Bull or Bear? Crypto Market Analysis with Ledger from UpOnly!

Transcript

bankless Nation where is the crypto Market going are we going up are we going down I don't know maybe a bit of both David today is an episode where we look at prices we look at the charts Bank list is a thesis driven Media company but not today we're just looking at price today who do we have on what are we discussing uh we're bringing on Ledger from up only Fame uh to help us guide uh walk us through the charts so we're gonna look at the big boys uh the Bitcoin The Ether the BTC ether ratio over the long time frame and also the near time frame because Ryan um two weekly Roll-Ups ago uh you were talking about how you were feeling ready to capitulate on the possibility of triple digit ether ever coming back and

then we had a moment where I was like wait a second like this is heavy too we could we could just go right back down down to a thousand dollar ether TBD on three digit ether but I think the big question that is going around in the crypto Twitter space is is this the biggest bull trap of the bear Market uh and I think we remember back in 2019 the run from Bitcoin from 3000 to 14 000 back down to four thousand five hundred uh so I remember I remember that bull trap uh and I want to make sure that we to the best of our ability we are able to at least ask the question are we seeing something similar here today in

2023 uh because if you remember that was May of 2019 is when that happened right in the middle of the year I know it's here we are April 26th interesting point in the market that's for sure and I'm gonna make give you some more commentary on that um but before we do gotta let our uh bankless Nation know a message from our friends and sponsors over at gnosis safe it's now it's called just safe this is the multi-sig that everyone in ethereum uses secures billions of dollars bankless uses it you go to bankless.eth it's noses safe that's where we we store the goods here uh and you've also heard us talking about account abstraction as well this is the next generation of

ethereum wallets that give these wallets like a fintech type of experience well safe is launching something called safe core which is an account account abstraction Tech stack David you want to tell them about this yeah it's a really an SDK for all of you account abstraction Builders out there right now we are in the Paradigm of what we call externally owned accounts boo we want to be with smart contract wallets yay uh what do we need to get there we need an account abstraction SDK which is exactly what safe has built with their safe core uh uh safe core account abstraction SDK you can go access that if you're a

builder there's a link in the channel so go click that there is also an account abstraction anything goes hackathon starting May 1st uh this is in addition to being a hackathon a non-technical hackathon so if you have memes products ideas MVPs everything is fair game that's why they're calling it and anything goes hackathon uh if you want to participate in your first hackathon uh but you are not technical this is a great place to get started so help Inspire this smart contract Revolution so we can leave the stuff Stone Age of wallet ux behind us and you can do that with safe at safe.global slash core or click the link in the show notes David I can't believe you're so mean to eoa while it's just then I mean they've served us well up to this point okay have some respect they are literally the

Stone Age of all well okay so uh getting back to price though and kind of the comments yeah we are in a very interesting place in the market I feel like um something about this under 2000 Mark for eth right that's just a number that sticks in my head and conveniently going to this episode we're also just under 30k on the price of Bitcoin and I know that because I just checked otherwise I haven't been paying a lot of attention to price but today is our opportunity to pay much more attention to it with Ledger guys we'll be right back with Ledger but before we do we want to thank the sponsors that made this episode possible including our number one recommended exchange that's Kraken go check them out Kraken Pro has easily become the best crypto trading platform in the industry

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feature of the token Hub is the ability to upvote or downvote token ratings The bankless Token Hub lets you learn from your fellow citizens to rate these tokens yourselves the bank list token Hub is launching right now and has already been beta tested by your fellow bankless citizens so stay tuned in the bankless Discord for updates and if you are not a bankless citizen well you better sign up if you want access because this corner of Bank list is available for Citizens only I'll see you in the Discord if you haven't yet experienced the superpowers that a smart contract wallet gives you check out ambuyer and buyer works with all the evm chains the layer 2 is like arbitrum optimism and polygon but also the non-etherium ecosystems like Avalanche and Phantom and by Art lets you pay for gas and stable coins meaning you'll never have to spend your precious eth

again and if you like self-custody but you still want training wheels you can recover a Lost Empire wallet with an email and password but without giving the ambier team control over your funds the ambire wall is coming soon for both IOS and Android and if you want to be a beta tester and buyer is airdropping their wallet token for simply just using the wallet you can sign up at ambuyer.com and while you're there sign up for the web app wall experience as well so thank you ambier for pushing the frontier of smart contract Wallets on ethereum you already know him but here we've got Ledger AKA Brian AKA Ledger co-host of the up only podcast don't know if that's the thing anymore we'll ask that later on in the show uh well also the co-host of electric acid trading podcast that he runs with Josh olswitz also the co-host

of the daily open podcasts excuse me weekly open thank you uh and overall uh another content producer uh in the space of crypto uh Ledger welcome back to the show hey thanks for having me my screen got smaller so I don't know what happened there but here we are it's fair market shrinkage that's what yeah I think we I think we wanted to hop right into this because uh there's two forces in the conversation warfare games of crypto Twitter which is uh this is the biggest bull trap of all time versus uh this is just the bounce back out of the FTX liquidations and the three hours

Capital liquidations and this is this is about what's fair value uh and so I'm hoping you can help us navigate that question of course I don't expect anyone to be able to read the future and answer that question but when you hear the question at the very least uh are we in the biggest bull trap of all time what what comes to mind this is the early Innings if it's even a bull trap this is unimpressive yet as an old trap um I am not even remotely interested in selling anything at this moment and bears will feel much more pain even if there's a longer sideways Market ahead um

we are at the equivalent in my mind if you look at ethereum at 2000 of Bitcoin breaching back above 4K um in 20. compared to the last last yeah and I can share a screen whenever you want me to but you can go for it yeah we got to chart this whole episode so this is just a bull trap for ants you're just not even impressed by this so you're saying that like bull traps are a thing and the bull traps are totally possible and we're not there yet so can we talk to me what is a bull trap anyway guys for the non-traders a bull trap is where Bulls think all the pain is over and gone and

done and the real pain has not even started like we're gonna go to 500 eth or 400 eath and everyone that thinks we were done at you know sub a thousand eight nine hundred whatever uh is wrong and they're all gonna feel pain and we're gonna go much deeper um instead I would say Bears will continue to feel punishment um as they try to con fade the market recovery and I mean this across Ethan BTC this is not a BTC conversation um if I look at Bitcoin itself um I see uh really excellent structure

and Recovery this is not to say it can't go down 20 30 I don't care about that yeah I care if it's going to go down another like 60 70 from current prices or make new lows to a significant degree or something like that or massively underperform the S P 500 or broader markets in my mind crypto is way ahead of the rest of the market in terms of feeling pain and recovering to where you may not have had Max Payne in some markets but I believe that we've had Max Payne and then some and major crypto markets there are bear markets going on in crypto right now without a doubt on a relative basis you cannot

