WEBVTT
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Yo yo yo, welcome back to the stream.
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What the fuck is good?
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How y'all doing?
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How y'all feeling?
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How are you all living?
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Somebody said, Can we bring a book segment back?
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Yes, we can.
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Big day today.
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We have a lot to talk about, and I want to just start by saying congratulations.
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I would like to say congratulations to the Bulls.
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You have won, and I'm not talking Chicago.
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I am back on the winning team.
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You have won me back over.
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I ask kindly, respectfully, but urgently that you use it wisely, that you wish yourself luck and you do well with me on your side because I have officially come back and purchased some cryptocurrency coins.
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Yep.
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I think I think I've been pretty emotionally flip-floppy both ways.
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Did pretty well on the way up, protected downside pretty well on the way down.
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And I think that it's valid that I've been emotionally flip-floppy because the market is emotionally and flip-floppy.
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What do you want me to say?
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I'm gonna give you a thesis.
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We're gonna talk about a lot.
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Um, why I'm a bull.
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We're obviously gonna talk about Kim She.
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We're gonna talk about um Joe Wisenthal, biggest reporter of Bloomberg, also the biggest hater of crypto, capitulated.
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We're gonna talk about Citrini's bio experiment, we're gonna talk about Madison Square Garden, NBA season back.
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I got a million things to talk about, a million things to cover, a million things to get into.
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Yesterday, I was just like not a great day.
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I don't know what happened.
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I just was not feeling great the whole day.
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And so I'm like, what should I do to like make me feel better?
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So I listened to hella commencement speech.
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I was super bare pilled, I was like not having a good day, and so I sat down and I listened to like hella commencement speeches for no particular reason.
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I listened to the the Navy SEAL at Texas 2014, they're all 2014, by the way.
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Navy SEAL guy at Texas, which is a good one.
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I listened to Denzel Washington at Penn, which is an underrated one.
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I listened to this Kanye lecture at Oxford, which so good.
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And then I listened to Steve Jobs at Stanford.
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This is actually the best one.
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Jim Carrey commencement address.
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You are the vanguard.
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I don't even know what this is.
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This is the this is probably the best one, actually.
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The Jim Carrey is so good.
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He tells a story about how like his dad took the safe route.
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He wanted to be a comedian.
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He could have been a famous comedian, but he took the safe route to protect his family, to be uh accountant, and he lost his job anyways.
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And so if you're gonna fucking lose it anyways, you might as well go after the thing you want.
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It's incredible, really.
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Yeah, we watch the kimchi vlog.
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Suck it up, everybody.
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Fucking deal with it.
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We're gonna watch the kimchi vlog.
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Pull your fucking pants up.
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It's important culture, but we're gonna watch it.
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So shut the shut up and enjoy it.
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I watched five commencement speeches, okay?
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And I think the best one is Steve Jobs 2014.
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You can only connect the dots looking forward, which is awesome.
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Um, the Jim Carrey one is awesome, and the Texas one was a lot better when I was 14 than it was now.
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But I watched the commencement speeches and I'm watching the NBA, and then I opened a finance book and started reading again because for some reason I've stopped reading finance books and started reading like fiction, which is great.
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It's really fun.
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I'm enjoying it, but I fucking like reading finance books.
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That's like what I started.
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That's why I started liking reading again.
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And so I started reading this book, and I just had this like revelation pop into my head.
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It was almost like I hate to do the whole divine thing, but I don't want to spam it, but I don't know.
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It wasn't my thought.
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Where did it come from?
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I didn't come up with a thought, and I just sat and I looked up from my my book and I said, I'm bullish.
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What the fuck?
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I'm a bull, I'm a bull.
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And I looked at the market and I just it was all flow.
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I didn't really think about it, I just clicked and I developed the thesis.
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I shared it in the pit in a voice note, and then I figured out how to tweet it.
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Brutal typo in the in the fourth word.
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But I came up with a thesis that I would like to share as to why I think I being a bull on a couple coins is like makes sense right now.
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And so here's the deal.
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I bought some coins back yesterday.
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I bought back Zcash for the first time since I capitulated all of it at 11:30.
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I want to just talk about it.
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So, in my opinion, the best bear case right now comes from Flood.
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Because, in my opinion, he's the face of the bears.
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And if you ignore the quantum stuff, which I am choosing to ignore because we did the work, in my opinion.
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We did this the stream with Ilya and Merton, ZK Dragon.
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We did the work.
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I am not fearful of the quantum encryption breaking stuff.
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The biggest bear case right now is basically the flood take of I think AI stocks are going to go lower, maybe 10% lower.
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And if they do, Bitcoin is gonna sweep 77k or whatever, Bitcoin's gonna go down with it.
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That's the bear case.
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And so I sat down and I thought about it, and I just don't agree that that is gonna happen.
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And here's why.
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So I'm reading More Money Than God.
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Great book.
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Everybody should read it.
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And there's this sort of seminal moment in 1994.
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Alan Greenspan is the chairman of the Fed, Bill Clinton is the president, and also, if you're like a macro expert, forgive me.
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I'm gonna do my best to articulate this.
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And they have this sort of inkling that inflation is about to start ticking up and they want to get ahead of it.
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And so, in order to get ahead of it, they come out and preemptively they raise rates, and they're hoping to sort of chill out the market, calm everybody down, calm down the bond traders.
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Okay, and this is still like early hedge fundification of markets of the world.
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And basically, what happens after they hike rates 25 bips is the bond market freaks out.
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There's all this leverage in the market that is no longer comfortable believing that the markets are going to be stable.
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They're not really sure what Greenspan is gonna do.
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Is he gonna start this new hike cycle?
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And they panic, they freak out, and they start slam selling bonds.
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They didn't expect this to happen.
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But the second thing that they really did not expect to happen is that in Europe and in Japan, bond yields start going parabolic.
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Okay, everyone is slam selling your European bonds, everyone's slam selling Japanese bonds, and yields are going crazy in these foreign markets just because the US hyped.
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And there's sort of this what moment of why would an impact on the US markets impact Europe and Japan, other than the fact that you know US is the world reserve currency and it's the most important market.
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But secondary, there's a couple reasons, but secondary is that these hedge funds have gotten big enough where markets can no longer trade in a silo.
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What you do in one impacts what happens in another, whether that is or isn't how it's supposed to trade, because everyone trades everything, and these guys are massive.
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It's sort of like if you think of gold as a risk-off safe haven, you would think it would trade maybe inversely to risk to you know leverage tech.
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But NVIDIA misses earnings and NVIDIA dumps 20%, gold's going down with it because the same people that hold NVIDIA also hold gold, and the people that hold gold also hold NVIDIA.
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It's not one to one, it isn't a correlation of one, but they everybody holds everything.
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Okay, and that's why seemingly unrelated assets trade related to everything because everyone's in the same positions, and so you think back to the flood thesis of if AI goes, you know, AI might go down more.
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I'm bearish AI, therefore I should be bearish crypto.
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But you zoom out over the last six months on what's happened as the maybe even the last three months, I would say, as the AI trade has sort of unraveled, and now people are gonna be like, Well, SPY is only two percent off of off of all-time highs.
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Okay, well, well, Dram memory is down 45%, the Korean South Korean index, the Cosby is down 45%, Soxel is down 45, 50, like all the you know, sort of bellwether assets that represent the AI trade have gotten crushed over the last three months.
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And crypto hasn't gone down.
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Crypto has actually gone up only, okay?
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And now you could say to yourself, oh, relative strength is a meme, which I agree.
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There's no such thing as relative strength, there's only delayed death, but maybe it's not relative strength, okay?
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And the reason it's maybe not relative strength is because nobody has crypto to sell.
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Think about the guys that have AI stocks to sell you at at these prices, okay, that could capitulate.
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Brad Gersner recently went on and was like, you know, I I I de-risked everything, I'm out of Carrie, da da da.
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Gavin Baker, Ray Dalio, like Paul Tudor Jones, all the biggest hedge fund managers in the world, they don't hold Bitcoin, they do not hold crypto, they have none.
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And so over the last three months, there's been this mass deleveraging out of the you know volatile AI stocks and crypto has been going up.
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Crypto's been going up because nobody has crypto to sell.
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And so you zoom out even one step forward and you say, All right, if I'm bearish AI and short AI stocks, and I think it's gonna go lower, why would that just now make crypto go lower?
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And you might think back, okay, but historically, this is how it's played out, but there's it's there's present only, there's only the present.
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And the the last three months have shown the present this is not happening.
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And so we can think back to like what would have happened in 21, what would happen at you know, beginning of 22 height cycle, what would happen in 24, 25, but it's 2020, it's October 2026, and it's not happening.
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Okay, and so I started to think to myself, all right, wait, is the bear case a sweep of 78k is the bear case for coins?
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Uh doesn't sound that bad to me.
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And then you zoom out one step further and you say, Okay, the entire market broadly has a correlation of basically one to AI.
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All stocks, all the memory stuff, all the semiconductors, all the consumer names, all of the software names, everybody, everywhere, everything is has a correlation of basically one to Bitcoin.
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If you go over to South Korea, or excuse me, to AI, you go over to South Korea, everywhere you look, everywhere you go, it's it's it's correlated of one to AGI, super intelligence, except for Bitcoin.
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It's like the only asset you could diversify into that is not maybe gold and some of the metals and things like this.
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It's like the only asset you could diversify into that is not like directly correlated, a peg, either leverage or deleverage to the AI trade.
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And then I feel less good about this, but you think about the group of people that are about to be minted hundred millionaires from anthropic open AI, SpaceX IPOs, 100 millionaires, 500 millionaires.
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This is the group of people that is uniquely positioned with depth of knowledge and understanding of why Bitcoin works and is important and matters.
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It's like the tech group.
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Why, I don't know, private money, things like this would work.
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And so I zoom out even a little bit further, and I feel as if the bare case for crypto right now is some historical correlation that is not actively happening.
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And I think that people really over-index and over-intellectualize historical context.
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It's the Kyle Simani, pop this one up, where we says, what does he say?
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Like analogy often leaves out context to the right conclusion or something like this.
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Like reason reasoning by analogy leaves out context.
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And it brought me back to Black Monday.
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We just did this segment 1987.
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Black Monday.
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Who's the biggest winner from Black Monday?
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Paul Tudor Jones.
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Okay, Paul Tudor Jones fucking crushed Black Monday.
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He was having a huge year.
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He, you know, had this whole bit where he predicted it and he saw it in his dream and he prepared for it and he manifested it and it came and he was ready and he was prepared and he was short and short and he's short and he's short.
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He fucking crushed Black Monday.
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He crushed Black Monday.
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Now, you asked Paul Tudor Jones, he spoke about this in the rare documentary Trader, where he says the reason he crushed Black Monday is because he had this young analyst that worked for him by the name Peter Borish, who drew this fractal over the 1929 like Great Depression crash, and determined that we looked exactly the same.
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Price action was exactly the same, and it's gonna happen right now.
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Okay, he overlaid two charts, 1929 and 1987, and said, We are about to have Black Monday.
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Paul Tudor Jones said, Oh my god, these charts look identical.
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It's time to get fucking bearish.
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Okay.
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What they don't tell you about Peter Borish drawing the God fractal is that, and I have the fucking receipt right here, is that Peter Borish did an interview and quote, and one remarkably candid interview, Borish admitted to fudging his results.
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He had jiggled with the starting points for the two lines until he got the fit that he wanted.
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And so the historical comparison, like the historical comparison chart, that chart, like the canonical seminal chart that led the overlaid fractal that led to like the greatest trade in the history of markets that predicted the perfect one-to-one flash crash, Black Monday, Paul Tudor Jones, the gunslinging cowboy who shot it out of the park, had the best performing day maybe ever.
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It was fake.
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He made it up.
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He fucking made it up.
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He made it up.
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It was not real.
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The fractal was not real.
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He made it up and it worked.
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And so was he right or was he lucky?
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I don't know.
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Sometimes it's better to be lucky than to be right.
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But the point I'm trying to make is that using some like historical analogy to represent anything other than this exact moment and what's happening right now, price in front of us, is a waste of time.
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It's like my girlfriend actively hates me.
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She's a fucking bitch, and we hate each other.
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But last year, around this time, we were really happy and we were like gonna get married and everything was great.
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Therefore, I'm gonna just choose to ignore what's happening in front of my face.
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Like she's cheating on me with my best friend, and think about how awesome it was a year ago around this time because it's almost Christmas.
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It's like, no, look at what's happening in front of you.
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And what's happening in front of you is the AI trade is unraveling and crypto is not.
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That's what's happening in front of you.
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Okay, your girlfriend is cheating in front of you, not last year.
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No, no, she's cheating right now in front of your face.
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That's what's happening.
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And so I just I don't know.
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I I got bare pilled because of this like fake.
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I don't know, I think it's fake.
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The other thing that happened, I'm just gonna be honest, is this video radicalized me.
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This is a French anime shop owner.
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Look at what they're doing to this brother's store.
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Look at this man.
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Look at what they're doing to this guy's store.
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I mean, this breaks my heart.
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Look at this.
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This isn't fucking Dior.
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This is some like 50-year-old guy that owns a like hobby store on Broadway.
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They're looting fucking Misa Amane action figures, bro.
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I watched this video and I swear to you, this radicalized me.
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It did.
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What's happening in France are now is like radicalizing me a little bit.
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And you think to yourself, like, how do I opt out of this?
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How do you how do you opt out of this?
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You know, look at this.
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This is uh Fr tenure, govern France tenure government bonds.
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How do you how do you act?
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How do you opt out of this?
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The US tenure.
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How do you how do you opt out of this and what do you do with it as everybody else is clearly doing?
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Everybody else is clearly doing it.
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How do I participate?
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So I don't know.
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How about uh I don't know, probably some some fucking unstoppable money and some private money.
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So that's what I did, that's where I'm at, and that's my trade.
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You buy it.
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Guys, 10 out of 10 on all of the assortments, drinks, whatever that pill thing is.
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The pill thing?
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Yeah.
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It's basically like the company that I'm like investing in.
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I like started like what I do.
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Okay.
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What's it?
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The company that started what I do.
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Pump.
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It's called Pump.
00:16:36.480 --> 00:16:37.120
Up the gym.
00:16:37.600 --> 00:16:38.240
Pump it up.
00:16:38.399 --> 00:16:38.960
Pump it up.
00:16:40.399 --> 00:16:41.120
Pump that shit up.
00:16:41.919 --> 00:16:42.639
They're a band each.
00:16:43.360 --> 00:16:44.240
Same leather as Ferrari.
00:16:49.360 --> 00:16:50.720
I've been having it up too much.
00:16:50.960 --> 00:16:52.559
I've been having it up too much.
00:16:52.799 --> 00:16:53.120
Wow.
00:16:53.279 --> 00:16:54.320
Shout out Rasmer.
00:16:54.639 --> 00:16:54.960
Okay.
00:16:55.360 --> 00:16:57.200
Um, anyways.
00:16:57.840 --> 00:17:00.000
I mean, look, I get the appeal.
00:17:00.399 --> 00:17:01.600
How could you not get the appeal?
00:17:01.759 --> 00:17:02.080
Honestly.
00:17:02.159 --> 00:17:15.519
I know people it's gonna be maybe not the most um comfortable take, but obviously fly frying flying around in private jets, driving around in Ferraris, getting fucking bottega sponsorships, and hanging out with a bunch of like women.
00:17:15.599 --> 00:17:16.559
Obviously, you get the appeal.
00:17:16.640 --> 00:17:16.960
Come on.
00:17:17.039 --> 00:17:18.799
I know you're like, oh, it's superficial, da da da.
00:17:19.039 --> 00:17:20.240
But probably we're all a little fucking super.
00:17:20.640 --> 00:17:24.160
It's like it's like you don't mind if a white boy buy a little designer.
00:17:24.319 --> 00:17:26.799
Like, yeah, I like a little some finer things.
