WEBVTT
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Let's go, let's go, let's go, baby.
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How y'all doing?
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How y'all feeling?
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How y'all living, man?
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Welcome back to the stream.
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Welcome back to the stream.
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Welcome back.
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And how are you?
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Oh living, man.
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It's a beautiful Monday.
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Yeah, so we have a lot to talk about today.
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I'm getting called out on selling my hymns too early, but I made it very clear why I did sell.
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I don't even know what I'm saying.
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We have a look, we have a lot to talk about.
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Let's just let's just get into it.
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I guys, I could cry.
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I miss you guys so much.
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I really do.
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I miss you guys so much.
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I have a sick guest, one of my best friends in the world.
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Okay, he's not my best friend, but he's he's my guy.
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Tom Kaiser is gonna come on and he's gonna talk about the hack of Ave Kelp.
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I don't even know what it's called, player zero situation.
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So he's gonna come on and we're gonna talk to him about the whole situation, what happened.
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But before we get there, we have a lot to cover.
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I have some more updates, which is just so ridiculous.
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We're gonna talk about IPOs.
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There's like a bunch of IPOs that are happening.
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There's a psychedelics hype that's happening right now.
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There's a mega church trade.
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I missed it because markets are fucking closed on the weekend.
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There's a lot of on-chain stuff happening.
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Specifically, yes, I was wrong about asteroid, but I was right about Ravedow.
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So take your poison.
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And then there's some pretty scary stuff that is happening with AI hacking right now.
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It's it just is.
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I don't know what to tell you.
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It's pretty scary.
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I started watching Game of Thrones this weekend.
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I did I did that.
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I started watching Game of Thrones.
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I played a couple games of chess.
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I bought some clothes.
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I bought these really cool three-fourth suit shorts that are really fun.
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But I you know what I found out this weekend?
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It was like 4 a.m.
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on Saturday, I guess Sunday morning.
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And I was having like a really deep talk with some homies, and we were really like letting it fly.
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We were like really letting it go.
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Like I was really letting shit fly.
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And I had this just takeaway that like, damn, all the fun stories you guys just I just can't tell you.
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I can maybe like type them in the pit, but I can't put them on video recording on stream.
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I have like a a Friday night story, it's just gonna get me banned from Twitch.
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It's gonna get me banned from Twitch.
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Like, I yeah, you guys just like don't get the best.
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It's really unfortunate, you know?
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Like, I was thinking about it, I'm like, damn, you guys think I'm entertaining and you don't get even get the good stories.
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Like I saw Jack Harlow in the street the other day.
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Um okay, look, I can't tell you the story, but all I all I can say is that we had a situation where this kid was like trying to fuck with me.
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I'm not gonna tell you the story, but I'm gonna tell you like a high level.
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We had a little situation in the club, and some guy was trying to press me, and he went to like put a finger on my chest.
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And before this brother could even put a finger on my chest, five people like on the ground and drinks flat.
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He couldn't even get a finger, bro, on my chest.
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It was crazy.
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It was insane.
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It was like all angles hit here, no punching, but like tackle here, rolling on the ground here, other people getting involved.
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It was crazy.
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I can't tell you the actual story, but all I know is that uh you fuck with the pit, you got protection.
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Okay, I want to read you a tweet real quick to start the stream.
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I caught my child using AI.
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I just caught my nine-year-old using Google AI.
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She had only been using it on and off for about a week.
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She talked to it about how to get along better with her little sisters, how to improve her swimming times after a swim meet, and then she used it to help her write fan fiction plot lines for her favorite book series.
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I had a long conversation with her about it, and she's devastated.
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She didn't know it had environmental impacts, and she now fully understands how bad it is.
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She's not in trouble, but she's aware we are not to use that again because we don't want to lose her creativity.
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Okay, look, I'm pretty positive this is fake.
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I think it's fake.
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But what I am gonna say, and it's something that we should note as traders, especially of daily trends, not daily trends, but of like of of hot narratives, okay, is that psychophantic, sycophantic, sycophantic.
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Thank you.
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What we should understand is that I always wondered, like when my dad would tell me that growing up we didn't have the internet and I had to like go to a library to read a book, I'd be like, What?
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Like you didn't have the internet?
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Well, I always wondered like what my version of that would be for my kids if I you know what one day when I'm blessed enough to have children, find a wife.
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Oh, I'm working on this really hard.
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This wife thing is hard, man.
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I was like, where do you find a wife in New York City?
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I really just God, I'll skip this part, but it's just like all right, what what one I always wondered what it would be for my kids.
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Okay, I always wondered what it would be, and it's obviously using Google.
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It's obviously using Google.
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No one is ever gonna use a search engine for for anything ever.
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But the the the take on this is that Google and a search engine is something that the next generation will never use ever.
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They're just gonna use GPT for everything, they're gonna use LLMs for to answer everything.
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I mean, I already do already, I very rarely Google, and when I do Google, by the way, an underrated thing that they've added feature is like the AI auto search.
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It's incredible.
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You just read the primer at the beginning, it's it's unreal how good it is.
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You don't actually, I'm not clicking on links, I'm just reading the answer it gives me.
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It's just optimizing Gemini into some announcement.
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It's it's unreal.
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And so we've talked about this before.
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I'm not gonna rant about it right now, but this idea of hallucination yield, which is like figuring out what the AI is gonna tell everybody to do and getting in front of that, is probably very profitable.
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You know what I mean?
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Like figuring out when you say I have a thousand dollars I want to invest, these people aren't going to like Dave Ramsey videos, they're not going to Graham Steffen videos anymore, they're just gonna search it on GPT, they're gonna type it into GPT.
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That is what that is.
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Also, real quick, somebody said TJ, are you using your open claw?
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No, dude, no, and I feel like a part of me, I was gonna rant about this, I was gonna forget to rant about this, but I am not using my open claw because they nuked it.
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And I feel like a genuinely I'm gonna be so for real.
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I feel like a part of me is missing from this thing.
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I I I I used to talk about it all day, every day, and I haven't talked to it recently.
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And I'm also now scared of this.
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This we'll talk about this in a little bit as well, but this day that's gonna come eventually when all these LLMs get hacked and every combo you've ever had with the AI gets like released into the world.
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That's like a pretty scary day when that happens, if that happens.
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And so now I'm like scared.
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I used to ask it like, like, how do I respond to this text?
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Like, how do I flirt with this girl?
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And now I'm like, fuck, I probably shouldn't do that.
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You know, I'm like, I probably shouldn't be doing that.
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And so I need like a local model to run, and we'll see if I get there, but I haven't been using my open claw, and it's pretty sad.
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It is really, really, really pretty sad.
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All right, anyways, this thing launched today.
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It's this thing that launched today.
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It's called I went on I went on the show if you watched it.
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I don't know if anybody saw me go on it, but I did go on it.
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It's called Monitor the Situation Live.
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Everyone's takeaway, I think, from the TVPN acquisition is that we need more.
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By the way, congrats to them on the launch.
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I think it's sick.
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I'm a fan of some people that work on the team.
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Congrats on the launch.
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I think everyone's takeaway somehow from TVPN was that we need more news arbiters, news curators of what's happening on Twitter.
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And I I actually think that we need less of that.
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TVPN worked because they were super knowledgeable on tech, and the hosts are hot straight up.
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Super knowledgeable on tech, have real ball knowledge, and they just like look really good.
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Like they just have the look.
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I don't want to tell you.
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And I think that there's gonna be this massive push for VC backed media outlets to do similar uh TVPN-esque media.
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And so, like a lot of people ping me about it.
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And I think that the reason that uh I like what we do here, and I was so relieved to come back is that we're not this funded cohort, and we're not like I do curate info on stream.
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I read tweets all day, obviously.
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But I think because like I'm a guy and we have our own opinions, some of them being very strong, and we're super niche, like you can't like okay, I was having a conversation with someone about this.
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Like, to be the face of finance is like, what does that even mean?
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It's so big you can't theoretically do it.
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But to be hyper focused on retail trading and memetics and momentum and like how to trade retail markets, how to trade perbs, like some of these like super niche topics that we focus on and go really deep on, curated behind 150 people on a live stream that are like really dedicated to it, I think is the what it's like the opposite of the AI algorithm, right?
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The opposite of viral is what we want to do.
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That's why I like the pit so much.
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That's why I post on the pit more than I post on Twitter.
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And so I think what we've curated here is pretty special, and you guys are lit.
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And there's gonna be a lot of uh people optimizing for viral, but I I would argue we optimize for niche, which is really cool.
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And yeah, that's what I got.
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So, anyways, all right, market close just happened, it was a very interesting one.
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We are very much still at war, okay?
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We actually, if anything, had an escalation over the weekend.
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All right, here's market close.
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Let's go.
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Just unreal.
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I mean, this I honestly, guys, I don't know about you.
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I'm having so much fun.
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I'm having so much fun in this market because I feel like we could just be comfy.
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It's I don't really have a directional bias whatsoever on how things are gonna play out.
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I feel like I'm late to the AI trade, and I don't have much of a directional bias on what is gonna happen and how it's gonna happen.
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So instead, I'm just sitting in cash and just like binking little spots.
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I'm binking little spots and it's been fun.
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I'm kind of waiting for my next spot if I'm being so for real.
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We had a major escalation this weekend, and three minutes before market opened, JD Vance is like, I'm in Pakistan for negotiations.
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Then market opens, and they're like, uh, I actually haven't left yet to Pakistan, but the market didn't care because SPX closes down 0.24 percent, spy down 0.2, Q is down 0.3, IGV crazy is up, software ETF up 1.3, and the Dow flat almost back at 50k level, which is crazy.
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NASDAQ down about a half a percent.
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Also, by the way, we had Hans Demon on Friday, our best performing guest of all time, believe it or not, on clips.
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He did like 5 million views on clips, tick tock viral.
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I'm going viral on TikTok now, fellas.
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Crypto, which had a been grinding chess because of the stream.
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I I'm gonna maybe do fry.
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I'm lying.
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I'm not doing that fucking shit.
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Sorry, never mind.
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Glad you're grinding though.
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Um, VIX up eight percent today.
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Crypto's in a very interesting spot.
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We had major default exploits, which I'm gonna have as one of my favorite guests of all time to come on and talk about in about 45 minutes.
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You hit my TikTok FYP, you better have liked it and watched the full video.
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Zcash, which was struggling, is up today, up 5%, 317, not bad.
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Bitcoin somehow looks really fucking good.
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I don't really know how, but it does 76.2, ETH 2330, despite every person on the planet Earth shorting.
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Soul 85.
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Soul looks horrific in my opinion.
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Hyperliquid 41.
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It lost a lot, but you know, it is what it is.
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I think one of the most interesting longs right now, or I don't know, charts is Monero.
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To me, it looks very good.
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You tell me what you think, but this looks very good to me.
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Monero's look at the weekly on this thing, it just looks very good.
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How did you end up on MTS?
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I they just asked me to come on.
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Look at this chart.
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I mean, this is a wild, wild, wild chart for Monero.
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We'll get to Mon at at the end, you know how we do it.
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BTC D is up as well, which is interesting.
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It makes me very scared to long any alts.
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I'm not interested in in alts really right now.
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Stretch under 100, so we have nothing there, and then gold 48, pretty flat, silver 80.
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Okay, moving on.
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Energy names, we are up across the board, oil up, Brent up, Exom up, Chevron down a little bit, but looks relatively good.
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Did you hop back into oil over the week?
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And I told you I was done, man.
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It's like it's like you know when you have an ex-girlfriend and you all are breaking up and redating and hooking up every day, like every week for like a year, but then finally you have that final like the ick.
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I got the ick, and so I was hooking up on my ex every week, and I was down, and she was down, and it was like fun, and we both be like, ah, we're done.
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You tell your friends, ah, we're done.
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Then you like awkwardly make eye contact with your boy when you walk out of the club with her, going back to your house, and then you laugh.
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It's like it's like big joke, everyone's in on it, her friends are in on it, everyone's in on it.
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But then finally, you just like have a blow off the top, and you like really get the ick, and you're just done.
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You're done, you never hook up with her again.
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Defense Palantir looks uh kind of chemicals, fertilizers are all green, big tech that we care about, Salesforce green, adobe green.
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Apple looks really pretty.
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Nvidia is pretty flat, Sandis still looks pretty, Amazon down a little bit.
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Where's Tesla down two percent?
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It's not a good looking chart, man.
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I'm sorry, just doesn't look great.
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Netflix, they really, really, really hated the earnings.
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Not great.
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Um, meta down two and a half, Intel down four, but this thing's a monster.
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Fun names, him's biggest gainer again up seven percent.
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It's beautiful.
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Him's up seven percent 31 dollars.
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I'm a seller at 29.50.
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And every dollar this thing goes up, I lose a lot of money in unrealized gains, but it is what it is.
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Z been trading very well, by the way.
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Jack Dorsey stock is up since that first gap up close, even though it was up a lot and then dumped a lot, it's up another like I don't know, 15.
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This has been a nice one.
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Um, Doordash looks nice, Coinbase up 3%.
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Crypto, like all things considered crypto stocks look pretty good.
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Nothing else, Nike's up a percent.
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Hood had a good day, but yeah, kind of lost some gains, and snap is terrible.
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Um, WT6.
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I mean, uh, it was pretty low though.
00:12:46.399 --> 00:12:47.279
Got to 78.
00:12:47.519 --> 00:12:49.200
DNAP announcement.
00:12:49.440 --> 00:12:50.639
Apple names jump.
00:12:50.960 --> 00:12:52.639
Whoa, new Apple CEO.
00:12:52.799 --> 00:12:54.159
Oh my god, is it ripping?
00:12:54.399 --> 00:12:55.759
No, it's dumping.
00:12:56.000 --> 00:12:57.120
Is that a short?
00:12:57.360 --> 00:12:59.759
Wow, Tim Cook out of Apple.
00:12:59.919 --> 00:13:02.080
Man, we could do a Tim Cook session.
00:13:02.159 --> 00:13:03.919
We could look back on the Tim Cook era.
00:13:04.000 --> 00:13:09.039
Uh Tim Cook has done an incredible job, in my opinion, all things considered.
00:13:09.360 --> 00:13:11.120
Wow, wow, wow, wow, wow.
00:13:11.200 --> 00:13:12.960
Tim Cook, most underrated CEO of all time.
00:13:13.039 --> 00:13:13.679
I'm not gonna lie.
00:13:13.759 --> 00:13:15.440
Wait, he was that Coachella this weekend.
00:13:15.919 --> 00:13:17.600
G top gay for sure.
00:13:17.919 --> 00:13:20.399
Wow, who's John Tenrus?
00:13:20.480 --> 00:13:25.519
John Tenrus, American engineer, business executive who serves as Apple's senior vice president, hardware engineer since 2001.
00:13:25.679 --> 00:13:34.960
Let's do like uh list every new Apple product shipped since Tim Cook stepped in in 2011.
00:13:35.200 --> 00:13:37.519
AirPod, the M chip Max.
00:13:37.679 --> 00:13:38.320
What did see?
00:13:38.399 --> 00:13:45.440
Okay, iPad Mini and iPad Pro, Apple Watch, AirPods, AirPod Pro, M series chips, and the AirTag.
00:13:45.600 --> 00:13:47.440
Apple Vision Pro was a huge miss.
00:13:47.759 --> 00:13:50.080
And iPhone Air is like whatever.
00:13:50.320 --> 00:13:51.600
Apple Pencil, nobody cares.
00:13:51.759 --> 00:13:52.960
Magic keyboard, nobody cares.
00:13:53.120 --> 00:13:54.240
Mag Safer iPhone.
00:13:54.320 --> 00:13:55.039
What does that even mean?
00:13:55.200 --> 00:13:56.720
Didn't know what I'd never heard of this.
00:13:56.960 --> 00:13:58.240
Apple Music hit.
00:13:58.480 --> 00:13:59.519
Apple News, nobody cares.
00:13:59.679 --> 00:14:00.879
Apple Arcade, nobody cares.
00:14:01.039 --> 00:14:02.399
Apple TV is pretty good.
00:14:02.639 --> 00:14:05.279
Apple card and Apple Pay, huge.
00:14:05.519 --> 00:14:06.879
Apple Fitness, nobody cares.