objectively look at Bitcoin or ethereum and say that it's true about those two assets now there this is what I said I was going to spoil you with um D5 and I'm using a great product great team great people great principles Ave relative to ethereum is in a massive bear market and making new lows defy if you own the coins or even if you own like nfts those bear markets may have years ahead oh on a relative basis to some of the strongest assets on planet Earth right like Ave relative to the dollar is

just sideways no problem not new lows but when you're comparing it to somebody calls it ultrasound money and ethereum I don't know or the the linear distribution schedule of Bitcoin where you know exactly what's going to happen with monetary policy ethereum we don't know we just know people love burning it you know but either way either way you have this like disinflationary like minimum inflation lowering inflation over time where the world is inflating more and more and with ethereum you have disinflationary and sometimes highly deflationary assets that people are using block space

and there is demand to put hash rate out there and to spend energy for Bitcoin and to spend uh development cycles and compute power on ethereum and those are unbelievably fundamentally strong assets with like really powerful economic principles that no other asset in the world can compare to no I feel like I'm listening to a bankless podcast uh um you're just listening to me this is just me Brian crossguard representing himself and no one else not Financial advice no co-host Financial advice or anything else I love holding ethereum I love holding Bitcoin I love holding hard assets right now I

love when I can actually attach yield to those assets if possible and safe and secure and not over leveraged if you're over leveraged if you're in derivative assets if you're deep down into the weeds of like in a coin since the 1 000th coin not interested not even remotely they're not strong assets if you are interested in the core framework of what makes up decentralized uh applications and finance and money and stuff and Ultra durable that when the United States is going after it it doesn't care because there's hundreds of other countries that'll pick up that baton

there are hundreds of thousands of tens of thousands of other developers and other software creators and other principled believers that see the value of this as money and see the value of this as an application platform and see the value of this as durable goods relative to their piece of crap inflation their piece of crap politicians their piece of crap policies that you don't understand you don't know what's going on you don't know what's going to happen other than that you're going to lose your value over time these two assets are some of the best in the world full stop so you said we're just going to look at price but I'm screening fundamentally based on that and then we can talk about

whether you know some Trader looking at the weekly chart or the daily chart or the hourly chart is going to lose or make money this is great so uh the so that you're you're bifurcating this conversation into two and I think we'll we'll approach each one um the defy and I'm and I'm actually really interested in talking about the D5 tokens but I know that that comes second just because and it's not just D5 it's like I just looked I'm just clicking random eth pairs like avax eth looks like right well okay so the pattern I'm gonna point out here and uh so like Ava I bet if you do ens versus eth it's down I bet you if you do any D5 token and any alt layer one that went

through its first bear Market it's the comment the combinator are first cycle tokens are just down bad versus Bitcoin and ether that's right so like but even like second cycle tokens like snx looks like it could break down relative to eth and synthetics is doing some pretty amazing stuff right now yeah you know I don't know the economic principle I don't I don't I'm not paying attention and that's the problem it's an attention Kobe talks about this a lot and it's an attention economy right right and why why bother down the Deep line if you are not the front page of attention okay can we just take a peek at like a layer two token though like uh yeah which one you want a Matic or like a how about arbitrary okay it's just so new though

okay okay right so like there's like that was another like category of conversation that I had it's like there's the Ethan Bitcoin or the Blue Chips there's a defy tokens there's also the second there's also the layer two tokens Matic is interesting because it's as a first cycle token at his first big bull market this last cycle but then also it's a layer two token to be price referenced with optimism art and arbitrum as well so that's like a third topic of conversation I do I don't want to this is optimism I don't want to own this not relative to each you're saying not real this is relative to eth I think optimism is great this is and this is the dichotomy of a deflationary world

right when you live in a deflationary world when the underlying asset is the strongest asset it disincentivizes creative production and upside there's a ton of like optimism investors early investors are so happy right optimism retail buyers are not and they probably won't be for a year or two you know what I mean like this could all change this is a this is a daily chart this isn't that big of a deal this could change in in a week right now right this moment not interested I want to see much lower prices are you making a case for Ledger like you know you remember that slogan the the dollar wrecking ball or

like the dollar just sucked up yeah it's the eighth wrecking ball is this the eth wrecking ball is that what you're saying it's Ethan BTC wrecking ball where you see essentially the equivalent of uh BTC dominance or eth dominance or Majors dominance now that's a chart I like that's a daily chart of Bitcoin dominance relative to everything else but in the scheme of things on a weekly basis like you know it's still down here there is nothing preventing this from moving another 50 percent you think Bitcoin dominance could get to 70 even in a youth wrecking ball World well Ethan BTC are gonna imagine the double the double wrecking ball

component there like I don't we'll look at each BTC we'll battle about Ethan BTC because that's actually an amazing battle it's like where do you overweight beef BTC like that chart I think Bitcoin has a chance to take like drop a 25 bomb on Eighth that's the worst case scenario in my mind I also yeah for you I also think eth could like double if it just like says all right little Bitcoin boy here set aside and I'm gonna take over because people use me like that's that's a really interesting debate that's the only debate that I actually find interesting because when I look at this is just because it's the chart I have available if I had a BTC and eth versus

everything chart I'm in yeah so why would I own everything if I'm really interested in BTC and eth and to me the high beta so like five percent ten percent of your portfolio is go make bets on things you believe in y'all are you talking about account abstraction like ideas that people are building protocols on things where you invest at 10 million or 50 million that might be worth 500 million a 10x is amazing on like an early stage thing if your Tech is right something that is not the tech is not right or the the product Market fit is not right I'm not interested I'm not interested in something that is

if I'm if I'm the one that got in for a 25 or 50 million dollar valuation and now it's a two or three or four billion that's great I'm perfectly happy to hold it and like move that to BTC and eth over time if I'm looking to get in a two or three or four billion dollar valuation I need a bull market to take that to a 40 billion dollar valuation so when I look at the big layer twos I look at you know some of that kind of stuff I still think they're awesome I just don't think they're awesome for the next like six months like when BTC and eth might stop on absolutely everything six months that's an interesting time uh Horizon here so your basic I want to

connect this to kind of the you know I don't have the privilege of uh yeah yeah I don't have the privilege of people's comments so I'm just I'm talking to my two friends I'm not talking to the YouTube commenters honestly okay so um Ethan Bitcoin like they are Mario and Luigi you know and they just picked up the star I just watched the Super Mario Brothers movie it's awesome by the way was it good yeah and they just they're just smashing through everything there this is a this is a two-year sideways battle mm-hmm two years now eth won the previous like whatever this is climb out of the 2019 bear Market eth climbed climbed climbed and broke up and it