00:17:26.960 --> 00:17:29.359
I wouldn't mind a Ferrari, like I get the appeal.
00:17:29.599 --> 00:17:30.960
For actually, I'll say a couple things.
00:17:31.039 --> 00:17:33.839
Number one, I did not think that was gonna go as big as it did.
00:17:33.920 --> 00:17:38.000
Like, in the case of like Kim, if Kim She made a vlog, Kim She making content.
00:17:38.079 --> 00:17:39.680
Like, I did not think it was gonna blow up like this.
00:17:39.839 --> 00:17:48.559
His his dumps, like from the one photo dump that Razma recreated to where it's gone now, like a couple posts later and a vlog later, it's like, whoa, dude.
00:17:48.799 --> 00:17:52.480
He is a sensation global sensation on social media.
00:17:52.559 --> 00:18:00.079
And I I mean, look, I think you could understand why younger generation would look at the kimchi story and think, I want that.
00:18:00.240 --> 00:18:00.880
You know what I mean?
00:18:00.960 --> 00:18:05.039
Like, you there's a reason you would look at that and say, I I want to be that.
00:18:05.200 --> 00:18:06.559
That is aspirational.
00:18:06.880 --> 00:18:07.839
That's aspirational.
00:18:07.920 --> 00:18:11.359
I want to make 40 million dollars on a trade and drive around fucking Ferraris and private jets.
00:18:11.519 --> 00:18:13.680
Like, makes makes total sense.
00:18:13.920 --> 00:18:16.960
All right, it's Wednesday, October 21st, and the stock broken up is in 14 seconds.
00:18:17.039 --> 00:18:18.799
It's always stockboard, it's powered by fans, it's powered by Phantom.
00:18:18.880 --> 00:18:20.799
So, see, during the second thing you want to buy, sell, trade.
00:18:20.960 --> 00:18:23.920
If you could buy, if you can sell, if you can trade it, you can trade it on Phantom Hall.
00:18:24.000 --> 00:18:26.000
It is Wednesday, October 21st, 9 30 a.m.
00:18:26.079 --> 00:18:37.839
on the east coast, and the stock market is officially open, baby.
00:18:38.079 --> 00:18:39.119
All right, where's SpaceX?
00:18:39.279 --> 00:18:40.000
Here's SpaceX.
00:18:40.240 --> 00:18:51.519
Um, it's up seven, seven and a half after just a disgusting, disgusting, disgusting earnings beat yesterday is what happened.
00:18:52.400 --> 00:18:53.680
Um all right, where are we?
00:18:54.400 --> 00:19:01.680
Spy opens up 0.3% to 770 on uh the day.
00:19:01.839 --> 00:19:08.000
Soxel opens up six and a half percent green on the open drama opens up four and a half.
00:19:08.799 --> 00:19:09.599
Not bad.
00:19:09.759 --> 00:19:10.720
There is some discussion.
00:19:10.799 --> 00:19:16.240
Did SpaceX AI SpaceX SI save the AI trade?
00:19:16.400 --> 00:19:19.599
Mag's up 0.37, a Russell Small Cap index up 0.26.
00:19:19.680 --> 00:19:23.039
The cost beyond yesterday's session was up 3.3%.
00:19:25.359 --> 00:19:27.599
NASDAQ 100 is down 0.1.
00:19:27.920 --> 00:19:31.839
Photonics ETF for the first time ever is green up 2.7.
00:19:32.079 --> 00:19:33.759
Neal clouds are up four.
00:19:34.240 --> 00:19:38.720
The IBB is red, and the Qs are up 0.7.
00:19:39.200 --> 00:19:40.240
Bitcoin on the open.
00:19:40.319 --> 00:19:40.960
Who cares?
00:19:41.119 --> 00:19:43.920
83.5 Zach 13.04.
00:19:44.400 --> 00:19:46.319
ETH is almost back at 25.
00:19:46.400 --> 00:19:47.759
It tapped it just for a second.
00:19:47.839 --> 00:19:50.240
Hype 81 near 5.1.
00:19:50.480 --> 00:19:51.599
It's up 5% today.
00:19:51.680 --> 00:19:54.319
Pump is down two, but had a great day last night.
00:19:54.559 --> 00:19:55.920
Sol 106.
00:19:56.160 --> 00:19:58.400
Stretch is 99.08.
00:19:58.799 --> 00:20:06.480
Yields uh 30 years down 0.2, 10 years down 0.25, and the two years down 0.17.
00:20:06.880 --> 00:20:16.000
Venice is up$26 at$26, up 2% on the news that people love AI porn.
00:20:17.359 --> 00:20:27.680
Um, gold is up 0.3, copper is down one, Monero is up 0.12, and XRP is up 1.3 percentage points today.
00:20:28.480 --> 00:20:38.400
All right, uh, Brent Oil is down a percent, cruise down half, defense is all red, Raytheon down 0.25, palantiu down 0.25, Northrop is up one, and Lockheed is flat.
00:20:38.480 --> 00:20:39.839
All right, big semi's big AI.
00:20:39.920 --> 00:20:41.599
SpaceX is the biggest gainer.
00:20:41.920 --> 00:20:44.640
SpaceX is up ten percent.
00:20:44.880 --> 00:20:46.240
Dell is up eight.
00:20:46.400 --> 00:20:46.880
Crazy.
00:20:47.119 --> 00:20:48.559
Bloom is up seven.
00:20:48.960 --> 00:20:50.640
Uh Light, uh, excuse me.
00:20:50.799 --> 00:20:52.240
Lamentum is up is up six percent.
00:20:52.319 --> 00:20:57.599
Shaw's is up five, Marfell's up three, SK Heinx ADR, red on the open, but it's up three.
00:20:57.680 --> 00:20:58.799
Sandis is up two and a half.
00:20:58.880 --> 00:21:04.400
Firefly's up four, micron kind of losing it, but it's up three, AMD's up three, rocket lab is up four, finally.
00:21:04.480 --> 00:21:06.720
Rocket Lab is getting so crushed.
00:21:06.799 --> 00:21:12.799
Cloudflare is up two, as ml is up three, Noki's up three, roadway's up four, Tessa's up two and a half, uh, Robo Strategy's up two and a half.
00:21:12.880 --> 00:21:22.720
Finally, Intel is up two, Nvidia is up two, back up of two twenty, ASCS is up two, Cerebrus finally green, up one, but god damn, it doesn't want to go green ever.
00:21:23.279 --> 00:21:24.480
Twist is up two and a half.
00:21:24.559 --> 00:21:27.440
By the way, Citrini texted me yesterday and he was like, dude, what the fuck?
00:21:27.680 --> 00:21:28.640
And I was like, what?
00:21:28.799 --> 00:21:30.240
And he was like, Why don't you subscribe?
00:21:30.400 --> 00:21:31.839
Do you not subscribe to Citrini?
00:21:32.000 --> 00:21:32.799
I'm like, dude, I do.
00:21:32.880 --> 00:21:33.279
What do you mean?
00:21:33.440 --> 00:21:36.319
And he was like, brother, I did not say the long twist.
00:21:36.640 --> 00:21:45.039
And I was like, okay, well, forgive me, but the free version of the article mentions one ticker and it's twist, and it's like 3,000 words.
00:21:45.200 --> 00:21:46.480
I assume that was an endorse.
00:21:46.960 --> 00:21:48.480
I assume that was a long signal.
00:21:48.559 --> 00:21:49.039
What do you mean?
00:21:49.200 --> 00:21:50.960
He was like, bro, read my shit.
00:21:51.119 --> 00:21:54.640
I was like, all right, G, my bad, my bad.
00:21:54.720 --> 00:21:55.039
Fuck.
00:21:55.119 --> 00:21:56.480
Are you my bad?
00:21:56.640 --> 00:21:59.680
Oracle Flat, Broadcom up point five, meta's up one.
00:22:00.240 --> 00:22:01.440
Apple is flat.
00:22:01.680 --> 00:22:02.960
IBM at 0.25.
00:22:03.039 --> 00:22:03.920
Amazon's down 0.6.
00:22:04.160 --> 00:22:06.240
Microsoft, which I sold for a little lost.
00:22:06.400 --> 00:22:07.599
Um, whatever.
00:22:07.759 --> 00:22:09.039
528 down a percent.
00:22:09.119 --> 00:22:09.839
Adobe's down one.
00:22:10.000 --> 00:22:10.720
Salesforce down one.
00:22:10.799 --> 00:22:11.599
Google down two and a half.
00:22:11.680 --> 00:22:12.160
And Netflix.
00:22:12.240 --> 00:22:13.519
What the fuck happened to Netflix?
00:22:13.680 --> 00:22:14.559
Does anyone know?
00:22:14.720 --> 00:22:16.240
There's earnings, just a bad earnings.
00:22:16.319 --> 00:22:16.880
It's crazy.
00:22:16.960 --> 00:22:18.079
It's really just bad earnings.
00:22:18.240 --> 00:22:19.119
Content worsening.
00:22:19.279 --> 00:22:20.240
I'm gonna be honest.
00:22:20.480 --> 00:22:27.759
There was a time where I would like open my TV and I would just like go on Netflix, and those days have long passed us.
00:22:27.920 --> 00:22:31.680
I think Apple is mogging them with Apple originals, Apple TV.
00:22:31.839 --> 00:22:35.839
And even that is like shows are just kind of I watch on the YouTube every day.
00:22:35.920 --> 00:22:38.160
Netflix is has a is a dormant subscription for me.
00:22:38.319 --> 00:22:38.799
Yeah.
00:22:38.960 --> 00:22:40.160
I watch YouTube every day.
00:22:40.240 --> 00:22:42.079
The best Apple TV shows right now.
00:22:42.400 --> 00:22:44.480
Severance was huge, never heard of it, never heard of it.
00:22:44.559 --> 00:22:45.839
Plurbus was huge.
00:22:46.160 --> 00:22:46.960
Ted Lasso.
00:22:47.279 --> 00:22:48.640
Your friends and neighbors was fine.
00:22:48.799 --> 00:22:52.160
Um Bitcoin kind of losing it on the open 833, but we'll take that.
00:22:52.319 --> 00:22:54.880
Um Zek 1296.
00:22:55.279 --> 00:23:02.160
All right, consumer SaaS things like um biggest gainer is like Ren NeoCloud up four percent.
00:23:02.240 --> 00:23:02.640
Let me go.
00:23:02.720 --> 00:23:03.599
We're seven minutes and open.
00:23:03.680 --> 00:23:04.960
Let me go lower time frame.
00:23:06.000 --> 00:23:17.519
Texas instruments is up two, figments up one and a half, Carvana one, Roblox one, Bman R1, Ivycara one, Hood one, MSTR1, Coinbase one, Hims plus one, Unity plus seven.
00:23:17.599 --> 00:23:18.400
I point seven.
00:23:18.480 --> 00:23:19.200
I love Unity.
00:23:19.359 --> 00:23:21.519
IGV is green, almost up a percent.
00:23:21.759 --> 00:23:23.200
DoorDash is down one.
00:23:23.519 --> 00:23:25.759
Dude, I watched this ridiculous DoorDash clip.
00:23:25.839 --> 00:23:26.400
Look at this clip.
00:23:26.480 --> 00:23:27.119
Watch this clip.
00:23:27.200 --> 00:23:27.920
I hate this clip.
00:23:28.079 --> 00:23:28.559
I hate this.
00:23:28.640 --> 00:23:29.759
I think this is such a bad take.
00:23:30.000 --> 00:23:33.359
We're actually gonna do a separate, like hold the money, just another GTA episode.
00:23:33.440 --> 00:23:36.319
We're talking about all these secondary trades, but like I'll just give you some of them.
00:23:36.480 --> 00:23:40.480
Like, like DoorDash is gonna do phenomenal.
00:23:40.799 --> 00:23:46.880
I actually told my restaurant group, and I bet they haven't done it yet because they never listened to me.
00:23:47.039 --> 00:23:59.119
But I told them that I want to have a GTA delivery special where we come up with like packages of food that dudes would want to eat while playing GTA.
00:23:59.359 --> 00:24:01.119
Hot we no, we no button.
00:24:01.359 --> 00:24:02.799
Something that doesn't get your fingers sticky.
00:24:02.960 --> 00:24:03.039
Yeah.
00:24:03.359 --> 00:24:05.920
But listen, it's it's just a way to have fun with it.
00:24:06.079 --> 00:24:07.599
We can do social media, right?
00:24:07.920 --> 00:24:10.720
And like I want every gamer in Dallas.
00:24:11.680 --> 00:24:15.359
I just like don't think 30-year-old dudes are buying a GTA meal.
00:24:15.440 --> 00:24:18.400
I don't think 30-year-old dudes want people to know when they're hyped about GTA.
00:24:18.559 --> 00:24:19.039
I just don't.
00:24:19.200 --> 00:24:19.599
Pizzas.
00:24:19.920 --> 00:24:22.640
Yeah, dude, we already have we already have all the pizzas.
00:24:22.720 --> 00:24:23.920
We have all that stuff at my restaurant.
00:24:24.079 --> 00:24:32.720
So like I want every GTA gamer in Dallas, thinking Chelsea Corner, Milo's, let's order from them because I saw their Instagram, I saw that they're doing GTA specials.
00:24:32.960 --> 00:24:34.319
Let's just make it fun, man.
00:24:34.400 --> 00:24:41.200
Let's just lean into this because like for 60 days, dude, do you know how much DoorDash is gonna be ordered in America?
00:24:41.440 --> 00:24:42.799
Okay, no increase.
00:24:43.039 --> 00:24:43.920
No increase.
00:24:44.079 --> 00:24:51.359
Uh Wendy's down 2.6, sweet green down 2.3, Doordash down 0.5, Lily down one.
00:24:52.400 --> 00:24:53.680
Nothing else really care about.
00:24:53.759 --> 00:24:54.160
Nike.
00:24:54.799 --> 00:24:55.920
All right, what about alts?
00:24:56.160 --> 00:24:57.359
Alts should be doing decent.
00:24:57.519 --> 00:24:58.960
Mega ETH, biggest gainer.
00:24:59.359 --> 00:25:00.480
Malcolm base chef.
00:25:00.559 --> 00:25:01.759
No, I cook I cook a little bit.
00:25:01.920 --> 00:25:02.799
I got some skills.
00:25:03.039 --> 00:25:03.839
Tell him, Malk.
00:25:04.000 --> 00:25:04.720
Tell him Alc.
00:25:04.880 --> 00:25:06.319
Uh Bear Train up six.
00:25:06.480 --> 00:25:08.720
Athena, I'm seeing a lot of up six.
00:25:08.880 --> 00:25:09.759
Nier up six.
00:25:09.920 --> 00:25:14.000
Zach up five, four, XPL up four, Jupiter four, or up three.
00:25:14.319 --> 00:25:15.119
Mantos up two.
00:25:15.200 --> 00:25:16.720
Monad's up one and a half.
00:25:17.440 --> 00:25:19.920
Our friends taking paid time off for GTA six.
00:25:20.160 --> 00:25:24.640
Yeah, they just maybe I'm wrong, dude.
00:25:24.880 --> 00:25:25.839
Maybe I'm wrong.
00:25:26.000 --> 00:25:26.960
I'm gonna play it.
00:25:28.079 --> 00:25:29.680
Yeah, it comes out in a month, though.
00:25:30.000 --> 00:25:32.799
Like, it doesn't really feel like Christmas is is coming.
00:25:32.960 --> 00:25:33.759
I don't know.
00:25:34.000 --> 00:25:35.680
Um, anyways, let's check back in.
00:25:35.759 --> 00:25:36.319
Where are we?
00:25:36.480 --> 00:25:39.680
Uh Dram up 1.6, losing it.
00:25:39.839 --> 00:25:41.519
Soxul's up four.
00:25:42.400 --> 00:25:43.920
Losing it as well.
