Celsius CEO ARRESTED

Transcript

and, here, we, are, not, just, just, over halfway, through, 2023., Quan, is, in, jail, in Montenegro, waiting, to, be, extradited, to the, United, States, Sam, bankman, freed, is under, house, arrest, can, only, assume, he's going, to, jail, machinsky's, going, to, the jail, suzu, and, Kyle, Davies, are, still, on the, run, but, they, are, completely ostracized, from, the, West, they, can't, step anywhere, outside, of, Dubai, or, otherwise they, would, be, arrested, so, that, box, is not, yet, checked, however, with, all, the other, boxes, checked, and, the, complete fall, from, grace, that, is, through, your capital, and, probably, the, very, likely cases, and, efforts, going, into, actually grabbing, those, guys, is, probably, going, on behind, the, scenes, that, we, don't, know about I, say, that, we, have, permission, to, be bullish Banco, station, it, it, is, the, third, Friday

of, July, and, it, is, time, for, what, David uh, it's, the, bank, this, Friday, weekly, roll up, Ryan, where, we, cover, the, entire, Weekly News, in, crypto, which, is, always, an ambitious, Endeavor, yet, we, persevere nonetheless, into, the, frontier, no, matter where, we, are, in, the, world, as, you, can tell, I'm, gonna, you, know, you're, kind, of, a cramped, little, this, is, the, most, cramped podcast, recording, setup, I've, ever, had, it looks, good, actually, so, uh, David's, in Paris, and, by, the, way, bankless, Nation this, is, the, first, time, we, were, actually doing, an, episode, in, three, weeks, all right, it, says, mine, and, Ryan's, first podcast, in, three, weeks, which, is, the longest, time, that, we've, gone, since starting, this, podcast, yeah, so, we've, had uh, David's, been, off, climbing, mountains and, you've, got, some, more, Mountains, to climb, by, the, way, I've, got, one, uh, so, we

queued, up, some, podcasts, we, we, put, those out, for, you, for, the, last, and, I, I've, been doing, some, solo, episodes, David's, got, one more, mountain, how, has, it, been, so, far uh, it's, been, pretty, good, let, me, tell, you the, Whiplash, between, being, on, a, mountain and, then, the, next, day, flying, to, Paris, to go, to, ECC, so, like, from, Mountain, to crypto, conference, in, under, 24, hours, was a, lot, I, was, sitting, on, the, plane, there was, a, few, moments, I, had, like, halfway, up the, mountain, I, was, like, climbing, Rainier and, we, were, like, 12, 000, feet, with, two thousand, four, feet, more, to, go, I, was pretty, exhausted, and, I'm, like, this, is, my first, vacation and, then, I'm, like, and, that's, what, you choose, to, do, that's, what, I, choose, to, do yeah, and, then, and, then, just, a, day, and, a

half, later, I'm, on, a, flight, to, go, to, uh Paris, and, I'm, like, 10, days, behind, on anything, crypto, related, like, crypto, is, a new, industry, 10, days, later, yeah, I, was like, sitting, around, like, man, I, need, to catch, up, on, crypto, what, do, people, do, how do, people, consume, crypto, news, what, do they, do, when, they, need, to, catch, up, on the, week, oh, I, can, listen, to, the, roll, up weekly, rolled, up, with, you, and, Anthony and, I, was, like, oh, this, is, so, useful, yeah it, you, know, it, is, really, useful, I, mean bankless, I, think, for, for, me, and, for, you David, has, just, been, about, kind, of, a journey, of, creating, content, and exploring, subjects, that, we, would, have wanted, to, explore, otherwise, so, it's, just kind, of, a, chronicling, of, that, of, that Journey, I'm, glad, you, found, that, roll, up

so, useful, David, that's, great, that's great customer, I, am, I, was, very, satisfied, okay remind, people, Anthony, did, a, great, job, a huge, shout, out, to, Anthony, cesano, for yeah, three, times, over, the, last, like, five weeks, or, so, yeah, I, mean, he, really, is, the third, uh, podcast, co-host, is, it, yeah, even if, he, doesn't, know, it, yeah, he's, better than, us, okay, so, what, are, you, doing, in Paris, you, said, a, crypto, conference, what conference, is, that, eat, CC, so, I'm, at, the ethereum, Community, Conference, so, I actually, ECC, is, interesting, because, it was, the, Super, spreader, event, right before, covid, so, it, was, the, last, ethereum conference, before, we, shut, down conferences, and, then, it, was, also, the first, conference, in, 2021, that, started

things, up, again, so, this, is, the, third, HCC since, the, conference, season, really, got started, conference, season, started, after like, in, 2021, where, crypto, like, was, dead between, 2018, to, 2020, from, the, perception of, the, outside, world, to, very, very, much alive, and, so, this, July, it's, always, in July, it's, always, in, the, same, place, it's always, the, same, org, like, running, and programming, this, thing, and, so, it, always feels, like, uh, you, know, one, trip, around the, sun, it's, like, an, arbitrary, birthday for, all, the, conference, Growers, out, there it's, like, oh, it's, a, nice, Landmark, every single, year, so, this, is, ECC, number, six this, is, my, third, uh, it, was, great, it's been, great, I, was, I, always, like, to, ask because, as, you, know, I, don't, go, to, these things, I, only, go, to, like, one, uh conference, a, year, and, that, is

permissionless, uh, which, is, coming, up, by the, way, when, is, that, coming, that's, the next, one, you're, doing, that's, in September, that, is, next, permissionless, is next, yeah, all, right, so, bankless, Nation make, sure, you, grab, a, ticket, if, you already, have, it, but, ECC, is, different, uh my, impression, it's, very, it's, kind, of, a technical, type, type, of, traffic, my favorite, question, to, ask, people, and we'll, get, into, some, of, the, events, some of, the, um, announcements, that, were, made at, ethcc, but, the, question, right, now, is because, we're, still, in, a, bear, Market it's, like, what's, the, vibe, among, the builders, so, how's, everyone, feeling, like what's, your, assessment, because, you've been, to, so, many, eccs, how, does, it, compare to, previous, ones, yeah, I'm, since, it's, at the, same, venue, every, single, year, I walked, up, to, the, venue, this, year, and

there's, always, people, like, kind, of, just hanging, out, outside, if, you, don't, people come, without, tickets, and, so, they, come into, hang, out, outside, and, then, people take, a, break, outside, so, there's, always people, hanging, out, outside, the, venue, and I, was, walking, up, and, I, see, like, the massive, people, that's, always, there, and, I could, just, tell, it's, like, oh, thank, God it's, a, calm, one, this, year, because, last year's, was, insane, and, also, it, was, 100 degrees, last, year, this, year, was, only, 80 in, Paris um, so, I, would, say, it's, calm, and Relentless, like, the, building, the, rate, of building, in, ethereum, has, always, been like, redlining, in, a, good, way, like, at, the highest, RPMs, possible, whether, you're, in a, bull, market, or, in, a, bear, Market, that hasn't, changed um, and, specifically, the, building, now, it

really, feels, like, people, have, always been, building, hard, but, rubber, is, really meeting, the, pavement, here, and, I, think we'll, see, that, as, we, go, through, this weekly, roll-up, agenda, and, you, can, just kind, of, look, around, this, space, like layer, twos, are, shipping, like, the infrastructure, around, layer, twos, are shipping, hard, uh, entire, ecosystems, are transitioning, everything, is, that, all, the hard, problems if, they, are, not, being, currently, solved they, are, on, the, cusp, of, being, solved, and that's, that's, kind, of, how, I, would, share the, sentiment, of, Builders, is, like, it's real, inside, of, it's, been, real, in, the last, like, six, months, and, like, the, next six, months, like, a, lot, of, very, real, stuff hard, problems, are, getting, solved, I, like those, words, calm, but, Relentless, uh, is, a really, interesting, way, to, describe, it