became a big kid right right eth went from I don't know xrp or eth and now it's like that's hilarious you know like there is only eth there is there is Bitcoin and there is ethereum and ethereum leveled up and now it's gone sideways for two years now is Bitcoin gonna pillage and be the bigger Wrecking Ball eth will still do well even if it's at .05 even if I believe it has a Destiny for 0.14 but if it goes to 0.05 and it has a Destiny for 0.14 I have a 3X on a relative basis to win if by by more eth

when that happens so your bet your gamble that you should be making in my mind what I'm gonna make is do I want to own ethereum or do I want to own Bitcoin I want to own ethereum without a doubt for the trip to .14 we ethereum will hit .14 in my mind I also that's real close to the flipping yeah I was gonna say what is the flipping is it but that's what's so thick this is this is this is where the fun is like this is where imagine imagine the Udi versus David like David versus Goliath but it's close you

know like it's really delicious [Laughter] Michael Saylor can be Goliath yeah David David versus sailor right I like that one better yeah so that's a great battle I want to see that battle now David you might get down bad that's a 200 week moving average of eth relative to BTC so the four year moving average and it's like I might as well I'm looking at right there all right zero four nine yeah that's the four-year moving average Heath could go there and sailors laughing at you and talking about

Bitcoin as energy and like he's sitting on top of a volcano and um you know Bitcoins a hundred thousand dollars and Bitcoin and eth is whatever five percent of that is right is it five thousand dollars yeah five thousand dollars that's like oh Cry Me a River My ethereum is worth five thousand dollars but he's like but Bitcoin is a hundred thousand dollars in that voice do you know uh by the way David would you take that bet with sailor could we like meme a uh David versus sailor into existence like bet him on the ratio that'd be a lot of fun I I think both sailor nor I care for that bet but you know what happens you know what I don't care if it's 105 we're just

using these as easy numbers right it could be twenty thousand and twenty thousand and one thousand right like there's the same ratio but let's just say it's 105 in 2025. okay this is a long that's not a short bet that's a two-year process to say a hundred thousand and five thousand and he bleeds out for this is here we go 20 25 January 2025. so this chart just like is a the worst like little race track car like what are those things called that my kids do the yeah the little Zippy black track race cars that's like those hot cars yeah it's like the worst track ever it's like

just the slow drip out where Bitcoin gets stronger and stronger and eth is doing great and bitcoiners are laughing at ethereum people and then ethereums is like all right and it goes 15K and it goes from here to here because I don't know the World Bank is now on ethereum who cares who cares what the narrative is you just need a nerve you need the all the alt season you need the eth leading you need the D5 summer you need that moment that takes three months and it just unwinds all of the Sailor energy and then you have your alt season and all of those freaking layer twos and D5 coins and dog tokens and cartoon

pictures and miladies they go to infinity and then everything explodes again but that's a cycle we just did that we just did that how it always happens 400 to 4 000 . David was like just imagine if my ethereum went to four thousand dollars Brian's like I will talk to you from my evil lair that's what we did so now we're like ah when are we gonna make it again it's like it's only been a year man it's been two years since the market like really topped in a year

since it bottomed or something like that something has to happen that's unexpected right Ledger I mean that is unexpected why is that unexpected because because if Bitcoin is it let's just say Bitcoin goes to a hundred thousand dollars in 2025 but the S P 500 is not made a new high like we and it's like illegal in America to run a D5 company you know and you have five thousand dollar each and that hundred thousand dollar Bitcoin it's illegal to operate a D5 company in America like Bitcoin as currencies in two countries or something like El Salvador and whoever they pick next freaking Cuba or something and it's like that that's the scenario we live in in a

couple years and The Happening happened and the hash rate tripled and like we're all pumped up and but our miladies are worth 0.1 percent of what they were in 2022. I don't have a millennium so this last bear Market when you know young little David was excited about his 90 ether and all I was like fighting with the bitcoiners and I just felt that they were wrong and I had people like Ryan agree with me and all that all that stuff and then then the cycle happened more or less like kind of how we thought that it would play out yeah fast forward to now I do not feel that same level of confidence about reading the market

because like like you said like we got this Gary Gensler guy who's like coming to like jail all of our developers and we have interest rates now and like there's all these new things that make me much less convicted versus uh a whole entire cycle ago but it's because you made a lot of money when the asset was really cheap relative to a typical person it doesn't matter how much money you made right like you own one ethereum you own one ethereum from a hundred bucks and it's like 20 cups coffee right like then you held that until it went to four thousand dollars and you're like I bought four thousand dollars with 20 cups of coffee like I've I've forsook my Starbucks trip

every day for every work day for a month and now I have a used Toyota Corolla you're not like that's the bet you already won that's the bitcoiner bet from Seven dollars to seven hundred dollars or from like this 2012 right right it's the bitcoiner BET from the the harder one was Bitcoin was breaking 2013 12 and 1300 highs and went to twenty thousand dollars that's more like where we're talking about now for ethereum and for Bitcoin the road to bitcoin being worth half a million dollars is really hard for me to

imagine when it was seven dollars when I first heard about it in 2012. so seven dollars to half a million dollars so that's two cups of coffee to a house that's the trade that like you know Lop made right that's the trade that Kobe made like the people that were buying Bitcoin for seven bucks 12 bucks what's the freaking difference between a hundred percent move when it goes to half a million dollars people just hate you they hate you they hate you they hate your industry there's jealousy and envy and you're just like I don't know bro I

hodled so if you are Mr bankless ethereum believe in the network believe in the true value of what this can be the compute layer of the entire world public and private infrastructure that runs on public infrastructure cured by itself that cannot be disturbed or overtaken does not have a single point of influence that can stop it ethereum has challenges right like who who gets governance Done Right can the CIA like change the direction of ethereum governance those are the types of changes you're talking about can one

minor take over the Bitcoin Network can North Korea have an impact these are big kid conversations these are State players don't like that debate because it's too close to being real like what's more powerful Bitcoin and ethereum or a tiny nation state I will take I will put my chips on the side of Bitcoin ethereum before I would put my chips on like the 50th largest country in the world right but what about when that decentralized Financial platform is the fifth largest country in the world it's like Australia or Canada and they're

like uh we just keep printing trillions of dollars and we control it because we have gigantic guns we're gonna Point our guns at Bitcoin and the rest of the world is like no our guns already lost and we have nothing and we are now part of this Empire that's growing that this is the like bitcoinization argument right I'm just putting it in different terms by the way guys if you're curious the 50th largest country in the world is uh by economy is New Zealand so that's alleged just [ __ ] all over New Zealand [Laughter] it's like man I need like I can't name don't even know how to like map out where the fifth 50th largest country in the world but they