00:14:07.039 --> 00:14:08.080
Apple One Bundle.
00:14:08.240 --> 00:14:10.960
App I mean Apple Apple Pay changed the world, right?
00:14:11.120 --> 00:14:11.679
Who doesn't?
00:14:11.759 --> 00:14:13.840
I mean, Apple Pay is like the greatest invention of all time.
00:14:14.000 --> 00:14:16.960
Is Apple Pay the most important finance invention like of all time?
00:14:17.279 --> 00:14:19.200
That's I never heard that poll before.
00:14:19.360 --> 00:14:21.200
It's like the best finance invention ever.
00:14:21.519 --> 00:14:22.159
Apple Pay.
00:14:22.399 --> 00:14:24.320
Tap to pay is is nuts.
00:14:24.720 --> 00:14:25.440
The iPhone is.
00:14:25.519 --> 00:14:26.960
I mean, yeah, but it's it's been out.
00:14:27.120 --> 00:14:27.919
Interesting.
00:14:28.240 --> 00:14:29.600
Um, I think I was almost done.
00:14:29.679 --> 00:14:31.679
I didn't go through uh bro, it's just a credit card.
00:14:31.759 --> 00:14:33.279
I know, but it's like the smoothest.
00:14:33.519 --> 00:14:35.600
I don't carry a wallet yet, and everybody has it.
00:14:35.759 --> 00:14:36.879
All coins before I move on.
00:14:36.960 --> 00:14:39.120
Um Hangoose, the biggest game today.
00:14:39.279 --> 00:14:41.519
Yeah, looks like we have a little rounded bottom here.
00:14:41.840 --> 00:14:42.960
Did you see Amazon news?
00:14:43.039 --> 00:14:44.960
No, fuck, because there's like a lot happening right now.
00:14:45.200 --> 00:14:47.679
Whoa, 25 billion in anthropic.
00:14:47.919 --> 00:14:48.480
Wow.
00:14:48.639 --> 00:14:50.240
Oh, Jesus.
00:14:50.399 --> 00:14:52.480
That is a big move on Amazon.
00:14:52.559 --> 00:14:55.759
Look at this 3% move on a fucking trillion dollar stock.
00:14:55.919 --> 00:14:56.799
That's crazy.
00:14:56.960 --> 00:15:02.320
Amazon to invest$25 billion into anthropic.
00:15:02.799 --> 00:15:04.559
I mean, this is impressive.
00:15:04.799 --> 00:15:05.679
Uh, that's crazy.
00:15:05.759 --> 00:15:07.519
We didn't even get to finish uh all coins.
00:15:07.600 --> 00:15:08.080
Let's go.
00:15:08.159 --> 00:15:10.720
Uh Pengu Monad, I think, is the best looking alt.
00:15:10.879 --> 00:15:12.159
Farcoin, like, who cares?
00:15:12.320 --> 00:15:14.080
VV looks it's tradable and good.
00:15:14.159 --> 00:15:15.840
I actually am into the VV thesis.
00:15:16.080 --> 00:15:21.120
Everything else though, Zcash, you know, I like Arrow, uh, Arbitrum, uh, Pomp.
00:15:21.200 --> 00:15:24.399
Uh it's just like DeFi is just hey, like, damn.
00:15:24.559 --> 00:15:26.000
Somehow green today, but barely.
00:15:26.240 --> 00:15:27.440
Tao is horrid.
00:15:27.679 --> 00:15:28.159
Sweet.
00:15:28.399 --> 00:15:31.679
It's just like these things are just it's almost like I need to delete my list.
00:15:31.919 --> 00:15:33.759
Monero is the most attractive.
00:15:33.840 --> 00:15:35.279
Jupiter, they all look terrible.
00:15:35.360 --> 00:15:37.120
What was your last non-mega church trade?
00:15:37.200 --> 00:15:38.799
Probably Pomp in 25.
00:15:39.120 --> 00:15:40.399
Asteroid is.
00:15:40.559 --> 00:15:42.240
I'll be honest, I don't really get this.
00:15:42.399 --> 00:15:44.559
How this is possible that this thing wants to go higher.
00:15:44.639 --> 00:15:45.440
I'm not sure that I get this.
00:15:45.600 --> 00:15:48.159
The next big theme in crypto, there's two things.
00:15:48.320 --> 00:15:50.080
There's two themes that, and that's it.
00:15:50.320 --> 00:15:51.919
Um, there's two themes.
00:15:52.159 --> 00:15:53.440
One is this.
00:15:53.759 --> 00:15:58.960
At this point, I think crypto changes area of growth of all markets is a remarkable mouth watering opportunity.
00:15:59.200 --> 00:16:04.879
My thing is evolving from the perfectation of the world, it's just that everything has changed with leverage available, of course, but funding rates are so bad spot will be required.
00:16:05.120 --> 00:16:07.919
I think this is just like worth more than we're giving credit for.
00:16:08.320 --> 00:16:09.039
I just do.
00:16:09.200 --> 00:16:09.679
Number one.
00:16:09.840 --> 00:16:11.919
And then the second is these are two narratives.
00:16:12.000 --> 00:16:12.639
They're boring.
00:16:12.879 --> 00:16:13.840
Sorry, they're boring.
00:16:13.919 --> 00:16:14.480
They're just boring.
00:16:14.559 --> 00:16:16.240
I don't want to tell you, they're just boring.
00:16:16.480 --> 00:16:26.159
And then maybe you sprinkle in some on-chain activity here and there, but I think for the inevitable future, we're gonna be trading stock mega church headlines.
00:16:26.240 --> 00:16:27.679
I think on-chain is just in trouble.
00:16:27.759 --> 00:16:41.759
The reason I don't get asteroid is because it's just like okay, I it's hard for me to get people are gonna get mad at me because but I feel the same way I felt at 20 mil or whatever, is it's nothing different than we've already seen, and so it's hard to get out of bed.
00:16:41.919 --> 00:16:48.879
Like, I don't understand who's top last in this 150 mil, like why they go up, but it doesn't seem like a smart financial trade.
00:16:49.120 --> 00:16:50.000
It's nothing different.
00:16:50.159 --> 00:16:53.919
Like, at least if it was like malt book, I'm like, all right, fine, I get it.
00:16:54.080 --> 00:16:55.919
If you buy malt book at 150, I get it.
00:16:56.000 --> 00:17:05.920
Like it at least it has a chance to be something special, but you can't tell me like sex is come on, it's just like there's also there's no such thing as a billion-dollar meme anymore.
00:17:06.000 --> 00:17:14.799
Like, there may be meme coins that go to a billion dollars, but I I don't think this is I don't know, like people you refute me on this if you would like, and I'm down to have a discussion about it.
00:17:14.880 --> 00:17:16.319
I'm not hating on your backs.
00:17:16.480 --> 00:17:20.720
I'm just telling you from a new game intellectual standpoint, there's nothing new about this.
00:17:20.880 --> 00:17:23.680
You could say it's on mainnet, but like you know, you see what I'm saying?
00:17:23.759 --> 00:17:30.480
It's it's it's nothing fundamentally different, and so it doesn't feel to me like we have a new game to play and these things are gonna rip.
00:17:30.559 --> 00:17:39.519
Now, you might make a lot of money on it, and I hope you make a lot of money on it, and I'm obviously rooting for on-chain, but on-chain can't just do what it's been doing and win.
00:17:39.680 --> 00:17:40.640
It happened too fast.
00:17:40.720 --> 00:17:42.480
This is the this is how markets trade right now.
00:17:42.559 --> 00:17:54.480
I want to do a whole rant on this because I I feel that I have gotten a lot better as a trader recently because I've been starting to understand um the way the market's trading, where you instantly price in everything at all at once.
00:17:54.640 --> 00:18:11.440
It's almost like the peptide hymns announcement is kind of like the Answem show for a token where you get to best case scenario price discovery instantly, and then for the long term to play out, you need time.
00:18:12.000 --> 00:18:16.400
And if you're not willing to sit through the time, you are gonna be in a tough spot.
00:18:16.559 --> 00:18:18.720
So that's update on the market.
00:18:18.880 --> 00:18:20.160
Now, war updates.
00:18:20.319 --> 00:18:27.119
We're still at war, my friends, and the market doesn't seem to care, which is fascinating to say the least.
00:18:27.359 --> 00:18:30.400
Um, so this weekend there was a pretty severe escalation, I would argue.
00:18:30.559 --> 00:18:32.799
One ceasefire is not happening, which we all thought that it was.
00:18:32.960 --> 00:18:36.559
Iran decided to fire bullets this way in the trade of Hamuz, a total violation of our ceasefire agreement.
00:18:36.720 --> 00:18:40.319
Many of them were aimed at a French ship and a fighter from the United Kingdom.
00:18:40.480 --> 00:18:41.599
That was nice, wasn't it?
00:18:41.920 --> 00:18:45.440
Representatives are going to um to Islamabad, Pakistan.
00:18:45.519 --> 00:18:47.519
They'll be there tomorrow evening for negotiations.
00:18:47.680 --> 00:18:52.079
Iran recently announced that they were closing this trade, which is strange because our blockade has already closed it.
00:18:52.240 --> 00:18:57.680
They're helping us without knowing, and they are the ones that lose with the closed passage.
00:18:57.839 --> 00:18:58.720
You American as fuck.
00:18:58.880 --> 00:19:00.000
Yeah, you and you not.
00:19:00.240 --> 00:19:01.359
$500 million a day.
00:19:01.440 --> 00:19:02.480
The United States loses nothing.
00:19:02.559 --> 00:19:10.559
In fact, many ships are headed right now to the US, Texas, Louisiana, and Alaska to load up compliments of the IRGC wanting to be the tough guy.
00:19:10.640 --> 00:19:11.920
We're offering a very fair and reasonable deal.
00:19:12.559 --> 00:19:21.759
He makes that announcement, and then he says this, which is that you know, the concept of the deal is done, which is like, okay, the concept of me getting married is done, but it I'm not.
00:19:21.920 --> 00:19:22.480
What does that mean?
00:19:22.559 --> 00:19:23.519
The concept is done.
00:19:23.680 --> 00:19:24.160
Like what?
00:19:24.240 --> 00:19:27.200
Like in theory, we're done, but this isn't theory, this is real.
00:19:27.440 --> 00:19:28.640
Math theory, brother.
00:19:28.720 --> 00:19:29.680
This is Adams, okay?
00:19:29.759 --> 00:19:30.960
This is fucking Adams.
00:19:31.200 --> 00:19:34.480
Followed by this, this is obviously the escalation.
00:19:34.640 --> 00:19:47.359
Um, today an Iranian flag cargo ship named Tusca, nearly 900 feet long and wearing as weighing almost as much as an aircraft carrier, tried to get past a naval blockade, and it did not go well for them.
00:19:47.759 --> 00:19:57.519
The US Navy guided missile destroyer, USS Spurrants, intercepted the Tusca in the Gulf of Oman and gave them fair warning to stop.
00:19:57.920 --> 00:20:00.880
The Iranian crew refused to listen.
00:20:01.119 --> 00:20:06.240
So our ship stopped them right in their tracks by blowing a hole in the engineer room.
00:20:06.480 --> 00:20:09.519
Right now, the US Marines have custody of the vessel.
00:20:09.680 --> 00:20:11.599
The Tusca is under U.S.
00:20:11.759 --> 00:20:15.759
Treasury sanctions because of their prior history of illegal activity.
00:20:15.920 --> 00:20:19.599
We have full custody of the ship, and we are seeing what's on board.
00:20:19.759 --> 00:20:20.960
President Donald J.
00:20:21.200 --> 00:20:21.519
Trump.
00:20:21.599 --> 00:20:28.400
And so if you're long oil, short equities, this is obviously huge escalation announcement.
00:20:28.480 --> 00:20:31.359
And the market just like doesn't fucking care anymore.
00:20:31.440 --> 00:20:32.880
The market's just over the war.
00:20:33.039 --> 00:20:36.319
I mean, look look at I mean, hardly moved, bro.
00:20:36.559 --> 00:20:47.519
Like, we got a little pump from 85 to like 90, but then we're just back down on news two minutes before open that Vance is on the way to Pakistan for negotiation.
00:20:47.599 --> 00:20:49.200
It just stopped reacting, it's just done reacting.
00:20:49.359 --> 00:20:55.519
Motor Vessel Tosca, Motor Vessel Tosca, vacate your engine room, vacate your engine room.
00:20:55.599 --> 00:20:57.920
We're prepared to subject you to disabling fire.
00:20:58.319 --> 00:20:59.920
They just fucking blasted this thing, huh?
00:21:00.000 --> 00:21:06.079
And then here's the conclusion of this is uh this is the fucking speaker of the Iran's parliament.
00:21:06.240 --> 00:21:08.000
He doesn't follow me, so I don't follow him respectfully.
00:21:08.240 --> 00:21:13.839
Tweets vibe trading digital oil is like vibe hedging in treasuries during Hormuz Risk Off.
00:21:14.079 --> 00:21:17.359
Both share one house of cards that works on paper.
00:21:17.519 --> 00:21:22.160
Difference oil at least has dated Brent treasuries, vibes all the way down.
00:21:22.319 --> 00:21:26.559
It's like we talk about vibe trading is fucking unreal.
00:21:26.799 --> 00:21:28.000
Is this guy really Iranian?
00:21:28.240 --> 00:21:28.960
That's a good question.
00:21:29.039 --> 00:21:30.240
Who is this guy, bro?
00:21:30.400 --> 00:21:32.799
I saw like a picture of him on the Bluebird terminal.
00:21:32.960 --> 00:21:35.359
He used to be the police chief, mayor of Tehran.
00:21:35.440 --> 00:21:36.960
Oh, he's a presidential candidate.
00:21:37.119 --> 00:21:38.799
He's ran four times.
00:21:38.960 --> 00:21:39.680
It never won.
00:21:39.839 --> 00:21:41.039
He's ran four times.
00:21:41.200 --> 00:21:45.039
He's been dogged by scandals, including the Layette Gate, Controversy 22.
00:21:45.119 --> 00:21:50.319
His family was seen returning from a luxury shopping trip in Turkey during an Iranian economic crisis.
00:21:50.480 --> 00:21:50.799
Whoa.
00:21:50.960 --> 00:21:51.759
Vibe shopping.
00:21:51.839 --> 00:21:57.839
He was also linked to multi billion dollar embezzlement involving Yas Holding, a subsidiary of the IRGC.
00:21:58.000 --> 00:21:58.480
Whoa.
00:21:58.559 --> 00:21:59.759
Whoa, whoa, whoa, whoa, whoa.
00:22:00.720 --> 00:22:02.000
And then final G.
00:22:02.400 --> 00:22:07.519
So the straight-of-moo should be open in a call to Saudi crown prince.
00:22:08.319 --> 00:22:10.559
So look, the war's still going on.
00:22:11.200 --> 00:22:15.920
It makes long-term directional bias very difficult to have, if we're being honest.
00:22:16.079 --> 00:22:18.880
It makes it difficult to have long-term directional bias in the market right now.
00:22:18.960 --> 00:22:20.640
I don't have any long-term bias, except for Bitcoin.
00:22:20.960 --> 00:22:22.559
Which you know, I've had to sell a good amount.
00:22:23.359 --> 00:22:24.480
It makes it very difficult to do.
00:22:25.039 --> 00:22:25.359
Okay?
00:22:25.599 --> 00:22:36.799
Now, what I do think is the most possible in this market that it's ever been is the short-term momentum attention pylon-esque trades that I think we've sort of been nailing.
00:22:36.880 --> 00:22:41.920
It feels like there's one every couple of weeks, maybe every 10 days or so.
00:22:42.240 --> 00:22:51.039
There was a complete ripper because apparently Joe Rogan got the voice of uh the president and ripped through some psychedelics bill, which is nuts.
00:22:51.279 --> 00:22:58.559
Um, let's check in really quickly on China Tim and Amazon and see if these are reacting.
00:22:58.880 --> 00:22:59.759
Let's see.
00:23:00.160 --> 00:23:01.680
Apple doesn't care.
00:23:02.000 --> 00:23:11.359
Amazon, oh my god, does care on the anthropic investment, which seems to be the hottest deal in the the fucking world.
