that's why the last ranking day it was just, you know, a normal mining company back then mining Bitcoin, not even Ethereum. and um and and so it it had no business being anywhere near the Russell, like 3,000 even. And now it's just turned into this huge crazy thing. Like there was a week there where the price went up by like 3,000% as everyone got involved with the Tom Lee train. And obviously ever since then it's been down only because it's Ethereum. Um yeah, so so I thought that was quite interesting. Uh hopefully these guys get, you know, get what's coming to them. I want to see Ethereum catch a bid. I don't I don't see it. I don't I don't like something's gonna have to change I guess or maybe it's just going to be like Zedcash and you know it's going to be eating [ __ ] for years and then eventually just out of nowhere people just go hang on this thing is actually pretty awesome and and start bidding but um yeah I'd love to see something happen there and and >> I don't know maybe this Russell thing will help like u what's it called strategy got included or at least was you know proposed for inclusion I remember that story came out a few months ago now wasn't it? Yeah, I'm not sure the outcome was though.
>> I remember that.
>> Or no, maybe it was that it was getting removed. I can't even remember. And then Oh, that's right. There was going to get removed because of a technicality, not because the market cap was below, but because they were like, "This isn't a company. This is a fund. Like, you're just >> That's right.
>> You know, you're just holding Bitcoin.
You're not actually providing any economic activity."
>> Um, anyway, we'll see what I mean, bit mine's exactly the same, right? They have I'm guessing I don't even know if they do any mining anymore but >> well I guess look Tom Lee is going to have his moment. He's gonna have his time. I think I mean that is a balls of conviction. I mean there's a lot of ballsy conviction going into that. I'll tell you who else who else is whose time it is to shine. Dirt by from Tik Tok dead by dirt by >> dirt by dirt by >> dirt by you know what? Well done you dirtby for dominating in the recent Montana Redmond cross country. How'd you go? By the way, I'm interested to know.
>> Yeah, we need distances. We need times.
>> We need distances. I need times.
>> Sorry, I'm just just digressing here because we had some comments and I think the comments need to be called out. You know, you know, look, to be honest, the Montana Redmon cross country is an event that I look forward to each and every year.
>> Right.
>> I keep it on I keep it in my I keep in my schedule of sporting events. US Masters, Annal Grand Final, State of Origin, Redmon, Montana, Redmon, Montana, Redmon, Cross Country in that order.
Okay. So, it's at the bottom of your list, but it's still >> Hey, coming it's after.
>> It's made the Lee four index.
>> Yeah, correct.
>> Yeah.
>> Yeah. It's somewhat above like I don't know the Super Bowl, >> which is also one of my favorite sporting events.
>> Yeah. Okay.
>> Sorry to interrupt. I just wanted to give Dead by a shout out.
>> Yeah. Thanks for comedy. Um >> Cool.
>> Uh what else we got? So yeah, that's my that's my Ethereum sucks um knowledge.
>> How much uh how's your cross country skills these days?
>> Uh I ran I'm not a runner, but I did run about 3ks last week. I run sometimes run home from work, which is about 3ks and um usually I'm doing it in low 20s and last week I did in 18 minutes. So >> six minute case.
>> I have no idea.
>> I have a confession to make.
>> Sure. That sounds >> in my I think it was like year four cross country event. Um, I accidentally lined up with the the younger group and then like halfway through the race I'm like, "Hang on, these aren't my peers."
>> And so I just kind of waited until my age group came through and then joined the the front.
>> Took a break.
>> I didn't come for that would have been too obvious. So I came like third so I could go through the zone. But uh yeah, >> and no one noticed like you got away with it.
>> No one noticed.
>> Wow. And I'm assuming I'm surprised you didn't then do it year after year. Like it seems like >> it's a life hack. Yeah, this is this is what you posted YouTube. Did you ever want to come first?
>> Everyone everyone has their time show.
Hey, you know, uh Steven Bradbury as famous Australian speed skater. All you know, he came he got the gold after like cuz everyone else fell over. I didn't know this, but Steven Bradbury, okay, maybe one or two Olympics earlier, was genuinely one of the favorites.
>> You're right.
>> Did you know that? I didn't know that. I just thought he was a guy who just made it in.
>> I mean, I assumed he was he was he was one of the top guys, but in the year when he was kind of like tipped as the guy who would probably win, he didn't make it. and then one Olympics kind of bit too late where he just was kind of there >> scraped in and then won.
>> Everyone's really familiar with the the famous race where he wins. But if you there was three or four races leading up to it and he got lucky in most of them as well.
>> Oh, really?
>> So, there was there was uh collisions and fallovers in almost every single race. I don't know how common it is in in speed skating, but >> I think it's fairly common.
>> He got a few of those. There was more than one wipe out where he's just like, "How did this happen again?" Yeah, >> you'd start wondering like, you know, getting a bit suspicious, wouldn't you?
Be like, everyone seems to keep falling over in the races of Steven Brad.
>> In any sporting event, you need a bit of luck to get your way, do you?