know who Satoshi is and they know who vitalik is but who cares who the prime minister of New Zealand is New Zealand looks beautiful presidents or whatever they probably have both it's just a couple of guys that need more power with their amazing like Oceanfront States and they're like Doomsday Bunkers that honestly you might want to bet on New Zealand and against like I don't know something really close to New Zealand because New Zealand's right doomsday bunkers so I had a conversation with Ryan on I think the weekly roll up this last week and it was more or less like a conversation uh about the odds of the next cycle playing out just like the

previous cycles and I remember going a double a double top basically it goes to the same exact spot it went and it's kind of like a a ho-hum is that what you mean wait no I mean like uh in the 2018 2020 bear Market no no it's like it was a bear market and then it was like everyone was like oh the next cycle that comes the next cycle that comes and my like tried to put on the little contrarian hat and I was like everyone's talking about this next cycle as if it's this given thing doesn't consensus mean that like and then it's not gonna happen and then this happened that happened right and that made every single person yeah for the podcast listeners uh ledgers pointing at the covet dump yeah but that's including you including me you know where you were you questioned

everything bitmex had 18 million dollars from Bitcoin going to zero on a derivatives platform that a bunch of like apes were killing each other on that was scary Mar March 2020 I remember it was super scary and that was it right where you were on that moment yeah I remember my office as always David but yeah no we were recording a podcast we were recording episode number two yeah what's that it was a Wednesday or Thursday night I can't remember which but it was exactly I can't I remember exactly no but the like I was the night before

when it was like 5K it was the night before it was a night before yeah yeah yeah all right so Hayes was calling for um triple digit eth for so long and he actually got it and I couldn't believe it sorry double digits yeah double the double digit [ __ ] coin yep and he also like might have had to turn the exchange off in order to prevent Bitcoin from going zero Bitcoin derivatives I'm just making stuff up but like that's that's the fear even though it was the start of like the greatest wealth creation cycle in crypto's history the day after now this is a weekly chart that next week was so scary that next week was

like we didn't go to zero I hope we survive the next week was like wag me baby let's go okay but the question I was asking is like throughout that last bear Market I was just saying like oh everyone's talking about the next cycle that's inevitably coming and then it did and so fast forward to this like here up here with this where they were really talking about that and they lose face they lose Faith they lose Faith they gain it they question everything half the people literally went bankrupt I mean you remember the funds that went bankrupt during that period they'd never experience any of this they never made it because they went broke they never made it because they got but you're saying like right now in this

present bear market like you're you're pointing at like either some point they're gonna do it again we're somewhere between no I'm just trying to point at parallels I'm not trying to say like Third Avenue is going to be the same as Second Avenue I'm saying like it's a street with buildings on it and like typically this street over here is a kind of a growth phase once you build the other Street you know what I mean like yeah yeah Bitcoin city is gonna grow or whatever you know like I believe in the growth of it but if people don't come in and inhabit it then then no of course it can change one of the ways we were talking about it on the roll up was like what

year is it compared to dumping like crazy as I talk by the way all right yeah the comments are saying so as well we're not helping the market right now but okay says one trading chart show and we're dumping is this um is this most like another analogous year is this like 2019 yeah we're not like 20 20 what is what year is it compared to last cycle like I said I don't May 2019. yeah ish like there's a lot of uncertainty will will will ethereum be illegal will Bitcoin be disavowed will somebody who's gonna ban it like is the US the new China

like that's a good question that obviously puts pressure on uh on asset prices but China banned Bitcoin like all through 2017 as well and the U.S bought it and now that you what if the US just keeps Banning stuff the cftc or the SEC or the FTC or the FAA I don't like you know you know on that for a moment there's two things I have actually surprised me about like the kind of the Year regulatory backlash which you've really had like number one that we haven't dumped harder with Bitcoin and eighth price like we that that's surprising everything blew up

like yeah but but also only was on a last Last Week Tonight with John Oliver the other day I saw that by the way I should have reached out and congratulated you guys it was for the uh no I was like how bad did he talk about it not at all or just make fun of Doc lot I'm not sure which it was John Oliver's segment he had his kind of like uh you know 25 minute segment and he was crypto is a failed experiment yeah smashing crypto yeah but with justifiable reason because centralized crypto was a failed experiment Alex machensky with his like banks are not your friend sure it was all of the hits basically all the 2023 hits and they showed a clip from up only where uh dokwan came on uh one of your

lives in between and Martin yeah right I mean Martin shkreli told him the joke really so bad yeah right and that made John L Oliver yeah crazy just uh crazy it's hilarious but okay so but like okay back to the regulatory Point surprised we haven't gone down more I'm also surprised um like the reason I don't think the us will go all out ban I know we're talking about a fundamentals here and it's you know trading price podcast but the reason I don't think those are all up Congress this is a trade yeah but like okay did you see the sessions with Gensler getting grilled in front of Congress actually like you know when I saw his talk where he said two-thirds of the market are not Securities crypto has more friends I think in Congress than I

previously thought 100 it was actually pretty it astounding that was actually a bullish take on the events of like I'm gonna call out a couple of them I hate how freaking uh um what do you call it uh polarized or like partisan it's getting right yeah because I don't think crypto is a partisan thing but there were like Tom emmer and Cynthia Loomis and um but there were a bunch of people that we didn't know as well then either that I'm looking for their names right now Patrick uh was it Patrick McHenry Warren Davidson and Patrick mahenry Tom emmer Warren Davidson Patrick mahenry and I I said they stood up for American

companies trying to operate within the crypto ecosystem in good faith but lack good faith guidance from our own regulators and then you look at Gary ginsler's comments as an instructor versus as the chair of the SEC and he contradicts his own self badly when he was an instructor this was uh Brian Armstrong tweeted this yesterday it's a video of him saying two-thirds of the market are not Securities or something like that right and then now his comments are nothing but Bitcoin is a commodity and which is Generation for that was that uh his pivot is just clear because he started being paid by the banking sector and some backhanded deal I have no idea I'm not going to take the word obviously

that's a complete conspiracy but like something about Gary Gensler just did a complete pivot and you know show me the show me the incentive and I'll show you the outcome I don't know where the incentive came from but I know where what the outcome is which the outcome is like Gary Gensler is here to kill crypto to the best of his ability so there's an incentive there somewhere and I think it could just be part of operation choke point like the you know members of government executive branch Elizabeth Warren whoever just said hey just like to say whatever whale whichever whale is watching this show and counter trading me right now by selling everything they own when I talk about it being the best asset in the world if you could please freaking stop be more upset at me and I'm blaming this Market dump on bankless