00:25:44.400 --> 00:25:47.119
I play video games basically every day, by the way.
00:25:47.440 --> 00:25:49.200
Um cards.
00:25:49.359 --> 00:25:52.240
Oh my god, this is gonna drive me fucking nuts.
00:25:52.480 --> 00:25:56.640
I'm playing um right now I'm playing NCA 27.
00:25:56.880 --> 00:25:57.920
It really sucks.
00:25:58.160 --> 00:25:59.920
But like I play in the weekends every day.
00:26:00.000 --> 00:26:01.359
I've been playing NCAA 27.
00:26:01.599 --> 00:26:07.599
I use it, I use it to stim because I really hate the all-in podcast, but I feel like I'm supposed to watch it.
00:26:07.759 --> 00:26:20.240
So I'll do like NCA27 on the left monitor, and then the right monitor is like a is like the Sunday night game on silent, and then the all-in podcast on 2x in the background is generally what I what I do.
00:26:20.400 --> 00:26:24.160
Um, this is the coin that I care about the most at the moment.
00:26:24.880 --> 00:26:26.319
And I mean it looks insane.
00:26:26.400 --> 00:26:27.839
What what do you want me to say about it?
00:26:27.920 --> 00:26:29.359
It looks unbelievable, truly.
00:26:29.519 --> 00:26:30.720
I'll smoke you and NCA.
00:26:30.960 --> 00:26:33.359
We should do like a Saturday stream and play video games.
00:26:33.440 --> 00:26:34.559
I would be so down.
00:26:34.799 --> 00:26:36.400
I would bet, by the way, if you want to bet.
00:26:36.480 --> 00:26:38.240
I'm kind of a casual, but like I can play.
00:26:38.400 --> 00:26:40.480
I can really I'm like a casual, but like I can play.
00:26:40.640 --> 00:26:44.799
Um, but I'll tell you this the cold approach pickup method is still super unpatched.
00:26:44.960 --> 00:26:51.200
I think you can basically short dating apps until the cold approach gets patched, and it might never get patched.
00:26:51.279 --> 00:26:55.599
It's it's arguably un un un uh unpatchable, the cold approach.
00:26:55.680 --> 00:26:56.480
It it really is.
00:26:56.640 --> 00:27:04.480
All right, so Trini wrote this article yesterday that he shit at me for, actually, but it's pretty mesmerizing article.
00:27:04.640 --> 00:27:06.799
It's been on before it, it's been unpatched forever.
00:27:06.960 --> 00:27:08.480
No, it was patched for a while.
00:27:08.720 --> 00:27:12.559
It was patched, and the Instagram swipe up was like so free.
00:27:12.720 --> 00:27:17.279
I mean, there was an era where the Instagram swipe up was like Fred, you told us the Camp Whole Foods last week.
00:27:17.359 --> 00:27:18.400
I said Camp Erwan.
00:27:19.039 --> 00:27:24.559
Spawn Camp Erwan, and if you need a new lobby, go across the street to Whole Foods.
00:27:24.720 --> 00:27:26.640
Erwan is definitely ranked, I would say.
00:27:26.799 --> 00:27:28.319
Erwan is definitely ranked.
00:27:28.559 --> 00:27:33.440
Um, IRL was totally patched during 2020, 2021.
00:27:33.599 --> 00:27:34.079
Beyond.
00:27:34.240 --> 00:27:35.440
You couldn't say anything.
00:27:35.599 --> 00:27:41.599
You couldn't take a take a flyer on a shot, you couldn't like take a chance, you couldn't like hit a risky opener, okay?
00:27:41.680 --> 00:27:46.000
Because you're on camera and then it's on Instagram and you're you're you're you're getting fired from your job.
00:27:46.160 --> 00:27:46.400
Okay.
00:27:46.720 --> 00:27:48.960
That that there was no room for error.
00:27:49.039 --> 00:27:52.799
It's like you're you're you're you're meeting with HR for like any joke.
00:27:52.960 --> 00:28:00.319
I mean, you could say nothing in 2021, and so it was beyond also people were scared that you were sick and you had to wear a mask, okay.
00:28:00.480 --> 00:28:01.359
It was patched.
00:28:01.519 --> 00:28:02.960
Let's just be honest.
00:28:03.119 --> 00:28:03.920
It was patched.
00:28:04.000 --> 00:28:06.720
If if you think otherwise, you you weren't cold approaching in 21.
00:28:06.880 --> 00:28:07.839
You just weren't doing it.
00:28:07.920 --> 00:28:08.960
It was beyond patched.
00:28:09.039 --> 00:28:14.079
You're on in you're on you're on an Instagram page and you're getting submitted to fucking whatever.
00:28:14.400 --> 00:28:19.039
Now, IG swipe ups, you're screenshotted and you're on Twitter.
00:28:19.279 --> 00:28:20.240
Beyond patched.
00:28:20.319 --> 00:28:34.160
There was like three years where you could have the weakest trash ass game ever, and you're you're hitting like you're hitting like you're it's working, like they're responding with energy, as in you're hitting.
00:28:34.400 --> 00:28:45.279
Okay, you're it was the it was like there was like three years where the the method was IG swipe up, exclusively IG swipe up.
00:28:45.759 --> 00:28:56.240
Okay, now if you're swiping up on an IG, bro, it's gotta be like Shakespearean level to swipe up and hit now.
00:28:56.720 --> 00:29:02.720
I mean, it's gotta be like you gotta swipe up with the greatest thing you've ever written.
00:29:02.799 --> 00:29:09.039
There's no like, like you used to be able to say, like, yo, snap question mark, and then you're hanging out the next day.
00:29:09.279 --> 00:29:15.599
Now, swipe up is like swipe up with the fuck into your receipt, or I don't want to talk to you.
00:29:15.680 --> 00:29:24.160
Like, it's gotten so the these women have gotten so desensitized to like, yeah, honestly, people like Kimchi ruined this shit, is what happened.
00:29:24.319 --> 00:29:25.519
Kimchi ruined this shit.
00:29:25.680 --> 00:29:27.920
Shit, like, oh, I'll take you out of my private jet.
00:29:28.079 --> 00:29:28.880
It's like, what?
00:29:30.240 --> 00:29:31.119
Private jet?
00:29:31.200 --> 00:29:32.000
What are you talking about?
00:29:32.160 --> 00:29:36.079
And it's like, I love tricking, but I know my what I what I'm working with.
00:29:36.160 --> 00:29:36.720
You know what I mean?
00:29:36.799 --> 00:29:45.119
Like, I know what I'd have to play with here, and I could, I'm done, like we could, you know, we could go out and have some fun, but like the gem is like on what are you talking about?
00:29:45.279 --> 00:29:47.519
It's like$40,000 to fly in a gemit.
00:29:47.759 --> 00:29:58.000
Game has just changed, but then you think about it, it's like small ball ruined the game that I loved, and then eventually they get a seven-foot center, they get Shed Holmgren throwing lobs, catching lobs, and he's dunking, like it's old school basketball.
00:29:58.079 --> 00:30:01.200
And I think back, like, yeah, maybe Pops in the 80s was right.
00:30:01.599 --> 00:30:08.960
The old school catch it in the post, take one dribble, be physical, get to the rim, head fake, go into your man, draw the foul.
00:30:09.039 --> 00:30:10.480
It will never go out of style.
00:30:10.640 --> 00:30:11.599
The game just evolves.
00:30:11.680 --> 00:30:13.839
It's like ties get skinny, then ties get fat.
00:30:14.000 --> 00:30:16.480
It's like it we're back, we're back.
00:30:16.559 --> 00:30:20.880
It's like, yeah, the seven-foot center that's strong and dunks the ball is cool.
00:30:21.039 --> 00:30:25.359
And the pick and pop five man who's just jacking threes, it's like we're over that.
00:30:25.599 --> 00:30:26.880
We're over that neff.
00:30:26.960 --> 00:30:28.319
We're back in that unk shit.
00:30:28.480 --> 00:30:28.799
Okay.
00:30:28.960 --> 00:30:55.920
Um, so Trini did this really cool thing yesterday where he published this report with Anthropic, and they basically ran an experiment to try and create a scorpion anti-venom with anthropic to heal scorpion stabs that's like 3,000 people a year, and it's was pretty fucking nuts, by the way.
00:30:56.160 --> 00:31:06.079
And I am gonna just preface the statement by saying I don't know a single fucking thing about bio drug discovery or anything in between, okay?
00:31:06.319 --> 00:31:07.599
But I learned a couple things.
00:31:07.759 --> 00:31:25.119
The first thing I learned is that they they made some breakthroughs, and one of the things that they showed is that their ability to discover and design drugs moving forward is going to become dramatically, like substantially cheaper.
00:31:25.279 --> 00:31:26.960
Okay, like way cheaper.
00:31:27.119 --> 00:31:44.799
Um, but what I really learned that is fascinating to me, that I did not understand, is how difficult it is to get a drug from idea concept to idea to iteration to proving it works to live on the market, FDA approved, sold to the public, okay.
00:31:45.039 --> 00:31:52.880
And you're looking at like four to seven years, minimum, seven years, minimum meeting with Tulip King yesterday, and I'm thinking about it.
00:31:52.960 --> 00:31:57.440
I'm like, okay, Tulip King, can't you just like, I don't know, can't AI speed it up?
00:31:57.519 --> 00:31:58.960
And he's like, Well, no, of course not.
00:31:59.119 --> 00:32:02.160
What you could extrapolate, and I'm going somewhere with this, I promise.
00:32:02.319 --> 00:32:23.519
What you can extrapolate from this is that there is going to be a significant increase of drug experimentation via AI because now all of a sudden, you know, some stock trader and$200,000 with some with you know Claude can come up with what he thinks is a reasonable solution to our problem.
00:32:23.680 --> 00:32:31.359
And so the bottleneck no longer becomes on ideas and intelligence, but becomes on physical ability to implement this.
00:32:32.000 --> 00:32:36.799
And so basically, one step forward, you need fucking people to test on.
00:32:36.960 --> 00:32:39.119
And so I don't know if you're aware of this.
00:32:39.200 --> 00:32:44.400
I actually put this segment off for a long time, but the main product, this feels wrong.
00:32:44.559 --> 00:32:48.240
The main product that people use to test new drugs on are monkeys.
00:32:48.400 --> 00:32:48.720
Okay.
00:32:49.119 --> 00:32:58.799
And over the past year, the price for a lab monkey has surged like 3x, like vertical, up only.
00:32:59.119 --> 00:33:04.480
By the way, there are 30 bands for a lab monkey or$30,000 for a monkey.
00:33:04.559 --> 00:33:07.359
And so I found all these like Chinese news reports.
00:33:07.519 --> 00:33:08.319
Well, I didn't find them.
00:33:08.480 --> 00:33:09.279
Daniel found them.
00:33:09.359 --> 00:33:13.119
This this monkey on a share is like broken English is bright.
00:33:13.200 --> 00:33:17.279
The shortage of more than 15,000 monkeys is expected to continue in the next two years.
00:33:17.440 --> 00:33:19.680
Quote, when monkeys are hard to come by.
00:33:19.759 --> 00:33:25.920
Uh, with innovative drugs, the price of experimental monkeys used for research and development has risen sharply.
00:33:26.079 --> 00:33:29.680
And the share price-related listed companies have collectively risen sharply.
00:33:30.160 --> 00:33:31.200
There's articles everywhere.
00:33:31.359 --> 00:33:32.799
The South China Morning Post.
00:33:32.960 --> 00:33:37.359
You are not digging through the South China morning post, by the way, for stream topics.
00:33:37.440 --> 00:33:38.640
I promise you're not.
00:33:38.880 --> 00:33:39.599
You're not.
00:33:39.839 --> 00:33:41.920
You're not digging through the South China Morning Post.
00:33:42.000 --> 00:33:47.440
Lap monkey prices at record highs as China's biotech boom fuels windfall for breeders.
00:33:47.599 --> 00:33:59.279
The sharp price in monkey price the sharp price in monk the sharp rise in monkey prices has triggered the market for I'm not even gonna try for a new drug.
00:33:59.519 --> 00:34:03.920
Will it become increasingly difficult to buy an experimental mental monkey worth 200,000 you want?
00:34:04.240 --> 00:34:06.559
And so the market is up only for these.
00:34:06.720 --> 00:34:08.159
And there's a couple tickers.
00:34:08.320 --> 00:34:18.320
Number one is join laboratories dubbed monkey moi because the monkeys are the best in the business, allegedly.
00:34:18.800 --> 00:34:19.519
Looks like this.
00:34:20.079 --> 00:34:20.800
Look at this.
00:34:23.360 --> 00:34:24.639
Look at this chart, bro.
00:34:25.519 --> 00:34:27.280
Rise rise.
00:34:27.679 --> 00:34:32.000
Chart two is a company that is outsourced monkey testing.
00:34:32.320 --> 00:34:33.840
I don't really know how to pronounce most of these.
00:34:34.000 --> 00:34:38.559
Who who mow up only from August 26 is up like 2x.
00:34:38.800 --> 00:34:47.599
And then the last one is Farmeron, largest serial testing company, non-human primate preclinical exposure.
00:34:47.840 --> 00:34:48.320
Crazy.
00:34:48.400 --> 00:34:48.719
Look at this.
00:34:48.800 --> 00:34:51.519
This was uh in June, it was$20 a share.
00:34:51.599 --> 00:34:53.119
It got as high as$53.
00:34:53.280 --> 00:34:55.519
It's currently trading at$47.98.
00:34:55.840 --> 00:34:57.119
That's the best I can do for you.
00:34:57.199 --> 00:35:01.840
But, anyways, I thought it was pretty interesting to learn with Citrini article.
00:35:02.079 --> 00:35:06.800
Jesus, that this is the physical, this is the constraint.
00:35:06.880 --> 00:35:37.840
Um I saw a post yesterday that I think is is worth your time, truly, from someone who I believe to be like one very important to finance as a whole, and two just uh sort of a seminal crypto bear, which is Joe Weisendah, who if you're on Twitter, I mean if you I guess if you watch this stream, you know who this is because we talk about him a lot.
00:35:38.960 --> 00:35:56.400
And he recently did an interview with Jeff Yan, who is the founder of Hyperliquid, in which I feel like they asked at a very high level, like, what is Hyper Liquid?
00:35:56.559 --> 00:36:06.400
Okay, and they did the whole thing, and she basically left the interview and came out and like apologized on behalf of the crypto committee.
00:36:06.480 --> 00:36:07.280
It was nuts.
00:36:07.679 --> 00:36:21.199
I feel like this is a big deal, not because Joe Wisenthal is going to like siphon billions of dollars into crypto, but it feels like a turning point for a lot of the I don't get this stuff.
00:36:21.360 --> 00:36:24.239
I'm a finance person, I think crypto is stupid.
00:36:24.880 --> 00:36:30.719
That capitulate and think, okay, I get it.
00:36:30.880 --> 00:36:42.800
I've ridden I've probably written this once or twice before, but back in the old days, maybe 10 years ago or so, I always laughed at the guys in suits who would go to conferences and say things like Bitcoin is a speculative asset, but we're really excited about the underlying blockchain technology.
00:36:43.039 --> 00:36:48.320
Some version of the sentence must have been uttered a hundred thousand times or more in the last decade.
00:36:48.480 --> 00:36:54.159
Now, here in 2026, I increasingly have to admit that maybe those guys were a little bit right.
00:36:55.119 --> 00:36:59.039
But before I get to that, I want to reassess my prior thinking a bit more.
00:36:59.440 --> 00:37:05.360
The thing that seemed neat to me about Bitcoin was the idea of being able to make a true peer-to-peer transaction on the internet.
00:37:05.440 --> 00:37:11.280
For a long time, there have been things on the surface that look like peer-to-peer payments, such as PayPal, but there was always an intermediary.