>> Truman show like >> Yeah. Yeah. Yeah, that's right.
>> Talking about like um Olympic sports, have you been following the extreme games?
>> Yes, I have.
>> Game enhanced games. Sorry.
>> The enhanced games where they're just like, you know what, go ham, boys.
Nothing is >> drug yourself up.
>> Yeah. Can you how is there is there when they say genuinely no limitation it's all about performance hands. What if you had like a is it like for example if you like had a missing leg and you got a flipper.
>> I was going to say install a little motor onto you >> that's mechanical but like maybe you're missing a leg so you got a prosthetic leg. Does that now >> Yeah, >> you're enhanced.
>> I mean he like that's a good point actually.
>> Enhanced parolympic games are just the Olympic games.
>> It's controversial.
>> Are we allowed to laugh at that? I don't think so. Um, it's a good point though because he also wore that suit that was illegal in the in the Olympics, right?
>> Shark suits or whatever, >> whatever it is. Yeah. So, what's to say you can't have literal fins on your hands?
>> Like next next year it's probably some guy's going to get in a boat.
>> Well, as long as it's not mechanical, right? Like if it's just fins on your feet and like a dolphin just like pedaling on that.
>> Some people have webbed feet and hands.
Is that allowed? I mean it is in Yeah, but like if you get surgery to web your feet and hands like >> Well, Michael Phelps, one of the things that had he had going for him is that he had he was had the right body shape and really big feet. They're kind of like flippers, right?
>> Yeah. Right.
>> Obviously, he's very talented, but also had some, you know, mechanical advantages from his his his >> Yeah. I mean, that's that's what sport's all about, right? What kind of mechanical advantage can you bring to it? But I feel like the um so the was it the Magnus was it is that his name was the Aussie guy who did it.
>> Um >> Magnus Carlson. No, that's the soccer dude.
>> That's Magnus.
>> Magnus. Yeah. So, he he um I don't know if you saw the pictures, but that guy is like the Hulk. Like, he's jacked. He doesn't look like a swimmer. He looks like some guy who's going to take you down in >> I don't know, like cage fighting or something.
>> But, um >> All right. Well, you got >> That's not even him, though. Like, there's a better one where he's No, it is him, but sorry. There's a better one where he's like you can see his his tops off.
>> Oh, outrageous.
>> That was the wrong website. Yeah, >> the first one. The first one. The first one does the trick. Bring that up. We were going to >> Yeah. Oh, well, we were going to show our first podcast. We'll come back to that.
>> Yeah.
>> Um, >> it reminds me of the the uh the 94 Olympic Games where the Chinese the Chinese feme remember that bring that up as well.
>> Bulging out the >> bulging out the side and they did not have like they looked like Look at this guy. Wow. He's so big. But like that doesn't look like a swimmer to me. Like it looks like a giant human. Don't get me wrong.
>> How does his pec pecs have tuck shot arms?
>> Well, I presume it's because the swimsuit kind of tucks him in a bit. You know what I mean? He probably the muscles would probably kind of go out a little bit.
>> Anyway, like I thought I I thought this was almost like the opposite of the Bradbury where this guy did everything he could to win and then comes last >> out of four. And he comes last by like 1/100th of a second.
>> Oh, was it? Okay. Well, still >> it's not like he got towered up by some other >> He he came last and he didn't even beat his non steroid.
>> Okay, that's pretty funny. um you know, record like a few years. Well, he's probably 10 years older than when he was at his best, >> probably.
>> Well, none of the guys in the enhanced games were in current contention for like it was all athletes that had won their gold and then went and juiced up to see if they could still reclaim the glory.
>> You ever seen that episode of South Park where uh Kartman is like he decides to go in the special games and so he he pretends to be like disabled and then goes in >> and gets flogged anyway?
>> Yeah. Yeah, I think so. That's like one of the early ones, right?
>> Yeah. Yeah.
>> But one of the other guys on that I can't remember the guys. The guy on the crutches, he's on the juice.
>> Oh, >> it deals with this topic.
>> Yeah. Okay.
>> Yeah. Yeah, I remember that. Um anyway, yeah, I thought that was interesting.
Like it sounds like this whole enhanced games thing is a massive flop though.
It's like they just, you know, put a pool in with four people in a car park and >> but but we wanted to I mean if you're going to get enhanced, you're going to get on the juice. You want to see records get obliterated.
>> Yeah. Yeah. Yeah. Hey, the half a second slower than the Olympics anyway.
>> Yeah, >> it's kind of a let down, isn't it? Like, dude, you went and jacked up for that.
>> I mean, this is this is like version one. I reckon 10 years time, if it's somehow still going, it's going to be like ridiculous. People are going to look stupid. Although, the guy who won didn't look super jacked. I'm guessing like, you know, it seems like the Magnus guy like took all the drugs to make his muscles absolutely giant whereas possibly the guy who actually won took all the drugs to make his lung size and capacity. Like maybe he just held his breath the entire way, never had to breathe and just slipped through the water. You know what I mean? Like he I feel like the Magnus guy just optimized for the wrong thing.