00:23:11.759 --> 00:23:14.400
Look, I have a take, I have a take I'm working on, but I want to talk about it.
00:23:14.480 --> 00:23:19.440
I wanna talk about it before I read this article, which is I don't really know like the best way to navigate this take.
00:23:19.599 --> 00:23:20.880
Let me see if let me see if I can catch flow.
00:23:20.960 --> 00:23:22.079
Let me see if I can catch flow on it.
00:23:22.640 --> 00:23:27.119
It's like, okay, trading recently, I've been trying to think about like why everything trades like crypto, right?
00:23:27.200 --> 00:23:28.799
Like what the what does that what does that mean?
00:23:29.039 --> 00:23:41.440
And I think part of it is what we have covered, which is that fundamentals and PE ratios and earnings are disregarded in exchange for momentum and hype in a lot of aspects, right?
00:23:41.519 --> 00:23:49.039
It's not that every crypto coin sucks, but it's that almost no crypto coins trade relative to the money that they make or the money that they earn or their fundamentals.
00:23:49.119 --> 00:23:55.839
I think this is part of it, but it's been adjusted in my head a little bit since the war in trading war for the first time.
00:23:55.920 --> 00:24:18.079
I've had to rethink why the price is doing what price is doing, and I think a takeaway I've extracted from the war is that on announcements, especially Trump announcements, it isn't just momentum and narrative, but it's that the market is so quick to price in the best and worst case scenario instantly.
00:24:18.240 --> 00:24:24.400
And so, really, really, really quickly you get to how much better can it get and how much worse can it get almost instantly.
00:24:24.480 --> 00:24:33.359
And so, like when we're down 15% on SPX on news that Trump is gonna drop a nuke to Iran, how much worse can it get?
00:24:33.440 --> 00:24:38.559
Right, because the only worst escalation from there is he actually drops it, which you know isn't it's not gonna happen.
00:24:38.640 --> 00:24:40.400
There's a scenario, I guess, where it happens.
00:24:40.720 --> 00:24:43.200
But I found myself bearish at minus 12.
00:24:43.440 --> 00:24:44.640
I'm gonna nuke Iran.
00:24:44.960 --> 00:24:49.039
When in reality, that was the pricing in instantly of how much worse can it get?
00:24:49.200 --> 00:24:50.880
Worst case scenario, instantly priced in.
00:24:50.960 --> 00:25:04.960
And then the other side of this that we're seeing happen over and over and over again is they announce a ceasefire, and then this P on SPX that we haven't been able to break for like fucking, I don't know, six months, right?
00:25:05.119 --> 00:25:12.160
155 days of sorry for my charts being a mess, is instantly candled to a new AT in like three days.
00:25:12.319 --> 00:25:14.960
One of the most aggressive pumps ever in SPX.
00:25:15.119 --> 00:25:24.559
And so you very quickly get met on this chart with like I don't know if I think if you're looking at this chart, it's hard to not be bullish, but then you also start thinking to yourself, how much better can it get?
00:25:24.720 --> 00:25:25.599
Especially in the short term.
00:25:25.680 --> 00:25:26.880
This has always been a crypto thing, right?
00:25:26.960 --> 00:25:36.319
Like you when you're when you're not trading fundamentals that closely, you're now looking at sentiment a lot, narrative, you're looking at flows, and you're often met with how much better can it get?
00:25:36.400 --> 00:25:37.680
I think at crypto all the time.
00:25:37.759 --> 00:25:38.400
This is like a thing.
00:25:38.480 --> 00:25:54.720
And so I was thinking about my hymns trade, and the reason that I think this helps with like megachurch is okay, just just the nature of the way people trade now, which is like super online on Twitter, democratic, democratization of and like decentralization, I guess, of news.
00:25:54.799 --> 00:26:00.400
Everybody has the same news at the exact same time, and basically everybody is coming to the same conclusion very fast.
00:26:00.559 --> 00:26:03.039
The market is forcing it and they're doing it on leverage.
00:26:03.680 --> 00:26:11.440
And so when you're trading the mega church type of style, I think on these announcements, you actually just get to the price really quick.
00:26:11.599 --> 00:26:13.680
Like it happens pretty fucking fast.
00:26:14.000 --> 00:26:15.759
And then we move on to the next one, right?
00:26:15.839 --> 00:26:18.559
It's like a news cycle can't last more than 72 hours, whatever it is.
00:26:18.640 --> 00:26:29.680
And so when the thing of hymns, it's like okay, RFK announcement comes out on Wednesday, everyone decides hymns is the trade, and then there's just like a pure unapologetic firing in.
00:26:30.319 --> 00:26:36.160
It's all anyone's talking about, it's all everyone's bidding, and you just get these like crazy flows into hymns.
00:26:36.720 --> 00:26:40.400
And so the reason I sold on Friday, 29.50 or whatever, it had nothing to do with the price.
00:26:40.480 --> 00:26:41.680
It wasn't about the price.
00:26:42.319 --> 00:26:55.839
Okay, it was that Trump comes out on Friday and says that we have a ceasefire with Iran, the war is over, and then you just get the like colliding of narratives, and then instantly it's like, how much better can it get?
00:26:56.160 --> 00:27:06.720
What we've realized with the war is like, okay, you price in the best case scenario so quickly that you're almost instantly forced to fade the positioning and now think uh what could go wrong.
00:27:07.200 --> 00:27:09.759
Because this happened with the oil trade so many times.
00:27:10.319 --> 00:27:17.519
You it's pricing and perfection, and then you're now because the market like moved so aggressively, you're now like fuck.
00:27:17.759 --> 00:27:21.680
I liked my entry, but now I have to think the market thinks it's perfect.
00:27:21.759 --> 00:27:24.640
If anything's not perfect, we're gonna aggressively go the other direction.
00:27:24.720 --> 00:27:26.480
Like we're gonna aggressively whip so the other way.
00:27:26.559 --> 00:27:28.160
The market's just pricing and perfection.
00:27:28.640 --> 00:27:45.119
And so I think one of the things that I've I've really felt as we're trading uh these markets and especially these attention flows, and especially through the lens of war, is that now more than ever, you hit the top bound or the bottom bound so quickly, and then you have to fade positioning.
00:27:46.000 --> 00:27:54.720
And so what I've deducted from this is like if you're on leverage, you just realize the trade really quick, and you're gonna get whipsaw destroyed.
00:27:54.799 --> 00:28:01.200
And the only way to get through these longer term trades is just gonna be spot or 2x.
00:28:01.279 --> 00:28:02.720
Like I I felt like I it took me.
00:28:02.799 --> 00:28:04.319
This is like the think about the oil trade.
00:28:04.400 --> 00:28:04.880
Who made it through?
00:28:05.039 --> 00:28:09.839
Pee pee poo-poo guys, the crude oil 231 guys, think about the guys that made it through and made eight figures on the trade.
00:28:10.240 --> 00:28:12.880
You just like couldn't sit and leverage because perfection.
00:28:12.960 --> 00:28:18.480
Worst case, perfection, worst case, perfection, worst case, perfection, worst case, and you just get destroy you just get completely destroyed.
00:28:19.359 --> 00:28:22.960
And so when you ask me, is this my cope for closing the hymns trade?
00:28:23.039 --> 00:28:26.960
It's it's uh no, it's my rationale for closing it.
00:28:27.279 --> 00:28:36.720
Um I mean it was a nice trade, it's up, I don't know, a couple percentage points higher than uh where I close, but I'm basically like thinking through why I had to close.
00:28:36.799 --> 00:28:39.440
It had nothing to do with the price, like it wasn't a price target.
00:28:39.519 --> 00:28:40.400
It was like, no, no, no.
00:28:40.799 --> 00:28:43.200
We just hit like think about it, think about it.
00:28:43.519 --> 00:28:48.319
It's like these peptide announcements aren't actually gonna come into play in the supply chain for like many months.
00:28:48.640 --> 00:29:02.240
Hymns when they actually start distributing meta and GHK in these peptides that our RFK is pushing through, it's gonna be like actual months, but the market is so short term with flows that it it realizes that price spread instantly.
00:29:02.799 --> 00:29:08.000
And so you're it's done, like it's kind of done to me on the attention part, like it happened, it's done.
00:29:08.079 --> 00:29:09.680
Now it's just like fundamentally different trade.
00:29:09.759 --> 00:29:15.119
Like I would have liked to stay in it later, but the I don't know, I felt like the market didn't allow me to do it, and so I had to just get out.
00:29:15.279 --> 00:29:16.480
Dude, I'm hyped you came back on.
00:29:16.559 --> 00:29:18.480
I know you came back on like no notice too, which is fucking awesome.
00:29:18.559 --> 00:29:20.640
One of my favorite, honestly, one of the sickest guests ever.
00:29:20.720 --> 00:29:22.480
I came on like I don't know six months ago.
00:29:22.799 --> 00:29:24.880
Consider you uh uh honestly a good friend at this point.
00:29:25.039 --> 00:29:26.720
Great comms on the crypto side.
00:29:26.960 --> 00:29:32.480
Do you want to give a quick intro on who you are and then let's hit what the fuck just happened in DeFi?
00:29:32.559 --> 00:29:33.440
What is the future of DeFi?
00:29:33.599 --> 00:29:34.480
We'll get there.
00:29:35.119 --> 00:29:35.759
Yeah, for sure.
00:29:35.920 --> 00:29:37.680
Um, yeah, uh my name is Tom.
00:29:37.759 --> 00:29:40.880
You know, I'm uh I I run a bridge called uh gas.
00:29:41.759 --> 00:29:47.119
Um, you know, mainly geared towards smaller value transactions, but um really high chain coverage.
00:29:47.279 --> 00:29:52.799
Um so you know, we're we're we're a bridge very similar to kind of the relays of the world today, right?
00:29:52.880 --> 00:30:02.160
Um, you know, instant we focus more on uh instant uh delivery and like very cheap, um, you know, with a lot of you know kind of trade-offs.
00:30:02.240 --> 00:30:06.319
And this is kind of like what you get into like what what happened with the layer zero stuff today, um, right?
00:30:06.799 --> 00:30:14.079
But you know, so it's it's I mean, I spent a long time my life building crypto stuff that literally nobody ever used.
00:30:14.240 --> 00:30:16.400
And this is like everyone's like a lot of people's journey, right?
00:30:16.480 --> 00:30:20.720
Like I spent like 10 years building shit that nobody ever just used.
00:30:21.039 --> 00:30:31.920
So this time around, it was very much like I don't want to build something that like maybe some people will use, and then afterwards you can kind of back your way into like making that the technically sound solution, right?
00:30:32.079 --> 00:30:41.200
Um, and I feel like that's how a lot of like that's how a lot of the apps that people use today kind of went, you know, with this generation of approach.
00:30:41.359 --> 00:30:49.599
Um it was like, you know, build something that first like solves the problem of a couple thousand people and like yeah, it's gonna be like rounded, like the corners gonna be rounded.
00:30:49.680 --> 00:30:51.119
Like, is it like decentralized?
00:30:51.279 --> 00:30:51.920
Like the truck.
00:30:53.440 --> 00:30:56.000
Um, but so I mean, I do bridging stuff, right?
00:30:56.079 --> 00:30:57.519
I did prediction markers for a long time.
00:30:57.599 --> 00:31:03.039
Um, and just you know, kind of uh sit around and you know, retwitter all day.
00:31:03.119 --> 00:31:08.559
And um, but yeah, um, bridging is kind of like the main stuff for the last couple of years.
00:31:08.720 --> 00:31:10.079
Um, you know, we're very close.
00:31:10.160 --> 00:31:14.559
So like in full, like I'm and we built stuff on layer zero, right?
00:31:14.640 --> 00:31:17.119
So traditionally speaking, I'm like a layer zero guy, right?
00:31:17.359 --> 00:31:20.000
Like, you know, in a broad stroke, I'm like a layer zero shill.
00:31:20.480 --> 00:31:30.640
Um, but you know, that doesn't also mean like, I mean, the stuff that happened today was or this week was to be it's pretty, for lack of better terms, pretty fucking bad across the board.
00:31:32.319 --> 00:31:33.039
Let's talk about it.
00:31:33.359 --> 00:31:39.039
I'm gonna be honest, like I was not online this weekend, and then I'm like catching up, and some of the it's like all over the place.
00:31:39.200 --> 00:31:47.119
And so we've had back to back, we had drift, which I know is like a fake DeFi label, but it got the label and I think it was exploited for$300 million.
00:31:48.000 --> 00:31:52.720
And then we have everything that just happened over the weekend, and so we could skip the drift one.
00:31:53.119 --> 00:31:58.319
I think that has been debunked how that happened, just fucking piss poor management, some social engineering, a little bit everything.
00:31:59.039 --> 00:32:10.000
But there's this broader secular tear, like terrifying fear around AI exploits and mythos, and then at the same time, we have what just happened with layer zero of a all this.
00:32:10.079 --> 00:32:16.319
Like, can you just yeah, give us like a breakdown of like what just happened, how 300 million dollars and some change was exploited.
00:32:16.480 --> 00:32:21.680
Correct me if I'm wrong in that number, and then let's dive in specifics on like what DeFi looks like from here.
00:32:22.480 --> 00:32:48.000
Yeah, um, yeah, so this is was kind of like the dark underbelly, like this was like the classic FUD that you would like fear monger on not only layer zero, but a lot of DeFi protocols, where it was kind of like one of these things where it's like we all know this like isn't ideal, and it's like not the it was it was it's kind of like the worst fear that like nobody really thought was gonna happen, but we all knew could kind of happen.
00:32:48.319 --> 00:32:49.119
Yes happened.
00:32:49.440 --> 00:33:01.519
Um, and it pretty much all boils down to a lot of this being that um, you know, for lack of a better term, particularly in bridging, um like I've like a saying of Rod Stroke is like everything's just kind of a scam, man, right?
00:33:01.680 --> 00:33:08.079
And like all this stuff was just like and like it kind of works until the scam doesn't work anymore.
00:33:08.240 --> 00:33:18.559
Um, and like so what happened here was essentially layer zero is the uh you know messaging uh verification provider for this wrapped ether token.
00:33:18.640 --> 00:33:19.920
I don't even know what this wrapped ether token.
00:33:20.240 --> 00:33:21.440
RS, ETH or whatever.
00:33:21.680 --> 00:33:22.160
Yeah, yeah.
00:33:22.319 --> 00:33:23.920
One of these like RSQ ETH.
00:33:24.240 --> 00:33:24.960
I don't even know what it is.
00:33:25.359 --> 00:33:27.119
I don't I'm not I really don't understand it.
00:33:27.440 --> 00:33:31.759
Here I like stopped got you know once we run like two or three loops down the restate.
00:33:32.640 --> 00:33:33.359
Okay, okay, okay.
00:33:33.599 --> 00:33:40.160
But granted, um, you know, essentially they act as the authority of like minting and burning of this token, right?
00:33:40.240 --> 00:33:49.279
You know, um layer zero yeah, yeah, layer zero protocol, validate messages that say, you know, burn some tokens over here, remint them over here.
00:33:49.440 --> 00:33:55.039
You know, they're they are the for you know kind of like shit coin terms, like they are the they're the mint authority, they're the admin key.
00:33:55.119 --> 00:33:55.680
Okay, right.
00:33:56.079 --> 00:34:09.360
Um and layer zero is designed in a way where the person the validation of those messages should and can be done by many people, or this is what's the kind of the the DVN, right?
00:34:09.519 --> 00:34:20.639
So normally when you say I have like one ETH over here and I want it over here, there should be like three or four validators in the middle that kind of like all agree on this process.
00:34:21.119 --> 00:34:26.559
However, the default in layer zero is actually just layer zero C is just one, just one.
00:34:26.719 --> 00:34:29.519
So if you can compromise one, you've you got it.
00:34:29.679 --> 00:34:29.920
Yeah.
00:34:30.559 --> 00:34:38.159
And that was like, and like so layer zero is designed in a way where the application gets to choose who those validators are.
00:34:38.400 --> 00:34:43.440
Um, however, the default setting is just one and it's just them.
00:34:43.599 --> 00:35:11.760
Um, and this is kind of where like how people aren't really super happy with layer zero's answer, because layer zero's answer is kind of hey, we've when they do layers layer zero is like we told you not to just use us as the validator, you know, and you can go and put more validators in there, however, it's it's one of these things where like 90% of anybody who uses a layer built-in layer zero application, you just they use the defaults.