00:37:11.440 --> 00:37:19.440
If I PayPal you some money, I'm sending an instruction to a company to reduce some money in my bank account, and then that company increases the amount of money in your bank account.
00:37:19.599 --> 00:37:31.039
And that's most and that's more than fine for most transactions, but obviously that central intermediary can cut you off for whatever reason, maybe due to the transaction being illegal, or because it just doesn't want to facilitate certain industries or individuals.
00:37:31.199 --> 00:37:36.000
Debanking is a thing, and so censorship-resistant money was and still is a powerful idea.
00:37:37.760 --> 00:37:44.159
Bitcoin came out of the cypherpunk movement, which had been working on ways to re-implement the concept of cash on the internet.
00:37:44.639 --> 00:37:50.079
That was a very tricky problem, which Satoshi Nakamoto, whoever that is, had ingeniously solved.
00:37:50.320 --> 00:37:56.400
So when we started seeing all these guys going on TV or conferences to talk about the underlying blockchain technology, it was really silly to me.
00:37:56.559 --> 00:38:00.880
It seemed like it seemed to hijack the cypherpunk spirit.
00:38:01.119 --> 00:38:05.519
That's why I got pretty lucked into my view that censorship resistance was the sole advantage of a blockchain.
00:38:05.679 --> 00:38:17.360
After all, if you don't care about the existence of an intermediary intermediary, there are plenty of centralized databases that work at lightning fast speeds and are virtually zero cost already.
00:38:17.599 --> 00:38:19.519
Um, I'm just gonna keep reading for a little bit.
00:38:19.679 --> 00:38:25.440
In 2024, we talked with crypto industry veteran Austin Campbell, who changed my view a bit.
00:38:25.519 --> 00:38:37.920
I'm oversimplifying, but his basin argument basic argument was that every financial institution has some giant distinct legacy tech stack, and there's no easy way for them to be truly unified in a seamless matter.
00:38:38.079 --> 00:38:44.480
Yes, in theory, they could all come together on some huge shared ledger, but in reality, that's never gonna happen.
00:38:44.639 --> 00:38:52.320
Thus, a chain, while not necessarily censorship resistant, can at least be a credibly neutral protocol upon which transactions take place.
00:38:52.480 --> 00:38:58.320
It's not cypherpunk, but it could be useful just from a pure technology perspective.
00:38:58.719 --> 00:39:01.440
For a long time, stable coins seemed weird to me.
00:39:01.679 --> 00:39:04.800
First of all, what's so great about them in the first place?
00:39:05.039 --> 00:39:10.800
I thought the whole point of the broader crypto universe was coins that went up in value, not coins that stayed the same price.
00:39:10.960 --> 00:39:13.599
Second of all, you're adding another intermediary.
00:39:13.920 --> 00:39:18.880
If you're transacting in USDC, then a company like Circle, in theory, can block your transaction.
00:39:19.039 --> 00:39:21.679
But there do seem to be genuine stable coin use cases.
00:39:21.760 --> 00:39:24.400
They're a cheap way to transfer money to people across borders.
00:39:24.559 --> 00:39:27.920
And I think there's a good chance that with AI they're going to be useful in commerce.
00:39:28.159 --> 00:39:28.960
Da-da-da-da-da.
00:39:29.519 --> 00:39:30.480
Anyways, we'll see.
00:39:30.559 --> 00:39:31.760
The jury is still out.
00:39:32.000 --> 00:39:37.440
Over the last few days, we've been doing a bunch of episodes about how radically the world of trading is changing.
00:39:37.519 --> 00:39:41.760
In recent years, we've seen a Cambrian explosion of sorts for new types of instruments.
00:39:41.920 --> 00:39:47.920
People are tokenizing stocks, companies are creating ETFs that track a token, like Bitcoin, Ethereum, and so forth.
00:39:48.000 --> 00:39:52.639
There are prediction markets that replicate the economics of a stock.
00:39:52.800 --> 00:39:56.000
I'm pretty sure there are ETFs coming that will track certain event contracts.
00:39:56.079 --> 00:40:02.079
For better or for worse, if you're a trader and you want to express some market view, you've never had more instruments at your disposal.
00:40:02.320 --> 00:40:06.719
Want to make a bet on whether a 3x leveraged SK Heinex ETF closes green in the next hour?
00:40:06.800 --> 00:40:08.159
I'm sure there's a way to do that.
00:40:08.320 --> 00:40:12.480
And if there's not, it's only a matter of time before someone makes that.
00:40:13.679 --> 00:40:20.880
Last week, we released an episode with Jeff Yan, the co-founder and CEO of Hyperliquid Labs, which manages the Hyperliquid blockchain.
00:40:21.039 --> 00:40:23.679
Hyperliquid isn't a household name like Bitcoin or Ethereum.
00:40:23.840 --> 00:40:31.039
But one of the things I realized when prepping for the episode is that people who do know about it basically think it's the greatest thing since sliced bread.
00:40:31.280 --> 00:40:39.599
The basic gist of our conversation is that Hyperliquid really wants to be a venue for what people might call economically useful instruments and nothing else.
00:40:39.760 --> 00:40:47.039
For example, you're not going to find a thousand dog-themed meme coins that trade on it because there are specific rules about how a token gets issued.
00:40:47.280 --> 00:40:56.239
Bloomberg actually has a page that tracks a bunch of the instruments on there, which include perpetual futures on things such as Brent, SK Heinex, Gold, and so forth.
00:40:56.480 --> 00:40:57.519
Last page.
00:41:43.440 --> 00:41:52.320
Instead, the basic mechanism works like this: a perpetual future, say in gold, will track an oracle that transmits the price of gold to the chain.
00:41:52.400 --> 00:41:57.280
If the perp trades above that Oracle price, then the longs automatically make payments to the shorts.
00:41:57.360 --> 00:41:58.000
This is funding.
00:41:58.159 --> 00:42:01.920
And the further it deviates from that price, the greater that funding rate grows.
00:42:02.079 --> 00:42:03.920
It's the same in the opposite direction.
00:42:04.079 --> 00:42:07.519
If the price trades below the oracle, then the shorts make payments to the long.
00:42:07.679 --> 00:42:16.639
Assuming the oracle works seamlessly by transmitting correct prices, then you have an instrument that should roughly track an underlying asset with a high degree of fidelity.
00:42:16.880 --> 00:42:24.559
Perps originally emerged in the crypto world because sicklos who didn't find Bitcoin to be volatile enough wanted a way to trade it with more leverage.
00:42:24.719 --> 00:42:31.199
But as you can see, the basic structure of perps can be used for anything from stocks to oil to the euro to the yen.
00:42:31.679 --> 00:42:33.760
You don't even need blockchain to have perps.
00:42:34.079 --> 00:42:36.960
They exist on centralized platforms like say Binance.
00:42:37.119 --> 00:42:43.199
But what the blockchain enables is exactly what Austin Campbell talked about when discussing the neutrality element.
00:42:43.440 --> 00:42:46.880
Hyperliquid doesn't issue these tokens themselves.
00:42:47.039 --> 00:42:52.000
Instead, third-party companies, Trade XYZ is one of the big ones, can issue them.
00:42:52.159 --> 00:42:55.679
And the chain isn't inherently limited to perpetuals.
00:42:56.159 --> 00:42:59.360
Eventually, you might see options in prediction markets on the blockchain.
00:42:59.519 --> 00:43:05.840
Crucially, it would be separate companies choosing to do business on this theoretical neutral territory.
00:43:06.079 --> 00:43:17.599
It would not be unimaginable to me that some point in the future, some of the well-known ETF issuers, say, I don't know, the Van X of this world, decide to set up shop there and issue tokens on Hyperliquid.
00:43:17.840 --> 00:43:19.679
So, what's my point?
00:43:20.079 --> 00:43:21.039
Two things.
00:43:21.280 --> 00:43:27.840
One, if you haven't done so yet, you should probably spend a little more time learning about how perpetuals work.
00:43:28.079 --> 00:43:36.559
They're clearly on the mind of people like Terry Duffy, who runs the CME, whose futures business has to navigate this new world.
00:43:36.719 --> 00:43:49.519
And like I said, it does seem like there may be something to this idea that a blockchain could be a unifying platform for lots of different financial companies to do business, though, as of yet, none of these legacy players are really doing it yet.
00:43:49.760 --> 00:44:01.519
So, on some level, I think those blockchain, not Bitcoin guys might have had a point, and I shouldn't have laughed at them as readily as I did.
00:44:01.760 --> 00:44:04.800
Joe Wisenthal, October 19th, 2026.
00:44:05.039 --> 00:44:18.000
One of the things he talks about is that how there was this huge innovation that happened in the trading world when we went from, you know, like physical settlement or however it used to work, like physical orders, to electronic trading.
00:44:18.559 --> 00:44:24.719
And he believes that hyperliquid is the next iteration of that.
00:44:24.880 --> 00:44:37.039
And we will look back on original electronic trading and you know, one day settlement and all of these weird intricacies and limitations that we learned how to trade with.
00:44:37.360 --> 00:44:40.239
You will look back on it as like barbaric and ancient.
00:44:40.400 --> 00:44:41.599
I thought it was very interesting.
00:44:41.760 --> 00:44:42.880
It's a great podcast.
00:44:42.960 --> 00:44:49.280
From the podcast, I learned that I don't understand nearly as much about hyperliquid as I probably should.
00:44:50.000 --> 00:45:00.159
And the other obvious takeaway here is that Jeff Yan is single-handedly willing the non-Bitcoin vertical of crypto to the top.
00:45:00.239 --> 00:45:02.639
I mean, he's like wheeling it with his bare hands.
00:45:03.199 --> 00:45:05.280
That's uh this is a fun stream.
00:45:05.440 --> 00:45:07.199
Um, the market looks great.
00:45:07.280 --> 00:45:09.920
I I feel great to be back on the winning team.
00:45:10.159 --> 00:45:11.920
That's two hour and 40 minute stream.
00:45:12.000 --> 00:45:13.039
You guys fucking rock.
00:45:13.119 --> 00:45:13.440
I love you.
00:45:13.519 --> 00:45:14.239
I'm leaving.
00:45:14.320 --> 00:45:15.199
Um, I have some coins.
00:45:15.280 --> 00:45:16.079
I would like to buy more.
00:45:16.159 --> 00:45:17.440
I'm gonna play it patient here.
00:45:17.519 --> 00:45:21.440
I don't think I think there's like one no, literally nobody has coins.
00:45:21.599 --> 00:45:25.119
So why does my girl keep talking to me while I'm watching Thread?
00:45:25.199 --> 00:45:31.519
You see that guy who got arrested because he like duct taped his girlfriend to a chair so he could sit in the basement and watch football.
00:45:32.079 --> 00:45:34.559
That's how dedicated you gotta be to watching this stream.
00:45:34.880 --> 00:45:36.480
Um, it's gonna be a big week.
00:00:01.280 --> 00:00:03.200
Yo yo yo, welcome back to the stream.
00:00:03.279 --> 00:00:03.919
What the fuck is good?
00:00:04.000 --> 00:00:04.799
How y'all doing?
00:00:04.879 --> 00:00:06.400
How y'all feeling?
00:00:06.799 --> 00:00:09.519
How are you all living?
00:00:09.679 --> 00:00:11.519
Somebody said, Can we bring a book segment back?
00:00:11.679 --> 00:00:12.480
Yes, we can.
00:00:12.720 --> 00:00:13.439
Big day today.
00:00:13.519 --> 00:00:17.760
We have a lot to talk about, and I want to just start by saying congratulations.
00:00:20.079 --> 00:00:23.039
I would like to say congratulations to the Bulls.
00:00:23.280 --> 00:00:25.519
You have won, and I'm not talking Chicago.
00:00:25.679 --> 00:00:28.079
I am back on the winning team.
00:00:28.239 --> 00:00:29.679
You have won me back over.
00:00:29.839 --> 00:00:45.200
I ask kindly, respectfully, but urgently that you use it wisely, that you wish yourself luck and you do well with me on your side because I have officially come back and purchased some cryptocurrency coins.
00:00:45.359 --> 00:00:46.000
Yep.
00:00:50.079 --> 00:00:54.719
I think I think I've been pretty emotionally flip-floppy both ways.
00:00:55.200 --> 00:00:59.439
Did pretty well on the way up, protected downside pretty well on the way down.
00:00:59.600 --> 00:01:04.640
And I think that it's valid that I've been emotionally flip-floppy because the market is emotionally and flip-floppy.
00:01:04.719 --> 00:01:05.280
What do you want me to say?
00:01:05.439 --> 00:01:06.400
I'm gonna give you a thesis.
00:01:06.480 --> 00:01:07.280
We're gonna talk about a lot.
00:01:07.359 --> 00:01:08.400
Um, why I'm a bull.
00:01:08.480 --> 00:01:09.840
We're obviously gonna talk about Kim She.
00:01:10.079 --> 00:01:19.359
We're gonna talk about um Joe Wisenthal, biggest reporter of Bloomberg, also the biggest hater of crypto, capitulated.
00:01:19.439 --> 00:01:23.200
We're gonna talk about Citrini's bio experiment, we're gonna talk about Madison Square Garden, NBA season back.
00:01:23.280 --> 00:01:26.480
I got a million things to talk about, a million things to cover, a million things to get into.
00:01:26.560 --> 00:01:28.000
Yesterday, I was just like not a great day.
00:01:28.079 --> 00:01:28.640
I don't know what happened.
00:01:28.719 --> 00:01:30.000
I just was not feeling great the whole day.
00:01:30.079 --> 00:01:31.920
And so I'm like, what should I do to like make me feel better?
00:01:32.079 --> 00:01:33.760
So I listened to hella commencement speech.
00:01:33.840 --> 00:01:40.879
I was super bare pilled, I was like not having a good day, and so I sat down and I listened to like hella commencement speeches for no particular reason.
00:01:41.040 --> 00:01:45.280
I listened to the the Navy SEAL at Texas 2014, they're all 2014, by the way.
00:01:45.439 --> 00:01:47.840
Navy SEAL guy at Texas, which is a good one.
00:01:48.000 --> 00:01:53.680
I listened to Denzel Washington at Penn, which is an underrated one.
00:01:53.920 --> 00:01:59.760
I listened to this Kanye lecture at Oxford, which so good.
00:02:00.000 --> 00:02:03.840
And then I listened to Steve Jobs at Stanford.
00:02:04.400 --> 00:02:05.599
This is actually the best one.
00:02:05.920 --> 00:02:08.000
Jim Carrey commencement address.
00:02:08.479 --> 00:02:10.000
You are the vanguard.
00:02:10.639 --> 00:02:12.400
I don't even know what this is.
00:02:12.719 --> 00:02:15.520
This is the this is probably the best one, actually.
00:02:15.840 --> 00:02:17.520
The Jim Carrey is so good.
00:02:17.759 --> 00:02:20.800
He tells a story about how like his dad took the safe route.
00:02:21.039 --> 00:02:22.159
He wanted to be a comedian.
00:02:22.240 --> 00:02:28.319
He could have been a famous comedian, but he took the safe route to protect his family, to be uh accountant, and he lost his job anyways.
00:02:28.560 --> 00:02:32.159
And so if you're gonna fucking lose it anyways, you might as well go after the thing you want.
00:02:32.319 --> 00:02:32.960
It's incredible, really.
00:02:33.039 --> 00:02:34.400
Yeah, we watch the kimchi vlog.
00:02:34.479 --> 00:02:35.280
Suck it up, everybody.
00:02:35.439 --> 00:02:35.919
Fucking deal with it.
00:02:36.000 --> 00:02:37.280
We're gonna watch the kimchi vlog.
00:02:37.520 --> 00:02:38.560
Pull your fucking pants up.
00:02:38.639 --> 00:02:40.800
It's important culture, but we're gonna watch it.
00:02:40.879 --> 00:02:42.479
So shut the shut up and enjoy it.