>> Yeah. Yeah. Yeah. That's interesting.
Yeah. The the result in drag from his huge amount. Yeah. literally drag from those giant lats just slowing them down.
Unless you can turn them into wings and like be a hydrooil on top of the water like that would be cool. But um anyway, let's let's get back to crypto, shall we? This has absolutely nothing to do with crypto.
>> Somehow got Okay, well we'll quickly go back. So we were talking about our the first episode.
>> Bring it up.
>> Oh yeah, >> seeing as we're digressing here.
>> Aliens, that's what I'm saying.
>> I think you're pretty sure you're talking about Ethereum there.
>> Yeah, probably.
>> Look at me. And I'm telling you $2. I think that's what I'm showing.
>> Two grand's not nearly enough.
>> Yeah, >> that was fun.
>> Wasn't just >> And how long ago was that? Do we have a time?
>> Our first one was in May.
>> So, it's been a year and two or three episodes. Yeah.
>> Nice.
>> We should have We probably should have had cake.
>> Why have we got no cake?
>> Yeah.
>> Jared, it's on you, I think.
>> That's my bad. I'm on a diet.
>> Where's our Coke? Uh, all right. So, we've covered Okay, so just a quick reback. We've talked about the Bitcoin debate. We've had a ch we've discussed Ethereum once again. How can you have a crypto debate without Ethereum? We're not discussing that clarity has odds of 65% passing, but the timeline is razor thin with only nine weeks available till it needs to clear the legisl that that interested me more about that is less about clarity and more about what people are suggesting that doing it again.
>> The potential consequences of what what happens when clarity gets passed. So, I thought this was kind of interesting where um they're basically saying, "Look, there's these rules." And unfortunately, I didn't get to write them down, but there's a c there's a bunch of test actually there's a the screenshot the the chart, not not the chart, sorry, the um table, the white table that I sent you. If you could pop that up for me. Um yeah, that's the one.
So, this is a set of rules here that um is required. Sorry, I'll let I'll let let it come up. It's a bit too big.
Jared has to resize Gosh, >> some wild stuff going on.
>> Essentially, essentially like >> I was preparing to give you a hard time about Kadano, but like maybe maybe the uh the image shift.
>> Having a hard enough time as it is.
>> Sorry, mate.
>> Yeah. So, here here we have a chart of basically the top cryptos and how they slot into these rules um that that kind of clarity would, you know, I guess green green tick. Um, so Bitcoin and ETH are are basically the ones in terms of, you know, cryptos that have a um uh like a smart contract layer that allow you to do a bunch of fancy things with the future of finance. Ethereum is the only one. So Salana, you can see there they've they've um considered borderline because it's sort of permissionless.
It's the concentration isn't too bad.
It's sort of autonomous. Um but everything else doesn't doesn't do it.
They're all they're all open source.
Great. congratulations. But all of the other sort of tests that have to get that get performed on these cryptos to decide whether they get the you know clarity's tick um they don't pass. So this is kind of interesting. So Bitcoin obviously goes through whatever but Ethereum is the only one like it's the only one that that has smart contract functionality and can do you know clever and intricate things um that that that actually you know sits in this bucket of clarity approved cryptos. That's that is that's actually very interesting.
>> Yeah. Um anyway, do do with that >> what you will, but the the analyst in this um uh the analyst in this paragraph like in this um news article that we're talking about is very bullish on Ethereum. You're saying, "Look guys, you know, people are not doing anything with Ethereum at the moment. Ethereum has only been going down. Um you're not pricing it in properly. It is sitting there in a you know, in a room of one.
It is the one." So anyway, um we'll see.
Uh, obviously Clarity still isn't passed because because it sucks and we just want to stop talking about it. But I thought that was kind of interesting. It reckons um you know something like obviously Salana there is um pretty close and BNB they suggested Salana BNB and Ethereum are going to be the cryptos that probably benefit the most from it's like from you know when slash if clarity passes >> but obviously looking at that Ethereum is the clear winner. Um anyway >> anyway we'll see.
>> Watch this space. We'll see what happens.
Time for the Asia Crypto Roundup. So this week in the Asia crypto roundup, South Korea's 22% crypto tax has triggered public backlash. Who would have thought? People don't like getting taxed more except for Jared.
We went through this. The budget backlash in Australia was was swift. It was severe. And Jared said, "No, I'm cool with it.
>> It's fine if you have no assets.
>> Don't go to Korea." The Koreans are not So the Koreans the Koreans are not happy. 50,000 plus signatures calling for its repeals. So people don't like getting tax.
>> This is and like can tell us the numbers. Tell them the price sum. What what percentage tax are they propo proposing to tax these guys at? Do you have that number?
>> 22%.
>> 22%. We're getting like 47 over here and these guys are winging about 22.
>> Gosh, man. How he's going to collect 47% of your >> Pokemon cards.
>> Everyone Everyone hates snip them in half. the CGT and Jar's like not me.
There's some guy who keeps saying that it was him. Let's get him fellas.
>> What happened walking?
>> Sorry, that was a Simpsons reference.