podcast and my own wow okay so we started the podcast Bitcoin was 29 700 and now we are down to 20 literally a thousand dollars I started talking at 1940 and we're at 18 30. wow wow okay okay this is this is Kobe dumping everything he owns right now that's my conspiracy theory just because all right no just because he's gonna counter trade me as much as possible can you uh can you open up that that tweet uh that I just sent into a zoom chat here this is a uh I don't know how legitimate this is but I want to get your take on this as a Trader this is Andrew King uh tweeting out uh what could just be great a great viral tweet

uh but he treats out when the market sells off for what seems like no particular reason and this is after the move from ether at twenty one hundred dollars twenty one uh two thousand one hundred dollars down to like 1800 where we basically are right now Andrew Kane tweets out when a market sells off or what seems like no particular reason one can either assume that one the trend has been exhausted and a larger longer correction is on the horizon which is like the call for like a mid-year bull trap or two someone knows something and then he follows that tweet up with a hash which is basically him in time stamping a secret uh so Brian I just want to get your take on on this tweet there's like this weird shift in price action ever since ether broke 2000 and Bitcoin broke 30 000 that all of a

sudden things just dump now oh so I wanted to get your perspective here I don't really care it's too short-term like Andrew is trading you know millions of dollars on GMX and sometimes he's up millions and sometimes he's down millions and he's trading this crap and this is absolute in my mind the noise and not the signal the signal is what's happening on weekly time frames and monthly time frames like charts are very valuable I'm not I'm on here to talk about charts this is the chart I care about when you trade what's what what time frames are your candles this one the

weekly time frame to dollars is this weekly yeah when the market when the market is going like parabolic yeah put me on an hourly chart and I'm gonna like rotate a 2X and a [ __ ] coin to another [ __ ] coin and try to 2x that like but when I'm talking about where do I want my work my value my worth and my like allocation I only care about this do I need dollars do I need crypto do I need hard assets or oil or gold or somebody's dollar milkshake like what's the important stuff and in my mind right now inflation's not under control like we

may have a deflationary shock but we're still printing money we Unwound half of the tightening that we did in like two days of crappy bank failures and Federal Reserve failures to control the situation and they tried to blame crypto because they know that they are totally screwed unless they find a scapegoat right that's my that's my personal opinion I don't want First Republic Bank shares they just went down like 50 yesterday because they're like oh yeah we still suck silver like silvergate and Stargate press release yeah like whatever the whatever all those banks are like

signature and all them Stargate I want to put my money in a big fan of Stargate well there's a Stargate I'm an investor sorry a slip 40 Freudian slip uh it's the that's the layer zero I know you don't like the naming conflict there but layer zero and Stargate are a thing that's a messaging protocol between things so sorry I didn't mean oh that's right silvergate and signature and um Silicon Valley and First Republic they have all these unsecured deposits over 250k and they're losing their deposits because people do not trust their money in those institutions right I do trust that my ethereum is my ethereum I trust that my Bitcoin is my

Bitcoin they are they are worried about that stuff because if people lose trust in that they lose trust in dollar hegemony and all that kind of crap that Bitcoin Maxes talk about for years and years right right and I think those are real arguments and when you have periods of fear and concern and you start questioning is a bank run possible no as long as it's JP Morgan and the US just says we'll keep printing to make it work that's what they're doing we will backstop the biggest banks and you know to the rest you know it's like the rest can just like just go suck it up right

like for sorry if you're a bondholder of a mid-sized Bank in South Dakota right tough luck get your money out like why would you want money in anything but JPMorgan Chase damn it Fletcher's coming to like slay some people today man this is the truth is we have fragility in our banking system and they're all complaining about the fragility of scammers in crypto they cannot they cannot make that argument about decentralized protocols and products that are built on sound principles we're 100 aligned on that I don't know but that's why the prices are reflecting

it right okay that and that's what I want to want to make that connection is like how that relates to this chart here but uh there's a ton more that uh yeah sorry but I'm just I'm just that's this is great this is my third there's some other assets I want to talk to you but we have to uh immediately cut to sponsors to talk about all these other ways that make this show you got me fired up man you are fired up and I want some more of that all right we'll get we'll get right back to some some [ __ ] coins uh right after this learning about crypto is hard until now introducing metamask learn an open educational platform about crypto web 3 self-custody wallet management and all the other

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where you can join the community dive into the developer docs Bridge your assets and start building your first app with arbitrum experience web 3 development the way it was meant to be secure fast cheap and friction free the Phantom wallet is coming to ethereum the number one wallet on Solana is bringing its millions of users and beloved ux to ethereum and polygon if you haven't used Phantom before you've been missing out Phantom was one of the first wallets to Pioneer Solana staking inside the wallet and will be offering similar staking features for ethereum and polygon but that's just staking Phantom is also the best home for your nfts Phantom has a complete set of features to optimize your nft experience pin your favorites hide your uglies burn the spam and also manage your nft sale listings from

inside the wallet Phantom is of course a multi-chain wallet but it makes chain management easy displaying your transactions in a human readable format with automatic warnings for malicious transactions or phishing websites Phantom has already saved over 20 000 users from getting scammed or hacked so get on the Phantom waitlist and be one of the first to access the multi-chain beta there's a link in the show notes or you can go to Phantom dot app waitlist to get access in late February biggest Nation we are back with Ledger who is just to spend some it's been some hot fire lately and uh it's been a while since you've been doing some podcast letter because you've had a an Emergency uh removal of an appendix uh congratulations on that I guess yes yeah I found out yesterday it actually

had ruptured and I didn't know that so like not all I had to I had to get it all removed and then my my gut was rotten so I had a couple weeks in the hospital um or a couple weeks with multiple trips to the hospital and um I do still have your appendix yeah congratulations I'm gone no appendix man oh wow I'm the only one I don't need what's on this show right now you don't need it I'm not gonna gross you all out with some of the stuff I learned not having your appendix is kind of bullish like I'm kind of scared to ask one you don't want to ask any more follow-ups like we're gonna lose all your listeners it's

an optional organ David you don't need it I know that I'll explain it I'll explain what I learned later told me the answer to what an appendix is used for so we'll talk about oh I know what an appendix is used for what uh it is a store of bacteria in case your colons just get absolutely wrecked from infection it is a nice little Warehouse of bacteria to restore your gut microbiome yeah have you ever played Oregon Trail when they die yeah dysentery it's because they can't coat themselves in good bacteria and then they start consuming bad bacteria again and so then they're in trouble if they don't have

their appendix to serve that function wait so your your appendix is just a side chain is that is rabbit hole it means if you if you lose your appendix it's because you weren't using it very often which means your bowels do not drain themselves out because you died in Oregon Trail uh so you live in a modern society in a modern society where you're not completely emptied out then you don't use your appendix and it gets a little rusty and it can't handle it and it just overflows with death because it's not being utilized well enough this is quite possibly the most bearish content told you I wasn't gonna do it this is

what you do at a bankless Meetup with like three beers and you're not not When You're Sober on in fact we're gonna get the clip team to make a clip out of this and share this on Twitter with any context about why we do this in appendix this is this is just decentralized trading content nice nice oh my God I don't know if I want to continue this coming let's get back to the charts let's do that yeah can I get you to pull up some Outlet ones can we look at Solana oh I love Solana somewhere relative to what salon you look at the shape of the line and you tell me how you feel about it