00:35:12.000 --> 00:35:14.320
And is it cheaper, more efficient?
00:35:14.559 --> 00:35:16.400
Why do you just use layer zero?
00:35:16.719 --> 00:35:22.559
The real thing is like we built stuff like I think most people don't even fucking know how to like configure this stuff that built it.
00:35:22.639 --> 00:35:25.679
Like you don't even really know, it's just like built into the config.
00:35:25.840 --> 00:35:42.079
If you like really dig into it and start understanding what's happening there, you like start to comprehend all these different kinds of configurations that you can make, but like even just like building a simple application on top of these protocols, like you probably don't even really fucking know what's happening.
00:35:42.639 --> 00:35:50.000
It's like you just like kind of like deploy these repos, and like you like you might might know, and like, but it's like I mean it's the default, it's like the thing with everything, right?
00:35:50.079 --> 00:35:54.320
Like you put a default in, just 90% of the time, people are gonna use the default, right?
00:35:54.480 --> 00:35:58.880
They don't really know, they don't really care, and like for the most part, it's been fine, right?
00:35:59.280 --> 00:36:02.719
In players girls defense for the last three years, it's been fine, right?
00:36:02.880 --> 00:36:05.599
And this is kind of how a lot of this stuff works in crypto.
00:36:05.679 --> 00:36:14.000
It's just like, yeah, it's like kind of centralized underneath it all, and we obfuscated along the way, and it works until it doesn't.
00:36:14.239 --> 00:36:31.760
But at the end of the day, essentially, you know, there was a wrapped asset that was backed by hundreds of millions of dollars that could be muted and created created and burned, you know, arbitrarily by layer zero, one singular validator key running somewhere.
00:36:31.920 --> 00:36:44.400
Um, you know, with with, I mean, there's no like security of there's no, there's no, there's no like, like if you lie as like a Ethereum like uh staker, like a like a node participant in the network, you get slashed, right?
00:36:44.480 --> 00:36:45.760
Like you like stake your ETH.
00:36:45.840 --> 00:36:49.280
And like if you lie, you like there's a penalty, you get slashed, right?
00:36:49.360 --> 00:36:51.119
Like that like doesn't exist here.
00:36:51.199 --> 00:36:57.679
This is just like layer zero lie, they didn't lie, they were wrong, but pretend yeah, there's no problem for doing it, right?
00:36:57.760 --> 00:37:01.519
It's just like oopsies, like sorry, 350 million dollars got minted.
00:37:01.679 --> 00:37:15.199
Um, so I mean the layer like to say is is honestly and there was like 350 million dollars that could of like back liquidity that could be minted, uh, or could be could back like the minting of this ETH restaked token.
00:37:15.360 --> 00:37:25.840
Somebody somehow figured out how to like compromise the singular layer zero validator and say like mint 300 billion of ETH to this wallet and it got checked, green lit, and it went through.
00:37:26.159 --> 00:37:27.920
Yeah, and then those tokens, right?
00:37:28.000 --> 00:37:30.159
Like those tokens don't even need to be backed by anything.
00:37:30.239 --> 00:37:32.639
Like they could have printed a billion of them, right?
00:37:32.800 --> 00:37:41.360
Um, and then but the thing is like once you get those tokens minted, those tokens are now used as collateral in Ave, in in all of these DeFi things.
00:37:42.239 --> 00:37:46.719
You could throw them, you could you get these tokens, what do you do with them, you throw them into Aave, you cash out like USCC or something.
00:37:46.960 --> 00:37:52.960
And this is why like Ave is now in a world where all the real money's gone, you know, because like they just printed a bundle.
00:37:53.280 --> 00:37:58.239
Oh, because if you're like a lender on Ave, you're like approving all this random shit that's like what even is it?
00:37:58.639 --> 00:38:16.800
Yeah, so it's like if if you accept this like weird wrapper token as collateral on all of DeFi, and I can just like print this weird collateral token, I just go and swap it out in all these DeFi systems for the real money, and I give you this token that is it's part of it is bad somewhere, right?
00:38:16.880 --> 00:38:18.719
But like that minting of it wasn't bad.
00:38:18.880 --> 00:38:22.880
It was like this is this was I hit infinite mint on the token and I swapped it out everywhere, right?
00:38:23.199 --> 00:38:30.880
Is it on you as a lender to approve this random ETH restaked token, or does that whole system just recognize this as like ether?
00:38:31.519 --> 00:38:34.239
Uh so it depends like what pools you end into.
00:38:34.320 --> 00:38:42.719
So this is like I think I think the ones that got hit in Ave were shared pools, but like this is like if you go to like a lending market, they'll have things called like uh like isolated lending pools.
00:38:42.880 --> 00:38:55.280
And we like started moving towards some of these, which is where when you are a lender, you essentially say, like, yeah, I don't want someone to be able to give me RSWE as like my real dollar, you know.
00:38:55.519 --> 00:38:58.079
So like we have, but I believe most of this was shared.
00:38:58.239 --> 00:39:05.840
Um, but like this is like how DeFi will, like if DeFi just like blows up, like imagine somebody could just mint USDC, right?
00:39:05.920 --> 00:39:14.480
Like the USDC would be worthless, but they could use that USDC to get to extra across the whole ecosystem whatever 500 exactly.
00:39:14.880 --> 00:39:25.920
And if at any point there's ever some exploit before you could catch it, you could run to DeFi platform Ave and you could borrow against it fast, get money out, and then they can't force you on chain to return it.
00:39:26.239 --> 00:39:31.440
And even I mean, yes, and the the actual reality of that is it happens in the same transaction now, right?
00:39:31.519 --> 00:39:33.920
It's like this is like it's like kind of thing, yeah.
00:39:34.400 --> 00:39:36.159
It happens in a single block, you'd even know what happened.
00:39:36.239 --> 00:39:46.400
It's like these guys mint these things and okay, so so so somebody finds exploit on layer zero where they can basically mint 300 million.
00:39:47.039 --> 00:39:51.199
What layer zero said happened was they compromised their RPC provider.
00:39:51.360 --> 00:39:51.599
Okay.
00:39:51.760 --> 00:39:58.159
Um, which is like so the scary part here is layer zero runs nodes, you know, they connect to like an RPC in your wallet, right?
00:39:58.400 --> 00:40:04.800
Um, they and you have like these like fallback systems when a node isn't available, you fall back to another one and another one.
00:40:04.960 --> 00:40:11.679
They said essentially, uh, you know, their good nodes were like DDoSed and turned, you know, so they were turned off.
00:40:11.840 --> 00:40:15.440
It fell back to these two backup nodes that they run.
00:40:16.159 --> 00:40:21.280
And the backup nodes were apparently compromised, like on the root level.
00:40:21.440 --> 00:40:30.079
And like this is the part that was kind of like brushed the scary part of all is like layer zero core internal infrastructure was compromised somewhere here, right?
00:40:30.159 --> 00:40:34.559
Like, if this is true, like their their private internal nodes they were running.
00:40:35.039 --> 00:40:41.039
Somebody was able to get in there and essentially, you know, they like they put in like essentially like a fake block, right?
00:40:41.199 --> 00:40:45.039
And it said that like this block happened on you on Unichain, you know.
00:40:45.119 --> 00:40:45.840
That's like how it is.
00:40:46.000 --> 00:40:56.559
So it's like they they they they compromise the node to return that somebody bridged, you know, 35 350 million dollars from Unichain, and that didn't happen.
00:40:56.719 --> 00:41:05.199
Um, you know, so like the scary, the terror terrifying part here is that like core infrastructure of this protocol was compromised on some root level.
00:41:05.440 --> 00:41:19.280
Um, you know, and like this was probably like one of the least, I mean not least, but like, you know, if you have like root access to layer zero's infrastructure, I would think there's like, you know, I mean, you could really do some damage, right?
00:41:19.440 --> 00:41:28.239
Um, this is just the terrifying thing is is is there's like there was like a hole somewhere in layer zero's infra and like North Korea got in there or whoever.
00:41:28.400 --> 00:41:30.239
Um, and like this is like how does this happen?
00:41:30.400 --> 00:41:36.239
This is the first time we've ever really seen an attack like this happening where they say, like, I compromised your node provider.
00:41:36.320 --> 00:41:39.280
And I guess terrible even think of you, like you just like use your wallet, right?
00:41:39.360 --> 00:41:43.840
Like, what happens if you just like like your RPC provider lies to you, right?
00:41:44.000 --> 00:41:45.039
Like it's terrifying.
00:41:45.280 --> 00:41:46.719
Tom, this honestly this was sick.
00:41:46.800 --> 00:41:47.440
Thank you for coming on.
00:41:47.519 --> 00:41:47.920
Thanks for your time.
00:41:48.000 --> 00:41:52.800
Thanks for staying for staying for a while, dropping some some fucking gems on us, and we appreciate you, dude.
00:41:53.039 --> 00:41:54.239
Of course, thanks for having me.
00:41:54.320 --> 00:41:56.800
Um, let me know if I can uh ever shit talk.
00:41:56.960 --> 00:41:57.679
Uh yeah, thanks for having me.
00:41:57.760 --> 00:41:58.320
You're always welcome.
00:41:58.400 --> 00:41:59.599
We'll do it again at some point.
00:41:59.760 --> 00:42:04.239
Hopefully, not super soon in the case of the hack, but hopefully soon in the case of W guest.
00:42:04.400 --> 00:42:05.039
You're the man, dude.
00:42:05.920 --> 00:42:06.400
Later, bro.
00:42:06.480 --> 00:42:07.199
All right, peace out, man.
00:42:07.360 --> 00:42:07.679
Peace.
00:42:07.760 --> 00:42:08.480
I fucking love that guy.
00:42:08.639 --> 00:42:09.280
How good is he?
00:42:09.360 --> 00:42:10.800
I'm getting off stream, bro.
00:42:10.880 --> 00:42:11.360
I'm done.
00:42:11.519 --> 00:42:12.559
It's almost at three hours.
00:42:12.639 --> 00:42:14.000
I was on a fucking interview before this.
00:42:14.079 --> 00:42:16.000
It was a long one, it was a good one, it was a fun one.
00:42:16.159 --> 00:42:17.360
We have a lot to talk about tomorrow.
00:42:17.440 --> 00:42:19.440
We have a lot, a lot, a lot, a lot, a lot to talk about tomorrow.
00:42:19.519 --> 00:42:21.519
If you're new, up live every day at 3 30 p.m.
00:42:21.760 --> 00:42:21.920
E.
00:42:22.079 --> 00:42:22.159
S.
00:42:22.320 --> 00:42:22.480
T.
00:42:22.719 --> 00:42:23.039
I love you.
00:42:23.119 --> 00:42:23.599
I appreciate you.
00:42:23.679 --> 00:42:24.239
I'll see you tomorrow.
00:42:24.320 --> 00:42:25.760
Have a great rest of the day, other motherfuckers.
00:42:25.840 --> 00:42:26.320
I'm out of here.
00:42:26.480 --> 00:42:26.719
Peace.
00:00:04.559 --> 00:00:08.080
Let's go, let's go, let's go, baby.
00:00:08.160 --> 00:00:08.560
How y'all doing?
00:00:08.640 --> 00:00:09.039
How y'all feeling?
00:00:09.119 --> 00:00:09.839
How y'all living, man?
00:00:09.919 --> 00:00:10.480
Welcome back to the stream.
00:00:10.560 --> 00:00:12.160
Welcome back to the stream.
00:00:12.320 --> 00:00:12.960
Welcome back.
00:00:13.039 --> 00:00:14.720
And how are you?
00:00:14.960 --> 00:00:17.440
Oh living, man.
00:00:17.600 --> 00:00:18.800
It's a beautiful Monday.
00:00:19.120 --> 00:00:20.960
Yeah, so we have a lot to talk about today.
00:00:21.120 --> 00:00:27.679
I'm getting called out on selling my hymns too early, but I made it very clear why I did sell.
00:00:27.839 --> 00:00:28.640
I don't even know what I'm saying.
00:00:28.719 --> 00:00:29.839
We have a look, we have a lot to talk about.
00:00:29.920 --> 00:00:30.960
Let's just let's just get into it.
00:00:31.039 --> 00:00:32.240
I guys, I could cry.
00:00:32.320 --> 00:00:33.200
I miss you guys so much.
00:00:33.359 --> 00:00:33.920
I really do.
00:00:34.159 --> 00:00:35.200
I miss you guys so much.
00:00:35.359 --> 00:00:38.399
I have a sick guest, one of my best friends in the world.
00:00:38.640 --> 00:00:41.920
Okay, he's not my best friend, but he's he's my guy.
00:00:42.320 --> 00:00:48.719
Tom Kaiser is gonna come on and he's gonna talk about the hack of Ave Kelp.
00:00:48.880 --> 00:00:51.439
I don't even know what it's called, player zero situation.
00:00:51.600 --> 00:00:55.119
So he's gonna come on and we're gonna talk to him about the whole situation, what happened.
00:00:55.200 --> 00:00:57.600
But before we get there, we have a lot to cover.
00:00:57.759 --> 00:01:00.240
I have some more updates, which is just so ridiculous.
00:01:00.479 --> 00:01:01.679
We're gonna talk about IPOs.
00:01:01.759 --> 00:01:03.439
There's like a bunch of IPOs that are happening.
00:01:03.520 --> 00:01:05.439
There's a psychedelics hype that's happening right now.
00:01:05.519 --> 00:01:06.400
There's a mega church trade.
00:01:06.480 --> 00:01:08.879
I missed it because markets are fucking closed on the weekend.
00:01:09.040 --> 00:01:10.640
There's a lot of on-chain stuff happening.
00:01:10.799 --> 00:01:13.599
Specifically, yes, I was wrong about asteroid, but I was right about Ravedow.
00:01:13.760 --> 00:01:15.040
So take your poison.
00:01:15.200 --> 00:01:20.959
And then there's some pretty scary stuff that is happening with AI hacking right now.
00:01:21.040 --> 00:01:22.000
It's it just is.
00:01:22.079 --> 00:01:22.879
I don't know what to tell you.
00:01:22.959 --> 00:01:23.760
It's pretty scary.
00:01:23.920 --> 00:01:25.680
I started watching Game of Thrones this weekend.
00:01:25.840 --> 00:01:26.400
I did I did that.
00:01:26.480 --> 00:01:27.599
I started watching Game of Thrones.
00:01:27.920 --> 00:01:29.439
I played a couple games of chess.
00:01:29.680 --> 00:01:30.640
I bought some clothes.
00:01:30.719 --> 00:01:35.200
I bought these really cool three-fourth suit shorts that are really fun.
00:01:35.599 --> 00:01:37.120
But I you know what I found out this weekend?
00:01:37.200 --> 00:01:38.079
It was like 4 a.m.
00:01:38.239 --> 00:01:40.239
on Saturday, I guess Sunday morning.
00:01:40.560 --> 00:01:46.959
And I was having like a really deep talk with some homies, and we were really like letting it fly.
00:01:47.120 --> 00:01:48.480
We were like really letting it go.
00:01:48.560 --> 00:01:50.239
Like I was really letting shit fly.
00:01:50.480 --> 00:01:56.239
And I had this just takeaway that like, damn, all the fun stories you guys just I just can't tell you.
00:01:56.480 --> 00:02:00.480
I can maybe like type them in the pit, but I can't put them on video recording on stream.
00:02:00.640 --> 00:02:03.760
I have like a a Friday night story, it's just gonna get me banned from Twitch.
00:02:03.920 --> 00:02:05.359
It's gonna get me banned from Twitch.
00:02:05.439 --> 00:02:08.000
Like, I yeah, you guys just like don't get the best.
00:02:08.240 --> 00:02:09.840
It's really unfortunate, you know?
00:02:10.319 --> 00:02:14.159
Like, I was thinking about it, I'm like, damn, you guys think I'm entertaining and you don't get even get the good stories.
00:02:14.400 --> 00:02:16.560
Like I saw Jack Harlow in the street the other day.
00:02:17.199 --> 00:02:24.639
Um okay, look, I can't tell you the story, but all I all I can say is that we had a situation where this kid was like trying to fuck with me.