Anyway, >> India has blocked Koshi uh and poly markets as illegal gambling. That's not good.
>> I mean, so the US already blocks poly markets, right? And so does Australia, I believe. I don't think we can. Oh, no.
Can we get to poly markets?
>> Yeah, I I was able to get on to Koshi before. Um, but I know like if you Google, it's interesting. Google are fully, you know, shadowbanned poly markets. If you Google poly markets, you will get everything except the poly market website >> just doesn't show up.
>> Interesting.
>> And um, and I mean it's polymarket.com, it's not hard, >> but you just >> I mean given given >> you get all this other nonsense >> given I mean my last >> the advent of things like you know VPNs and crypto like >> if you know it's there it's always there.
>> Yeah. I mean that's we're kind of back to the you know tour onion routing and you got to you got to like search on a different search engine to find the results that you need that you can then pump into your browser and >> and get access. Um >> yeah anyway I I I don't know the Indian guys they they're sort of very cold on crypto they recently well recently crypto gambling because there's a lot of places like for example it's you know uh you need to be a foreigner to gamble in a lot of Asian countries >> right?
>> Yep. That's why places like Macau and everything are so popular is like gambling is outlawed in a lot of places.
>> Right. For the locals.
>> For the locals.
>> Yeah. [ __ ] >> Even in Singapore, I believe you need to if you want to go to the local casino there, you need to have a foreign passport because I believe the certainly the case was the case in Korea for example, you couldn't go there amongst other jurisdictions because it's just a lot of governments just go, you know what, just not interested in our people gambling because it just creates too much social, I guess, issues.
>> Yeah. An accredited gambler.
>> An accredited gambler. Uh it's very difficult to gamble in the US on a lot of things as well as we know uh and Australia I mean yeah in even in the US I mean that's why things like draft kings and all this kind of stuff which is technically not gambling per se I mean they have the reservations which you can go gamble and you have you obviously Nevada but a lot of places uh up until recently things have changed recently but up until recently getting going to gamble anywhere in the US was really really difficult.
>> Yeah.
>> Well yeah poly markets block there as an example.
>> Yep. which u in Australia we're so used to it because gambling is just kind of like the one thing here you can just do rampant amounts of >> except for two up for some reason not allowed to play two up >> once a year for two up but if you want to bet your entire livelihood on the weekend footy go nuts >> I think the reason that's banned is because the house doesn't take anything >> yeah honestly >> I mean the pokés I mean uh again we probably shouldn't well seeing as we've already gone down this path I mean you go to a local the the RSL or your local clubs I And they're funded by poker machines.
>> Golf clubs and sporting clubs, they're funded by gambling.
>> There's more poker machines per person in Australia than there is just in the state of Nevada.
>> Yeah, I believe that. Wow.
>> And a lot of people come to Australia.
They come here to gamble. I mean, there was there was um I'm pretty sure even Crown Casino got into trouble for like getting into bed with organized crime in Asia because they were running, you know, tour operators who effectively gang members were going, "Sweet. we can do cut deals with, you know, >> gambling places to bring the big the whales into town.
>> Yeah.
>> You know, which is has a city underbelly. Don't, you know, there's I don't know the exact details of it, but yeah, they remember I'm sure you could find up articles that were written about that.
>> Uh, what else is happening? Uh, so Kraken has secured approval to operate in Dubai and Hong Kong awards its 13th crypto exchange license. That's the news around Asia.
>> Cool. Any other comments on that? Or should we finally talk about Cardano? We've been teasing. Jared, now is your time to shine.
>> Been looking forward to this all week.
>> Why do you enjoy not having to pay any capital gains tax on your Cardano bags?
>> Well, because I've never made a profit with Kadano.
>> Realized losses >> and I don't get credits for those.
>> Yeah. If it's under CPI.
>> Yeah. you don't get anything.
>> 3% a year.
>> But the interesting talking point this week was not that is it undervalued, is it overvalued? That means can it could it could it still go down further? Joe, >> do you want to know my take?
>> Yes, I do.
>> So, I see Kadano kind of like the Sega Dreamcast. Do you remember the Sega Dreamcast or Sega depending on your affiliations?
>> It came out, it was just it was mindblowing tech. People weren't ready for it, you know. It did. It didn't. It came out at a time where CDs weren't uh weren't common and we've got this console that takes a CD instant loading.
What's that?
>> And it just wasn't ready. People weren't ready for for the massive technological shift. And that's how I feel about Kadano. It's got all the bells and whistles under the hood, but no, no users.
>> All right. Well, let me let me read out some uh let me read out some market metrics. Kadano has a market cap of around 8.8 8 billion US, >> but only 128 million in TVL, $17,000 active addresses, and $1.3 million in daily DEX volume.
>> Yeah, that that's such a bad stat.
>> Yeah, I mean, Kadano is un they've only got maybe three or four major dexes and while when we first got smart contracts like TVL exploded, activity exploded and then it just it just fell off a cliff.