and, there, was, a, bankless, party, event, as well, that, we, had, for, for, bankless Citizens, uh, this, is, a, photo, from, from one, of, these, uh, so, what, was, the, vibe there, yeah, this, is, the, bankless, team, so this, is, at, the, end, of, the, party, we, took a, took, a, team, photo, party, was, great, for all, the, bankless, citizens, shout, out, to all, the, bank, citizens, that, were, out there, I, talked, to, uh, John, Ice, cool, from the, Dow, quite, a, lot, there, and, just, a number, of, other, people, you, know, while talking, to, all, the, the, bankless, citizens there's, like, certain, archetypes, across crypto, of, course, we, know, this, the different, different, tribes, I, would, call the, bankless, Citizens, like, the, Athenians of, crypto, oh, really, they're, like, yeah they're, like, there's, a, lot, of, dads, we have, a, lot, of, dads but, like, there, there, are, a, lot, of, people

who, really, care, and, really, care, deeply about, crypto, and, they're, living, like they're, like, it's, a, lawyer, with, the, two kids, or, like, and, why, I, call, this, the Athenians, is, in, the, 300, movie, you, have the, Spartans, and, the, Athenians, talking to, each, other, and, the, Spartan, the, the Spartan, guy, who's, I, can't, remember, the name, uh, the, guy, it's, just, like, a, warrior Society, right yeah, and, like, he's, asking, the, Athenians who, want, to, join, the, fight, and, it's, like what's, your, profession, and, one, guy, says like, Oh, I'm, a, blacksmith, and, he's, like oh, what's, your, profession, it's, like, Oh I'm, a, cobbler, and, like, oh, what's, your professional, I'm, a, farmer, we're, the Athenians, like, it's, just, this, very diverse, group, of, very, like, humble focused, people, who, live, in, a, society live, in, a, collective, uh, and, so, I, I, just

it's, like, everyone's, just, really appreciative, of, course, of, like, the podcast, but, like, the, diversity, I, think diversity, is, really, the, word, I'm, going for, here, is, is, pretty, pretty, cool, to, see I, really, love, that, description, of bankless, uh, as, the, Athenians, I, feel, like Athenian, myself, so, uh, that's, that's really, cool, to, hear, David, I, see, a, lot, of plants, at, this, uh, venue, is, that intentional, David, yeah, so, I, wish, I, could say, I, picked, this, place, but, Rachel, who is, in, the, middle, uh, she, picked, she picked, this, place, uh, curator, of, Vibes the, the, drinks, were, fantastic, uh, I, had, a number, of, training, Cocktails, so, I, got, I got, a, little, loose, uh, and, because, we, had this, uh, beautiful, event, sponsored, by Sega, all, the, drinks, for, the, bank, of, the citizens, were, free, these, are, the, if

you're, a, bankless, citizen, you, come, to the, bankless, Meetup, you, get, free, drinks uh, the, founder, of, Sega, was, there, and, we were, talking, a, little, bit, Ryan, do, you know, what, an, exotic, option, is, no, that sounds, uh, fun, exotic, is, it, fun yeah, so, it's, an, option, that, it's, a, it's so, you, have, normal, options, you, have vanilla, options, and, you, have, exotic options, I, think, the, simplest, way, to explain, an, exotic, option, is, if, this, then that, statements, for, options, so, like conditional, options, so, he, was, like walking, me, through, what, like, what, you can, do, with, with, exotic, options, and, so if, you, are, interested, in, exotic, options or, you, are, interested, in, free, drinks Sega, might, be, the, place is, the, link, yeah, so, thanks, very, clean

for, Sega, for, providing, defy, exotic options, and, providing, the, bankless nations, with, our, liquidity, and, the, next time, the, band, gets, back, together, of course, is, that, permissionless, and, hope the, Athenians, the, bankless, citizens, uh show, up, for, that, one, anyone, who's listening, of, course, uh, you, can, catch that, in, Austin, Texas, September, 11th through, 13th, there's, a, link, in, the, show notes, to, tap, into, this, David, you, still have, some, conference, energy, in, you, for the, back, half, of, this, year, yeah, I actually, signed, up, for, one, more, here, at ECC, but, we'll, talk, about, that, later, uh so, you, call, the, ECC, a, very, technical conference, and, you're, totally, right, like for, people, that, like, hear, me, and, Ryan talking, about, conferences, and, hear, the crypto, industry, it's, talking, about conferences, ECC, is, like, it's, like, you know, 301, 401, kind, of, hard, mode, like, it's

like, professionals, and, teams, and, people coming, to, like, get, done, and definitely, that's, also, true, for permissionless, but, I, think, if, you're looking, for, a, stepping, stone, into, being a, conference, or, and, I, can't, recommend, it being, a, conference, or, enough, Ryan, uh permissionless, is, a, great, place, to, get started, it's, like, the, The, Vibes, last year, just, like, yeah, the, Athenians, like so, many, different, people, hodgepodge group, of, people, coming, to, all, coalesce under, under, permissionless, and, block works, just, such, as, a, killer, job, just like, facilitating, and, organizing, and operationalizing, a, conference, and, so, we will, have, our, next, Bank, meet, up, for Citizens, at, permissionless, that, is September, 13th, 11th, through, 13th, in Austin, Texas, a, ton, of, people, if, you, only go, to, one, if, you, only, go, to, one, go, to one, is, permissionless, yeah, this, is, me, I

only, go, to, one, this, one from, your, personal, experience, we, got, a lot, to, cover, this, week, David, man, we're talking, about, conferences, it's, good, to catch, up, with, you, but, there's, so, much going, on, in, crypto, I'm, glad, you, stayed up, to, date, on, the, roll-up, but, topics, of the, week, Alex, machinski, remember, that guy, and, scammer, from, Celsius, he, was, just charged, by, the, SEC, the, cftc, and, the, FTC finally, they, are, busting, the, scammers, uh we'll, talk, about, that, what, else, we, got going, on, the, Ripple, case, I, know, the Ripple, case, happened, right, after, you, saw uh, stopped, recording, with, Anthony, last week, and, then, you, added, that, little, bit but, we're, gonna, get, the, reactions, from the, Ripple, case, I, actually, have, a, take, I think, Ripple, actually, lost, but, crypto still, won, so, that's, my, that's, my, take about, talk, about, that, yeah, and, then, also

I, interviewed, Hayden, Adams, about, this next, announcement, unit, swap, X, I interviewed, him, right, before, I, eat, CC's we're, going, to, go, into, what, is, uniswap, X it's, a, brand, new, protocol, to, pair, with the, uniswap, amms, we, also, got, an, L1, that wants, to become, an, L2, and, we'll, talk about, all, the, ECC, relevant, things, along the, way, as, well, before, we, get, into, it guys, I, want, to, give, a, shout, out, to, our friends, and, sponsors, over, at, uh, stator protocol, this, is, a, new, e-staking protocol, it, is, uh, decentralized, one, of my, favorite, things, about, this, is, that, it is, permissionless, so, similar, to, some, of the decentralized, protocols, out, there like, a, rocket, pool, and, second, this, is, if you're, ever, looking, to, run, an, ethereum node, yourself, okay, this, is, the, lowest cost, way, to, do, that, lowest, capital

requirements, I, should, say, a, way, to, do that, only, for, eth, to, spin, up, a, stator node, which, is, really, cool, and, they, also have, a, pledge, to, keep, staking decentralized, on, ethereum, including, a self-cap, on, the, amount, of, eth, that they'll, accept, in, their, protocol, so David, I, gotta, tell, you, I, am, now, in, the season, where, I'm, thinking, about, staking my, eth, okay, I've, stayed, some, in, the, past but, now, I'm, kind, of, ratcheting, that, up it, feels, like, a, lot, of, the, risk, has, been boiled, out, of, it, and, it, is, so, fantastic to, see, all, of, these, new, staking, options right, now, as, far, as, launch, incentives stator, has, a, 1.5, x, staking, boost, this month, that, you, can, be, eligible, for, and they've, got, some, LP, rewards, too, so, go check, them, out, and, and, in, general, look

for, options, to, stake, your, eth, that, is the, the, bankless, way, that, 1.5, x, boost with, that, that, means, is, you, are, getting a, little, bit, extra, from, the, SD, token paid, as, incentive, so, token, incentives, is where, that, boosts, come, from, if, you, want that, boost, there's, a, link, in, the, show notes, so, you, can, go, and, get, started, with stator, David, let's, talk, markets, man, it's been, too, long, uh, where, are, we, at, this week, on, bitcoin I'm, not, gonna, get, out, the, words, out, of my, head, but, at, the, bank, let's, meet, up where, everyone, says, that, they, just chuckle, when, we, do, the, prices, but, we're doing, them, anyway, we're, doing, them anyway, Bitcoin, last, week, seven, days, ago 30, 900, it's, currently, down, Fri, uh Thursday, afternoon, four, percent, to, 29 700., so, down, four, percent, Bitcoin, down four, percent, on, the, week