I'm gonna take you to so I don't have soul eat but I have soul USD and soul BTC okay so Seoul USD it's like this is what I would call um let me see if I have them yeah there we go a bunch of lines this is the SPF three dollar kind of range bounce like that's the that's like the destiny chart in the worst possible case scenario they actually have done some really cool stuff so what they haven't been able to get into is this kind of bear Market range that solanum like Solana Maxis would have loved to be the bottom but then SPF happened and FTX failure happened and it was like yeah

LOL like no these coins are gone because our cost basis is like 11 or 50 cents or you know something like that so we're still totally fine dumping on your face at ten dollars so that we don't go bankrupt as a firm or as a hedge fund or as a whatever so it went to 10 bucks and now it's like at 20. okay 2X that block whatever can it get back into the previous range the 25 to 50 the one where Solana people don't feel like they're dying this is ethereum forty dollars or not forty this is ethereum like 100 plus and Solana ten dollars is ethereum a hundred dollars and Eight dollar Solana was ethereum

eighty dollars ethereum's going back to 15 bucks where it was when it went on coinbase I don't think that's gonna happen but this isn't a good chart it's not a chart where I'm just like you know what that's what I want to own unless I think it can go from 25 to 50 bucks and I'll disclose I do have a little like long long long long long term salon and not a meaningful amount but swanna owned for a long time and didn't sell that portion if I ask you to look at like other outlier ones would you more or less give me like a similar story maybe worse I think Solana actually has a chance to ethereum itself I think the monitor monetary principles of Solana are just as bad as ethereums were in 2018.

like there's still a lot of inflation there's still a lot of centralization but like only on Solana is a great narrative only possible on Solana the Solana phone um I'll disclose too like totally he told me he was going to send me a phone I haven't gotten it yet but his challenge was use it for a week and see what happens and like I was like yeah man that's awesome like if I can do crypto on my phone and get out of the Apple ecosystem of absolute anti-crypto trash other than maybe Steve Jobs with Satoshi um did y'all see that the white paper yeah I saw that yeah um but anyway I think that's amazing I think like Solana if Solana could be like the the Third

Avenue right like the Bitcoin the ethereum the Solana achieve Network effects that have power and then they can like fix the things that are wrong ethereum sucked in 2017. yeah it was an Ico hosting platform yeah and now you have Ave and you have um uniswap what did it hit 1.5 trillion dollars of transaction volume yeah that stuff is amazing like ethereum is is money ethereum is uh set principally sound even if chaotic um so you think it has a chance to be that third yeah thing but but without a doubt and you wouldn't would you put any other

alternative layer 1 in the running for that no yeah I agree which ones would uh Cosmos maybe um basket of it Adam is that is good money is bad yeah and it's also a cathedral Solana's kind of a bizarre like the same way that ethereum was you know it was a little bit cathedraly like the only who was building on it but now they got thousands of people building on it in a absolutely chaotic way the way that ethereum was in 20 years but what does something like even Solana do against Bitcoin and eth because to the point you in the first part of this episode you're saying the lane two assets it's a two-horse race is Ethan Bitcoin I don't care about anything else at this phase

of the market I don't look where it is look at what I'm looking at Soul BTC is not something I want to own not right I'm talking about the fundamental case this is where I talk about that fundamental and then the trade the trade is not there for Solana the fundamental case I think might be building but I don't know like maybe it's not until it goes down to here right it could go to if you said Ledger is pointing to something that's like down 60 percent down a lot I'm not familiar with these numbers here the ratio of sold to bitcoin here that's a 50 dump relative to bitcoin so if Bitcoin goes to 40 or 50k and Solana stays at 20 bucks

here we got some comments in the chat saying you guys are completely discounting uh cardano and ripple yes yes we are doing that I don't know I'll take that one to the Grave I don't have to own it you don't have to own everything why would you want to own everything take concentrated bets and believe in them and I I see a world this is like a banana parabolic down move relative to bitcoin like that that's not that's not pretty as it accelerates it's like yeah it's like it's sloping more down the longer you go and it's not great do you think that this changes at any point right like or when does this when

does this change like do we have to have the face do we will we feel the phase shift of the market okay so you won't be first but you don't have to be last okay so like this is an era you're saying where we've just got Ethan Bitcoin they're going to outperform everything so you don't think it's worth owning anything relative to them but that will change at some point 100 and you need to that's when you're ready to take your incredible buying power of ethereum and Bitcoin and deploy and deploy it go down how will you know how will you know when it's time this is a this is let's go back to principles right of trading this is a 20-week moving average it's getting pounded by

the top side 20-week moving average which is I mean five months is an absolute ceiling it cannot get above a four to five month a quarterly price right just just to just pick this for the podcast listeners the Solana chart the all the candles the green Channel candles the right channels are going down into the right there's a white line above all the candles and anytime the candle touches it pounds into the ceiling anytime it touches the white line it plummets and so that's the same thing Bitcoin that's the same thing Bitcoin did from 20K to 3K mm-hmm if let's go I'm gonna go look at it real quick this is this is why this is what I

use charts for and it's taken me some time to like just know you don't have to be there okay this is Bitcoin after it went to twenty thousand dollars in 2017. this is that same moving average it doesn't really matter what you're using but this just a a chord imagine it isn't like a quarterly price almost or a one-third of the year you couldn't get above that got slammed by it 6K it was sitting at it and it got decimated to a four-year average price when it finally broke down Salon is not even four years old it doesn't even have the green line but can when does it when am I interested turn it tell me that the price can get above the average price of

the last one third or one quarter of a year and show some support but that takes the way you guys were in ethereum land in 2017 and 2018 and 2019 Believers it's Believers in Solana and Solana has thousands of Believers that need to absorb those coins and show that it can bottom relative to bitcoin that's not even relative to dollars right like that's relative to bitcoin and then I'll say okay I will take some precious Bitcoin or some precious ethereum and I'm gonna put some of it into the salon I don't care if the price of Solana is twenty dollars or a hundred dollars I don't care I don't care what it is