Uh there was a lot of gamification built in in the early days. So there were there were sites that would do um memecoin or native coin drops if you if you sent 58 to a uh to a platform.
>> And then the novelty of that died down.
The tokens weren't worth anything. And so that that was responsible for a lot of the daily volume just that those deck swapping.
>> Um >> and that doesn't happen anymore. I haven't done it in a year myself. And uh >> yeah. Uh, so tell if Charles is listening right now, what would you say to him?
>> Um, I don't know. I think he spends too long yelling at the computer and yelling at at um at >> people that he see like he's got too many enemies. If he's not fighting with the XRP army, he's fighting with Bitcoin maxis or or telling other shitcoiners to go go jump. But yeah, he's he's a little bit too hard on the I'm a libertarian at heart and everything is freedom and everything is principled. I know it's good to stick to your guns, but it it's a bit tired after a while.
>> I think it's fair point, but it's not real life. Like you got to you got to live in the real real world and got to make some concessions here and there.
>> He also spends a lot of time yelling at his own holders like, "What are you selling you paper hand mother?" Really?
Like I'm going far out, man.
>> So he's not taking the same route as Vitalic. He's like, "I don't care about the price. I care about the tech." And I'm like, >> you clearly >> 10% of your holders don't care about don't care about like 10% care about the pro about the tech. The 90% just want to see number go up and it hasn't gone up since 2022. Really?
>> Really?
>> Oh, >> we had we we topped out at $440 and that's the exact moment I told my dad to buy.
>> It's been downhill since then. We had a little bit of a resurgence back up to two bucks, but now we're 30 cents and wow and and languishing. So, who knows?
>> Reckon Alva will go halves with you on your losses one day?
>> Oh, no. No, but I I actually No, I won't say that. Won't say what I'm going to say next. I'll tell you what's off camera.
>> Oh, I feel like we should have captured that anyway.
>> Yeah, >> not to worry.
>> Oh, well, Cardano, again, not financial advice. Maybe it goes up and we've just made a whole bunch of people poor. But yeah, it's it's a really tough one.
Yeah, >> it's it's one of these coins that because it's so early on and and it really kind of I feel like it's very similar to XRP in a way in that it's it made all of these promises about how it was improving and fixing issues with Bitcoin and a lot of the coins like in the ICO boom in 2017 days did that. They were all about, you know, beating the blockchain trillemmer and all that kind of stuff. And um because it was such an early coin, it ended up getting listed on so many exchanges and it's kind of like Litecoin, Cardano, XRP. It's listed on so many exchanges, but it's a really old, you know, dinocoin as they used to call them. Um and because of that, it just has this innate trading where people do trade it because, you know, there's just enough people who will go, you know, log into an exchange and see it and go, okay, >> I'll do some trading. So, I mean, Kadano and independent reserve like we get decent trading volumes. It's not too bad. It's not like it's a dead coin that does nothing. It people trade it, but >> um >> yeah, just in terms of what, you know, what can it bring to the table? Why why would people use it, >> you know, actually use it? Not just hold the coin on an exchange, but actually, you know, withdraw it to a personal wallet and do some econom economic activity. I don't know.
>> I find there's some good use cases. Um I think the liquid staking and non-custodial, sorry, non-custodial staking.
>> Okay. How much what what yield do you get? Um, last time I checked it was between 3 to 5%.
>> Okay. So, Salana you're getting like eight or nine%.
>> Is that non-custodial?
>> Yep.
>> Okay, cool. Um, well, that's one benefit that I know over say Ethereum. So, for example, it's not a four-step process and a and a queue to wait to get to >> your Ethereum kind of cooked it with that with that whole like, you know, entry queue and all that kind of stuff.
But, yeah, there are a lot of other cryptos like and adittly like TRX for example, which has been pumping lately.
It's up something. I can't even remember what number it's up. It's up a good amount. Um, and that wasn't part of my thesis for some reason. I just didn't like even though TRX has been doing really well. I'm not into it for some reason.
>> But, um, yeah, TRX you get like I think 2% 2.2% if you're lucky um, when you're staking it. So, it's really low numbers.
>> Kind of, you know, Ethereum you get two to 3%. It's low numbers.
>> Sounds like ADA is at the, you know, the higher end of the list in terms of staking. you get, you know, what is it, 3 to 5%. But, you know, you can get what I would suggest is probably a better token of Salana if you're looking for that yield. Um, >> gotcha. Anyway, what do we got? We got a comment here. We got to run through some questions. We got a bunch. Everyone wants to know, Nick, and wants your advice on stuff. Maybe Jared's advice on Cardano, but let's start with Kingo Kingo 55. Thanks for thanks for the comment. How much of the And Kingo asks asks, how much of this is just business cycle as measured by USPMI? Oh, as measured by PMI, I have no idea. As a business cycle, that's um yeah, uh a lot of this stuff is there was a >> if you rewind sort of a year or two, there was this I'm not memes probably the wrong word, but a lot of people were overlaying, you know, the Bitcoin price with the M2 money supply and going like, this is it, guys. We've, you know, we've cracked the code. If you ever want to tell, you know, watch the future, there's a clear, you know, delay period and you can just follow it. And it and it's not true. Like, it doesn't doesn't work like that. Um, in terms of Cardano, I don't want to be mean to Cardano. I don't >> You already have.