I, think, pricing, in, the, crab, market, is, is difficult, because, it, just, doesn't, change from, week, to, week, it's, kind, of, I, mean this, is, basically, it's, been, single digits, a, lot, yeah, how, about, ether, may, as well, what, what's, ether, on, the, week, down three, percent, so, 1930, to, 1890, so, down three, percent, and, then, of, course, that means, the, ratio, is, up, it's, up, a, little bit, more, than, a, percent week this, feels, like, our, crab, market, numbers right, you, know, 30k, yeah, these, are, big crab, markets, yeah, this, is, where, we, are crab, by, the, way, it, just, is, a, market, that goes, back, and, forth, back, and, forth, it continues, and, that, that's, sort, of, where we, are, to, write, before, this, influx, of new, money, which, where's, it, gonna, come from, I, think, that's, a, major, theme, for, us uh, this, year, in, 2023, 2024, but, what's, the

ratio, look, like, any, change, there uh, up, a, percent, a, little, percent, and, a half, point, zero, six, three, uh, market, cap I, think, we're, above, a, trillion, I'm, not even, playing, one, point, one, point, three trillion, we're, at, 1.3, you, saw, you, said 1.3, trillion, last, week, with, Zazzle, that was, the, first, time, we, we, hit, 1.3, I, mean that, feels, big, right, to, be, above, a trillion, that's, another, big, number, for me, um, let's, talk, about, Trad, five, David you, remember, stocks, those, things, that you, could, um they're, like, tokens, they're like, erc20s, but, um, honestly, like, I've not, completely, forgotten, about, stocks, I only, look, at, the, charts, that, you've, have pulled, up, the, NASDAQ, and, the, Spy, it's, a nice, looking, chart I'm, I, shouldn't, have, forgotten, about stocks, let, me, tell, you, that, they're almost, at, all-time, highs, both, in, the

NASDAQ, and, the, Spy, are, almost, at all-time, highs, which, is, around, where crypto, set, its, all-time, highs, crypto status, all-time, Highs, at, the, end, of, 2021 and, going, into, 2022., the, Spy, NASDAQ, did the, same, and, they, are, almost, back, there you, know, what, gives, yeah, what, gives where's, our, bull, market, where's, our all-time, highs, you, know, and, I, it's, funny because, um people, in, crypto, are, bragging about, like, how, you, know, Bitcoin, and ether, are, decoupled, from, stocks, now great, that, is, I'm, like, but, it's decoupled, in, the, wrong, direction, that's not, fun, that, way, that's, bad, yeah, uh, from Anthony, susano, where, he, said, Max, Payne for, crypto, investors, is, watching, stocks hit, all-time, highs, while, Ethan, beats

today, BTC, are, range, bound, AKA, crab market, ultra, pain, is, selling, crypto, for socks, just, before, crypto, starts, a, new bull, market, oh, and, like, I, I, comment below, this, and, I, say, the, year, is, 2019. if, you, Ira, this, is, exactly, what, 2019, was the, equities, markets, were, ripping, and crypto, was, just, lagging, so, hard, and, it gave, us, all, so, much, fomo, we, were, so bummed, about, that, uh, and, then, and, then you, know, oh, no, it, happens, in, 2020, but yeah, this, the, 2019, to, 20, 2023, uh discrepancies, not, this, you, know, what's different, for, me, I'm, feeling, zero, fomo like, I, just, I, I, had, rally, stocks, or something, like, I, don't, care, like, we, are so, well, positioned, right, now, in, crypto I'm, just, like, okay, that's, great, go, do

your, thing, in, fact, it's, like, now, that the, discrepancy, is, there, between, spy, and NASDAQ, all-time, highs, and, crypto's, still flat, like, that, it, would, be, dumb, to, chase that, because, you, but, the, discrepancy, is bullish, for, us, yes, for, crypto, yes, and, it makes, a, permission, to, be, bullish, well, do you, permission, to, be, bullish, is, that, the theme, for, the, episode, do, we, have permission, yes, yes, there's, I, put, this, in the, agenda, a, number, of, times, there's this, is, the, first, of, many, reasons, in this, roll-up, and, why, bankless, listeners I, think, you, have, have, permission, to, be bullish, now, if, you, are, a, bullish, person on, crypto, and, your, friends, are, saying haha, you're, dumb, for, being, in, crypto you're, like, no, you, should, be, buying crypto, you, have, permission, to, be, bullish about, that, yeah, like, there's, enough evidence, there, I, totally, agree, I, think, I

am, uh, I've, never, should, I, say, I've, never been, more, confident, about, crypto, but like, I, just, feel, like, we, are, so, well, uh set, up, if, like, we, are, feeling, good, the spring, is, coiling, right, now, and, like, it resonates, with, what, I'm, seeing, here, at ECC, and, all, the, hard, problems, about, like sequencers, and, layer, twos, and, ZK, stuff all, of, that, all, the, hard, problems, coming into, into, the, fruition, being, solved, man okay, again, theme, of, the, episode, it'll, be it's, a, reoccurring, theme, we'll, keep going, okay, well, be, patient, you, have permission, to, be, bullish, now, it's, David Hoffman, my, co-host, says, so, good, to, have you, back, man, I, like, that, Bull, Energy okay, how, about, go, the, protocol, that's gho, this, is, Ave, this, is, a, stable, coin that, launched, on, top, of, Ave, they've, hit 4, million, in, market, cap, in, two, days

um, and, are, probably, larger, by, the, time we're, recording, this, so, a, pretty, good pretty, good, entry, I, would, say, into, this so, yeah, it's, 4.56, right, now, uh, remind, us what, go, is, David yeah, just, a, it's, pretty, similar, to, die from, maker, Dao, except, this, is, go, from Ave, pretty, pretty, similar, if, your, mental model, starts, there, you're, off, to, a, great start, so, Ave, you, know, it's, an, has, Assets in, its, vaults, and, it, has um, extra, margin, because, you, know, people deposit, more, than, they, withdraw, and, so you, can, mint, go, from, your, deposits, into Ave, just, like, how, you, can, borrow anything, else, and, so, now, Ave, is, a, hybrid compound, maker, protocol, which, is, bullish I, would, say, yeah, I, like, it, cool, and, then

also, similarly, this, is, there's, a, I, would say, another, theme, of, what, I'm, noticing is, a, lot, of, parallel, development, maker Dao, this, is, aside, from, the, news, of, this week, but, maker, Dao, is, doing, its, spark protocol, which, is, Ave, for, maker, Dow, so ave's, got, a, stable, coin, and, Banker, dial it's, got, a, lending, facility, so, all, these verticals, well, Baker, Dow, has, always, had a, lending, facility, what, do, you, mean, by this uh, it, is, it's, different, it's, being compartmentalized, now, so, the, stable, coin and, the, uh, yeah, so, it's, got, an, Ave, so Ave, is, different, than, maker, Dao, and, now maker, Dao, the, system, has, a, vertical, has the, credit, facility, which, is, die, and then, the, money, market, facility, which, is Ave, there's, definitely, this, is, a, meta pattern, there's, definitely, a, lot, of convergence, here, like, one, one, thing, so

much, convergences, like, there's, a, ton, of convergence, on, layer, twos that's, another, big, theme, that's, going, on this, was, completely, unsettled, two, years ago, anyway, uh, let's, keep, going, on, do, you do, any, whale, watching, David, I'm, talking about, crypto, whales, all, right, well, I, I don't, either, but, this, one, I, don't, I don't, I, feel, too, jealous, of, people, who, I see, moving, their, funds, after, icos, after eight, years, I'm, like, man, you, gotta remember, this, is, one, address, out, there there's, still, some, massive, whales, out there, uh, this, this, address, awakened after, eight, years, and, just, moved, 116 million, dollars, to, Kraken, oh, our, friends and, sponsors, Kraken, what, other, exchange would, you, use, of, course, is, it's, got, to be, cracking, Ico, imagine, investing, in, the