00:02:42.639 --> 00:02:45.520
I watched five commencement speeches, okay?
00:02:45.919 --> 00:02:49.520
And I think the best one is Steve Jobs 2014.
00:02:49.759 --> 00:02:53.520
You can only connect the dots looking forward, which is awesome.
00:02:53.680 --> 00:03:01.680
Um, the Jim Carrey one is awesome, and the Texas one was a lot better when I was 14 than it was now.
00:03:01.840 --> 00:03:13.280
But I watched the commencement speeches and I'm watching the NBA, and then I opened a finance book and started reading again because for some reason I've stopped reading finance books and started reading like fiction, which is great.
00:03:13.360 --> 00:03:13.919
It's really fun.
00:03:14.000 --> 00:03:16.719
I'm enjoying it, but I fucking like reading finance books.
00:03:16.800 --> 00:03:18.000
That's like what I started.
00:03:18.159 --> 00:03:19.919
That's why I started liking reading again.
00:03:20.080 --> 00:03:26.400
And so I started reading this book, and I just had this like revelation pop into my head.
00:03:26.479 --> 00:03:31.599
It was almost like I hate to do the whole divine thing, but I don't want to spam it, but I don't know.
00:03:31.680 --> 00:03:32.479
It wasn't my thought.
00:03:32.560 --> 00:03:33.360
Where did it come from?
00:03:33.439 --> 00:03:42.240
I didn't come up with a thought, and I just sat and I looked up from my my book and I said, I'm bullish.
00:03:42.479 --> 00:03:43.680
What the fuck?
00:03:43.840 --> 00:03:45.680
I'm a bull, I'm a bull.
00:03:45.840 --> 00:03:48.560
And I looked at the market and I just it was all flow.
00:03:48.639 --> 00:03:54.240
I didn't really think about it, I just clicked and I developed the thesis.
00:03:54.400 --> 00:03:57.599
I shared it in the pit in a voice note, and then I figured out how to tweet it.
00:03:57.919 --> 00:04:00.000
Brutal typo in the in the fourth word.
00:04:00.479 --> 00:04:08.800
But I came up with a thesis that I would like to share as to why I think I being a bull on a couple coins is like makes sense right now.
00:04:08.960 --> 00:04:10.319
And so here's the deal.
00:04:10.560 --> 00:04:12.000
I bought some coins back yesterday.
00:04:12.080 --> 00:04:16.000
I bought back Zcash for the first time since I capitulated all of it at 11:30.
00:04:16.240 --> 00:04:17.360
I want to just talk about it.
00:04:17.439 --> 00:04:25.439
So, in my opinion, the best bear case right now comes from Flood.
00:04:26.399 --> 00:04:28.800
Because, in my opinion, he's the face of the bears.
00:04:29.279 --> 00:04:35.439
And if you ignore the quantum stuff, which I am choosing to ignore because we did the work, in my opinion.
00:04:35.600 --> 00:04:38.879
We did this the stream with Ilya and Merton, ZK Dragon.
00:04:39.120 --> 00:04:40.240
We did the work.
00:04:40.480 --> 00:04:44.959
I am not fearful of the quantum encryption breaking stuff.
00:04:45.199 --> 00:04:55.120
The biggest bear case right now is basically the flood take of I think AI stocks are going to go lower, maybe 10% lower.
00:04:55.279 --> 00:05:01.120
And if they do, Bitcoin is gonna sweep 77k or whatever, Bitcoin's gonna go down with it.
00:05:01.279 --> 00:05:02.160
That's the bear case.
00:05:02.319 --> 00:05:08.959
And so I sat down and I thought about it, and I just don't agree that that is gonna happen.
00:05:09.199 --> 00:05:10.319
And here's why.
00:05:10.480 --> 00:05:12.560
So I'm reading More Money Than God.
00:05:12.800 --> 00:05:13.279
Great book.
00:05:13.360 --> 00:05:14.639
Everybody should read it.
00:05:14.879 --> 00:05:19.680
And there's this sort of seminal moment in 1994.
00:05:19.839 --> 00:05:26.720
Alan Greenspan is the chairman of the Fed, Bill Clinton is the president, and also, if you're like a macro expert, forgive me.
00:05:26.800 --> 00:05:28.399
I'm gonna do my best to articulate this.
00:05:28.560 --> 00:05:32.959
And they have this sort of inkling that inflation is about to start ticking up and they want to get ahead of it.
00:05:33.199 --> 00:05:43.920
And so, in order to get ahead of it, they come out and preemptively they raise rates, and they're hoping to sort of chill out the market, calm everybody down, calm down the bond traders.
00:05:44.079 --> 00:05:50.079
Okay, and this is still like early hedge fundification of markets of the world.
00:05:50.319 --> 00:05:57.519
And basically, what happens after they hike rates 25 bips is the bond market freaks out.
00:05:57.600 --> 00:06:04.639
There's all this leverage in the market that is no longer comfortable believing that the markets are going to be stable.
00:06:04.800 --> 00:06:06.560
They're not really sure what Greenspan is gonna do.
00:06:06.639 --> 00:06:08.079
Is he gonna start this new hike cycle?
00:06:08.240 --> 00:06:12.079
And they panic, they freak out, and they start slam selling bonds.
00:06:12.240 --> 00:06:13.680
They didn't expect this to happen.
00:06:13.759 --> 00:06:23.199
But the second thing that they really did not expect to happen is that in Europe and in Japan, bond yields start going parabolic.
00:06:23.279 --> 00:06:33.040
Okay, everyone is slam selling your European bonds, everyone's slam selling Japanese bonds, and yields are going crazy in these foreign markets just because the US hyped.
00:06:33.120 --> 00:06:45.920
And there's sort of this what moment of why would an impact on the US markets impact Europe and Japan, other than the fact that you know US is the world reserve currency and it's the most important market.
00:06:46.000 --> 00:06:53.680
But secondary, there's a couple reasons, but secondary is that these hedge funds have gotten big enough where markets can no longer trade in a silo.
00:06:53.759 --> 00:07:03.120
What you do in one impacts what happens in another, whether that is or isn't how it's supposed to trade, because everyone trades everything, and these guys are massive.
00:07:03.360 --> 00:07:14.800
It's sort of like if you think of gold as a risk-off safe haven, you would think it would trade maybe inversely to risk to you know leverage tech.
00:07:14.959 --> 00:07:23.040
But NVIDIA misses earnings and NVIDIA dumps 20%, gold's going down with it because the same people that hold NVIDIA also hold gold, and the people that hold gold also hold NVIDIA.
00:07:23.279 --> 00:07:27.040
It's not one to one, it isn't a correlation of one, but they everybody holds everything.
00:07:27.279 --> 00:07:41.680
Okay, and that's why seemingly unrelated assets trade related to everything because everyone's in the same positions, and so you think back to the flood thesis of if AI goes, you know, AI might go down more.
00:07:41.759 --> 00:07:44.800
I'm bearish AI, therefore I should be bearish crypto.
00:07:44.879 --> 00:07:59.839
But you zoom out over the last six months on what's happened as the maybe even the last three months, I would say, as the AI trade has sort of unraveled, and now people are gonna be like, Well, SPY is only two percent off of off of all-time highs.
00:07:59.920 --> 00:08:18.160
Okay, well, well, Dram memory is down 45%, the Korean South Korean index, the Cosby is down 45%, Soxel is down 45, 50, like all the you know, sort of bellwether assets that represent the AI trade have gotten crushed over the last three months.
00:08:18.319 --> 00:08:19.839
And crypto hasn't gone down.
00:08:20.000 --> 00:08:22.879
Crypto has actually gone up only, okay?
00:08:23.040 --> 00:08:27.360
And now you could say to yourself, oh, relative strength is a meme, which I agree.
00:08:27.439 --> 00:08:33.919
There's no such thing as relative strength, there's only delayed death, but maybe it's not relative strength, okay?
00:08:34.000 --> 00:08:41.600
And the reason it's maybe not relative strength is because nobody has crypto to sell.
00:08:41.759 --> 00:08:47.440
Think about the guys that have AI stocks to sell you at at these prices, okay, that could capitulate.
00:08:47.600 --> 00:08:53.200
Brad Gersner recently went on and was like, you know, I I I de-risked everything, I'm out of Carrie, da da da.
00:08:53.519 --> 00:09:03.679
Gavin Baker, Ray Dalio, like Paul Tudor Jones, all the biggest hedge fund managers in the world, they don't hold Bitcoin, they do not hold crypto, they have none.
00:09:03.840 --> 00:09:11.360
And so over the last three months, there's been this mass deleveraging out of the you know volatile AI stocks and crypto has been going up.
00:09:11.519 --> 00:09:15.519
Crypto's been going up because nobody has crypto to sell.
00:09:15.679 --> 00:09:28.559
And so you zoom out even one step forward and you say, All right, if I'm bearish AI and short AI stocks, and I think it's gonna go lower, why would that just now make crypto go lower?
00:09:28.720 --> 00:09:35.200
And you might think back, okay, but historically, this is how it's played out, but there's it's there's present only, there's only the present.
00:09:35.279 --> 00:09:39.200
And the the last three months have shown the present this is not happening.
00:09:39.360 --> 00:09:48.960
And so we can think back to like what would have happened in 21, what would happen at you know, beginning of 22 height cycle, what would happen in 24, 25, but it's 2020, it's October 2026, and it's not happening.
00:09:49.200 --> 00:09:57.759
Okay, and so I started to think to myself, all right, wait, is the bear case a sweep of 78k is the bear case for coins?
00:09:57.919 --> 00:10:01.039
Uh doesn't sound that bad to me.
00:10:01.200 --> 00:10:11.679
And then you zoom out one step further and you say, Okay, the entire market broadly has a correlation of basically one to AI.
00:10:11.840 --> 00:10:25.840
All stocks, all the memory stuff, all the semiconductors, all the consumer names, all of the software names, everybody, everywhere, everything is has a correlation of basically one to Bitcoin.
00:10:25.919 --> 00:10:37.279
If you go over to South Korea, or excuse me, to AI, you go over to South Korea, everywhere you look, everywhere you go, it's it's it's correlated of one to AGI, super intelligence, except for Bitcoin.
00:10:37.360 --> 00:10:42.480
It's like the only asset you could diversify into that is not maybe gold and some of the metals and things like this.
00:10:42.559 --> 00:10:51.200
It's like the only asset you could diversify into that is not like directly correlated, a peg, either leverage or deleverage to the AI trade.
00:10:51.440 --> 00:11:02.000
And then I feel less good about this, but you think about the group of people that are about to be minted hundred millionaires from anthropic open AI, SpaceX IPOs, 100 millionaires, 500 millionaires.
00:11:02.559 --> 00:11:12.000
This is the group of people that is uniquely positioned with depth of knowledge and understanding of why Bitcoin works and is important and matters.
00:11:12.080 --> 00:11:13.200
It's like the tech group.
00:11:13.360 --> 00:11:17.440
Why, I don't know, private money, things like this would work.
00:11:17.759 --> 00:11:33.279
And so I zoom out even a little bit further, and I feel as if the bare case for crypto right now is some historical correlation that is not actively happening.
00:11:33.519 --> 00:11:41.440
And I think that people really over-index and over-intellectualize historical context.
00:11:41.519 --> 00:11:45.840
It's the Kyle Simani, pop this one up, where we says, what does he say?
00:11:45.919 --> 00:11:51.120
Like analogy often leaves out context to the right conclusion or something like this.
00:11:51.200 --> 00:11:54.639
Like reason reasoning by analogy leaves out context.
00:11:55.200 --> 00:11:59.039
And it brought me back to Black Monday.
00:11:59.120 --> 00:12:01.519
We just did this segment 1987.
00:12:01.759 --> 00:12:02.480
Black Monday.
00:12:02.559 --> 00:12:04.159
Who's the biggest winner from Black Monday?
00:12:04.320 --> 00:12:05.600
Paul Tudor Jones.
00:12:06.080 --> 00:12:09.360
Okay, Paul Tudor Jones fucking crushed Black Monday.
00:12:09.440 --> 00:12:10.960
He was having a huge year.
00:12:11.279 --> 00:12:22.080
He, you know, had this whole bit where he predicted it and he saw it in his dream and he prepared for it and he manifested it and it came and he was ready and he was prepared and he was short and short and he's short and he's short.
00:12:22.320 --> 00:12:23.840
He fucking crushed Black Monday.
00:12:24.000 --> 00:12:25.200
He crushed Black Monday.
00:12:25.279 --> 00:12:48.240
Now, you asked Paul Tudor Jones, he spoke about this in the rare documentary Trader, where he says the reason he crushed Black Monday is because he had this young analyst that worked for him by the name Peter Borish, who drew this fractal over the 1929 like Great Depression crash, and determined that we looked exactly the same.
00:12:48.480 --> 00:12:51.360
Price action was exactly the same, and it's gonna happen right now.
00:12:51.440 --> 00:12:58.240
Okay, he overlaid two charts, 1929 and 1987, and said, We are about to have Black Monday.
00:12:58.399 --> 00:13:01.600
Paul Tudor Jones said, Oh my god, these charts look identical.
00:13:01.759 --> 00:13:03.440
It's time to get fucking bearish.
00:13:03.519 --> 00:13:03.840
Okay.
00:13:04.080 --> 00:13:21.679
What they don't tell you about Peter Borish drawing the God fractal is that, and I have the fucking receipt right here, is that Peter Borish did an interview and quote, and one remarkably candid interview, Borish admitted to fudging his results.
00:13:21.840 --> 00:13:26.720
He had jiggled with the starting points for the two lines until he got the fit that he wanted.
00:13:26.879 --> 00:13:53.360
And so the historical comparison, like the historical comparison chart, that chart, like the canonical seminal chart that led the overlaid fractal that led to like the greatest trade in the history of markets that predicted the perfect one-to-one flash crash, Black Monday, Paul Tudor Jones, the gunslinging cowboy who shot it out of the park, had the best performing day maybe ever.
00:13:53.519 --> 00:13:54.480
It was fake.
00:13:54.720 --> 00:13:55.679
He made it up.
00:13:55.840 --> 00:13:57.279
He fucking made it up.
00:13:57.440 --> 00:13:58.320
He made it up.
00:13:58.480 --> 00:13:59.279
It was not real.
00:13:59.440 --> 00:14:00.639
The fractal was not real.
00:14:00.720 --> 00:14:02.399
He made it up and it worked.
00:14:02.559 --> 00:14:04.320
And so was he right or was he lucky?
00:14:04.399 --> 00:14:04.799
I don't know.
00:14:04.879 --> 00:14:06.399
Sometimes it's better to be lucky than to be right.
00:14:06.480 --> 00:14:21.679
But the point I'm trying to make is that using some like historical analogy to represent anything other than this exact moment and what's happening right now, price in front of us, is a waste of time.
00:14:21.840 --> 00:14:24.399
It's like my girlfriend actively hates me.
00:14:24.559 --> 00:14:27.919
She's a fucking bitch, and we hate each other.
00:14:28.159 --> 00:14:33.519
But last year, around this time, we were really happy and we were like gonna get married and everything was great.
00:14:33.679 --> 00:14:36.559
Therefore, I'm gonna just choose to ignore what's happening in front of my face.
00:14:36.799 --> 00:14:41.440
Like she's cheating on me with my best friend, and think about how awesome it was a year ago around this time because it's almost Christmas.
00:14:41.600 --> 00:14:43.679
It's like, no, look at what's happening in front of you.
00:14:43.759 --> 00:14:47.840
And what's happening in front of you is the AI trade is unraveling and crypto is not.
00:14:48.000 --> 00:14:49.279
That's what's happening in front of you.
00:14:49.360 --> 00:14:52.639
Okay, your girlfriend is cheating in front of you, not last year.
00:14:52.720 --> 00:14:55.440
No, no, she's cheating right now in front of your face.