00:02:24.719 --> 00:02:26.800
I'm not gonna tell you the story, but I'm gonna tell you like a high level.
00:02:26.960 --> 00:02:33.840
We had a little situation in the club, and some guy was trying to press me, and he went to like put a finger on my chest.
00:02:34.080 --> 00:02:41.199
And before this brother could even put a finger on my chest, five people like on the ground and drinks flat.
00:02:41.599 --> 00:02:45.120
He couldn't even get a finger, bro, on my chest.
00:02:45.280 --> 00:02:46.159
It was crazy.
00:02:46.240 --> 00:02:46.960
It was insane.
00:02:47.039 --> 00:02:53.759
It was like all angles hit here, no punching, but like tackle here, rolling on the ground here, other people getting involved.
00:02:53.840 --> 00:02:54.479
It was crazy.
00:02:54.719 --> 00:02:58.960
I can't tell you the actual story, but all I know is that uh you fuck with the pit, you got protection.
00:02:59.039 --> 00:03:00.879
Okay, I want to read you a tweet real quick to start the stream.
00:03:01.039 --> 00:03:02.400
I caught my child using AI.
00:03:02.560 --> 00:03:04.719
I just caught my nine-year-old using Google AI.
00:03:04.800 --> 00:03:07.360
She had only been using it on and off for about a week.
00:03:07.599 --> 00:03:16.080
She talked to it about how to get along better with her little sisters, how to improve her swimming times after a swim meet, and then she used it to help her write fan fiction plot lines for her favorite book series.
00:03:16.240 --> 00:03:18.639
I had a long conversation with her about it, and she's devastated.
00:03:18.719 --> 00:03:22.719
She didn't know it had environmental impacts, and she now fully understands how bad it is.
00:03:22.879 --> 00:03:29.039
She's not in trouble, but she's aware we are not to use that again because we don't want to lose her creativity.
00:03:29.280 --> 00:03:31.599
Okay, look, I'm pretty positive this is fake.
00:03:31.759 --> 00:03:32.479
I think it's fake.
00:03:32.639 --> 00:03:45.599
But what I am gonna say, and it's something that we should note as traders, especially of daily trends, not daily trends, but of like of of hot narratives, okay, is that psychophantic, sycophantic, sycophantic.
00:03:45.759 --> 00:03:46.240
Thank you.
00:03:46.400 --> 00:03:54.960
What we should understand is that I always wondered, like when my dad would tell me that growing up we didn't have the internet and I had to like go to a library to read a book, I'd be like, What?
00:03:55.039 --> 00:03:55.919
Like you didn't have the internet?
00:03:56.159 --> 00:04:03.919
Well, I always wondered like what my version of that would be for my kids if I you know what one day when I'm blessed enough to have children, find a wife.
00:04:04.400 --> 00:04:05.919
Oh, I'm working on this really hard.
00:04:06.000 --> 00:04:07.039
This wife thing is hard, man.
00:04:07.199 --> 00:04:08.719
I was like, where do you find a wife in New York City?
00:04:09.120 --> 00:04:15.599
I really just God, I'll skip this part, but it's just like all right, what what one I always wondered what it would be for my kids.
00:04:15.759 --> 00:04:20.079
Okay, I always wondered what it would be, and it's obviously using Google.
00:04:20.480 --> 00:04:21.759
It's obviously using Google.
00:04:21.839 --> 00:04:24.160
No one is ever gonna use a search engine for for anything ever.
00:04:24.319 --> 00:04:30.720
But the the the take on this is that Google and a search engine is something that the next generation will never use ever.
00:04:30.800 --> 00:04:34.000
They're just gonna use GPT for everything, they're gonna use LLMs for to answer everything.
00:04:34.079 --> 00:04:44.879
I mean, I already do already, I very rarely Google, and when I do Google, by the way, an underrated thing that they've added feature is like the AI auto search.
00:04:44.959 --> 00:04:45.600
It's incredible.
00:04:45.759 --> 00:04:48.480
You just read the primer at the beginning, it's it's unreal how good it is.
00:04:48.560 --> 00:04:51.279
You don't actually, I'm not clicking on links, I'm just reading the answer it gives me.
00:04:51.360 --> 00:04:54.000
It's just optimizing Gemini into some announcement.
00:04:54.079 --> 00:04:55.360
It's it's unreal.
00:04:55.680 --> 00:04:58.079
And so we've talked about this before.
00:04:58.240 --> 00:05:09.439
I'm not gonna rant about it right now, but this idea of hallucination yield, which is like figuring out what the AI is gonna tell everybody to do and getting in front of that, is probably very profitable.
00:05:09.600 --> 00:05:10.319
You know what I mean?
00:05:10.480 --> 00:05:23.600
Like figuring out when you say I have a thousand dollars I want to invest, these people aren't going to like Dave Ramsey videos, they're not going to Graham Steffen videos anymore, they're just gonna search it on GPT, they're gonna type it into GPT.
00:05:23.759 --> 00:05:24.560
That is what that is.
00:05:24.720 --> 00:05:27.279
Also, real quick, somebody said TJ, are you using your open claw?
00:05:27.439 --> 00:05:36.800
No, dude, no, and I feel like a part of me, I was gonna rant about this, I was gonna forget to rant about this, but I am not using my open claw because they nuked it.
00:05:36.879 --> 00:05:39.360
And I feel like a genuinely I'm gonna be so for real.
00:05:39.600 --> 00:05:41.279
I feel like a part of me is missing from this thing.
00:05:41.360 --> 00:05:46.079
I I I I used to talk about it all day, every day, and I haven't talked to it recently.
00:05:46.160 --> 00:05:47.839
And I'm also now scared of this.
00:05:48.000 --> 00:05:56.720
This we'll talk about this in a little bit as well, but this day that's gonna come eventually when all these LLMs get hacked and every combo you've ever had with the AI gets like released into the world.
00:05:56.879 --> 00:05:59.199
That's like a pretty scary day when that happens, if that happens.
00:05:59.360 --> 00:06:00.399
And so now I'm like scared.
00:06:00.480 --> 00:06:02.560
I used to ask it like, like, how do I respond to this text?
00:06:02.639 --> 00:06:03.680
Like, how do I flirt with this girl?
00:06:03.759 --> 00:06:05.360
And now I'm like, fuck, I probably shouldn't do that.
00:06:05.439 --> 00:06:07.279
You know, I'm like, I probably shouldn't be doing that.
00:06:07.360 --> 00:06:14.240
And so I need like a local model to run, and we'll see if I get there, but I haven't been using my open claw, and it's pretty sad.
00:06:14.399 --> 00:06:16.079
It is really, really, really pretty sad.
00:06:16.240 --> 00:06:17.920
All right, anyways, this thing launched today.
00:06:18.000 --> 00:06:19.199
It's this thing that launched today.
00:06:19.279 --> 00:06:21.199
It's called I went on I went on the show if you watched it.
00:06:21.279 --> 00:06:23.199
I don't know if anybody saw me go on it, but I did go on it.
00:06:23.279 --> 00:06:25.680
It's called Monitor the Situation Live.
00:06:25.839 --> 00:06:31.120
Everyone's takeaway, I think, from the TVPN acquisition is that we need more.
00:06:31.279 --> 00:06:32.879
By the way, congrats to them on the launch.
00:06:33.040 --> 00:06:33.680
I think it's sick.
00:06:33.759 --> 00:06:35.199
I'm a fan of some people that work on the team.
00:06:35.360 --> 00:06:36.160
Congrats on the launch.
00:06:36.319 --> 00:06:43.360
I think everyone's takeaway somehow from TVPN was that we need more news arbiters, news curators of what's happening on Twitter.
00:06:43.439 --> 00:06:45.439
And I I actually think that we need less of that.
00:06:45.600 --> 00:06:51.360
TVPN worked because they were super knowledgeable on tech, and the hosts are hot straight up.
00:06:51.600 --> 00:06:55.439
Super knowledgeable on tech, have real ball knowledge, and they just like look really good.
00:06:55.519 --> 00:06:56.480
Like they just have the look.
00:06:56.560 --> 00:06:57.439
I don't want to tell you.
00:06:57.680 --> 00:07:07.439
And I think that there's gonna be this massive push for VC backed media outlets to do similar uh TVPN-esque media.
00:07:07.600 --> 00:07:09.040
And so, like a lot of people ping me about it.
00:07:09.120 --> 00:07:18.399
And I think that the reason that uh I like what we do here, and I was so relieved to come back is that we're not this funded cohort, and we're not like I do curate info on stream.
00:07:18.480 --> 00:07:20.160
I read tweets all day, obviously.
00:07:20.319 --> 00:07:28.560
But I think because like I'm a guy and we have our own opinions, some of them being very strong, and we're super niche, like you can't like okay, I was having a conversation with someone about this.
00:07:28.639 --> 00:07:31.680
Like, to be the face of finance is like, what does that even mean?
00:07:31.759 --> 00:07:34.079
It's so big you can't theoretically do it.
00:07:34.319 --> 00:07:52.959
But to be hyper focused on retail trading and memetics and momentum and like how to trade retail markets, how to trade perbs, like some of these like super niche topics that we focus on and go really deep on, curated behind 150 people on a live stream that are like really dedicated to it, I think is the what it's like the opposite of the AI algorithm, right?
00:07:53.040 --> 00:07:54.560
The opposite of viral is what we want to do.
00:07:54.639 --> 00:07:55.519
That's why I like the pit so much.
00:07:55.600 --> 00:07:57.439
That's why I post on the pit more than I post on Twitter.
00:07:57.600 --> 00:08:00.720
And so I think what we've curated here is pretty special, and you guys are lit.
00:08:00.879 --> 00:08:06.560
And there's gonna be a lot of uh people optimizing for viral, but I I would argue we optimize for niche, which is really cool.
00:08:06.800 --> 00:08:08.319
And yeah, that's what I got.
00:08:08.399 --> 00:08:12.560
So, anyways, all right, market close just happened, it was a very interesting one.
00:08:12.800 --> 00:08:15.279
We are very much still at war, okay?
00:08:15.360 --> 00:08:17.920
We actually, if anything, had an escalation over the weekend.
00:08:18.079 --> 00:08:19.600
All right, here's market close.
00:08:19.680 --> 00:08:20.160
Let's go.
00:08:20.399 --> 00:08:21.279
Just unreal.
00:08:21.360 --> 00:08:23.680
I mean, this I honestly, guys, I don't know about you.
00:08:23.759 --> 00:08:24.800
I'm having so much fun.
00:08:24.959 --> 00:08:28.319
I'm having so much fun in this market because I feel like we could just be comfy.
00:08:28.560 --> 00:08:32.399
It's I don't really have a directional bias whatsoever on how things are gonna play out.
00:08:32.480 --> 00:08:39.120
I feel like I'm late to the AI trade, and I don't have much of a directional bias on what is gonna happen and how it's gonna happen.
00:08:39.200 --> 00:08:43.039
So instead, I'm just sitting in cash and just like binking little spots.
00:08:43.279 --> 00:08:45.360
I'm binking little spots and it's been fun.
00:08:45.440 --> 00:08:48.559
I'm kind of waiting for my next spot if I'm being so for real.
00:08:48.799 --> 00:08:57.360
We had a major escalation this weekend, and three minutes before market opened, JD Vance is like, I'm in Pakistan for negotiations.
00:08:57.519 --> 00:09:17.840
Then market opens, and they're like, uh, I actually haven't left yet to Pakistan, but the market didn't care because SPX closes down 0.24 percent, spy down 0.2, Q is down 0.3, IGV crazy is up, software ETF up 1.3, and the Dow flat almost back at 50k level, which is crazy.
00:09:18.000 --> 00:09:20.240
NASDAQ down about a half a percent.
00:09:20.320 --> 00:09:24.799
Also, by the way, we had Hans Demon on Friday, our best performing guest of all time, believe it or not, on clips.
00:09:24.960 --> 00:09:27.039
He did like 5 million views on clips, tick tock viral.
00:09:27.200 --> 00:09:28.720
I'm going viral on TikTok now, fellas.
00:09:28.960 --> 00:09:32.240
Crypto, which had a been grinding chess because of the stream.
00:09:32.320 --> 00:09:33.600
I I'm gonna maybe do fry.
00:09:33.919 --> 00:09:34.399
I'm lying.
00:09:34.480 --> 00:09:35.759
I'm not doing that fucking shit.
00:09:35.919 --> 00:09:36.879
Sorry, never mind.
00:09:37.039 --> 00:09:38.480
Glad you're grinding though.
00:09:38.720 --> 00:09:41.039
Um, VIX up eight percent today.
00:09:41.120 --> 00:09:42.639
Crypto's in a very interesting spot.
00:09:42.799 --> 00:09:49.600
We had major default exploits, which I'm gonna have as one of my favorite guests of all time to come on and talk about in about 45 minutes.
00:09:49.759 --> 00:09:52.639
You hit my TikTok FYP, you better have liked it and watched the full video.
00:09:52.879 --> 00:09:57.120
Zcash, which was struggling, is up today, up 5%, 317, not bad.
00:09:57.440 --> 00:10:01.440
Bitcoin somehow looks really fucking good.
00:10:01.519 --> 00:10:10.559
I don't really know how, but it does 76.2, ETH 2330, despite every person on the planet Earth shorting.
00:10:10.799 --> 00:10:11.679
Soul 85.
00:10:11.759 --> 00:10:13.200
Soul looks horrific in my opinion.
00:10:13.360 --> 00:10:14.399
Hyperliquid 41.
00:10:14.480 --> 00:10:16.879
It lost a lot, but you know, it is what it is.
00:10:16.960 --> 00:10:21.120
I think one of the most interesting longs right now, or I don't know, charts is Monero.
00:10:21.360 --> 00:10:22.320
To me, it looks very good.
00:10:22.399 --> 00:10:25.039
You tell me what you think, but this looks very good to me.
00:10:25.360 --> 00:10:28.399
Monero's look at the weekly on this thing, it just looks very good.
00:10:28.639 --> 00:10:30.240
How did you end up on MTS?
00:10:30.320 --> 00:10:31.519
I they just asked me to come on.
00:10:31.600 --> 00:10:32.240
Look at this chart.
00:10:32.320 --> 00:10:35.279
I mean, this is a wild, wild, wild chart for Monero.
00:10:35.360 --> 00:10:37.200
We'll get to Mon at at the end, you know how we do it.
00:10:37.360 --> 00:10:39.679
BTC D is up as well, which is interesting.
00:10:39.919 --> 00:10:43.360
It makes me very scared to long any alts.
00:10:43.440 --> 00:10:45.759
I'm not interested in in alts really right now.
00:10:46.000 --> 00:10:51.600
Stretch under 100, so we have nothing there, and then gold 48, pretty flat, silver 80.
00:10:52.080 --> 00:10:53.200
Okay, moving on.
00:10:53.360 --> 00:11:01.840
Energy names, we are up across the board, oil up, Brent up, Exom up, Chevron down a little bit, but looks relatively good.
00:11:01.919 --> 00:11:03.360
Did you hop back into oil over the week?
00:11:03.440 --> 00:11:04.559
And I told you I was done, man.
00:11:04.639 --> 00:11:13.679
It's like it's like you know when you have an ex-girlfriend and you all are breaking up and redating and hooking up every day, like every week for like a year, but then finally you have that final like the ick.
00:11:13.840 --> 00:11:20.399
I got the ick, and so I was hooking up on my ex every week, and I was down, and she was down, and it was like fun, and we both be like, ah, we're done.
00:11:20.559 --> 00:11:21.840
You tell your friends, ah, we're done.
00:11:22.000 --> 00:11:27.840
Then you like awkwardly make eye contact with your boy when you walk out of the club with her, going back to your house, and then you laugh.
00:11:27.919 --> 00:11:31.440
It's like it's like big joke, everyone's in on it, her friends are in on it, everyone's in on it.
00:11:31.679 --> 00:11:36.000
But then finally, you just like have a blow off the top, and you like really get the ick, and you're just done.
00:11:36.080 --> 00:11:37.600
You're done, you never hook up with her again.
00:11:37.840 --> 00:11:47.200
Defense Palantir looks uh kind of chemicals, fertilizers are all green, big tech that we care about, Salesforce green, adobe green.