ethereum, Ico, and, not, making, a, single transaction, and, the, next, thing, you, do, is you, send, it, to, Kraken, to, sell, it, like, I don't, I, wonder, if, they, like, lost, their private, keys, and, magically, found, it somehow, which, is, the, best, day, ever, for them, or, they, just, have, the, biggest diamond, hands, of, all, time, they, don't even, care, about, defy, maybe, it's, just patience, so, you, wrote, that, thing, from, uh I, mean, how, much, was, this, when, they, 25 cents, 33, cents okay, well, that, that, was, the, price, of ether, right, so, it's, 160, Ico, price, yeah oh, no, it's, 61k, worth, of, ether, times, you know, 25, cents, whatever, that, is, uh, I don't, know, fifteen, thousand, fifteen thousand, dollars, something, like, this yeah, so, yeah, fifteen, thousand, dollars

okay wait, eight, years, and, then, you, send, it, to cash, out presumably, at, 116, million, wow, that, is, a patient, investor, right, there I, can't, they, must, have, had, another address if, they, never, because, like, they, never got, themselves, like, I, don't, know, a, house a, car, yeah, like, they, never, glowed, up their, life, in, eight, years, when, they, had access, to, hundreds, of, millions, of dollars, multiple, times, patience, who knows, wow, what, are, the, chances, that, way listening, to, this, uh, right, now, and, us let's, talk, about, this, individual, and they're, like, yup, that, was, me they're, bankless, listener, maybe, uh, David

we, got, a, lot, more, to, talk, about, what else, we, got, coming, up, next, coming, up next, we, got, michinsky, arrested, on, fraud but, I, have, a, conversation, starter, that actually, starts, with, a, Nick, Carter, take which, leads, into, our, second, reason, of the, week, as, to, why, we're, allowed, to, be bullish, Ripple, put, the, SEC, on, its, heels and, I, also, have, to, take, as, to, why, Ripple actually, lost but, at, but, crypto, still, won, ECC, has brought, plenty, of, announcements, and, base is, open, soon, to, builders, we're, going, to talk, about, that, I, interviewed, Jesse Pollock, here, at, ECC, Ryan, we're, going, to talk, all, about, that, and, more, as, soon, as we, talk, to, some, of, these, fantastic sponsors, that, make, this, show, possible especially, Kraken, if, you, have, a, dormant Ico, that, you, haven't, touched, in, over eight, years, consider, using, Kraken, to, get

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he's, getting, charged, but, first, before, we get, into, that, conversation, I, want, to pull, out, this, take, from, Nick, Carter, I want, to, start, this, conversation, here Nick, Carter, in, November, of, 2022, right after, FTX, collapsed, he, tweeted, out, and, I remember, him, talking, about, this, on, his podcast, he, says, if, we, can't, Purge, the three, hours, Capital, boys, SBF, and, all, of his, cronies, michinsky, and, Quan, we, don't deserve, to, move, on, as, an, industry, good people, will, continue, to, leave, because they, can't, morally, justify, participating I, remember, reading, this, take, and, I, was like, oh that's, bearish, that's, going, to, take, so long, there's, so, many, of, them, they're, all over, the, world, and, today, Alex, machinski is, arrested, on, fraud, and, all, these, other charges, that, we're, about, to, go, into, and

so, the, details, here, and, we're, going, to come, back, to, Nick, Carter's, take, at, the end, uh, the, details, CEO, of, Celsius, of course, charged, by, the, Department, of Justice, lawsuits, from, the, SEC, cftc, and FTC, the, Department, of, Justice, accused machinsky, and, his, cronies, of orchestrating, a, years-long, scheme, to mislead, customers, on, the, market, value, of the, company, and, interest, in, the, sell token, the, SEC, has, accused, of, Securities fraud, and, misleading, investors, the, cftc has, accused, Michigan, engaging, in, a scheme, to, defraud, customers, by misrepresenting, the, safety, and profitability, of, the, platform, and, the FTC, has, accused, machinski, of, violating the, Federal, Trade, Commission, acting connection, with, the, marketing, and, sales cryptocurrency, lending, in, custody Services, the, companies, have, agreed, to, a

judgment, of, 4.7, billion, dollars, which will, be, suspended, to, permit, Celsius, to return, information, any, assets, to Consumers, and, bankruptcy, proceedings basically, like, that, is, the, comprehensive takedown, of, Alex, machinski, at, all, that book, is, closed, and, while, we, can, go, into the, details, of, Alex, Richards, I, think, we can, really, just, summarize, it, there, and, I kind, of, want, to, go, back, to, the, Nick Carter, take three, hours, Capital, Alex, machinsky dokwan, and, SPF, and, he, goes, if, you, want to, pick, a, bottom, and, it's, when, Olive Kwan, bankman, machinski, Livingstone, and suzu, have, reached, their, Reckoning, only then, can, we, recover, and, I, remember, being intimidated, by, this, takes, like, I, didn't want, to, admit, that, that's, true, but because, I, thought, that, it, was, such, a crazy, Hill, to, climb, and, here, we, are, not

just, just, over, halfway, through, 2023. Quan, is, in, jail, in, Montenegro, waiting, to be, extradited, to, the, United States, Sam bankman, freed, is, under, house, arrest, I can, only, assume, he's, going, to, jail machinsky's, going, to, jail, suzu, and, Kyle Davies, are, still, on, the, run, but, they, are completely, ostracized, from, the, West, they can't, step, anywhere, outside, of, Dubai, or else, otherwise, they, would, be, arrested, so that, box, is, not, yet, checked, however, with all, the, other, boxes, checked, and, the complete, fall, from, grace, that, is, through your, capital, and, probably, the, very likely, cases, and, efforts, going, into actually, grabbing, those, guys, is, probably going, on, behind, the, scenes, that, we, don't know, about I, say, that, we, have, permission, to, be bullish

I, say, those, boxes, are, checked look, it's, um it, really I, think, I, think, it, showcases, the, value of, the, bear, Market, as, well, I, mean, if prices, didn't, go, down, and, we, didn't, see the, collapse, that, that, we, saw, if, we, just continued, to, go, kind, of, straight, up, then uh, all, these, frauds, would, still, be, here in, this, industry, and, we'd, have, that toxic, cancer, inside, of, the, body, and, not even, know, it, I, mean, some, of, some, people would, know, it, but, like, it, wouldn't, be obvious, this, is, the, value, yeah, they'd, be them, minority, we, saw, the, same, thing, in in, 2019, too um, all, of, the, all, the, ideas, were, tested we, had, a, whole, bunch, of, icos, that, were

just, like, raising, ungodly, amounts, of money, for, what, like, slides, white, papers remember, it, was, the, white, paper, season white, paper, raised, 50, million, dollars, in a, token and, then, just, like, exit, scan, basically all, of, that, was, lifted, during, the, bear Market, of, 2019., uh, 20, 2018, 2019, so, we need, these, purges um, I, this, is, the, reason, for, Bear, markets and, uh, why, I'm, glad, that, I've, been thankful, that, we, have, them, uh, David, a ripple, case, we, talked, about, this, at, the outset, of, last, week's, roll, up, so, of course, xrp, a, judge, ruled, in, the, U.S, that xrp, itself, isn't, a, security, according, to the, court, we, talked, about, this, including

uh, we, had, Mike, selig, on, the, episode maybe, we, should, just, recap, this, for folks, because, you, weren't, here, and, then I'd, uh, I'd, love, to, get, your, takes, on this um, in, terms, of, like, catching, up, and, what you, think, about, it, so, what, happened, last week, that, was, so, momentous yeah, so, last, week, that's, course, case came, out, finally, we, knew, it, was, coming but, we, didn't, know, the, specific, dates and, then, it, finally, comes, out, and the, tldr, of, the, case, is, that, it's, both, a win, and, a, loss, for, both, the, SEC, and ripple, both, sides, won, and, loss, depending on, which, part, of, the, case, that, we're talking, about, so, Mike, Selleck, who, says it's, a, massive, win, by, the, Ripple, team against, the, SEC, where, judge, Torres clearly, affirms, that, the, view, that, these