00:14:55.600 --> 00:14:56.879
That's what's happening.
00:14:57.200 --> 00:14:59.279
And so I just I don't know.
00:14:59.600 --> 00:15:02.720
I I got bare pilled because of this like fake.
00:15:02.960 --> 00:15:04.159
I don't know, I think it's fake.
00:15:04.320 --> 00:15:10.559
The other thing that happened, I'm just gonna be honest, is this video radicalized me.
00:15:10.879 --> 00:15:12.960
This is a French anime shop owner.
00:15:13.279 --> 00:15:15.120
Look at what they're doing to this brother's store.
00:15:17.679 --> 00:15:19.039
Look at this man.
00:15:21.600 --> 00:15:23.360
Look at what they're doing to this guy's store.
00:15:23.440 --> 00:15:24.559
I mean, this breaks my heart.
00:15:24.639 --> 00:15:25.200
Look at this.
00:15:25.600 --> 00:15:27.519
This isn't fucking Dior.
00:15:27.840 --> 00:15:32.879
This is some like 50-year-old guy that owns a like hobby store on Broadway.
00:15:33.039 --> 00:15:36.960
They're looting fucking Misa Amane action figures, bro.
00:15:37.279 --> 00:15:40.480
I watched this video and I swear to you, this radicalized me.
00:15:40.720 --> 00:15:41.039
It did.
00:15:41.279 --> 00:15:44.000
What's happening in France are now is like radicalizing me a little bit.
00:15:44.320 --> 00:15:46.720
And you think to yourself, like, how do I opt out of this?
00:15:46.879 --> 00:15:48.320
How do you how do you opt out of this?
00:15:48.480 --> 00:15:49.200
You know, look at this.
00:15:49.360 --> 00:15:54.080
This is uh Fr tenure, govern France tenure government bonds.
00:15:54.159 --> 00:15:55.039
How do you how do you act?
00:15:55.200 --> 00:15:56.639
How do you opt out of this?
00:15:58.879 --> 00:15:59.759
The US tenure.
00:15:59.840 --> 00:16:04.080
How do you how do you opt out of this and what do you do with it as everybody else is clearly doing?
00:16:06.320 --> 00:16:07.840
Everybody else is clearly doing it.
00:16:07.919 --> 00:16:08.960
How do I participate?
00:16:09.200 --> 00:16:09.840
So I don't know.
00:16:09.919 --> 00:16:15.519
How about uh I don't know, probably some some fucking unstoppable money and some private money.
00:16:15.679 --> 00:16:20.240
So that's what I did, that's where I'm at, and that's my trade.
00:16:20.480 --> 00:16:21.039
You buy it.
00:16:21.200 --> 00:16:26.080
Guys, 10 out of 10 on all of the assortments, drinks, whatever that pill thing is.
00:16:26.320 --> 00:16:27.039
The pill thing?
00:16:27.120 --> 00:16:27.360
Yeah.
00:16:27.600 --> 00:16:29.600
It's basically like the company that I'm like investing in.
00:16:29.759 --> 00:16:30.960
I like started like what I do.
00:16:31.120 --> 00:16:31.279
Okay.
00:16:31.360 --> 00:16:31.679
What's it?
00:16:32.000 --> 00:16:33.279
The company that started what I do.
00:16:34.240 --> 00:16:34.480
Pump.
00:16:35.279 --> 00:16:36.080
It's called Pump.
00:16:36.480 --> 00:16:37.120
Up the gym.
00:16:37.600 --> 00:16:38.240
Pump it up.
00:16:38.399 --> 00:16:38.960
Pump it up.
00:16:40.399 --> 00:16:41.120
Pump that shit up.
00:16:41.919 --> 00:16:42.639
They're a band each.
00:16:43.360 --> 00:16:44.240
Same leather as Ferrari.
00:16:49.360 --> 00:16:50.720
I've been having it up too much.
00:16:50.960 --> 00:16:52.559
I've been having it up too much.
00:16:52.799 --> 00:16:53.120
Wow.
00:16:53.279 --> 00:16:54.320
Shout out Rasmer.
00:16:54.639 --> 00:16:54.960
Okay.
00:16:55.360 --> 00:16:57.200
Um, anyways.
00:16:57.840 --> 00:17:00.000
I mean, look, I get the appeal.
00:17:00.399 --> 00:17:01.600
How could you not get the appeal?
00:17:01.759 --> 00:17:02.080
Honestly.
00:17:02.159 --> 00:17:15.519
I know people it's gonna be maybe not the most um comfortable take, but obviously fly frying flying around in private jets, driving around in Ferraris, getting fucking bottega sponsorships, and hanging out with a bunch of like women.
00:17:15.599 --> 00:17:16.559
Obviously, you get the appeal.
00:17:16.640 --> 00:17:16.960
Come on.
00:17:17.039 --> 00:17:18.799
I know you're like, oh, it's superficial, da da da.
00:17:19.039 --> 00:17:20.240
But probably we're all a little fucking super.
00:17:20.640 --> 00:17:24.160
It's like it's like you don't mind if a white boy buy a little designer.
00:17:24.319 --> 00:17:26.799
Like, yeah, I like a little some finer things.
00:17:26.960 --> 00:17:29.359
I wouldn't mind a Ferrari, like I get the appeal.
00:17:29.599 --> 00:17:30.960
For actually, I'll say a couple things.
00:17:31.039 --> 00:17:33.839
Number one, I did not think that was gonna go as big as it did.
00:17:33.920 --> 00:17:38.000
Like, in the case of like Kim, if Kim She made a vlog, Kim She making content.
00:17:38.079 --> 00:17:39.680
Like, I did not think it was gonna blow up like this.
00:17:39.839 --> 00:17:48.559
His his dumps, like from the one photo dump that Razma recreated to where it's gone now, like a couple posts later and a vlog later, it's like, whoa, dude.
00:17:48.799 --> 00:17:52.480
He is a sensation global sensation on social media.
00:17:52.559 --> 00:18:00.079
And I I mean, look, I think you could understand why younger generation would look at the kimchi story and think, I want that.
00:18:00.240 --> 00:18:00.880
You know what I mean?
00:18:00.960 --> 00:18:05.039
Like, you there's a reason you would look at that and say, I I want to be that.
00:18:05.200 --> 00:18:06.559
That is aspirational.
00:18:06.880 --> 00:18:07.839
That's aspirational.
00:18:07.920 --> 00:18:11.359
I want to make 40 million dollars on a trade and drive around fucking Ferraris and private jets.
00:18:11.519 --> 00:18:13.680
Like, makes makes total sense.
00:18:13.920 --> 00:18:16.960
All right, it's Wednesday, October 21st, and the stock broken up is in 14 seconds.
00:18:17.039 --> 00:18:18.799
It's always stockboard, it's powered by fans, it's powered by Phantom.
00:18:18.880 --> 00:18:20.799
So, see, during the second thing you want to buy, sell, trade.
00:18:20.960 --> 00:18:23.920
If you could buy, if you can sell, if you can trade it, you can trade it on Phantom Hall.
00:18:24.000 --> 00:18:26.000
It is Wednesday, October 21st, 9 30 a.m.
00:18:26.079 --> 00:18:37.839
on the east coast, and the stock market is officially open, baby.
00:18:38.079 --> 00:18:39.119
All right, where's SpaceX?
00:18:39.279 --> 00:18:40.000
Here's SpaceX.
00:18:40.240 --> 00:18:51.519
Um, it's up seven, seven and a half after just a disgusting, disgusting, disgusting earnings beat yesterday is what happened.
00:18:52.400 --> 00:18:53.680
Um all right, where are we?
00:18:54.400 --> 00:19:01.680
Spy opens up 0.3% to 770 on uh the day.
00:19:01.839 --> 00:19:08.000
Soxel opens up six and a half percent green on the open drama opens up four and a half.
00:19:08.799 --> 00:19:09.599
Not bad.
00:19:09.759 --> 00:19:10.720
There is some discussion.
00:19:10.799 --> 00:19:16.240
Did SpaceX AI SpaceX SI save the AI trade?
00:19:16.400 --> 00:19:19.599
Mag's up 0.37, a Russell Small Cap index up 0.26.
00:19:19.680 --> 00:19:23.039
The cost beyond yesterday's session was up 3.3%.
00:19:25.359 --> 00:19:27.599
NASDAQ 100 is down 0.1.
00:19:27.920 --> 00:19:31.839
Photonics ETF for the first time ever is green up 2.7.
00:19:32.079 --> 00:19:33.759
Neal clouds are up four.
00:19:34.240 --> 00:19:38.720
The IBB is red, and the Qs are up 0.7.
00:19:39.200 --> 00:19:40.240
Bitcoin on the open.
00:19:40.319 --> 00:19:40.960
Who cares?
00:19:41.119 --> 00:19:43.920
83.5 Zach 13.04.
00:19:44.400 --> 00:19:46.319
ETH is almost back at 25.
00:19:46.400 --> 00:19:47.759
It tapped it just for a second.
00:19:47.839 --> 00:19:50.240
Hype 81 near 5.1.
00:19:50.480 --> 00:19:51.599
It's up 5% today.
00:19:51.680 --> 00:19:54.319
Pump is down two, but had a great day last night.
00:19:54.559 --> 00:19:55.920
Sol 106.
00:19:56.160 --> 00:19:58.400
Stretch is 99.08.
00:19:58.799 --> 00:20:06.480
Yields uh 30 years down 0.2, 10 years down 0.25, and the two years down 0.17.
00:20:06.880 --> 00:20:16.000
Venice is up$26 at$26, up 2% on the news that people love AI porn.
00:20:17.359 --> 00:20:27.680
Um, gold is up 0.3, copper is down one, Monero is up 0.12, and XRP is up 1.3 percentage points today.
00:20:28.480 --> 00:20:38.400
All right, uh, Brent Oil is down a percent, cruise down half, defense is all red, Raytheon down 0.25, palantiu down 0.25, Northrop is up one, and Lockheed is flat.
00:20:38.480 --> 00:20:39.839
All right, big semi's big AI.
00:20:39.920 --> 00:20:41.599
SpaceX is the biggest gainer.
00:20:41.920 --> 00:20:44.640
SpaceX is up ten percent.
00:20:44.880 --> 00:20:46.240
Dell is up eight.
00:20:46.400 --> 00:20:46.880
Crazy.
00:20:47.119 --> 00:20:48.559
Bloom is up seven.
00:20:48.960 --> 00:20:50.640
Uh Light, uh, excuse me.
00:20:50.799 --> 00:20:52.240
Lamentum is up is up six percent.
00:20:52.319 --> 00:20:57.599
Shaw's is up five, Marfell's up three, SK Heinx ADR, red on the open, but it's up three.
00:20:57.680 --> 00:20:58.799
Sandis is up two and a half.
00:20:58.880 --> 00:21:04.400
Firefly's up four, micron kind of losing it, but it's up three, AMD's up three, rocket lab is up four, finally.
00:21:04.480 --> 00:21:06.720
Rocket Lab is getting so crushed.
00:21:06.799 --> 00:21:12.799
Cloudflare is up two, as ml is up three, Noki's up three, roadway's up four, Tessa's up two and a half, uh, Robo Strategy's up two and a half.
00:21:12.880 --> 00:21:22.720
Finally, Intel is up two, Nvidia is up two, back up of two twenty, ASCS is up two, Cerebrus finally green, up one, but god damn, it doesn't want to go green ever.
00:21:23.279 --> 00:21:24.480
Twist is up two and a half.
00:21:24.559 --> 00:21:27.440
By the way, Citrini texted me yesterday and he was like, dude, what the fuck?
00:21:27.680 --> 00:21:28.640
And I was like, what?
00:21:28.799 --> 00:21:30.240
And he was like, Why don't you subscribe?
00:21:30.400 --> 00:21:31.839
Do you not subscribe to Citrini?
00:21:32.000 --> 00:21:32.799
I'm like, dude, I do.
00:21:32.880 --> 00:21:33.279
What do you mean?
00:21:33.440 --> 00:21:36.319
And he was like, brother, I did not say the long twist.
00:21:36.640 --> 00:21:45.039
And I was like, okay, well, forgive me, but the free version of the article mentions one ticker and it's twist, and it's like 3,000 words.
00:21:45.200 --> 00:21:46.480
I assume that was an endorse.
00:21:46.960 --> 00:21:48.480
I assume that was a long signal.
00:21:48.559 --> 00:21:49.039
What do you mean?
00:21:49.200 --> 00:21:50.960
He was like, bro, read my shit.
00:21:51.119 --> 00:21:54.640
I was like, all right, G, my bad, my bad.
00:21:54.720 --> 00:21:55.039
Fuck.
00:21:55.119 --> 00:21:56.480
Are you my bad?
00:21:56.640 --> 00:21:59.680
Oracle Flat, Broadcom up point five, meta's up one.
00:22:00.240 --> 00:22:01.440
Apple is flat.
00:22:01.680 --> 00:22:02.960
IBM at 0.25.
00:22:03.039 --> 00:22:03.920
Amazon's down 0.6.
00:22:04.160 --> 00:22:06.240
Microsoft, which I sold for a little lost.
00:22:06.400 --> 00:22:07.599
Um, whatever.
00:22:07.759 --> 00:22:09.039
528 down a percent.
00:22:09.119 --> 00:22:09.839
Adobe's down one.
00:22:10.000 --> 00:22:10.720
Salesforce down one.
00:22:10.799 --> 00:22:11.599
Google down two and a half.
00:22:11.680 --> 00:22:12.160
And Netflix.
00:22:12.240 --> 00:22:13.519
What the fuck happened to Netflix?
00:22:13.680 --> 00:22:14.559
Does anyone know?
00:22:14.720 --> 00:22:16.240
There's earnings, just a bad earnings.
00:22:16.319 --> 00:22:16.880
It's crazy.
00:22:16.960 --> 00:22:18.079
It's really just bad earnings.
00:22:18.240 --> 00:22:19.119
Content worsening.
00:22:19.279 --> 00:22:20.240
I'm gonna be honest.
00:22:20.480 --> 00:22:27.759
There was a time where I would like open my TV and I would just like go on Netflix, and those days have long passed us.
00:22:27.920 --> 00:22:31.680
I think Apple is mogging them with Apple originals, Apple TV.
00:22:31.839 --> 00:22:35.839
And even that is like shows are just kind of I watch on the YouTube every day.
00:22:35.920 --> 00:22:38.160
Netflix is has a is a dormant subscription for me.
00:22:38.319 --> 00:22:38.799
Yeah.
00:22:38.960 --> 00:22:40.160
I watch YouTube every day.
00:22:40.240 --> 00:22:42.079
The best Apple TV shows right now.
00:22:42.400 --> 00:22:44.480
Severance was huge, never heard of it, never heard of it.
00:22:44.559 --> 00:22:45.839
Plurbus was huge.
00:22:46.160 --> 00:22:46.960
Ted Lasso.
00:22:47.279 --> 00:22:48.640
Your friends and neighbors was fine.
00:22:48.799 --> 00:22:52.160
Um Bitcoin kind of losing it on the open 833, but we'll take that.
00:22:52.319 --> 00:22:54.880
Um Zek 1296.
00:22:55.279 --> 00:23:02.160
All right, consumer SaaS things like um biggest gainer is like Ren NeoCloud up four percent.
00:23:02.240 --> 00:23:02.640
Let me go.
00:23:02.720 --> 00:23:03.599
We're seven minutes and open.
00:23:03.680 --> 00:23:04.960
Let me go lower time frame.
00:23:06.000 --> 00:23:17.519
Texas instruments is up two, figments up one and a half, Carvana one, Roblox one, Bman R1, Ivycara one, Hood one, MSTR1, Coinbase one, Hims plus one, Unity plus seven.
00:23:17.599 --> 00:23:18.400
I point seven.