00:11:47.279 --> 00:11:48.480
Apple looks really pretty.
00:11:48.639 --> 00:11:52.639
Nvidia is pretty flat, Sandis still looks pretty, Amazon down a little bit.
00:11:52.720 --> 00:11:54.320
Where's Tesla down two percent?
00:11:54.399 --> 00:11:55.759
It's not a good looking chart, man.
00:11:55.840 --> 00:11:57.360
I'm sorry, just doesn't look great.
00:11:57.519 --> 00:12:01.039
Netflix, they really, really, really hated the earnings.
00:12:01.200 --> 00:12:01.840
Not great.
00:12:02.000 --> 00:12:06.320
Um, meta down two and a half, Intel down four, but this thing's a monster.
00:12:06.639 --> 00:12:10.240
Fun names, him's biggest gainer again up seven percent.
00:12:10.399 --> 00:12:11.279
It's beautiful.
00:12:11.519 --> 00:12:13.840
Him's up seven percent 31 dollars.
00:12:14.000 --> 00:12:15.759
I'm a seller at 29.50.
00:12:15.919 --> 00:12:19.840
And every dollar this thing goes up, I lose a lot of money in unrealized gains, but it is what it is.
00:12:20.320 --> 00:12:21.759
Z been trading very well, by the way.
00:12:21.840 --> 00:12:29.919
Jack Dorsey stock is up since that first gap up close, even though it was up a lot and then dumped a lot, it's up another like I don't know, 15.
00:12:30.320 --> 00:12:31.360
This has been a nice one.
00:12:31.519 --> 00:12:34.080
Um, Doordash looks nice, Coinbase up 3%.
00:12:34.320 --> 00:12:36.080
Crypto, like all things considered crypto stocks look pretty good.
00:12:36.159 --> 00:12:37.840
Nothing else, Nike's up a percent.
00:12:38.080 --> 00:12:41.840
Hood had a good day, but yeah, kind of lost some gains, and snap is terrible.
00:12:41.919 --> 00:12:44.159
Um, WT6.
00:12:44.480 --> 00:12:46.240
I mean, uh, it was pretty low though.
00:12:46.399 --> 00:12:47.279
Got to 78.
00:12:47.519 --> 00:12:49.200
DNAP announcement.
00:12:49.440 --> 00:12:50.639
Apple names jump.
00:12:50.960 --> 00:12:52.639
Whoa, new Apple CEO.
00:12:52.799 --> 00:12:54.159
Oh my god, is it ripping?
00:12:54.399 --> 00:12:55.759
No, it's dumping.
00:12:56.000 --> 00:12:57.120
Is that a short?
00:12:57.360 --> 00:12:59.759
Wow, Tim Cook out of Apple.
00:12:59.919 --> 00:13:02.080
Man, we could do a Tim Cook session.
00:13:02.159 --> 00:13:03.919
We could look back on the Tim Cook era.
00:13:04.000 --> 00:13:09.039
Uh Tim Cook has done an incredible job, in my opinion, all things considered.
00:13:09.360 --> 00:13:11.120
Wow, wow, wow, wow, wow.
00:13:11.200 --> 00:13:12.960
Tim Cook, most underrated CEO of all time.
00:13:13.039 --> 00:13:13.679
I'm not gonna lie.
00:13:13.759 --> 00:13:15.440
Wait, he was that Coachella this weekend.
00:13:15.919 --> 00:13:17.600
G top gay for sure.
00:13:17.919 --> 00:13:20.399
Wow, who's John Tenrus?
00:13:20.480 --> 00:13:25.519
John Tenrus, American engineer, business executive who serves as Apple's senior vice president, hardware engineer since 2001.
00:13:25.679 --> 00:13:34.960
Let's do like uh list every new Apple product shipped since Tim Cook stepped in in 2011.
00:13:35.200 --> 00:13:37.519
AirPod, the M chip Max.
00:13:37.679 --> 00:13:38.320
What did see?
00:13:38.399 --> 00:13:45.440
Okay, iPad Mini and iPad Pro, Apple Watch, AirPods, AirPod Pro, M series chips, and the AirTag.
00:13:45.600 --> 00:13:47.440
Apple Vision Pro was a huge miss.
00:13:47.759 --> 00:13:50.080
And iPhone Air is like whatever.
00:13:50.320 --> 00:13:51.600
Apple Pencil, nobody cares.
00:13:51.759 --> 00:13:52.960
Magic keyboard, nobody cares.
00:13:53.120 --> 00:13:54.240
Mag Safer iPhone.
00:13:54.320 --> 00:13:55.039
What does that even mean?
00:13:55.200 --> 00:13:56.720
Didn't know what I'd never heard of this.
00:13:56.960 --> 00:13:58.240
Apple Music hit.
00:13:58.480 --> 00:13:59.519
Apple News, nobody cares.
00:13:59.679 --> 00:14:00.879
Apple Arcade, nobody cares.
00:14:01.039 --> 00:14:02.399
Apple TV is pretty good.
00:14:02.639 --> 00:14:05.279
Apple card and Apple Pay, huge.
00:14:05.519 --> 00:14:06.879
Apple Fitness, nobody cares.
00:14:07.039 --> 00:14:08.080
Apple One Bundle.
00:14:08.240 --> 00:14:10.960
App I mean Apple Apple Pay changed the world, right?
00:14:11.120 --> 00:14:11.679
Who doesn't?
00:14:11.759 --> 00:14:13.840
I mean, Apple Pay is like the greatest invention of all time.
00:14:14.000 --> 00:14:16.960
Is Apple Pay the most important finance invention like of all time?
00:14:17.279 --> 00:14:19.200
That's I never heard that poll before.
00:14:19.360 --> 00:14:21.200
It's like the best finance invention ever.
00:14:21.519 --> 00:14:22.159
Apple Pay.
00:14:22.399 --> 00:14:24.320
Tap to pay is is nuts.
00:14:24.720 --> 00:14:25.440
The iPhone is.
00:14:25.519 --> 00:14:26.960
I mean, yeah, but it's it's been out.
00:14:27.120 --> 00:14:27.919
Interesting.
00:14:28.240 --> 00:14:29.600
Um, I think I was almost done.
00:14:29.679 --> 00:14:31.679
I didn't go through uh bro, it's just a credit card.
00:14:31.759 --> 00:14:33.279
I know, but it's like the smoothest.
00:14:33.519 --> 00:14:35.600
I don't carry a wallet yet, and everybody has it.
00:14:35.759 --> 00:14:36.879
All coins before I move on.
00:14:36.960 --> 00:14:39.120
Um Hangoose, the biggest game today.
00:14:39.279 --> 00:14:41.519
Yeah, looks like we have a little rounded bottom here.
00:14:41.840 --> 00:14:42.960
Did you see Amazon news?
00:14:43.039 --> 00:14:44.960
No, fuck, because there's like a lot happening right now.
00:14:45.200 --> 00:14:47.679
Whoa, 25 billion in anthropic.
00:14:47.919 --> 00:14:48.480
Wow.
00:14:48.639 --> 00:14:50.240
Oh, Jesus.
00:14:50.399 --> 00:14:52.480
That is a big move on Amazon.
00:14:52.559 --> 00:14:55.759
Look at this 3% move on a fucking trillion dollar stock.
00:14:55.919 --> 00:14:56.799
That's crazy.
00:14:56.960 --> 00:15:02.320
Amazon to invest$25 billion into anthropic.
00:15:02.799 --> 00:15:04.559
I mean, this is impressive.
00:15:04.799 --> 00:15:05.679
Uh, that's crazy.
00:15:05.759 --> 00:15:07.519
We didn't even get to finish uh all coins.
00:15:07.600 --> 00:15:08.080
Let's go.
00:15:08.159 --> 00:15:10.720
Uh Pengu Monad, I think, is the best looking alt.
00:15:10.879 --> 00:15:12.159
Farcoin, like, who cares?
00:15:12.320 --> 00:15:14.080
VV looks it's tradable and good.
00:15:14.159 --> 00:15:15.840
I actually am into the VV thesis.
00:15:16.080 --> 00:15:21.120
Everything else though, Zcash, you know, I like Arrow, uh, Arbitrum, uh, Pomp.
00:15:21.200 --> 00:15:24.399
Uh it's just like DeFi is just hey, like, damn.
00:15:24.559 --> 00:15:26.000
Somehow green today, but barely.
00:15:26.240 --> 00:15:27.440
Tao is horrid.
00:15:27.679 --> 00:15:28.159
Sweet.
00:15:28.399 --> 00:15:31.679
It's just like these things are just it's almost like I need to delete my list.
00:15:31.919 --> 00:15:33.759
Monero is the most attractive.
00:15:33.840 --> 00:15:35.279
Jupiter, they all look terrible.
00:15:35.360 --> 00:15:37.120
What was your last non-mega church trade?
00:15:37.200 --> 00:15:38.799
Probably Pomp in 25.
00:15:39.120 --> 00:15:40.399
Asteroid is.
00:15:40.559 --> 00:15:42.240
I'll be honest, I don't really get this.
00:15:42.399 --> 00:15:44.559
How this is possible that this thing wants to go higher.
00:15:44.639 --> 00:15:45.440
I'm not sure that I get this.
00:15:45.600 --> 00:15:48.159
The next big theme in crypto, there's two things.
00:15:48.320 --> 00:15:50.080
There's two themes that, and that's it.
00:15:50.320 --> 00:15:51.919
Um, there's two themes.
00:15:52.159 --> 00:15:53.440
One is this.
00:15:53.759 --> 00:15:58.960
At this point, I think crypto changes area of growth of all markets is a remarkable mouth watering opportunity.
00:15:59.200 --> 00:16:04.879
My thing is evolving from the perfectation of the world, it's just that everything has changed with leverage available, of course, but funding rates are so bad spot will be required.
00:16:05.120 --> 00:16:07.919
I think this is just like worth more than we're giving credit for.
00:16:08.320 --> 00:16:09.039
I just do.
00:16:09.200 --> 00:16:09.679
Number one.
00:16:09.840 --> 00:16:11.919
And then the second is these are two narratives.
00:16:12.000 --> 00:16:12.639
They're boring.
00:16:12.879 --> 00:16:13.840
Sorry, they're boring.
00:16:13.919 --> 00:16:14.480
They're just boring.
00:16:14.559 --> 00:16:16.240
I don't want to tell you, they're just boring.
00:16:16.480 --> 00:16:26.159
And then maybe you sprinkle in some on-chain activity here and there, but I think for the inevitable future, we're gonna be trading stock mega church headlines.
00:16:26.240 --> 00:16:27.679
I think on-chain is just in trouble.
00:16:27.759 --> 00:16:41.759
The reason I don't get asteroid is because it's just like okay, I it's hard for me to get people are gonna get mad at me because but I feel the same way I felt at 20 mil or whatever, is it's nothing different than we've already seen, and so it's hard to get out of bed.
00:16:41.919 --> 00:16:48.879
Like, I don't understand who's top last in this 150 mil, like why they go up, but it doesn't seem like a smart financial trade.
00:16:49.120 --> 00:16:50.000
It's nothing different.
00:16:50.159 --> 00:16:53.919
Like, at least if it was like malt book, I'm like, all right, fine, I get it.
00:16:54.080 --> 00:16:55.919
If you buy malt book at 150, I get it.
00:16:56.000 --> 00:17:05.920
Like it at least it has a chance to be something special, but you can't tell me like sex is come on, it's just like there's also there's no such thing as a billion-dollar meme anymore.
00:17:06.000 --> 00:17:14.799
Like, there may be meme coins that go to a billion dollars, but I I don't think this is I don't know, like people you refute me on this if you would like, and I'm down to have a discussion about it.
00:17:14.880 --> 00:17:16.319
I'm not hating on your backs.
00:17:16.480 --> 00:17:20.720
I'm just telling you from a new game intellectual standpoint, there's nothing new about this.
00:17:20.880 --> 00:17:23.680
You could say it's on mainnet, but like you know, you see what I'm saying?
00:17:23.759 --> 00:17:30.480
It's it's it's nothing fundamentally different, and so it doesn't feel to me like we have a new game to play and these things are gonna rip.
00:17:30.559 --> 00:17:39.519
Now, you might make a lot of money on it, and I hope you make a lot of money on it, and I'm obviously rooting for on-chain, but on-chain can't just do what it's been doing and win.
00:17:39.680 --> 00:17:40.640
It happened too fast.
00:17:40.720 --> 00:17:42.480
This is the this is how markets trade right now.
00:17:42.559 --> 00:17:54.480
I want to do a whole rant on this because I I feel that I have gotten a lot better as a trader recently because I've been starting to understand um the way the market's trading, where you instantly price in everything at all at once.
00:17:54.640 --> 00:18:11.440
It's almost like the peptide hymns announcement is kind of like the Answem show for a token where you get to best case scenario price discovery instantly, and then for the long term to play out, you need time.
00:18:12.000 --> 00:18:16.400
And if you're not willing to sit through the time, you are gonna be in a tough spot.
00:18:16.559 --> 00:18:18.720
So that's update on the market.
00:18:18.880 --> 00:18:20.160
Now, war updates.
00:18:20.319 --> 00:18:27.119
We're still at war, my friends, and the market doesn't seem to care, which is fascinating to say the least.
00:18:27.359 --> 00:18:30.400
Um, so this weekend there was a pretty severe escalation, I would argue.
00:18:30.559 --> 00:18:32.799
One ceasefire is not happening, which we all thought that it was.
00:18:32.960 --> 00:18:36.559
Iran decided to fire bullets this way in the trade of Hamuz, a total violation of our ceasefire agreement.
00:18:36.720 --> 00:18:40.319
Many of them were aimed at a French ship and a fighter from the United Kingdom.
00:18:40.480 --> 00:18:41.599
That was nice, wasn't it?
00:18:41.920 --> 00:18:45.440
Representatives are going to um to Islamabad, Pakistan.
00:18:45.519 --> 00:18:47.519
They'll be there tomorrow evening for negotiations.
00:18:47.680 --> 00:18:52.079
Iran recently announced that they were closing this trade, which is strange because our blockade has already closed it.
00:18:52.240 --> 00:18:57.680
They're helping us without knowing, and they are the ones that lose with the closed passage.
00:18:57.839 --> 00:18:58.720
You American as fuck.
00:18:58.880 --> 00:19:00.000
Yeah, you and you not.
00:19:00.240 --> 00:19:01.359
$500 million a day.
00:19:01.440 --> 00:19:02.480
The United States loses nothing.
00:19:02.559 --> 00:19:10.559
In fact, many ships are headed right now to the US, Texas, Louisiana, and Alaska to load up compliments of the IRGC wanting to be the tough guy.
00:19:10.640 --> 00:19:11.920
We're offering a very fair and reasonable deal.
00:19:12.559 --> 00:19:21.759
He makes that announcement, and then he says this, which is that you know, the concept of the deal is done, which is like, okay, the concept of me getting married is done, but it I'm not.
00:19:21.920 --> 00:19:22.480
What does that mean?
00:19:22.559 --> 00:19:23.519
The concept is done.
00:19:23.680 --> 00:19:24.160
Like what?
00:19:24.240 --> 00:19:27.200
Like in theory, we're done, but this isn't theory, this is real.
00:19:27.440 --> 00:19:28.640
Math theory, brother.
00:19:28.720 --> 00:19:29.680
This is Adams, okay?
00:19:29.759 --> 00:19:30.960
This is fucking Adams.
00:19:31.200 --> 00:19:34.480
Followed by this, this is obviously the escalation.
00:19:34.640 --> 00:19:47.359
Um, today an Iranian flag cargo ship named Tusca, nearly 900 feet long and wearing as weighing almost as much as an aircraft carrier, tried to get past a naval blockade, and it did not go well for them.
00:19:47.759 --> 00:19:57.519
The US Navy guided missile destroyer, USS Spurrants, intercepted the Tusca in the Gulf of Oman and gave them fair warning to stop.
00:19:57.920 --> 00:20:00.880
The Iranian crew refused to listen.
00:20:01.119 --> 00:20:06.240
So our ship stopped them right in their tracks by blowing a hole in the engineer room.