same, crypto, asset, may, be, sold, in, an investment, contract, as, a, standalone, good so, what, he's, saying, is, there's, a, line being, drawn, here, and, is, it, it's, a, line that, is, so, elegant, to, me, and, it, actually really, like, it, restores, my, faith, in, the court, system, to, actually, methodically and, clearly, and, thoughtfully, come, to, the correct, conclusion, so, we, have, sold, as, an investment, contract, and, then, later, sold as, a, standalone, good, and, those, are, two different, things, and, this, is, why, I, think this, is, so, elegant, the, SEC, is, charging Ripple, and, Ripple's, loss, here, is, that they, are, being, charged, with, selling, an investment, contract, of, SRP, to, certain large, institutions, under, the, premise that, later, there, because, of, the, efforts

of, Ripple, they, will, be, able, to, sell those, tokens, to, retail, for, after, price appreciation, that, was, a, security, that was, a, legal, Securities, offering, that, was an, investment, contract, the, actual, xrp that, is, sold, later, to, retail, is, not, a security, so, retail, did, not, buy, a security, a, security, was, not, sold, it, was a, standalone, good, so, Ripple who, I, think, you, and, I, would, say, is, like I, do, not, agree, with, the, strategy, and ethics, perhaps, of, Ripple, as, a, product and, they, got, charged, for, what, I, think you, and, I, would, agree, on, is, what, they ought to, have, gotten, charged, for, which is, quote, unquote, dumping, on, retail, they just, did, it, with, these, institutional security, sales, primarily, the, primary sales, of, xrp, which, was, an, investment

contract, but, then, it's, a, huge, win, for crypto, because, xrp, is, not, a, security when, retail, the, interested, retail parties, permissionlessly, bought, that, xrp token, of, their, own, volition, of, their, own accord, so, the, bad, guys, got, got, for, the right, reasons, and, crypto, got, protected also, for, the, right, reasons, and, the, actor and, ripple, has, to, pay, fines, for, all, of their, legal, Securities, offerings, and Gary, Gensler, has, to, put, his, tail, between his, legs, and, we, as, an, industry, get, to say, that, all, of, our, crypto, assets, on secondary, sales, of, programmatic, D5 exchanges, and, also, crypto, exchanges, are not, Securities, I, think, it's, a, three, for three, Ripple, goes, down, and, has, to, pay fees, for, the, things, that, they, did, are

bad, and, the, sins, that, they've, had, and Gary, Gensler, has, to, you, know, put, his tail, between, his, legs, and, be, like, Oh, I got, beat, by, Ripple, and, crypto, gets, to, go free, saying, like, none, of, our, things, are securities, anymore, it's, like, three, for three, dude, it's, perfect yeah, I, I, think, that, um I, mean, some, would, argue, that, well, you know, let's, say, let's, assume, that, Ripple and, xrp, is, actually, selling, a, vapor, of course, right, so, they, could, continue selling, those, tokens, to, the, public, as long, as, it's, not, in, an, investment contract, and, in, fact, they, did, do, that um, you, know, and, and, that, act, in, itself was, not, a, security, and, some, people, would look, at, that, and, say, well, that's, a, net bad, David, right, because, they, there's, not much, of, a, product, here, it's, overvalued

these, assets, aren't, worth, what, people think, that, they're, worth, uh, and, so they're, selling, it, I, don't, really, have, a strong, comment, on, that, what, I'm, most excited, about, is, the, um, refutation, that uh, you, know, of, Gary, Gensler, and, the, SEC regimes, their, claim, that, all, crypto assets, all, tokens, are, securities, that's what, they, said, that, quite, plainly, is, not true, and, cannot, hold, right, and, so, that's what, was, most, strongly, refuted, in, this particular, case, that, that, very, strong posture, of, all, tokens, are, securities, and there, therefore, must, be, regulated, by, the SEC, this, was, a, massive, pushback, against that, so, yeah, I'm, it's, it's, super, it's I'm, very, pleased, with, the, outcome, of

this, particular, case um there's, some, takes, back, and, forth about, this, but, one, of, the, takes, was, from Gary, Gensler, he, responded, to, the, Ripple decision, uh, his, take, was, he's disappointed, over, the, treatment, of retail, investors, hey, look, guys, I, was just, trying, to, protect, retail, this, whole time um, I, don't, see, that, I, see, most, of, retail being, very, excited, like, the, actual crypto, investors, being, very, excited about, this, particular, ruling, so, I'm, not sure, who, Gary, Gensler, claims, to represent, on, the, retail, crypto, investing side, but, he's, just, sad, for, retail, uh, the true, losers, over, this, outcome, lots, of taking, Gary, gunzer, knows, a, single, retail investor, I, think, he's, saying, like, oh yeah, the, retail, investor, whispered, in, my

ear, that, they're, disappointed, I'm, like well, Gary, the, retail, investors, whispered in, my, ear, that, they're, super, happy, so actually, I, think, retail, investors, are celebrating, yeah, yeah, I, am, and, by, the way, it's, not, my, like, it's, not, my, opinion that, we, need, no, protection, for, retail investors, in, this, whole, like, to, the extent, there, are, centralized, you, know parties, then um, of, course, we, need, protection, I, mean we're, just, celebrating, outsmashinsky, and SPF, it, was, a, centralized, service, that regulators, and, uh, enforcers, of, the, law are, actually, Prosecuting, and, we, want that, like, go, go, after, the, scammers, it's just, that, when, the, SEC, is, taking, a posture, to, like, completely, kill innovation, in, the, space, and

um, basically, take, the, posture, that, all tokens, are, securities, that's, just, like unworkable, of, course, they're, not, all Securities, right, and, so, that's, what, I'm I'm, celebrating, uh, mostly, here um, here's, a, comment, from, Jake, turbinsky that, I, thought, was, um, pretty, good, some Financial, journalists, I, don't, know, if you've, caught, up, on, this, but, Matt, Levine for, instance, a, Bloomberg, wrote, a, post about, this, uh, you, know, saying, that there's, still, a, lot, of, confusion, this, is what, Jay, is, replying, to, some, folks, read Financial, journalists, are, still, confused about, the, Ripple, decision, the, key holding, is, that, investment, contract analysis, must, focus, on, transactions, not assets, tokens, are, not, Securities transactions, in, tokens, Can, Be, depending

on, the, facts, and, circumstances, he, goes on, this, is, a, critical, distinction, that the, industry, has, made, and, the, SEC, has ignored, for, years, the, fact, that, a federal, district, court, has, explicitly acknowledged, its, validity, its, Monumental shift, in, U.S, crypto, regulation, and, a forceful, rejection, of, the, sec's, theory of, law, it's, particularly, important, for the, sec's, ongoing, cases, against exchanges, that, list, tokens, for, trading like, coinbase, although, the, court, didn't directly, say, trades, on, Exchange, order books, aren't, security, transactions, it's extremely, hard, to, read, the, decision, any other, way, of, course, we, saw, many, of, the exchanges, including, coinbase, re-enable trading, for, xrp, on, the, back, of, this right, how, crazy, is, that, xrp, is, once again, trading, on, coinbase, it's, been, so

long, it's, been, like, two, years so, you, think, this, is, all, permission, to be, bullish, uh, maybe, this, I, think discounts, as, two, actually, this, is there's, two, reasons, to, be, bullish, here permission, okay, reasons, that, you, can have, permission, to, be, bullish, one, what are, they, is, that, all, of, the, fud, and negativity, and, fear, out, of, how, all, of our, assets, our, Securities, is, gone, and that, was, that, was, a, decent, amount, of cell, pressure, over, the, last, like, year, or so, the, the, regulatory, oversight, of, Gary Gunter, is, going, to, label, everything, as, a security, so, that's, gone, and, then, this this, that's, the, first, of, two, here's, the second, one, so, the, this, is, the, take, from Collins, Belton, he's, a, lawyer, that, we've had, on, the, show, before, he, goes, in, the long, term, absent, rulemaking, or, new, laws there, will, be, an, explosion, of, token

sales, and, distributions, similar, to, what happened, in, 2019, he's, referencing, D5 summer, after, people's, fear, of, the, 2018 Crackdown, resided, D5, summer, may, look quaint, in, comparison, we've, did, that episode, right, about, the, history, of crypto, bull, markets, and, what, was, the common, denominator, of, all, crypto, bull markets, is, there, were, appetites, for tokens, people, were, hungry, for, tokens tokens, were, on, the, menu, and, what, Colin is, saying, is, that, because, of, this Clarity, that, we, have, we, now, have, the room, for, an, explosion, of, token, or, sales or, distributions, of, such, similar, to, what happened, in, 2019, the, precursor, to, DFI summer, after, people's, fear, of, the, 2018 Ico, Crackdown, resided, D5, summer, may, look

quaint, in, comparison, there's, two, reasons why, you, have, permission, to, be, bullish we're, at, three, three, total, is, that, three so, far, no, four, with, the, yes, four, we, got four, we're, at, four okay, well, let, me, ask, you, so, uh, bullish prices, that, kind, of, thing, I, get, that, all right, so, when, I, hear, where, it's, like, a defy, summary, may, look, quaint, in comparison um nice, I'm, worried, that, we're, not, ready for, that, I'll, give, you, some, more, time personally, okay, but, obviously, the posture, of, all, tokens, are, securities like, that's, bad, I, reject, that, but, are, we ready, for, an, explosion, of, tokens, right like are, we, smart, enough, as, an, industry, and like, will, we, put, in, kind, of, I, I don't