00:23:18.480 --> 00:23:19.200
I love Unity.
00:23:19.359 --> 00:23:21.519
IGV is green, almost up a percent.
00:23:21.759 --> 00:23:23.200
DoorDash is down one.
00:23:23.519 --> 00:23:25.759
Dude, I watched this ridiculous DoorDash clip.
00:23:25.839 --> 00:23:26.400
Look at this clip.
00:23:26.480 --> 00:23:27.119
Watch this clip.
00:23:27.200 --> 00:23:27.920
I hate this clip.
00:23:28.079 --> 00:23:28.559
I hate this.
00:23:28.640 --> 00:23:29.759
I think this is such a bad take.
00:23:30.000 --> 00:23:33.359
We're actually gonna do a separate, like hold the money, just another GTA episode.
00:23:33.440 --> 00:23:36.319
We're talking about all these secondary trades, but like I'll just give you some of them.
00:23:36.480 --> 00:23:40.480
Like, like DoorDash is gonna do phenomenal.
00:23:40.799 --> 00:23:46.880
I actually told my restaurant group, and I bet they haven't done it yet because they never listened to me.
00:23:47.039 --> 00:23:59.119
But I told them that I want to have a GTA delivery special where we come up with like packages of food that dudes would want to eat while playing GTA.
00:23:59.359 --> 00:24:01.119
Hot we no, we no button.
00:24:01.359 --> 00:24:02.799
Something that doesn't get your fingers sticky.
00:24:02.960 --> 00:24:03.039
Yeah.
00:24:03.359 --> 00:24:05.920
But listen, it's it's just a way to have fun with it.
00:24:06.079 --> 00:24:07.599
We can do social media, right?
00:24:07.920 --> 00:24:10.720
And like I want every gamer in Dallas.
00:24:11.680 --> 00:24:15.359
I just like don't think 30-year-old dudes are buying a GTA meal.
00:24:15.440 --> 00:24:18.400
I don't think 30-year-old dudes want people to know when they're hyped about GTA.
00:24:18.559 --> 00:24:19.039
I just don't.
00:24:19.200 --> 00:24:19.599
Pizzas.
00:24:19.920 --> 00:24:22.640
Yeah, dude, we already have we already have all the pizzas.
00:24:22.720 --> 00:24:23.920
We have all that stuff at my restaurant.
00:24:24.079 --> 00:24:32.720
So like I want every GTA gamer in Dallas, thinking Chelsea Corner, Milo's, let's order from them because I saw their Instagram, I saw that they're doing GTA specials.
00:24:32.960 --> 00:24:34.319
Let's just make it fun, man.
00:24:34.400 --> 00:24:41.200
Let's just lean into this because like for 60 days, dude, do you know how much DoorDash is gonna be ordered in America?
00:24:41.440 --> 00:24:42.799
Okay, no increase.
00:24:43.039 --> 00:24:43.920
No increase.
00:24:44.079 --> 00:24:51.359
Uh Wendy's down 2.6, sweet green down 2.3, Doordash down 0.5, Lily down one.
00:24:52.400 --> 00:24:53.680
Nothing else really care about.
00:24:53.759 --> 00:24:54.160
Nike.
00:24:54.799 --> 00:24:55.920
All right, what about alts?
00:24:56.160 --> 00:24:57.359
Alts should be doing decent.
00:24:57.519 --> 00:24:58.960
Mega ETH, biggest gainer.
00:24:59.359 --> 00:25:00.480
Malcolm base chef.
00:25:00.559 --> 00:25:01.759
No, I cook I cook a little bit.
00:25:01.920 --> 00:25:02.799
I got some skills.
00:25:03.039 --> 00:25:03.839
Tell him, Malk.
00:25:04.000 --> 00:25:04.720
Tell him Alc.
00:25:04.880 --> 00:25:06.319
Uh Bear Train up six.
00:25:06.480 --> 00:25:08.720
Athena, I'm seeing a lot of up six.
00:25:08.880 --> 00:25:09.759
Nier up six.
00:25:09.920 --> 00:25:14.000
Zach up five, four, XPL up four, Jupiter four, or up three.
00:25:14.319 --> 00:25:15.119
Mantos up two.
00:25:15.200 --> 00:25:16.720
Monad's up one and a half.
00:25:17.440 --> 00:25:19.920
Our friends taking paid time off for GTA six.
00:25:20.160 --> 00:25:24.640
Yeah, they just maybe I'm wrong, dude.
00:25:24.880 --> 00:25:25.839
Maybe I'm wrong.
00:25:26.000 --> 00:25:26.960
I'm gonna play it.
00:25:28.079 --> 00:25:29.680
Yeah, it comes out in a month, though.
00:25:30.000 --> 00:25:32.799
Like, it doesn't really feel like Christmas is is coming.
00:25:32.960 --> 00:25:33.759
I don't know.
00:25:34.000 --> 00:25:35.680
Um, anyways, let's check back in.
00:25:35.759 --> 00:25:36.319
Where are we?
00:25:36.480 --> 00:25:39.680
Uh Dram up 1.6, losing it.
00:25:39.839 --> 00:25:41.519
Soxul's up four.
00:25:42.400 --> 00:25:43.920
Losing it as well.
00:25:44.400 --> 00:25:47.119
I play video games basically every day, by the way.
00:25:47.440 --> 00:25:49.200
Um cards.
00:25:49.359 --> 00:25:52.240
Oh my god, this is gonna drive me fucking nuts.
00:25:52.480 --> 00:25:56.640
I'm playing um right now I'm playing NCA 27.
00:25:56.880 --> 00:25:57.920
It really sucks.
00:25:58.160 --> 00:25:59.920
But like I play in the weekends every day.
00:26:00.000 --> 00:26:01.359
I've been playing NCAA 27.
00:26:01.599 --> 00:26:07.599
I use it, I use it to stim because I really hate the all-in podcast, but I feel like I'm supposed to watch it.
00:26:07.759 --> 00:26:20.240
So I'll do like NCA27 on the left monitor, and then the right monitor is like a is like the Sunday night game on silent, and then the all-in podcast on 2x in the background is generally what I what I do.
00:26:20.400 --> 00:26:24.160
Um, this is the coin that I care about the most at the moment.
00:26:24.880 --> 00:26:26.319
And I mean it looks insane.
00:26:26.400 --> 00:26:27.839
What what do you want me to say about it?
00:26:27.920 --> 00:26:29.359
It looks unbelievable, truly.
00:26:29.519 --> 00:26:30.720
I'll smoke you and NCA.
00:26:30.960 --> 00:26:33.359
We should do like a Saturday stream and play video games.
00:26:33.440 --> 00:26:34.559
I would be so down.
00:26:34.799 --> 00:26:36.400
I would bet, by the way, if you want to bet.
00:26:36.480 --> 00:26:38.240
I'm kind of a casual, but like I can play.
00:26:38.400 --> 00:26:40.480
I can really I'm like a casual, but like I can play.
00:26:40.640 --> 00:26:44.799
Um, but I'll tell you this the cold approach pickup method is still super unpatched.
00:26:44.960 --> 00:26:51.200
I think you can basically short dating apps until the cold approach gets patched, and it might never get patched.
00:26:51.279 --> 00:26:55.599
It's it's arguably un un un uh unpatchable, the cold approach.
00:26:55.680 --> 00:26:56.480
It it really is.
00:26:56.640 --> 00:27:04.480
All right, so Trini wrote this article yesterday that he shit at me for, actually, but it's pretty mesmerizing article.
00:27:04.640 --> 00:27:06.799
It's been on before it, it's been unpatched forever.
00:27:06.960 --> 00:27:08.480
No, it was patched for a while.
00:27:08.720 --> 00:27:12.559
It was patched, and the Instagram swipe up was like so free.
00:27:12.720 --> 00:27:17.279
I mean, there was an era where the Instagram swipe up was like Fred, you told us the Camp Whole Foods last week.
00:27:17.359 --> 00:27:18.400
I said Camp Erwan.
00:27:19.039 --> 00:27:24.559
Spawn Camp Erwan, and if you need a new lobby, go across the street to Whole Foods.
00:27:24.720 --> 00:27:26.640
Erwan is definitely ranked, I would say.
00:27:26.799 --> 00:27:28.319
Erwan is definitely ranked.
00:27:28.559 --> 00:27:33.440
Um, IRL was totally patched during 2020, 2021.
00:27:33.599 --> 00:27:34.079
Beyond.
00:27:34.240 --> 00:27:35.440
You couldn't say anything.
00:27:35.599 --> 00:27:41.599
You couldn't take a take a flyer on a shot, you couldn't like take a chance, you couldn't like hit a risky opener, okay?
00:27:41.680 --> 00:27:46.000
Because you're on camera and then it's on Instagram and you're you're you're you're getting fired from your job.
00:27:46.160 --> 00:27:46.400
Okay.
00:27:46.720 --> 00:27:48.960
That that there was no room for error.
00:27:49.039 --> 00:27:52.799
It's like you're you're you're you're meeting with HR for like any joke.
00:27:52.960 --> 00:28:00.319
I mean, you could say nothing in 2021, and so it was beyond also people were scared that you were sick and you had to wear a mask, okay.
00:28:00.480 --> 00:28:01.359
It was patched.
00:28:01.519 --> 00:28:02.960
Let's just be honest.
00:28:03.119 --> 00:28:03.920
It was patched.
00:28:04.000 --> 00:28:06.720
If if you think otherwise, you you weren't cold approaching in 21.
00:28:06.880 --> 00:28:07.839
You just weren't doing it.
00:28:07.920 --> 00:28:08.960
It was beyond patched.
00:28:09.039 --> 00:28:14.079
You're on in you're on you're on an Instagram page and you're getting submitted to fucking whatever.
00:28:14.400 --> 00:28:19.039
Now, IG swipe ups, you're screenshotted and you're on Twitter.
00:28:19.279 --> 00:28:20.240
Beyond patched.
00:28:20.319 --> 00:28:34.160
There was like three years where you could have the weakest trash ass game ever, and you're you're hitting like you're hitting like you're it's working, like they're responding with energy, as in you're hitting.
00:28:34.400 --> 00:28:45.279
Okay, you're it was the it was like there was like three years where the the method was IG swipe up, exclusively IG swipe up.
00:28:45.759 --> 00:28:56.240
Okay, now if you're swiping up on an IG, bro, it's gotta be like Shakespearean level to swipe up and hit now.
00:28:56.720 --> 00:29:02.720
I mean, it's gotta be like you gotta swipe up with the greatest thing you've ever written.
00:29:02.799 --> 00:29:09.039
There's no like, like you used to be able to say, like, yo, snap question mark, and then you're hanging out the next day.
00:29:09.279 --> 00:29:15.599
Now, swipe up is like swipe up with the fuck into your receipt, or I don't want to talk to you.
00:29:15.680 --> 00:29:24.160
Like, it's gotten so the these women have gotten so desensitized to like, yeah, honestly, people like Kimchi ruined this shit, is what happened.
00:29:24.319 --> 00:29:25.519
Kimchi ruined this shit.
00:29:25.680 --> 00:29:27.920
Shit, like, oh, I'll take you out of my private jet.
00:29:28.079 --> 00:29:28.880
It's like, what?
00:29:30.240 --> 00:29:31.119
Private jet?
00:29:31.200 --> 00:29:32.000
What are you talking about?
00:29:32.160 --> 00:29:36.079
And it's like, I love tricking, but I know my what I what I'm working with.
00:29:36.160 --> 00:29:36.720
You know what I mean?
00:29:36.799 --> 00:29:45.119
Like, I know what I'd have to play with here, and I could, I'm done, like we could, you know, we could go out and have some fun, but like the gem is like on what are you talking about?
00:29:45.279 --> 00:29:47.519
It's like$40,000 to fly in a gemit.
00:29:47.759 --> 00:29:58.000
Game has just changed, but then you think about it, it's like small ball ruined the game that I loved, and then eventually they get a seven-foot center, they get Shed Holmgren throwing lobs, catching lobs, and he's dunking, like it's old school basketball.
00:29:58.079 --> 00:30:01.200
And I think back, like, yeah, maybe Pops in the 80s was right.
00:30:01.599 --> 00:30:08.960
The old school catch it in the post, take one dribble, be physical, get to the rim, head fake, go into your man, draw the foul.
00:30:09.039 --> 00:30:10.480
It will never go out of style.
00:30:10.640 --> 00:30:11.599
The game just evolves.
00:30:11.680 --> 00:30:13.839
It's like ties get skinny, then ties get fat.
00:30:14.000 --> 00:30:16.480
It's like it we're back, we're back.
00:30:16.559 --> 00:30:20.880
It's like, yeah, the seven-foot center that's strong and dunks the ball is cool.
00:30:21.039 --> 00:30:25.359
And the pick and pop five man who's just jacking threes, it's like we're over that.
00:30:25.599 --> 00:30:26.880
We're over that neff.
00:30:26.960 --> 00:30:28.319
We're back in that unk shit.
00:30:28.480 --> 00:30:28.799
Okay.
00:30:28.960 --> 00:30:55.920
Um, so Trini did this really cool thing yesterday where he published this report with Anthropic, and they basically ran an experiment to try and create a scorpion anti-venom with anthropic to heal scorpion stabs that's like 3,000 people a year, and it's was pretty fucking nuts, by the way.
00:30:56.160 --> 00:31:06.079
And I am gonna just preface the statement by saying I don't know a single fucking thing about bio drug discovery or anything in between, okay?
00:31:06.319 --> 00:31:07.599
But I learned a couple things.
00:31:07.759 --> 00:31:25.119
The first thing I learned is that they they made some breakthroughs, and one of the things that they showed is that their ability to discover and design drugs moving forward is going to become dramatically, like substantially cheaper.
00:31:25.279 --> 00:31:26.960
Okay, like way cheaper.
00:31:27.119 --> 00:31:44.799
Um, but what I really learned that is fascinating to me, that I did not understand, is how difficult it is to get a drug from idea concept to idea to iteration to proving it works to live on the market, FDA approved, sold to the public, okay.
00:31:45.039 --> 00:31:52.880
And you're looking at like four to seven years, minimum, seven years, minimum meeting with Tulip King yesterday, and I'm thinking about it.
00:31:52.960 --> 00:31:57.440
I'm like, okay, Tulip King, can't you just like, I don't know, can't AI speed it up?
00:31:57.519 --> 00:31:58.960
And he's like, Well, no, of course not.
00:31:59.119 --> 00:32:02.160
What you could extrapolate, and I'm going somewhere with this, I promise.
00:32:02.319 --> 00:32:23.519
What you can extrapolate from this is that there is going to be a significant increase of drug experimentation via AI because now all of a sudden, you know, some stock trader and$200,000 with some with you know Claude can come up with what he thinks is a reasonable solution to our problem.
00:32:23.680 --> 00:32:31.359
And so the bottleneck no longer becomes on ideas and intelligence, but becomes on physical ability to implement this.
00:32:32.000 --> 00:32:36.799
And so basically, one step forward, you need fucking people to test on.
00:32:36.960 --> 00:32:39.119
And so I don't know if you're aware of this.
00:32:39.200 --> 00:32:44.400
I actually put this segment off for a long time, but the main product, this feels wrong.
00:32:44.559 --> 00:32:48.240
The main product that people use to test new drugs on are monkeys.
00:32:48.400 --> 00:32:48.720
Okay.
00:32:49.119 --> 00:32:58.799
And over the past year, the price for a lab monkey has surged like 3x, like vertical, up only.
00:32:59.119 --> 00:33:04.480
By the way, there are 30 bands for a lab monkey or$30,000 for a monkey.
00:33:04.559 --> 00:33:07.359
And so I found all these like Chinese news reports.
00:33:07.519 --> 00:33:08.319
Well, I didn't find them.
00:33:08.480 --> 00:33:09.279
Daniel found them.