>> We're used to it.
>> Well, yeah, you got >> We don't care.
>> You Cardano guys, you got thick skin at this point. But, um, it's just too small to for anyone to make a call on whether Cardano follows market cycles or not. It doesn't. It has no sway in the in the zeitgeist and what people are thinking about with crypto. It will follow everything else. and you know, Bitcoin will pump and it'll pump maybe a bit less and Bitcoin will dump and it'll dump even more. You know what I mean?
So, it's it's generally that kind of and a lot of cryptos fall into this trap where they they just end up following, you know, they just get um API traded like traded by bots and when one thing goes up everything, you know, assumes the other thing is going to go up and then it gets traded like that just becomes a beta kind of asset for these for these majors. Um I don't think it's going to get I don't think it's got any sway in the business cycle per se. Um Cardano's got a lot of uphill battle. I remember when they first brought out the smart contracts and it was such a flop like they they had some >> Wasn't it written in like Haskell or something?
>> Yes.
>> So it may as well been written in ancient Egyptian.
>> Yeah. Literally like I I remember so I did a bachelor of computing science and learned various programming languages and one of them was Haskell actually.
No. Yeah. I did Haskell and the other one was prologue. These are two functional languages. And when you look at a normal programming language and it's very, you know, like if this happens, then do this otherwise do this.
And like it's all very procedural.
That's what a procedural language looks like. With Haskell and Prologue, they they're called functional languages. And they are like an alien has come down from some other universe and shown you another way to talk. It's it literally took me the entire I remember I was learning this thing and I it took me the entire term to even just get my head around it. But the second I did it, it was like that scene, you know, where Bart in the Simpsons is doing the putting and suddenly he's like, you know, trying to be zen. He go and like and he does the perfect putt.
>> It was like that. I remember when I I remember when I was looking at someone else's code actually. I was like, how the hell does this stuff work? And I was following it through and then suddenly there was this ding in my head and I'm like, I understand the code now. It was weird. Like it's just the strangest um language you've ever seen. Anyway, so they've they've decided to build this thing on Haskell, which is, you know, already they're shooting themselves in the foot by doing this thing because no one most people can't understand it.
Most like solid seasoned professional developers can't understand it. I certainly can't anymore. I understood how it's a bit like being nerdy for the sake of nerdy like look >> 100%. It's like learning Cllingon.
>> Yeah. I mean, and and there are advantages to the functional languages.
They can do some things really cleverly, but um it's Yeah, it's it's an uphill battle. You don't want to do your programming in that. Um anyway, they they built they brought out the um the smart contracts in Cardano like a few years ago and it was this big hailed like everyone was so excited for it finally we can get things like dexes on chain and whatever because you couldn't do it before and it was such a flop because they made they made some horrible mistakes and it turned out you could only do one transaction across the entire network per block or something like that. So you had to wait a block like you know you know most things can do like thousands of transactions a second, right? This you could do one per block. It was ridiculous. It made no sense how it could possibly have ever been released to production. But anyway, it was that that was my first one. I was like, "Oh man, this is the shittest of [ __ ] coins."
>> The irony of that, I guess, that situation is is Yeah, you're right. And and um when when smart contracts finally got turned on, everyone was sitting waiting waiting for these decks that were pre-built and ready to go.
>> And then you'd sit there and it was two hours before my transaction went through. And they go, "Oh, it's just congestion. It'll be fine after a few days." And to their credit, it was fine after a few >> because they fixed that bug.
>> But yeah, >> it wasn't because the congestion went away. It was because they were they and yeah, and as you say, like they fixed it, but the problem is the damage is already done at that point. Everyone was like, "What? These guys are a bunch of amateurs. They can't even figure it out."
>> And again, back to the ironic part, Charles Hoskinson was always [ __ ] on Ethereum going, "They like to uh ship first um and fix later. We like to fix first and ship when we're ready." Like, >> yeah. Yeah. Uh anyway, let's stop shooting on Cardano. Next question.
Ginger boy, is XRP still good?
>> Oh, this one here. I love this one. You love this one. We all love this one.
It's kind of like, you know what, XRP army? I don't want to like if I know if I say the wrong thing, we'll get absolutely destroyed like on the comments, but okay, let let me ask let me answer this question with a question.
Ginger boy [ __ ] I know I'm totally scribbing it. Why would someone need XRP if Ripple has introduced a stable coin that does exactly the same thing?
>> Yeah, this is Yeah, you're right. So, XRP used to be the token that that value is transferred with for their ODL products. They now flipped it over to um their RLUSD, which is makes much more sense in my opinion. Um what is, you know, what is XRP used for now? Well, I mean, can you I don't think you can even stake XRP. So you can't you can't earn yield on it. Um it's used for onchain transa like a gas a gas token for onchain transactions but XRP network is super super cheap. So you're not it's kind of like the the curse of Ethereum, right? They it used to be really expensive to transact on Ethereum. So people had to buy a bunch of ETH to to you know um facilitate their transactions. But then the the Ethereum Foundation and and all the ETH developers did such a good job at making it cheap that now it's so cheap to transact on chain you don't actually need that much ETH anymore. Hence, you know, and therefore the price going down.