I'm, just, worried, about, stupid, fomo season, coming, back, and, I, remember, how much, I, hated, it, in, uh, 2021, when everything, was, going, off, the, rails, in the, same, way, I, hated, it, in, 2017, when, it was, just, Animal, Spirits, like, are, we ready, for, this, level, of, responsibility it, does, feel, a, little, bit, too, soon, but, I don't, think, I, it, might, just, be, happening either, way, they, kind, of, felt, like, the bull, market, for, me, ended, sooner, than, I expected, it, to, I, kind, of, expected, it, to have six, more, months, in, it, than, it, actually did, I, think, these, I, think, it's, fair, to say, that, crypto, Cycles, are, moving, faster because, information, is, per, moving, faster and, we, understand, Cycles, faster, now, so the, bear, Market, ended, before, you, thought it, would, but, maybe, all, right, the, bull

market, ended, before, you, thought, it, would but, the, bear, Market, is, maybe, anything then, you, thought, it, might, do, the, same yeah, I, mean, again, the, theme, of, this episode, is, we, have, permission, to, be bullish, we're, at, four, we, have, there's more, there's, more, in, here, we, got, more definitely, seeing, signs, I'm, definitely seeing, signs, okay, here's, another, one uniswap, labs, they, launched, an, aggregator for, Dex, liquidity, it's, called, uniswap, X I, know, you, did, an, entire, episode, on, this what's, the, tldr, for, the, Roll-Up the, tldr, unit, swap, X, pairs, with, the, unit swap, amm, so, you, have, unit, swap, one, vs one, through, four, unit, swap, X, pairs, with those, if, you, understand, what, Cal, swap, is basically, start, there, unit, swap, X, is pretty, similar, to, Cal, swap, it, is, a, order option, swap, right, yes, it's, a, Dutch auction, that, allows, for, Market

competitiveness, in, order, for, filament, so you, can, come, to, uniswap, X, and, say, hey, I have, this, token, I, want, that, token, and with, this, Dutch, auction, mechanism, with off-chain, order, routing, so, instead, of making, a, transaction, on, ethereum, you just, sign, a, message, and, broadcast, that freely, say, hey, whoever, wants, to, fill this, order, can, do, that, so, you, actually don't, pay, for, gas, because, you, are, not making, a, transaction, the, cost, of, the transaction, comes, out, of, the, trade, so you, don't, pay, for, ether, so, you, can, swap you, can, just, broadcast, a, transfer, that says, hey, I, have, 500, usdc, I, would, like, to swap, it, for, die, and, then, the, market, will give, you, the, best, offer, the, free, market will, come, and, compete, for, the, best, offer to, to, give, you, as, much, die, as, possible and, the, gas, will, come, out, of, that, trade

so, actually, you, don't, have, to, touch ether, there's, a, bunch, of, other, benefits as, well, in, the, long, term, this, is, not what's, happening, today, but, in, the, long term, you, will, be, able, to, say, hey, I, have 500, uscc, I, would, like, as, much, die, as possible, on, this, particular, layer, too I'd, like, it, on, optimism, or, arbitrum, or polygon, or, ZK, sync, and, because, it's, you know, off-chain, order, routing, whoever service, provider, wants, to, just, deliver you, your, desired, crypto, assets, on, your desired, change, so, long, as, there, is, a bridge, to, provide, a, proof, that, the actual, assets, were, delivered, back, to wherever, the, originating, order, came, from so, long, as, that's, there, it's, it's, it's Bridge, minimalism, because, instead, of sending, assets, over, Bridges, you, are, only sending, a, proof, over, Bridges, and, then

off, chain, third-party, service, providers just, fulfill, your, order, for, you, I, think it's, really, cool, it, seems, to, be, to, me the, yin, to, the, Yang, of, uniswap, amms, to unit, swap, X, so, this, is, a, another, layer in, this, stack, of, swap that, I, think, really, completes, the, vision and there's, a, fee, switch swap, X, yes, so, that's, an, interesting tidbit, of, information, there, this, this unit, swap, X, is, uh, not, generally available, but, it's, uh, open, to, an, opt-in beta, right, now, so, I, definitely, plan, on trying, it um, I, it's, really, interesting, David, so like, uh, I, love, what, you're, saying, about

basically, the, ux, is, going, to, be, much more, seamless, so, you, just, signed, a transaction, we're, not, talking, about, gas fees, really, cheap, uh, trade, I, can, I, can see, this, being, Incorporated, in, while it's, everywhere, I, can, see, it, being really, good, for, for, end, users, that, said I'm, a, little, bit, worried, about, this function, being, pushed, off, chain, this this, third, party, does, this, introduce another, kind, of, trusted, intermediary into, the, system, and, I, want, to, listen, to the, um episode, that, you, did, with, Hayden Adams, and, explore, this, a, little, bit, but um I, haven't, listened, to, that, yet, David so, but, I, I, did, see, this, pushback, on Twitter, from, D5, guy, very, deep, in, uniswap X, docs, behind, the, public, messaging, of, a permissionless, protocol, is, a, completely centralized, permission, opaque, off-chain

RFQ, system, let's, take, a, look, RFQ, is, a request, for, quote, right, by, the, way, so don't, have, time, to, get, into, this, uh entire, thread, but, basically, the, charges we're, pushing, some, things, off, chain, and this, is, a, centralization, vector, and, this is, concerning, and, people, should, be concerned, because, it's, a, departure, from a, permissionless, protocol I, don't, know, what, the, response, is, to this, kind, of, question, or, concern, it's something, I, want, to, uh, look, look, into, in some, more, details, do, you, have, any, hot takes, on, this yeah, if, I, understand, you, still, have, X correctly, again, I, would, need, Hayden, to really, be, able, to, to, drive, this, point home, but, the, idea, is, that, you, broadcast hey, I, have, this, much, of, one, token, give me, as, many, of, the, tokens, that, I, want, in the, place, that, I, want, and, then, the, free

market, competes, to, service, provide, for that, so, it's, a, third, party, service provider, but, that, being, a, third-party service, provider, is, permissionless, so anyone, could, be, that, there's, not, one canonical, third-party, service, provider it's, the, free, market, and, when, when, the free, market, is, competing, that, is decentralization, in, my, mind, I, would, also I, need, to, go, through, this, there's something, I, understand, what, this, guy's talking, about, it, feels, like, there's, an analog, to, like, Builders, and, Searchers, in ethereum, very, much, and, it's, just, kind, of like, brain, breaking, like, it, took, me, a while, to, sort, of, understand, Builders, and Searchers, and, to, understand, what, the points, of, centralization, would, be, in that, new, function, and, whether, that, is sufficiently, mitigated, by, the, protocol to, justify, or, not, a, conclusion, for

ethereum, was, like, yes, but, if, you, for, a while, permissionless, in, the, fullness, of time, the, answer, is, yes, if, we, stopped halfway, short, of, the, proposer, Builder separation, progress, it, would, have, become Central, well, I, was, concerned, I, was, very concerned, about, proposer, Builder separation, going, in, because, I, like, the idea, of, Builders, and, Searchers, being sort, of, the, decentralized, groups, it, was like, okay, but, how, are, we, maintaining centralization, and, the, key, is, like, the validators, are, still, kind, of, in, control of, the, network, right, and, you, still, have Fork, choice, anyway, it, might, be, a, similar Dynamic, working, here, but, the, first, thing you, should, do, bankless, listeners, go check, out, the, episode, that, David, has already, published, with, Hayden, Adams, on uniswap, X, the, first, of, my, three, eth, CC interviews, those, three, podcast, ones, here