00:33:09.359 --> 00:33:13.119
This this monkey on a share is like broken English is bright.
00:33:13.200 --> 00:33:17.279
The shortage of more than 15,000 monkeys is expected to continue in the next two years.
00:33:17.440 --> 00:33:19.680
Quote, when monkeys are hard to come by.
00:33:19.759 --> 00:33:25.920
Uh, with innovative drugs, the price of experimental monkeys used for research and development has risen sharply.
00:33:26.079 --> 00:33:29.680
And the share price-related listed companies have collectively risen sharply.
00:33:30.160 --> 00:33:31.200
There's articles everywhere.
00:33:31.359 --> 00:33:32.799
The South China Morning Post.
00:33:32.960 --> 00:33:37.359
You are not digging through the South China morning post, by the way, for stream topics.
00:33:37.440 --> 00:33:38.640
I promise you're not.
00:33:38.880 --> 00:33:39.599
You're not.
00:33:39.839 --> 00:33:41.920
You're not digging through the South China Morning Post.
00:33:42.000 --> 00:33:47.440
Lap monkey prices at record highs as China's biotech boom fuels windfall for breeders.
00:33:47.599 --> 00:33:59.279
The sharp price in monkey price the sharp price in monk the sharp rise in monkey prices has triggered the market for I'm not even gonna try for a new drug.
00:33:59.519 --> 00:34:03.920
Will it become increasingly difficult to buy an experimental mental monkey worth 200,000 you want?
00:34:04.240 --> 00:34:06.559
And so the market is up only for these.
00:34:06.720 --> 00:34:08.159
And there's a couple tickers.
00:34:08.320 --> 00:34:18.320
Number one is join laboratories dubbed monkey moi because the monkeys are the best in the business, allegedly.
00:34:18.800 --> 00:34:19.519
Looks like this.
00:34:20.079 --> 00:34:20.800
Look at this.
00:34:23.360 --> 00:34:24.639
Look at this chart, bro.
00:34:25.519 --> 00:34:27.280
Rise rise.
00:34:27.679 --> 00:34:32.000
Chart two is a company that is outsourced monkey testing.
00:34:32.320 --> 00:34:33.840
I don't really know how to pronounce most of these.
00:34:34.000 --> 00:34:38.559
Who who mow up only from August 26 is up like 2x.
00:34:38.800 --> 00:34:47.599
And then the last one is Farmeron, largest serial testing company, non-human primate preclinical exposure.
00:34:47.840 --> 00:34:48.320
Crazy.
00:34:48.400 --> 00:34:48.719
Look at this.
00:34:48.800 --> 00:34:51.519
This was uh in June, it was$20 a share.
00:34:51.599 --> 00:34:53.119
It got as high as$53.
00:34:53.280 --> 00:34:55.519
It's currently trading at$47.98.
00:34:55.840 --> 00:34:57.119
That's the best I can do for you.
00:34:57.199 --> 00:35:01.840
But, anyways, I thought it was pretty interesting to learn with Citrini article.
00:35:02.079 --> 00:35:06.800
Jesus, that this is the physical, this is the constraint.
00:35:06.880 --> 00:35:37.840
Um I saw a post yesterday that I think is is worth your time, truly, from someone who I believe to be like one very important to finance as a whole, and two just uh sort of a seminal crypto bear, which is Joe Weisendah, who if you're on Twitter, I mean if you I guess if you watch this stream, you know who this is because we talk about him a lot.
00:35:38.960 --> 00:35:56.400
And he recently did an interview with Jeff Yan, who is the founder of Hyperliquid, in which I feel like they asked at a very high level, like, what is Hyper Liquid?
00:35:56.559 --> 00:36:06.400
Okay, and they did the whole thing, and she basically left the interview and came out and like apologized on behalf of the crypto committee.
00:36:06.480 --> 00:36:07.280
It was nuts.
00:36:07.679 --> 00:36:21.199
I feel like this is a big deal, not because Joe Wisenthal is going to like siphon billions of dollars into crypto, but it feels like a turning point for a lot of the I don't get this stuff.
00:36:21.360 --> 00:36:24.239
I'm a finance person, I think crypto is stupid.
00:36:24.880 --> 00:36:30.719
That capitulate and think, okay, I get it.
00:36:30.880 --> 00:36:42.800
I've ridden I've probably written this once or twice before, but back in the old days, maybe 10 years ago or so, I always laughed at the guys in suits who would go to conferences and say things like Bitcoin is a speculative asset, but we're really excited about the underlying blockchain technology.
00:36:43.039 --> 00:36:48.320
Some version of the sentence must have been uttered a hundred thousand times or more in the last decade.
00:36:48.480 --> 00:36:54.159
Now, here in 2026, I increasingly have to admit that maybe those guys were a little bit right.
00:36:55.119 --> 00:36:59.039
But before I get to that, I want to reassess my prior thinking a bit more.
00:36:59.440 --> 00:37:05.360
The thing that seemed neat to me about Bitcoin was the idea of being able to make a true peer-to-peer transaction on the internet.
00:37:05.440 --> 00:37:11.280
For a long time, there have been things on the surface that look like peer-to-peer payments, such as PayPal, but there was always an intermediary.
00:37:11.440 --> 00:37:19.440
If I PayPal you some money, I'm sending an instruction to a company to reduce some money in my bank account, and then that company increases the amount of money in your bank account.
00:37:19.599 --> 00:37:31.039
And that's most and that's more than fine for most transactions, but obviously that central intermediary can cut you off for whatever reason, maybe due to the transaction being illegal, or because it just doesn't want to facilitate certain industries or individuals.
00:37:31.199 --> 00:37:36.000
Debanking is a thing, and so censorship-resistant money was and still is a powerful idea.
00:37:37.760 --> 00:37:44.159
Bitcoin came out of the cypherpunk movement, which had been working on ways to re-implement the concept of cash on the internet.
00:37:44.639 --> 00:37:50.079
That was a very tricky problem, which Satoshi Nakamoto, whoever that is, had ingeniously solved.
00:37:50.320 --> 00:37:56.400
So when we started seeing all these guys going on TV or conferences to talk about the underlying blockchain technology, it was really silly to me.
00:37:56.559 --> 00:38:00.880
It seemed like it seemed to hijack the cypherpunk spirit.
00:38:01.119 --> 00:38:05.519
That's why I got pretty lucked into my view that censorship resistance was the sole advantage of a blockchain.
00:38:05.679 --> 00:38:17.360
After all, if you don't care about the existence of an intermediary intermediary, there are plenty of centralized databases that work at lightning fast speeds and are virtually zero cost already.
00:38:17.599 --> 00:38:19.519
Um, I'm just gonna keep reading for a little bit.
00:38:19.679 --> 00:38:25.440
In 2024, we talked with crypto industry veteran Austin Campbell, who changed my view a bit.
00:38:25.519 --> 00:38:37.920
I'm oversimplifying, but his basin argument basic argument was that every financial institution has some giant distinct legacy tech stack, and there's no easy way for them to be truly unified in a seamless matter.
00:38:38.079 --> 00:38:44.480
Yes, in theory, they could all come together on some huge shared ledger, but in reality, that's never gonna happen.
00:38:44.639 --> 00:38:52.320
Thus, a chain, while not necessarily censorship resistant, can at least be a credibly neutral protocol upon which transactions take place.
00:38:52.480 --> 00:38:58.320
It's not cypherpunk, but it could be useful just from a pure technology perspective.
00:38:58.719 --> 00:39:01.440
For a long time, stable coins seemed weird to me.
00:39:01.679 --> 00:39:04.800
First of all, what's so great about them in the first place?
00:39:05.039 --> 00:39:10.800
I thought the whole point of the broader crypto universe was coins that went up in value, not coins that stayed the same price.
00:39:10.960 --> 00:39:13.599
Second of all, you're adding another intermediary.
00:39:13.920 --> 00:39:18.880
If you're transacting in USDC, then a company like Circle, in theory, can block your transaction.
00:39:19.039 --> 00:39:21.679
But there do seem to be genuine stable coin use cases.
00:39:21.760 --> 00:39:24.400
They're a cheap way to transfer money to people across borders.
00:39:24.559 --> 00:39:27.920
And I think there's a good chance that with AI they're going to be useful in commerce.
00:39:28.159 --> 00:39:28.960
Da-da-da-da-da.
00:39:29.519 --> 00:39:30.480
Anyways, we'll see.
00:39:30.559 --> 00:39:31.760
The jury is still out.
00:39:32.000 --> 00:39:37.440
Over the last few days, we've been doing a bunch of episodes about how radically the world of trading is changing.
00:39:37.519 --> 00:39:41.760
In recent years, we've seen a Cambrian explosion of sorts for new types of instruments.
00:39:41.920 --> 00:39:47.920
People are tokenizing stocks, companies are creating ETFs that track a token, like Bitcoin, Ethereum, and so forth.
00:39:48.000 --> 00:39:52.639
There are prediction markets that replicate the economics of a stock.
00:39:52.800 --> 00:39:56.000
I'm pretty sure there are ETFs coming that will track certain event contracts.
00:39:56.079 --> 00:40:02.079
For better or for worse, if you're a trader and you want to express some market view, you've never had more instruments at your disposal.
00:40:02.320 --> 00:40:06.719
Want to make a bet on whether a 3x leveraged SK Heinex ETF closes green in the next hour?
00:40:06.800 --> 00:40:08.159
I'm sure there's a way to do that.
00:40:08.320 --> 00:40:12.480
And if there's not, it's only a matter of time before someone makes that.
00:40:13.679 --> 00:40:20.880
Last week, we released an episode with Jeff Yan, the co-founder and CEO of Hyperliquid Labs, which manages the Hyperliquid blockchain.
00:40:21.039 --> 00:40:23.679
Hyperliquid isn't a household name like Bitcoin or Ethereum.
00:40:23.840 --> 00:40:31.039
But one of the things I realized when prepping for the episode is that people who do know about it basically think it's the greatest thing since sliced bread.
00:40:31.280 --> 00:40:39.599
The basic gist of our conversation is that Hyperliquid really wants to be a venue for what people might call economically useful instruments and nothing else.
00:40:39.760 --> 00:40:47.039
For example, you're not going to find a thousand dog-themed meme coins that trade on it because there are specific rules about how a token gets issued.
00:40:47.280 --> 00:40:56.239
Bloomberg actually has a page that tracks a bunch of the instruments on there, which include perpetual futures on things such as Brent, SK Heinex, Gold, and so forth.
00:40:56.480 --> 00:40:57.519
Last page.
00:41:43.440 --> 00:41:52.320
Instead, the basic mechanism works like this: a perpetual future, say in gold, will track an oracle that transmits the price of gold to the chain.
00:41:52.400 --> 00:41:57.280
If the perp trades above that Oracle price, then the longs automatically make payments to the shorts.
00:41:57.360 --> 00:41:58.000
This is funding.
00:41:58.159 --> 00:42:01.920
And the further it deviates from that price, the greater that funding rate grows.
00:42:02.079 --> 00:42:03.920
It's the same in the opposite direction.
00:42:04.079 --> 00:42:07.519
If the price trades below the oracle, then the shorts make payments to the long.
00:42:07.679 --> 00:42:16.639
Assuming the oracle works seamlessly by transmitting correct prices, then you have an instrument that should roughly track an underlying asset with a high degree of fidelity.
00:42:16.880 --> 00:42:24.559
Perps originally emerged in the crypto world because sicklos who didn't find Bitcoin to be volatile enough wanted a way to trade it with more leverage.
00:42:24.719 --> 00:42:31.199
But as you can see, the basic structure of perps can be used for anything from stocks to oil to the euro to the yen.
00:42:31.679 --> 00:42:33.760
You don't even need blockchain to have perps.
00:42:34.079 --> 00:42:36.960
They exist on centralized platforms like say Binance.
00:42:37.119 --> 00:42:43.199
But what the blockchain enables is exactly what Austin Campbell talked about when discussing the neutrality element.
00:42:43.440 --> 00:42:46.880
Hyperliquid doesn't issue these tokens themselves.
00:42:47.039 --> 00:42:52.000
Instead, third-party companies, Trade XYZ is one of the big ones, can issue them.
00:42:52.159 --> 00:42:55.679
And the chain isn't inherently limited to perpetuals.
00:42:56.159 --> 00:42:59.360
Eventually, you might see options in prediction markets on the blockchain.
00:42:59.519 --> 00:43:05.840
Crucially, it would be separate companies choosing to do business on this theoretical neutral territory.
00:43:06.079 --> 00:43:17.599
It would not be unimaginable to me that some point in the future, some of the well-known ETF issuers, say, I don't know, the Van X of this world, decide to set up shop there and issue tokens on Hyperliquid.
00:43:17.840 --> 00:43:19.679
So, what's my point?
00:43:20.079 --> 00:43:21.039
Two things.
00:43:21.280 --> 00:43:27.840
One, if you haven't done so yet, you should probably spend a little more time learning about how perpetuals work.
00:43:28.079 --> 00:43:36.559
They're clearly on the mind of people like Terry Duffy, who runs the CME, whose futures business has to navigate this new world.
00:43:36.719 --> 00:43:49.519
And like I said, it does seem like there may be something to this idea that a blockchain could be a unifying platform for lots of different financial companies to do business, though, as of yet, none of these legacy players are really doing it yet.
00:43:49.760 --> 00:44:01.519
So, on some level, I think those blockchain, not Bitcoin guys might have had a point, and I shouldn't have laughed at them as readily as I did.
00:44:01.760 --> 00:44:04.800
Joe Wisenthal, October 19th, 2026.
00:44:05.039 --> 00:44:18.000
One of the things he talks about is that how there was this huge innovation that happened in the trading world when we went from, you know, like physical settlement or however it used to work, like physical orders, to electronic trading.
00:44:18.559 --> 00:44:24.719
And he believes that hyperliquid is the next iteration of that.
00:44:24.880 --> 00:44:37.039
And we will look back on original electronic trading and you know, one day settlement and all of these weird intricacies and limitations that we learned how to trade with.
00:44:37.360 --> 00:44:40.239
You will look back on it as like barbaric and ancient.
00:44:40.400 --> 00:44:41.599
I thought it was very interesting.
00:44:41.760 --> 00:44:42.880
It's a great podcast.
00:44:42.960 --> 00:44:49.280
From the podcast, I learned that I don't understand nearly as much about hyperliquid as I probably should.
00:44:50.000 --> 00:45:00.159
And the other obvious takeaway here is that Jeff Yan is single-handedly willing the non-Bitcoin vertical of crypto to the top.
00:45:00.239 --> 00:45:02.639
I mean, he's like wheeling it with his bare hands.
00:45:03.199 --> 00:45:05.280
That's uh this is a fun stream.
00:45:05.440 --> 00:45:07.199
Um, the market looks great.
00:45:07.280 --> 00:45:09.920
I I feel great to be back on the winning team.
00:45:10.159 --> 00:45:11.920
That's two hour and 40 minute stream.
00:45:12.000 --> 00:45:13.039
You guys fucking rock.
00:45:13.119 --> 00:45:13.440
I love you.
00:45:13.519 --> 00:45:14.239
I'm leaving.
00:45:14.320 --> 00:45:15.199
Um, I have some coins.
00:45:15.280 --> 00:45:16.079
I would like to buy more.
00:45:16.159 --> 00:45:17.440
I'm gonna play it patient here.
00:45:17.519 --> 00:45:21.440
I don't think I think there's like one no, literally nobody has coins.
00:45:21.599 --> 00:45:25.119
So why does my girl keep talking to me while I'm watching Thread?
00:45:25.199 --> 00:45:31.519
You see that guy who got arrested because he like duct taped his girlfriend to a chair so he could sit in the basement and watch football.
00:45:32.079 --> 00:45:34.559
That's how dedicated you gotta be to watching this stream.
00:45:34.880 --> 00:45:36.480
Um, it's gonna be a big week.