00:20:06.480 --> 00:20:09.519
Right now, the US Marines have custody of the vessel.
00:20:09.680 --> 00:20:11.599
The Tusca is under U.S.
00:20:11.759 --> 00:20:15.759
Treasury sanctions because of their prior history of illegal activity.
00:20:15.920 --> 00:20:19.599
We have full custody of the ship, and we are seeing what's on board.
00:20:19.759 --> 00:20:20.960
President Donald J.
00:20:21.200 --> 00:20:21.519
Trump.
00:20:21.599 --> 00:20:28.400
And so if you're long oil, short equities, this is obviously huge escalation announcement.
00:20:28.480 --> 00:20:31.359
And the market just like doesn't fucking care anymore.
00:20:31.440 --> 00:20:32.880
The market's just over the war.
00:20:33.039 --> 00:20:36.319
I mean, look look at I mean, hardly moved, bro.
00:20:36.559 --> 00:20:47.519
Like, we got a little pump from 85 to like 90, but then we're just back down on news two minutes before open that Vance is on the way to Pakistan for negotiation.
00:20:47.599 --> 00:20:49.200
It just stopped reacting, it's just done reacting.
00:20:49.359 --> 00:20:55.519
Motor Vessel Tosca, Motor Vessel Tosca, vacate your engine room, vacate your engine room.
00:20:55.599 --> 00:20:57.920
We're prepared to subject you to disabling fire.
00:20:58.319 --> 00:20:59.920
They just fucking blasted this thing, huh?
00:21:00.000 --> 00:21:06.079
And then here's the conclusion of this is uh this is the fucking speaker of the Iran's parliament.
00:21:06.240 --> 00:21:08.000
He doesn't follow me, so I don't follow him respectfully.
00:21:08.240 --> 00:21:13.839
Tweets vibe trading digital oil is like vibe hedging in treasuries during Hormuz Risk Off.
00:21:14.079 --> 00:21:17.359
Both share one house of cards that works on paper.
00:21:17.519 --> 00:21:22.160
Difference oil at least has dated Brent treasuries, vibes all the way down.
00:21:22.319 --> 00:21:26.559
It's like we talk about vibe trading is fucking unreal.
00:21:26.799 --> 00:21:28.000
Is this guy really Iranian?
00:21:28.240 --> 00:21:28.960
That's a good question.
00:21:29.039 --> 00:21:30.240
Who is this guy, bro?
00:21:30.400 --> 00:21:32.799
I saw like a picture of him on the Bluebird terminal.
00:21:32.960 --> 00:21:35.359
He used to be the police chief, mayor of Tehran.
00:21:35.440 --> 00:21:36.960
Oh, he's a presidential candidate.
00:21:37.119 --> 00:21:38.799
He's ran four times.
00:21:38.960 --> 00:21:39.680
It never won.
00:21:39.839 --> 00:21:41.039
He's ran four times.
00:21:41.200 --> 00:21:45.039
He's been dogged by scandals, including the Layette Gate, Controversy 22.
00:21:45.119 --> 00:21:50.319
His family was seen returning from a luxury shopping trip in Turkey during an Iranian economic crisis.
00:21:50.480 --> 00:21:50.799
Whoa.
00:21:50.960 --> 00:21:51.759
Vibe shopping.
00:21:51.839 --> 00:21:57.839
He was also linked to multi billion dollar embezzlement involving Yas Holding, a subsidiary of the IRGC.
00:21:58.000 --> 00:21:58.480
Whoa.
00:21:58.559 --> 00:21:59.759
Whoa, whoa, whoa, whoa, whoa.
00:22:00.720 --> 00:22:02.000
And then final G.
00:22:02.400 --> 00:22:07.519
So the straight-of-moo should be open in a call to Saudi crown prince.
00:22:08.319 --> 00:22:10.559
So look, the war's still going on.
00:22:11.200 --> 00:22:15.920
It makes long-term directional bias very difficult to have, if we're being honest.
00:22:16.079 --> 00:22:18.880
It makes it difficult to have long-term directional bias in the market right now.
00:22:18.960 --> 00:22:20.640
I don't have any long-term bias, except for Bitcoin.
00:22:20.960 --> 00:22:22.559
Which you know, I've had to sell a good amount.
00:22:23.359 --> 00:22:24.480
It makes it very difficult to do.
00:22:25.039 --> 00:22:25.359
Okay?
00:22:25.599 --> 00:22:36.799
Now, what I do think is the most possible in this market that it's ever been is the short-term momentum attention pylon-esque trades that I think we've sort of been nailing.
00:22:36.880 --> 00:22:41.920
It feels like there's one every couple of weeks, maybe every 10 days or so.
00:22:42.240 --> 00:22:51.039
There was a complete ripper because apparently Joe Rogan got the voice of uh the president and ripped through some psychedelics bill, which is nuts.
00:22:51.279 --> 00:22:58.559
Um, let's check in really quickly on China Tim and Amazon and see if these are reacting.
00:22:58.880 --> 00:22:59.759
Let's see.
00:23:00.160 --> 00:23:01.680
Apple doesn't care.
00:23:02.000 --> 00:23:11.359
Amazon, oh my god, does care on the anthropic investment, which seems to be the hottest deal in the the fucking world.
00:23:11.759 --> 00:23:14.400
Look, I have a take, I have a take I'm working on, but I want to talk about it.
00:23:14.480 --> 00:23:19.440
I wanna talk about it before I read this article, which is I don't really know like the best way to navigate this take.
00:23:19.599 --> 00:23:20.880
Let me see if let me see if I can catch flow.
00:23:20.960 --> 00:23:22.079
Let me see if I can catch flow on it.
00:23:22.640 --> 00:23:27.119
It's like, okay, trading recently, I've been trying to think about like why everything trades like crypto, right?
00:23:27.200 --> 00:23:28.799
Like what the what does that what does that mean?
00:23:29.039 --> 00:23:41.440
And I think part of it is what we have covered, which is that fundamentals and PE ratios and earnings are disregarded in exchange for momentum and hype in a lot of aspects, right?
00:23:41.519 --> 00:23:49.039
It's not that every crypto coin sucks, but it's that almost no crypto coins trade relative to the money that they make or the money that they earn or their fundamentals.
00:23:49.119 --> 00:23:55.839
I think this is part of it, but it's been adjusted in my head a little bit since the war in trading war for the first time.
00:23:55.920 --> 00:24:18.079
I've had to rethink why the price is doing what price is doing, and I think a takeaway I've extracted from the war is that on announcements, especially Trump announcements, it isn't just momentum and narrative, but it's that the market is so quick to price in the best and worst case scenario instantly.
00:24:18.240 --> 00:24:24.400
And so, really, really, really quickly you get to how much better can it get and how much worse can it get almost instantly.
00:24:24.480 --> 00:24:33.359
And so, like when we're down 15% on SPX on news that Trump is gonna drop a nuke to Iran, how much worse can it get?
00:24:33.440 --> 00:24:38.559
Right, because the only worst escalation from there is he actually drops it, which you know isn't it's not gonna happen.
00:24:38.640 --> 00:24:40.400
There's a scenario, I guess, where it happens.
00:24:40.720 --> 00:24:43.200
But I found myself bearish at minus 12.
00:24:43.440 --> 00:24:44.640
I'm gonna nuke Iran.
00:24:44.960 --> 00:24:49.039
When in reality, that was the pricing in instantly of how much worse can it get?
00:24:49.200 --> 00:24:50.880
Worst case scenario, instantly priced in.
00:24:50.960 --> 00:25:04.960
And then the other side of this that we're seeing happen over and over and over again is they announce a ceasefire, and then this P on SPX that we haven't been able to break for like fucking, I don't know, six months, right?
00:25:05.119 --> 00:25:12.160
155 days of sorry for my charts being a mess, is instantly candled to a new AT in like three days.
00:25:12.319 --> 00:25:14.960
One of the most aggressive pumps ever in SPX.
00:25:15.119 --> 00:25:24.559
And so you very quickly get met on this chart with like I don't know if I think if you're looking at this chart, it's hard to not be bullish, but then you also start thinking to yourself, how much better can it get?
00:25:24.720 --> 00:25:25.599
Especially in the short term.
00:25:25.680 --> 00:25:26.880
This has always been a crypto thing, right?
00:25:26.960 --> 00:25:36.319
Like you when you're when you're not trading fundamentals that closely, you're now looking at sentiment a lot, narrative, you're looking at flows, and you're often met with how much better can it get?
00:25:36.400 --> 00:25:37.680
I think at crypto all the time.
00:25:37.759 --> 00:25:38.400
This is like a thing.
00:25:38.480 --> 00:25:54.720
And so I was thinking about my hymns trade, and the reason that I think this helps with like megachurch is okay, just just the nature of the way people trade now, which is like super online on Twitter, democratic, democratization of and like decentralization, I guess, of news.
00:25:54.799 --> 00:26:00.400
Everybody has the same news at the exact same time, and basically everybody is coming to the same conclusion very fast.
00:26:00.559 --> 00:26:03.039
The market is forcing it and they're doing it on leverage.
00:26:03.680 --> 00:26:11.440
And so when you're trading the mega church type of style, I think on these announcements, you actually just get to the price really quick.
00:26:11.599 --> 00:26:13.680
Like it happens pretty fucking fast.
00:26:14.000 --> 00:26:15.759
And then we move on to the next one, right?
00:26:15.839 --> 00:26:18.559
It's like a news cycle can't last more than 72 hours, whatever it is.
00:26:18.640 --> 00:26:29.680
And so when the thing of hymns, it's like okay, RFK announcement comes out on Wednesday, everyone decides hymns is the trade, and then there's just like a pure unapologetic firing in.
00:26:30.319 --> 00:26:36.160
It's all anyone's talking about, it's all everyone's bidding, and you just get these like crazy flows into hymns.
00:26:36.720 --> 00:26:40.400
And so the reason I sold on Friday, 29.50 or whatever, it had nothing to do with the price.
00:26:40.480 --> 00:26:41.680
It wasn't about the price.
00:26:42.319 --> 00:26:55.839
Okay, it was that Trump comes out on Friday and says that we have a ceasefire with Iran, the war is over, and then you just get the like colliding of narratives, and then instantly it's like, how much better can it get?
00:26:56.160 --> 00:27:06.720
What we've realized with the war is like, okay, you price in the best case scenario so quickly that you're almost instantly forced to fade the positioning and now think uh what could go wrong.
00:27:07.200 --> 00:27:09.759
Because this happened with the oil trade so many times.
00:27:10.319 --> 00:27:17.519
You it's pricing and perfection, and then you're now because the market like moved so aggressively, you're now like fuck.
00:27:17.759 --> 00:27:21.680
I liked my entry, but now I have to think the market thinks it's perfect.
00:27:21.759 --> 00:27:24.640
If anything's not perfect, we're gonna aggressively go the other direction.
00:27:24.720 --> 00:27:26.480
Like we're gonna aggressively whip so the other way.
00:27:26.559 --> 00:27:28.160
The market's just pricing and perfection.
00:27:28.640 --> 00:27:45.119
And so I think one of the things that I've I've really felt as we're trading uh these markets and especially these attention flows, and especially through the lens of war, is that now more than ever, you hit the top bound or the bottom bound so quickly, and then you have to fade positioning.
00:27:46.000 --> 00:27:54.720
And so what I've deducted from this is like if you're on leverage, you just realize the trade really quick, and you're gonna get whipsaw destroyed.
00:27:54.799 --> 00:28:01.200
And the only way to get through these longer term trades is just gonna be spot or 2x.
00:28:01.279 --> 00:28:02.720
Like I I felt like I it took me.
00:28:02.799 --> 00:28:04.319
This is like the think about the oil trade.
00:28:04.400 --> 00:28:04.880
Who made it through?
00:28:05.039 --> 00:28:09.839
Pee pee poo-poo guys, the crude oil 231 guys, think about the guys that made it through and made eight figures on the trade.
00:28:10.240 --> 00:28:12.880
You just like couldn't sit and leverage because perfection.
00:28:12.960 --> 00:28:18.480
Worst case, perfection, worst case, perfection, worst case, perfection, worst case, and you just get destroy you just get completely destroyed.
00:28:19.359 --> 00:28:22.960
And so when you ask me, is this my cope for closing the hymns trade?
00:28:23.039 --> 00:28:26.960
It's it's uh no, it's my rationale for closing it.
00:28:27.279 --> 00:28:36.720
Um I mean it was a nice trade, it's up, I don't know, a couple percentage points higher than uh where I close, but I'm basically like thinking through why I had to close.
00:28:36.799 --> 00:28:39.440
It had nothing to do with the price, like it wasn't a price target.
00:28:39.519 --> 00:28:40.400
It was like, no, no, no.
00:28:40.799 --> 00:28:43.200
We just hit like think about it, think about it.
00:28:43.519 --> 00:28:48.319
It's like these peptide announcements aren't actually gonna come into play in the supply chain for like many months.
00:28:48.640 --> 00:29:02.240
Hymns when they actually start distributing meta and GHK in these peptides that our RFK is pushing through, it's gonna be like actual months, but the market is so short term with flows that it it realizes that price spread instantly.
00:29:02.799 --> 00:29:08.000
And so you're it's done, like it's kind of done to me on the attention part, like it happened, it's done.
00:29:08.079 --> 00:29:09.680
Now it's just like fundamentally different trade.
00:29:09.759 --> 00:29:15.119
Like I would have liked to stay in it later, but the I don't know, I felt like the market didn't allow me to do it, and so I had to just get out.
00:29:15.279 --> 00:29:16.480
Dude, I'm hyped you came back on.
00:29:16.559 --> 00:29:18.480
I know you came back on like no notice too, which is fucking awesome.
00:29:18.559 --> 00:29:20.640
One of my favorite, honestly, one of the sickest guests ever.
00:29:20.720 --> 00:29:22.480
I came on like I don't know six months ago.
00:29:22.799 --> 00:29:24.880
Consider you uh uh honestly a good friend at this point.
00:29:25.039 --> 00:29:26.720
Great comms on the crypto side.
00:29:26.960 --> 00:29:32.480
Do you want to give a quick intro on who you are and then let's hit what the fuck just happened in DeFi?
00:29:32.559 --> 00:29:33.440
What is the future of DeFi?
00:29:33.599 --> 00:29:34.480
We'll get there.
00:29:35.119 --> 00:29:35.759
Yeah, for sure.
00:29:35.920 --> 00:29:37.680
Um, yeah, uh my name is Tom.
00:29:37.759 --> 00:29:40.880
You know, I'm uh I I run a bridge called uh gas.
00:29:41.759 --> 00:29:47.119
Um, you know, mainly geared towards smaller value transactions, but um really high chain coverage.
00:29:47.279 --> 00:29:52.799
Um so you know, we're we're we're a bridge very similar to kind of the relays of the world today, right?
00:29:52.880 --> 00:30:02.160
Um, you know, instant we focus more on uh instant uh delivery and like very cheap, um, you know, with a lot of you know kind of trade-offs.
00:30:02.240 --> 00:30:06.319
And this is kind of like what you get into like what what happened with the layer zero stuff today, um, right?
00:30:06.799 --> 00:30:14.079
But you know, so it's it's I mean, I spent a long time my life building crypto stuff that literally nobody ever used.
00:30:14.240 --> 00:30:16.400
And this is like everyone's like a lot of people's journey, right?
00:30:16.480 --> 00:30:20.720
Like I spent like 10 years building shit that nobody ever just used.
00:30:21.039 --> 00:30:31.920
So this time around, it was very much like I don't want to build something that like maybe some people will use, and then afterwards you can kind of back your way into like making that the technically sound solution, right?
00:30:32.079 --> 00:30:41.200
Um, and I feel like that's how a lot of like that's how a lot of the apps that people use today kind of went, you know, with this generation of approach.
00:30:41.359 --> 00:30:49.599
Um it was like, you know, build something that first like solves the problem of a couple thousand people and like yeah, it's gonna be like rounded, like the corners gonna be rounded.
00:30:49.680 --> 00:30:51.119
Like, is it like decentralized?
00:30:51.279 --> 00:30:51.920
Like the truck.
00:30:53.440 --> 00:30:56.000
Um, but so I mean, I do bridging stuff, right?
00:30:56.079 --> 00:30:57.519
I did prediction markers for a long time.