what, else, you, got, who, else, you, might, do a, fourth, tomorrow um, one, is, with, Jesse, Pollock, from, bass and, the, other, is, oh, my, God, it, was, so good, Ryan, you're, gonna, nerd, the, F, out when, you, listen, to, it, Justin, Drake, and Tim, Baco, the, Sci-Fi, roadmap, for, ethereum oh, geez, all, right, see, I, don't, have, to, go to, conferences, and, you, bring, the, best content, back, thank, you, that's, right that's, what, I, do, baby uh, we, got, a, lot, more, reasons, to, be bullish, because, you, have, permission, to be, bullish, this, week, David, what's, coming up, next, polygon, is, about, to, upgrade, the Matic, token, we're, finally, converging, the discrepancy, between, the, Matic, token, and the, polygon, networks, those, are, two different, words, but, that's, actually, the most, insignificant, part, of, the, upgrade it's, just, the, part, that, I, thought, was

funny, uh, so, we're, going, to, talk, about all, the, polygon, Network, upgrade, token economic, upgrades, as, well, in, addition, to that, a, layer, one, is, about, to, become, a layer, two, is, the, bankless, thesis, finally coming, true, I, told, you, what, do, you mean finally, what, do, you, mean, finally, come, on they, got, a, bankless, layer, two, thesis, is finally, playing, out, let, me, be, more specific, uh, ZK, syncs, got, a, brand, new prover, it's, pretty, it's, pretty groundbreaking, we're, going, to, talk, about why, and, what, that, means, all, of, this, and more, but, first, a, moment, to, talk, about some, of, these, fantastic, sponsors, that make, this, show, possible, since, this, theme is, you, have, permission, to, be, bullish make, sure, that, your, portfolio, is, ready for, the, bull, market, metados, portfolio can, help, there, is, a, link, in, the, show notes, to, get, your, metamask, portfolio

opened, up, we're, going, to, go, hear, from them, right, now, metamask, has, something new, introducing, metamask, portfolio metamask, portfolio, is, the, best, way, to view, your, crypto, portfolio, from, a holistic, level, see, everything, across, all the, trains, all, at, once, in, your, portfolio metamask, will, report, the, aggregate, value of, all, the, Assets, in, your, metamask wallets, and, even, the, other, wallets, you import, too, but, metabask, portfolio, isn't just, a, passive, portfolio, viewer, it, is, a place, to, do, all, of, the, money, verbs, that make, defy, so, powerful, you, can, buy, swap bridge, and, stake, your, crypto, assets, so not, only, is, metamask, the, easiest, place to, see, your, wallets, in, aggregate, but it's, also, a, powerful, battle, station, for all, of, your, defy, moves, so, go, check, out your, metamask, portfolio, because, it's waiting, for, you, to, open, it, up, check, it

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arbitrum's, upcoming, proposal, for, a programming, environment, upgrade developers, can, write, smart, contracts, in Rust, c, c, plus, and, many, more, coding languages, arbitrim, empowers, you, to explore, and, build, without, compromise visit, arboretum.io, where, you, can, join the, community, dive, into, the, developer docs, Bridge, your, assets, and, start building, your, first, app, on, arbitrum, a layer, 1, wants, to, become, an, ethereum layer, 2., this, has, been, a, long, oh, yeah, I love, those, words, can, you, say, that, again a, layer, one, wants, to, become, an, ethereum Layer, Two, this, has, been, a, long-held, I think, bankless, prediction, many, roll-up Bulls, like, plenya, have, predicted, this for, a, while, too, and, here's, the, first proposal, of, its, kind, that, we've, seen, a proposal, for, Sello, to, transition, to, an ethereum, Layer, Two, David, what, is, cello

and, what, is, this, proposal, call, for yeah, cello, is, a, it's, always, been, a, layer one, blockchain, uh, fun, fact, it's, actually the, only, layer, non-etherium, layer, one that, we've, accepted, as, a, sponsor, of bankless, uh, why, did, we, do, that, they, are focused, on, public, goods, regenerative finance, that, whole, movement, blockchain for, good, uh, and, so, they, are, working, on adoption, in, third, world, countries, uh just, a, lot, of, just, making, sure, the, long tail, of, of, uh, the, globe, gets, at, gets access, to, blockchain, services, so, we've always, enjoyed, what, cell, has, done, and it's, always, seemed, to, me, Ryan, that they've, used, the, blockchain, as, a, means to, an, end, to, provide, public, good services, to, the, world, like, and, this, so

this, is, why, this, makes, so, much, sense, for cello, to, become, an, ethereum, Layer, Two, is because, they, want, to, use, crypto, for, the regenerative, Finance, movement, and they've, just, been, using, a, blockchain, to get, that, done, now, they, are, saying, like hey, we, actually, can, achieve, our, mission better, if, we, become, an, ethereum, layer too, so, they, have, submitted, a, proposal has, permitted, a, proposal, to, its, own governance, Community, to, transition, into an, ethereum, layer, too, so, they, are proposing, to, become, an, OP, stack, to, help seller, developers, utilize, all, of, the ethereum, tools, and, libraries, out, there because, in, the, op, stack, is, basically ethereum, they, want, to, use, off-chain, data availability, using, eigenlayer, data availability, so, eigenlayers, got, this supporting, da, services, for, them, and, then

also, end, users, of, cello, if, you, are, a transactor, of, cello, use, the, applications of, cello, we, refer, anywhere, and, the, the vast, apps, that, that, sell, does, really actually, truly, have, uh, then, you, would not, be, affected, it, would, be, a, seamless upgrade, for, you, so, I, think, this, makes sense, this, is, exactly, what, we've, been predicting, for, a, long, while um, I, think, this, is, the, first, of, many, I was, talking, to, one, of, my friends, here, at ECC, uh, we, were, talking, about, cello actually, don't, remember, this, but apparently, I, told, her, that, I, think Stella, will, become, a, layer, two eventually, and, I, told, her, that, about like, six, months, ago, and, she, goes, she went, up, to, me, today, you, know, six, months later, or, yesterday, and, she, goes, did, you know, something, when, you, said, that, sells become, a, layer, too, and, I'm, like, I, don't

even, remember, saying, that, in, the, first place, did, you, notice, species, play, out the, bankless, Theses, always, work, not always, we, you, know, but, like, greater, than 50, percent, haven't, worked, not, none, of the, big, things, I, don't, think, and, you know, the, ones, that, haven't, worked, were just, like, oh, just, wait, just, wait, a, while you, know, the, the, timing's, uh, not, not right, on, for, that, but, we, did, get, D5 right, ethereum, right, yeah um, okay, so, I, guess, one, of, my, questions is, are, we, going, to, see, this, with, other layer, ones, right, is, Avalanche, is, Solana are, they, going, to, become, a, layer, two, and like, my, take, on, this, is, uh, the, reason, a layer, one, becomes, a, layer, two, is, kind, of for, three, reasons, right, it's, tribe, it's