relative to my current established buying power of the two most powerful Assets in the world that's what I care about can I buy 20 Salon or 100 Salon or whatever it is for every ethereum that I deploy into it what I don't know what the ratio is but like if I can as long as the trend has flipped then I will earn more relative ethereum because the price of Solano went up and then someday maybe I'm actually going to want to hold Solana even through a bear Market not all of it if I have a I don't know 100 Solana I might hold 10 through whatever price it goes to next and I sold 90 of it with

relative buying power and put it away for the home team because I want to like retire someday you know what I mean that's the trading component of this broader fundamental narrative and you think that what's really important here is this moving average here this is this uh it's just Trend trading it's just saying trading Trend trading based on a quarterly Char a quarterly price average or something ish you know 20 weeks versus 200. one tenth of the time frame is faster than the four-year time frame that's all that means 20 and 200. when do you think that happens are you just looking at charts and watching for kind of the you know the time to switch or do you have like a date you have no idea

with that the dollar the dollar version of it says it's okay to hold right now David you're uh muted maybe on purpose yeah you're probably good uh this is why we bring Ledger on every six months because I feel like within six months you know we'll be able to he'll be at some point I'm just waiting for him to tell me like oh yeah bye bye bye bye it happened three months ago it had a chance literally on relative to the dollar right in October in 2022 and then FTX failed and it went to zero right you guys want to know why we're dumping right now why uh here I've just sent you a tweet uh Ledger Mount gox and government wallets have started making transactions so Mount Cox Bitcoins are on them okay so it's not my fault he's just not here I'm

blaming carpelli's [Laughter] uh uh so I don't know if that's actually meaning we're actually being things are actually being sold into the market or Traders are just selling because of fear of others I'm sure it's both but this is where other people can shine like they can sit there on the hourly chart Mount gox coins will be absorbed those are massive W's by people that were into crypto way before us right and even though they lost 80 percent of their coins they still like 100x like right that's the best Force hold ever unless you sold your claims and like never got them and by the way that's where Solana people are now right like Solana people have their coins locked in FTX and they're selling their claims for 20

cents on the dollar what if Solana goes to 200 bucks again and at 10 x's and they're crying and they're gone and they're like running a food truck now because they don't believe in crypto and instead they could have 10x they could have 10x from here trading on Kyle Davis that is csu's exchange I'm sure that that's gonna hit someone that's probably someone's specific story of you know I don't I feel bad saying that but there's one guy who heard that and felt personally attacked um Can it can I ask you I've been there man not at the food trucks but you know down bad a rite of passage um this entire episode on trading and prices we haven't yet once mentioned macro and like the r word of recession

or anything else does that factor into your analysis at all are you just like I it's too much I can't even it's a lot factor that into the model so I just ignore it because I know some kind of crypto traders who are just like I don't pay attention to macro because no one actually knows what's going to happen what's your take on this I think we're kind of at an inflection point if you just look at the dollar the Dixie relative to other stuff but all these currencies suck um like the dollar could bounce have this actually if you're just looking at a chart a chart is a Charter's chart Josh will switch 2017.

um and I don't put me on a deserted island I'll look at the chart and I'll tell you what I'll do sometimes I'll be right sometimes I'll be wrong but hopefully 60 percent of the time I'm right and therefore I win I'm allowed to be wrong I'm allowed to get it wrong I'm allowed to not understand but I'll look at the chart in isolation and make the call lacking fundamentals my value add is can I look at the fundamentals and then take the same exact strategy and that way I'm not trading like Doge Pepe Taco coin and instead I'm Trading ethereum right like the easiest win of all time paypay coin zero ethereum not zero in

the future in the long run I once traded Bed Bath and Beyond and 10xed my money on Bed Bath and Beyond stock were you bullish on fundamentals sir or is this just they had a billion dollars in the bank at the time since then that was more than the valuation of the stock they owned their own real estate and I was like this store sucks people go here in August when they're about to go to college and then they go there I've been to Bed Bath and Beyond I know you'll you'll go again when you have a baby but it won't be owned by them because it'll be owned by someone that bought the bankruptcy assets for pennies on the dollar but the charter is to charge that's the chart and I 10x my money on bed to Bath

and Beyond a small amount of money that turned into a reasonable amount of money and I like did nothing but trade that for 2019 because guess what crypto wasn't worth trading and that chart was like everybody was like this company's going bankrupt and I was like yes they are but not yet and now they're bankrupt I haven't traded it since it was became a meme stock once it became a meme stock I was definitely no longer interested but I turned a few thousand dollars into a few tens of thousands of dollars doing it and then I turned a few tens of thousands of dollars into E3 and gbtc when the market was doing well and now my IRA is worth a little bit of money

and that's pretty freaking awesome and it started at like nothing and that's all right further questions this is an honesty episode right where I'm coming out I'm coming out firing it's tax protection a new man I won't touch it until I'm 65 years old and it's not like the majority like I own a home and you know I have some a couple of other available assets like it's not going to change my life in the near term but the fact that you turn something from your first job into you know six figures or something like that because you traded Bed Bath and Beyond stock in a tax protected account it's pretty

funny that's a great story all right well David do you have any other questions about charts prices because I want to oh not about charts no what are you doing these days ledger so is it like is it like 2019 where crypto super boring and you got Bitcoin when you're waiting for things to happen so why trade so what are you spending your time doing this isn't just um Brian I want to actually give this take give this take out there um when sometimes uh when the charts are not uh conducive to trades sometimes when the markets aren't ready their

option to build a company and invest in private markets by building stuff is actually the best Roi on your time uh and so Brian what are you building these days uh I'm trying to not dox everything but also show you flip we're releasing um we're releasing this coming week the Best in Class OTC trading platform for nft for first what what is flip.xyz if you go to flip.xyz let me show it yeah yeah I'm trying to pull up what we're doing

you got the screen yeah yeah I was trying to show you what we're doing next you've got a next thing after flip.xyz no no this is what people see on flip today okay so this is just you know jpegs love jpegs but this is share Corners with charts with images yeah well not all of them I am my pudgy and my pudgy is me um but most of these are going to zero right like um but there's like incredible utility in some stuff as well like I'm a huge believer in ens I absolutely love ens own tons of them on stuff that I think is worth millions of dollars but nobody else believes it yet

um but I'll just sit there and hold it until somebody else decides they want to name their you know child after their ens or like a sports team or whatever is gonna needs to own that ens and there's incredible like profile utility in that but today at this moment you say you just sold me and I'm gonna you know go buy these ens so we enable trading and sweeping and all the same things that you see on Jim and Genie and blur or wherever else and it's it's pretty darn cool um we also I can't show you because it'll dox me real bad um but you know Dr wallet I see so yeah so I have I have six wallets I have six