00:30:57.599 --> 00:31:03.039
Um, and just you know, kind of uh sit around and you know, retwitter all day.
00:31:03.119 --> 00:31:08.559
And um, but yeah, um, bridging is kind of like the main stuff for the last couple of years.
00:31:08.720 --> 00:31:10.079
Um, you know, we're very close.
00:31:10.160 --> 00:31:14.559
So like in full, like I'm and we built stuff on layer zero, right?
00:31:14.640 --> 00:31:17.119
So traditionally speaking, I'm like a layer zero guy, right?
00:31:17.359 --> 00:31:20.000
Like, you know, in a broad stroke, I'm like a layer zero shill.
00:31:20.480 --> 00:31:30.640
Um, but you know, that doesn't also mean like, I mean, the stuff that happened today was or this week was to be it's pretty, for lack of better terms, pretty fucking bad across the board.
00:31:32.319 --> 00:31:33.039
Let's talk about it.
00:31:33.359 --> 00:31:39.039
I'm gonna be honest, like I was not online this weekend, and then I'm like catching up, and some of the it's like all over the place.
00:31:39.200 --> 00:31:47.119
And so we've had back to back, we had drift, which I know is like a fake DeFi label, but it got the label and I think it was exploited for$300 million.
00:31:48.000 --> 00:31:52.720
And then we have everything that just happened over the weekend, and so we could skip the drift one.
00:31:53.119 --> 00:31:58.319
I think that has been debunked how that happened, just fucking piss poor management, some social engineering, a little bit everything.
00:31:59.039 --> 00:32:10.000
But there's this broader secular tear, like terrifying fear around AI exploits and mythos, and then at the same time, we have what just happened with layer zero of a all this.
00:32:10.079 --> 00:32:16.319
Like, can you just yeah, give us like a breakdown of like what just happened, how 300 million dollars and some change was exploited.
00:32:16.480 --> 00:32:21.680
Correct me if I'm wrong in that number, and then let's dive in specifics on like what DeFi looks like from here.
00:32:22.480 --> 00:32:48.000
Yeah, um, yeah, so this is was kind of like the dark underbelly, like this was like the classic FUD that you would like fear monger on not only layer zero, but a lot of DeFi protocols, where it was kind of like one of these things where it's like we all know this like isn't ideal, and it's like not the it was it was it's kind of like the worst fear that like nobody really thought was gonna happen, but we all knew could kind of happen.
00:32:48.319 --> 00:32:49.119
Yes happened.
00:32:49.440 --> 00:33:01.519
Um, and it pretty much all boils down to a lot of this being that um, you know, for lack of a better term, particularly in bridging, um like I've like a saying of Rod Stroke is like everything's just kind of a scam, man, right?
00:33:01.680 --> 00:33:08.079
And like all this stuff was just like and like it kind of works until the scam doesn't work anymore.
00:33:08.240 --> 00:33:18.559
Um, and like so what happened here was essentially layer zero is the uh you know messaging uh verification provider for this wrapped ether token.
00:33:18.640 --> 00:33:19.920
I don't even know what this wrapped ether token.
00:33:20.240 --> 00:33:21.440
RS, ETH or whatever.
00:33:21.680 --> 00:33:22.160
Yeah, yeah.
00:33:22.319 --> 00:33:23.920
One of these like RSQ ETH.
00:33:24.240 --> 00:33:24.960
I don't even know what it is.
00:33:25.359 --> 00:33:27.119
I don't I'm not I really don't understand it.
00:33:27.440 --> 00:33:31.759
Here I like stopped got you know once we run like two or three loops down the restate.
00:33:32.640 --> 00:33:33.359
Okay, okay, okay.
00:33:33.599 --> 00:33:40.160
But granted, um, you know, essentially they act as the authority of like minting and burning of this token, right?
00:33:40.240 --> 00:33:49.279
You know, um layer zero yeah, yeah, layer zero protocol, validate messages that say, you know, burn some tokens over here, remint them over here.
00:33:49.440 --> 00:33:55.039
You know, they're they are the for you know kind of like shit coin terms, like they are the they're the mint authority, they're the admin key.
00:33:55.119 --> 00:33:55.680
Okay, right.
00:33:56.079 --> 00:34:09.360
Um and layer zero is designed in a way where the person the validation of those messages should and can be done by many people, or this is what's the kind of the the DVN, right?
00:34:09.519 --> 00:34:20.639
So normally when you say I have like one ETH over here and I want it over here, there should be like three or four validators in the middle that kind of like all agree on this process.
00:34:21.119 --> 00:34:26.559
However, the default in layer zero is actually just layer zero C is just one, just one.
00:34:26.719 --> 00:34:29.519
So if you can compromise one, you've you got it.
00:34:29.679 --> 00:34:29.920
Yeah.
00:34:30.559 --> 00:34:38.159
And that was like, and like so layer zero is designed in a way where the application gets to choose who those validators are.
00:34:38.400 --> 00:34:43.440
Um, however, the default setting is just one and it's just them.
00:34:43.599 --> 00:35:11.760
Um, and this is kind of where like how people aren't really super happy with layer zero's answer, because layer zero's answer is kind of hey, we've when they do layers layer zero is like we told you not to just use us as the validator, you know, and you can go and put more validators in there, however, it's it's one of these things where like 90% of anybody who uses a layer built-in layer zero application, you just they use the defaults.
00:35:12.000 --> 00:35:14.320
And is it cheaper, more efficient?
00:35:14.559 --> 00:35:16.400
Why do you just use layer zero?
00:35:16.719 --> 00:35:22.559
The real thing is like we built stuff like I think most people don't even fucking know how to like configure this stuff that built it.
00:35:22.639 --> 00:35:25.679
Like you don't even really know, it's just like built into the config.
00:35:25.840 --> 00:35:42.079
If you like really dig into it and start understanding what's happening there, you like start to comprehend all these different kinds of configurations that you can make, but like even just like building a simple application on top of these protocols, like you probably don't even really fucking know what's happening.
00:35:42.639 --> 00:35:50.000
It's like you just like kind of like deploy these repos, and like you like you might might know, and like, but it's like I mean it's the default, it's like the thing with everything, right?
00:35:50.079 --> 00:35:54.320
Like you put a default in, just 90% of the time, people are gonna use the default, right?
00:35:54.480 --> 00:35:58.880
They don't really know, they don't really care, and like for the most part, it's been fine, right?
00:35:59.280 --> 00:36:02.719
In players girls defense for the last three years, it's been fine, right?
00:36:02.880 --> 00:36:05.599
And this is kind of how a lot of this stuff works in crypto.
00:36:05.679 --> 00:36:14.000
It's just like, yeah, it's like kind of centralized underneath it all, and we obfuscated along the way, and it works until it doesn't.
00:36:14.239 --> 00:36:31.760
But at the end of the day, essentially, you know, there was a wrapped asset that was backed by hundreds of millions of dollars that could be muted and created created and burned, you know, arbitrarily by layer zero, one singular validator key running somewhere.
00:36:31.920 --> 00:36:44.400
Um, you know, with with, I mean, there's no like security of there's no, there's no, there's no like, like if you lie as like a Ethereum like uh staker, like a like a node participant in the network, you get slashed, right?
00:36:44.480 --> 00:36:45.760
Like you like stake your ETH.
00:36:45.840 --> 00:36:49.280
And like if you lie, you like there's a penalty, you get slashed, right?
00:36:49.360 --> 00:36:51.119
Like that like doesn't exist here.
00:36:51.199 --> 00:36:57.679
This is just like layer zero lie, they didn't lie, they were wrong, but pretend yeah, there's no problem for doing it, right?
00:36:57.760 --> 00:37:01.519
It's just like oopsies, like sorry, 350 million dollars got minted.
00:37:01.679 --> 00:37:15.199
Um, so I mean the layer like to say is is honestly and there was like 350 million dollars that could of like back liquidity that could be minted, uh, or could be could back like the minting of this ETH restaked token.
00:37:15.360 --> 00:37:25.840
Somebody somehow figured out how to like compromise the singular layer zero validator and say like mint 300 billion of ETH to this wallet and it got checked, green lit, and it went through.
00:37:26.159 --> 00:37:27.920
Yeah, and then those tokens, right?
00:37:28.000 --> 00:37:30.159
Like those tokens don't even need to be backed by anything.
00:37:30.239 --> 00:37:32.639
Like they could have printed a billion of them, right?
00:37:32.800 --> 00:37:41.360
Um, and then but the thing is like once you get those tokens minted, those tokens are now used as collateral in Ave, in in all of these DeFi things.
00:37:42.239 --> 00:37:46.719
You could throw them, you could you get these tokens, what do you do with them, you throw them into Aave, you cash out like USCC or something.
00:37:46.960 --> 00:37:52.960
And this is why like Ave is now in a world where all the real money's gone, you know, because like they just printed a bundle.
00:37:53.280 --> 00:37:58.239
Oh, because if you're like a lender on Ave, you're like approving all this random shit that's like what even is it?
00:37:58.639 --> 00:38:16.800
Yeah, so it's like if if you accept this like weird wrapper token as collateral on all of DeFi, and I can just like print this weird collateral token, I just go and swap it out in all these DeFi systems for the real money, and I give you this token that is it's part of it is bad somewhere, right?
00:38:16.880 --> 00:38:18.719
But like that minting of it wasn't bad.
00:38:18.880 --> 00:38:22.880
It was like this is this was I hit infinite mint on the token and I swapped it out everywhere, right?
00:38:23.199 --> 00:38:30.880
Is it on you as a lender to approve this random ETH restaked token, or does that whole system just recognize this as like ether?
00:38:31.519 --> 00:38:34.239
Uh so it depends like what pools you end into.
00:38:34.320 --> 00:38:42.719
So this is like I think I think the ones that got hit in Ave were shared pools, but like this is like if you go to like a lending market, they'll have things called like uh like isolated lending pools.
00:38:42.880 --> 00:38:55.280
And we like started moving towards some of these, which is where when you are a lender, you essentially say, like, yeah, I don't want someone to be able to give me RSWE as like my real dollar, you know.
00:38:55.519 --> 00:38:58.079
So like we have, but I believe most of this was shared.
00:38:58.239 --> 00:39:05.840
Um, but like this is like how DeFi will, like if DeFi just like blows up, like imagine somebody could just mint USDC, right?
00:39:05.920 --> 00:39:14.480
Like the USDC would be worthless, but they could use that USDC to get to extra across the whole ecosystem whatever 500 exactly.
00:39:14.880 --> 00:39:25.920
And if at any point there's ever some exploit before you could catch it, you could run to DeFi platform Ave and you could borrow against it fast, get money out, and then they can't force you on chain to return it.
00:39:26.239 --> 00:39:31.440
And even I mean, yes, and the the actual reality of that is it happens in the same transaction now, right?
00:39:31.519 --> 00:39:33.920
It's like this is like it's like kind of thing, yeah.
00:39:34.400 --> 00:39:36.159
It happens in a single block, you'd even know what happened.
00:39:36.239 --> 00:39:46.400
It's like these guys mint these things and okay, so so so somebody finds exploit on layer zero where they can basically mint 300 million.
00:39:47.039 --> 00:39:51.199
What layer zero said happened was they compromised their RPC provider.
00:39:51.360 --> 00:39:51.599
Okay.
00:39:51.760 --> 00:39:58.159
Um, which is like so the scary part here is layer zero runs nodes, you know, they connect to like an RPC in your wallet, right?
00:39:58.400 --> 00:40:04.800
Um, they and you have like these like fallback systems when a node isn't available, you fall back to another one and another one.
00:40:04.960 --> 00:40:11.679
They said essentially, uh, you know, their good nodes were like DDoSed and turned, you know, so they were turned off.
00:40:11.840 --> 00:40:15.440
It fell back to these two backup nodes that they run.
00:40:16.159 --> 00:40:21.280
And the backup nodes were apparently compromised, like on the root level.
00:40:21.440 --> 00:40:30.079
And like this is the part that was kind of like brushed the scary part of all is like layer zero core internal infrastructure was compromised somewhere here, right?
00:40:30.159 --> 00:40:34.559
Like, if this is true, like their their private internal nodes they were running.
00:40:35.039 --> 00:40:41.039
Somebody was able to get in there and essentially, you know, they like they put in like essentially like a fake block, right?
00:40:41.199 --> 00:40:45.039
And it said that like this block happened on you on Unichain, you know.
00:40:45.119 --> 00:40:45.840
That's like how it is.
00:40:46.000 --> 00:40:56.559
So it's like they they they they compromise the node to return that somebody bridged, you know, 35 350 million dollars from Unichain, and that didn't happen.
00:40:56.719 --> 00:41:05.199
Um, you know, so like the scary, the terror terrifying part here is that like core infrastructure of this protocol was compromised on some root level.
00:41:05.440 --> 00:41:19.280
Um, you know, and like this was probably like one of the least, I mean not least, but like, you know, if you have like root access to layer zero's infrastructure, I would think there's like, you know, I mean, you could really do some damage, right?
00:41:19.440 --> 00:41:28.239
Um, this is just the terrifying thing is is is there's like there was like a hole somewhere in layer zero's infra and like North Korea got in there or whoever.
00:41:28.400 --> 00:41:30.239
Um, and like this is like how does this happen?
00:41:30.400 --> 00:41:36.239
This is the first time we've ever really seen an attack like this happening where they say, like, I compromised your node provider.
00:41:36.320 --> 00:41:39.280
And I guess terrible even think of you, like you just like use your wallet, right?
00:41:39.360 --> 00:41:43.840
Like, what happens if you just like like your RPC provider lies to you, right?
00:41:44.000 --> 00:41:45.039
Like it's terrifying.
00:41:45.280 --> 00:41:46.719
Tom, this honestly this was sick.
00:41:46.800 --> 00:41:47.440
Thank you for coming on.
00:41:47.519 --> 00:41:47.920
Thanks for your time.
00:41:48.000 --> 00:41:52.800
Thanks for staying for staying for a while, dropping some some fucking gems on us, and we appreciate you, dude.
00:41:53.039 --> 00:41:54.239
Of course, thanks for having me.
00:41:54.320 --> 00:41:56.800
Um, let me know if I can uh ever shit talk.
00:41:56.960 --> 00:41:57.679
Uh yeah, thanks for having me.
00:41:57.760 --> 00:41:58.320
You're always welcome.
00:41:58.400 --> 00:41:59.599
We'll do it again at some point.
00:41:59.760 --> 00:42:04.239
Hopefully, not super soon in the case of the hack, but hopefully soon in the case of W guest.
00:42:04.400 --> 00:42:05.039
You're the man, dude.
00:42:05.920 --> 00:42:06.400
Later, bro.
00:42:06.480 --> 00:42:07.199
All right, peace out, man.
00:42:07.360 --> 00:42:07.679
Peace.
00:42:07.760 --> 00:42:08.480
I fucking love that guy.
00:42:08.639 --> 00:42:09.280
How good is he?
00:42:09.360 --> 00:42:10.800
I'm getting off stream, bro.
00:42:10.880 --> 00:42:11.360
I'm done.
00:42:11.519 --> 00:42:12.559
It's almost at three hours.
00:42:12.639 --> 00:42:14.000
I was on a fucking interview before this.
00:42:14.079 --> 00:42:16.000
It was a long one, it was a good one, it was a fun one.
00:42:16.159 --> 00:42:17.360
We have a lot to talk about tomorrow.
00:42:17.440 --> 00:42:19.440
We have a lot, a lot, a lot, a lot, a lot to talk about tomorrow.
00:42:19.519 --> 00:42:21.519
If you're new, up live every day at 3 30 p.m.
00:42:21.760 --> 00:42:21.920
E.
00:42:22.079 --> 00:42:22.159
S.
00:42:22.320 --> 00:42:22.480
T.
00:42:22.719 --> 00:42:23.039
I love you.
00:42:23.119 --> 00:42:23.599
I appreciate you.
00:42:23.679 --> 00:42:24.239
I'll see you tomorrow.
00:42:24.320 --> 00:42:25.760
Have a great rest of the day, other motherfuckers.
00:42:25.840 --> 00:42:26.320
I'm out of here.
00:42:26.480 --> 00:42:26.719
Peace.