>> And RLUSD is also launched on it's also ERC20.
>> Yeah, exactly. They I mean you can do RUSD on the XRP chain as well, but I'm guessing like you know 80 90% of its transaction volume is done through Ethereum.
>> Um is XRP a good token? I don't know.
like these I feel like this is a token that will always surprise you.
>> Yeah.
>> I I was very bearish on XRP for a while >> and um and then Nick been I don't know like a year ago or something. It just started pumping.
>> Yeah.
>> Like it went from you know a dollar to $4 or something. I can't remember what the numbers were but I was just sitting there shocked.
>> Um and so something like that could happen again for sure.
>> It is indeed gone up. Um all right Danny Crypto thoughts on linear. I don't know anything about linear. You get uh okay maybe I don't know. Do you know anything about line?
>> I've heard of it. Um, you get 26.4% on XEN. So, is that 26.4% of yield? Because if so, mate, where does that yield come from? Are they just are you um are they just inflating the the token? I don't know. I don't know about these these tokens either. Sorry, I'm not >> Oh, you know you know a token for longtime listeners of which some of you out there may be. Remember when we did our little ex not expose is the wrong word a little tour of the uh sing of the token Singapore token and we went and spoke to the people from Texascoin.
>> Oh yes.
>> And they had a yield.
>> Yeah.
>> I believe I believe we asked the question what happened where's your yield come from and the lady with the cowboy hat said don't you worry about that. Next minute left a scooter at the dairy.
>> Yeah.
and it's in trouble. Anyway, it's a good question. If some you're getting a yield, the first question you should be asking is where is that yield coming from?
>> Yeah. So, if the yield is somewhere around like the treasury bills, you know, the T bill yield, then I'm like, okay, these guys are just >> selling their coin, buying some T bills >> and and they're providing yield that way. Fine. But actually, this harks back to um the the bankless guy. So, David Hoffman was the guy who's now sold all of his Ethereum. There's this famous scene where um he's really he's upset um because there's just so many scams happening and and like it's just him David Hoffman and his mate I can't remember Sean Adams I think is the other guy on this um podcast and there's chatting about it and Dave David Hoffman's getting more and more worked up to the point where he starts crying on the on the um podcast because he's just so upset about these scams that are happening. Someone screenshot I shouldn't do like next next minute I'm going to be crying about some quantum mechanic but um yeah he's he's crying about this thing. Someone screenshots his um his is you know literally tears running down his face basically like his eyes are all red and he's like got his hands like this and can't believe what's going on and um and is and so um banklists were sponsored by this um platform called Nexo that were offering 16.1%.
>> It probably comes out a marketing budget though. That's that's where that you're >> Yeah. Well, this is the thing, but like, you know, that can't last forever. How long? Like, they're just So, it was sort of a funny thing. It's like crying about scams and they're getting um getting sponsored by what looks like a scam if you don't if you don't delve into it because the yield is just way too high.
Like, it's not a natural yield.
>> Yeah. Uh well, those I mean, you can someone can just pay you a yield. That's the thing.
>> Absolutely. I mean, I'm not saying like they as far as I know, they weren't paying in their own token saying, you know, they >> something else.
>> Hey, where did our questions go? Jared, bring them back. All right, schol. I noticed that AWS now supports agents that transact. I'm not sure what that is, Jared. I mean, sorry, Nick, you might know. Uh, with AWS bedrock Asian core payments, that was a mouthful. Will independent reserve ventures venture into this space? Do you even Well, that's to you because I don't know.
Yeah. Okay.
>> Is there reserve MCP?
>> Yeah. Okay. Um, no. Coinbase is doing some amazing stuff to be honest with this. they're really trying to get like expand into these kind of spaces. So AWS agents that transact. The idea here is like we're looking at, you know, AI agents that need to be able to pay for services.
>> This is kind of like a >> a micro.
>> It's a great concept because AI agents are going to have to pay and and I think we talked about this a few weeks ago.
There was a um article about uh someone had done some research on what AIs would use >> and um I think the results were I'm just going off the top of my head here. So um Bitcoin was for store of value most agents chose Bitcoin. They said yeah if we if we have money that we want to store we're not going to store it in stables we're going to store it in Bitcoin and if we're going to do transacting we're going to do it in stable coins. Um, and so I think this is what this is sort of basically talking about AWS have a a way to for their AI agents to sort of hook into some kind of API and do transactions on chain. Um, because obviously it's much more much easier to trans transact stable coins or you know crypto than it is to do it on feat rails. Um, is independent reserve going to venture into this space? No, we're not looking at that at the moment.
Um we've yeah there's a classic ca not classic case but you know at the moment we've got so many things we want to do.