wallets connected to my flip account because we have multi-wallet Multi-Device Hardware wallet hot wallet Mobile Wallet rainbow wallet coinbase wallet metamask all connected to your flip account and you can view an aggregated view of your portfolio you can sweep and shop and transfer between all of those it's a incredible all-in-one solution for nfts that also has this like really impressive Market data for any collection that you're interested in Who's involved who are the top holders what are they doing what's the trait of these collections this is awesome man what's the team size behind like what do you guys

it we're very small there's Progressive um yeah we're a sub 10 person team and um yeah and it's it's it's really cool like you can go search for you know dictionary words and I want to buy a top 5 000 word and you can go find out what those in our ens words are or like here you go can we can we determine what the top 1000 words are as valued by EMS names humans now finally can figure out what happens 100 words are yeah half an eighth you can buy either.eth for 0.85 eth and you can buy it on flip it's a

top 1000 word 5000 word it's a dictionary word and then when you go to buy it you can um I don't know what this is let's go I love how we're just buying words now and we're not even thinking about it but domain people you've been doing this for a while yeah this is thank you thank you this is literally domains so I can buy this or I've never had a phrase like that uh david.eath is that a thing oh yeah Dave yeah he's in uh he's in Dave Dow shout out to the Dave Dow telegram at least I know a few of you guys are in here okay by the way if you are listening to this and your name is Dave no you are not here's the shaved out here's the show then you need to DM me right now

telegram the owner of Dave dad although Dave is in the Dave dot telegram I don't know what that show was about but what I just did is I followed I followed david.eath on flip so I can also put it in a I want to buy folder or I can add new folders and then I say if it ever goes for sale if it ever gets listed canceled transferred and then also for ens show me renewal and expiration events we'll send you a mobile notification that something happened with david.eath so if your name is David and you want to own this then you are not very smart if you're not subscribed to What's Happening Here we we show a history where somebody paid 32.8 eth for

this and they've held it since uh six eath back in in whatever this was March 2020 and you can go look at that and say oh that was on open C they have paid their royalties so like we're we're very much in the royalty conversation we want to be opinionated about that if I go to latest because I I have uh just PTSD from not purchasing David yeah it's fun this is just the nft market so in the last minute people have been wait can we go to ryan.heath what was the last price for ryan.eath was it above or below David there's got to be above the [ __ ] out of here let's get the [ __ ]

out of here let's see if we can find it as an asset not as somebody's domain he doesn't have ryan.eath in the same in this same thing because we're trying to search for it by uh I need to search for it somewhere else but oh interesting we'll solve that battle later so I don't think he holds right this is awesome so you think jpegs are coming back then Ledger no not no they're not how about a new round of jam why are you building this because this is not jpegs this is nft infrastructure and nfts are non-fungible tokens on a blockchain and we are really good at showing what's

happening on an ethereum nft and an evm compatible nft in the future somebody needs to come give us a lot of money and we'll build this and we'll put it on arbitrum and we'll put it on optimism and we'll put it on Avalanche we'll put it on wherever you want to put it that's very expensive to take a blockchain and then put it in a database so ethereum later layer one we are presenting the market in a way that we can present hey unpaid paid partial royalties who's what are the average royalties on blur what's the market share of blur and gym and open C what's going on with this nft that I'm following so the next thing um I'm trying to show you without doxing

myself badly is uh I can't do it um this is you talking to yourself it's okay I really can't oh um I want to be able to show you um essentially like my feed so what we're releasing next week is I want to make you an offer um so what we have right now is we have some like onboarding stuff and you can look at your your point so you can get some of that stuff what we're about to release is I want to make you ah let's see if I can do this without getting in trouble by the way Ryan ryan.heath was bought for 10 eighth four years ago and it has

not moved since all right and what was David 32 eth but it was bought in this last bull market so what's your uh hard to get prices on that one what is your uh your thing stay uh no David hoffman.heath okay who's that don't I no you're called practical B on ours you must not have it you didn't let it expire did you David no no you got a bank list.ieth if you want are these yours uh yeah that's on me yeah okay so that we're releasing this next week so this

is our OTC interface oh yeah that's awesome I'm Gonna Give You 0.01 eth for this fair price for your crypto Punk David I'm also I'm also going to give you I'm gonna give you a rocker Punk and .01e oh you can give me a bundle you can bundle up a trade I can bundle up multi-asset eth weath whatever you want this is not released yet I'm probably in trouble right now um I'm gonna send this to you multi-asset and then I'm going to propose this trade to you I gotta go I'm gonna have to I'd have to go approve a couple things and all that sure sure it will send you a desktop notification that's in kind of a tweet

deck type format it's going to send you a mobile notification it's going to have a publicly shareable link that you can just view the trade proposal I'm going to be able to send you a message that says David definitely accept this offer and I say continue and I'm going to approve my weath which is going to pay the royalties for my side so we're this is positive royalty it's a PRI it's a trade interface this is all in our staging development so I'm going to go away now before I make any like really big mistakes so I'm going to do all that send it to

you and then you're going to choose whether you want to accept that deal or not and what this does here's what's cool about this it's really awesome it really prevents scamming like you think this is an approved wallet with an ens attached to it they've authenticated on flip they have a multi-wallet portfolio on flip and they can safely engage in this OTC trade that's built on top of Seaport it's just not open C and hideous and whatever else but we're using open Technologies to build better interfaces and better tooling and we're supporting creators that we partner with and we're looking for creators that want to work with us to be their official OTC platform to enable people following

markets to say I can't follow all this crap but send me a notification when something cool happens on stuff ion beautiful that's what it is there you go that was a great that it's Testament to what you're building and also the way that you present it that not a single person dropped off the streamers after going through all of that going from charts to to talk about flip we're still at 650 viewers pleasure thank you so much for coming on and helping us walk through this chart and also showing us your your coolest piffy new product I appreciate it it's uh we've been around a while but honestly when there's no Market you're building a product for where you think the Market's going to go and I think jpegs with uh all coins with pictures is really stupid

I think your punk or my pudgy penguin is really cool I also think ens is really cool and I think nfts are going to be used in incredible ways that we don't understand yet for ticketing and access and membership and gateways and things that actually matter where you need non-fungible tokens not erc20s but do not hold those jpegs until you buying power right now you want to hold Bitcoin and eth is the message from Ledger then you can buy the jpegs later see he gets it it's easy it's so easy build the jpeg platforms and then buy the jpegs later master plan uh guys I hope you enjoyed that looking

at prices today Ledger thanks for thanks for coming on man it's great I love the energy thank you so much it's been a real pleasure to be here look we're excited to weather the rest of this bear Market with you for however long it goes or however short it is we don't know of course none of this bankless listeners has been Financial advice crypto is risky so all the tokens you could definitely lose what you put in but we are headed west this is the frontier it's not for everyone this hasn't been Financial advice but we're glad you're with us on the bank list Journey thanks a lot