We've got a dev team that is using AI as much as they can to increase um productivity but there's just unlimited things to do. This isn't on our um this isn't on our road map at the moment but um it is definitely something interesting and I mean yeah are we going to do an MCP? No. Do we need to? Not really. We've got an API already. We've got um you know API documentation.
There's a bunch of example clients out there. AI can like you ask AI to build you a little um independent reserve bot, it'll do it easily. Like there's no there's you don't really need an MCP um server for that kind of thing. Um if if we had a super complex API and there was a bunch of cool things that AI could do that our API didn't offer, maybe it would make sense. But yeah, it doesn't there's no reason to for us to do anything like that at the moment.
>> Okay. Well, controversies continue to reign over XRP. So, uh, I didn't make these comments. This is from King 55.
This is King use case here. XRP. Well, I'm quoting here from King 55 says that XRP's use case is filler conversation for my barber.
>> Yeah, for my same for my physio. Like, what do you do? I do some crypto stuff.
Oh, so have you heard of XRP?
>> I have, actually. Anyway, >> the XRP army is out there. My cousin My cousin is part of the XRP army.
>> Yeah. Well, oh, good. I mean, good like good luck to them. XRP, I think, can surprise the upside. As I've said before, I I feel like it's they've got a bit of an uphill battle at the moment because of the way their token was initially advertised to the market and and and they've kind of I'm not going to say rugpulled, but they've definitely done some things which have taken away the some some of the major use cases from the token. Um, but you know, these guys are always looking for new ways to monetize and they're they're a business, right? They're a for-profit business, so they're gonna >> find in, you know, integrations and partnerships and whatever. And >> what if they siphoned off some of the brokerage revenue from RLUSD and bought back tokens? Would that >> brokerage revenue?
>> Well, there's well, brokerage, it's a token. It's just it's the brokerages trade on secondary markets. It's the issuance. And >> I guess I guess if they started their own market, they could do something like that. XRP does have a um you can trade onchain with XRP. M.
>> So, as far as I know, it doesn't get much use at all, but yeah, that that would just um that would just sort of go into the XRP token, I guess, that it would just be normal trading fees >> and uh yeah, they could do buybacks, I guess. But I mean, it' be kind of it'd be a bit um like they do so much selling, right? The XRP XRP, sorry, not XRP, um Ripple do a lot of lot of XRP selling. They got a huge B chest. So, it'd be funny that they start buying back.
Uh but they did they last week we spoke about a big um a big uh like fundraising that they did. So Ripple raised a whole bunch of money to do a bunch of stuff um because they I guess they didn't want to sell any more XRP. They've sold a lot over the years. Um and they they've they're now looking to try and raise money in other ways that you know that's opens doors for them to create different products. Anyway, we'll see what happens. It's um these things take time.
See what happens. All right. All right.
Well, we've got a Have we got any more comments or do we need to start?
>> No, just just someone shilling some random coin.
>> Is it hype?
>> Oh, wait. Nicaragu.
I'm guessing it's >> Yeah.
>> not written by a human.
>> Uh AI. Uh what would we do with that? I honestly I struggle now to think what how I survived before AI. I've only been using it for like two weeks. Everything took so long.
>> I don't even know how I managed in life before it.
>> Yeah, >> it's incredible.
>> Although I must I must admit I spend way too much time now. Um you ask Claude a to prompt and Claude's you know Claude takes time to think about his the his responses and he's kind of sitting there waiting going oh what are you going to give me Claude and Claude managed like to Crawlord's credit you mostly get accurate stuff but you have to still check it.
>> It's a bit like a it's a bit like a smart but inexperienced dude.
>> Yeah. Very confident. They very they confidently come out and go, "Hey man, I got you." And you're like, "That's not quite what I've seen.
>> You are right.
>> Let me It's like actually Yeah.
>> Funny you should mention that because >> Yeah. Yeah.
>> Yeah.
>> But still the the work course work's impressive. You just got to check it."
>> Anyway, we've had fun today. Uh your new shirt has been an absolute standout.
Quite literally. I can't I can't even see my own reflection in the mirror because all I'm getting is your shirt.
>> Yeah, I'm peacocking.
>> It's pretty good. Uh we got some new as I said on the recap. This week we've had some great new AI introductory music which is fantastic. Stay around listening to that I guess.
>> Yeah.
>> Uh but other than that we'll be back next week unless you're away doing something Nick. Something important.
>> As far as I'm aware.
>> Okay. Well, let's call it a wrap there.
Thank you for everyone. Thank you for stopping by. Thank you very much for the comments. We'll be back next Tuesday as always. Same time, same place. Obviously the same place. The internet. Cardano will probably still be down, >> but that ain't your concern >> because yeah, none of our listeners own it. There was a part of that um the survey is like actually I don't know anyone who owns Cardano and definitely no one who uses it.
>> Anyway, >> the stats suggested no one does. So anyway, thank you for stopping by. Uh yes, the markets will be back next week as will we. Actually, they never left.
What am I saying? Just making up words now. Till next week. Ciao.
>> See you.
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