Network, and, it's, economics, it's, these three, reasons, and, there's, various waiting, but, let's, roughly, assign, them, a third, or, third, to, third, one, is, there, is some, tribal, affiliation, right, if, you switch, uh, from, One, Tribe, and, now, you're a, team, ethereum, right, you, get, some, love and, a, support, for, or, say, the, ethereum tribe, that, can, be, a, motivating, reason, to do, this, or, it's, kind, of, marketing, that sort, of, thing, we're, talking, about, it, on the, roll, up, it's, that, sort, of, thing right, the, second, is, network, and, that's the, thing, that, has, been, lacking, before but, is, now, present, in, sort, of, the, super chain, they, already, have, the, network effect, of, the, evm, but, when, you, become, an optimism, participant, in, kind, of, the optimism, ecosystem, as, a, part, of, all, of the, other, layer, twos, that, are, developing on, top, of, ethereum, you, get, plugged, into

a, network, and, you, get, some, beneficial Network, effects, of, interoperability right, it's, just, connected, to, this ecosystem, that, I, think, is, a, driver, for for, solo, and, others, and, the, third, I would, say, is, economics, all, right, rather than, issuing, token, which, is, a, cost, to the, Sello, business, to, pay, for, security, a layer, two, doesn't, have, to, do, that, all right, it's, much, cheaper, to, maintain, your security, as, a, layer, too, the, the, analog here, is, this, is, why, the, state, of Tennessee, doesn't, have, its, own, own private, military, right, it, gets, that, from the, federal, government, all, right, and it's, much, more, efficient, uh, to, get, that cost, that, security, cost, from, the, feds

than, it, is, to, create, like, a, state military, force, of, course, it, just, makes sense, and, so, a, seller, doesn't, have, to pay, that, security, budget, so, it's, those three, things, it's, tribe, it's, network, uh and, then, it's, economics, and, I, don't, know what, other, layer, twos, these, three, forces will, come, into, play, with, but, I, don't think, cello, will, be, the, last, layer, one that, makes, the, switch yeah, my, next, prediction, for, my, next, for my, next, trick, uh, I, think, you're, going, to see, cello, and, many, cello, apps participating, in, optimism's, retroactive public, goods, funding, so, you're, going, to see, op, tokens, being, distributed, to, the cello, ecosystem, and, so, it's, what, do networks, do, they, are, basically, the, the local, governments, for, their, domain, and they, need, to, provide, services, and, one, of

the, big, polls, of, optimism, is, being, part of, the, retroactive, public, goods, funding and, so, if, a, lot, of, the, cell, of, ecosystem can, get, funding, from, optimism, that, is just, a, huge, service, that, optimism, can provide, solo all, of, these, Layer, Two, ecosystems, will be, competing, for, chains, won't, they, um speaking, of, which, here's, another, layer, 2 base, this, is, from, coinbase, mainnet, now open, for, Builders, David, what's, this announcement yeah, so, base, mainnet, is, here, this, is mainnet, it's, open, for, Builders, so, the going, back, to, the, theme, park, ride, which is, really, to, the, test, of, time, the, base Theme, Park, is, open, the, real, estate, is open, for, ride, builders, for, ride operators, so, if, you, would, like, to, go

build, a, ride, on, the, base, theme, park, for the, inevitable, flood, of, people, going into, the, theme, park, which, is, cough happening, in, August, uh, then, now, is, the time, so, mainnet, open, for, Builders, uh, one of, the, interviews, like, I, said, Jesse Pollock, of, Base, I, talked, to, him, for, 40 minutes, all, about, this, and, all, the, other like, Layer, Two, manias, that, are, coming Layer, Two, Season, that, we, that, we, talked about um, and, also, just, his, collaboration, with optimism, and, all, of, this, uh, so, base, may not, open, for, Builders, uh, mainnet, actual mainnet, coming, early, August, I, can't, say the, date, I, actually, don't, know, the, date I, do, another, day, actually uh, but, you, can, watch, the, interview, that I, do, it, might, be, out, by, the, time, you listen, to, this, episode, or, it'll, be, out soon, TM, guys, did, we, mention, the, base, in

base, stands, for, coinbase, this, is coinbase's, Layer, Two, attempt, is, in, case you, forgot, oh, yes, this, is, uh, one, of, the one, another, reason, to, you, have permission, to, be, bullish, oh, coinbase, the layer, two, Mania, the, layer, two, summer like, you, would, be, excused, if, you, made bets, that, this, would, be, coming, base coinbase, flooding, in, users, into, the layer, 2, ecosystem, we, have, public, goods I'm, I'm, just, gonna, at, this, point, just listen, to, the, episode, with, Jesse, we, talk about, this, but, layer, twos, and, provide, in public, goods, and, onboarding, users, onto chains, and, coinbase, leading, that, charge is, going, to, be, a, huge, legitimizing factor, for, the, industry, uh, base spearheading, layer, two, summer, Layer, Two Mania, I, think, is, permission, to, be

bullish, it's, a, big, one you've, got, a, what, 110, million, or, so users, on, coinbase, that, could, be converted, over, yeah, it's, absolutely massive, ZK, sync, announced, its, new, prover it's, called, bojem, what, is, thisum, it's, DK syncs, era, new, high, performance, proof system, so, why, do, we, love, ZK, Roll-Ups because, of, proofs, because, of, the, ZK, uh you, don't, have, to, have, that, seven, day wait, period, for, fraud, proofs, from optimistic, rollups, you, have, just, the proof, that, cryptography, gets, you, the problem, and, the, vector, that, all, these, ZK layer, two, teams, are, competing, on, is, the efficiency, and, of, their, ZK, circuit, how manageable, is, actually, producing, that

proof, this, is, the, thing, that, polygon scroll, Z, case, Inc, are, all, competing, on is, how, solid, can, you, get, your, proof, your ZK, proof, system, and, so, bujam, is, ZK thinks, era's, new, high, performance, proof system, it, used, to, the, average, prover, is they, are, saying, needs, about 500, gigabytes, of, Hardware, on, a, GPU, on, a consumer, grade, piece, of, Hardware, 500 gigabytes, if, if, it, is, a, GPU, I, think, it is, a, GPU, to, make, a, proof, 500, gigabytes is, insane, my, gaming, computer, I've, got, a gaming, computer, it's, got, 16, gigabytes, on its, GPU, uh, the, boojim, requires, eight which, are, not, so, low, it's, not, so, low like, some, GPS, but, they're, kind, of, like

the, low, end, ones, that, need, to, be upgraded, modern, gpus 8, to, 16, gigabytes, I, really, hope, that it's, gpus, I'm, pretty, sure, that's, true um, but, if, if, boot, jump, can, be, proved with, just, eight, gigabytes, of, Hardware what, does, that, mean, that, means, if, you have, a, GPU, with, eight, gigabytes, of memory, in, in, it, you, can, produce, a, bujum proof, for, zksync, era, you, can, run, a, ZK sync, uh, you, can, produce, a, proof, why, do we, like, this, because, it, means, you, only need, one, prover, to, work, whereas, ethereum proof, of, sake, needs, two-thirds, ZK Roll-Ups, need, one, you, need, one, prover, to produce, a, proof, that, could, be, you, if, you have, an, eight, gigabyte, GPU, and, so, that's why, that, that's, and, so, this, is, it's, it's taking, the, ZK, stack, that, I'm, so, excited

about, and, making, it, real, small, real manageable, so, that, it, can, permeate, into the, internet, which, is, again, when, I, say the, ZK, stands, back, on, here, at, the internet more, Layer, Two, stuff, going, on, polygon, is upgrading, its, Matic, token, to, something called, pole, so, there, are, some, big changes, in, the, uh, the, the, polematic ecosystem, this, is, like, a, token Improvement, I, would, say, maybe, an economic, Improvement, but, the, tldr, is this, one, pull, token, is, now, going, to power, all, of, the, chains, so, that's polygon, supernets, polygon, ZK, evm, even the, polygon, ZK, evm, validium, of, course, it already, Powers, the, proof, of, stake, change and, they're, chain, and, they're, going through, a, Rebrand, of, it, so, no, longer will, it, be, called, Matic, it, will, be

called, Paul, Pol, is, it, Paul, or, pole, I don't, know, one, of, those, two, things, why isn't, it, Paulie, is, the, better, question I'm, sure, Paul, what, are, they, doing, do, you remember, wasn't, there, like, wasn't, there a, company, or, a, project, called, polymath or, something, it, was, a, security experience, issuance, platform, yeah, you remember, this, yeah, I, was, in, that security, token, as, well, back, then, they're totally, relevant, yeah, it's, permission, to take I, can't, actually, submit, a, governance proposal, to, change, from, Pole, to, poly because, I'm, a, U.S, citizen, I, think, I think, that's, true, actually, wait, really but, Paul, come, on, Paulie, okay, yeah, no, I, I think, I'm, pretty, sure, that's, true, um, but

okay, but, uh, more, serious, note, not semantics, one, of, the, big, critiques, of polygon, is, like, it's, not, a, roll-up, it's just, a, proof, of, stake, side, chain, and there's, no, like, it, doesn't, inherit, the security, of, ethereum, blah, blah, blah, I think, the, the, very, important, thing, to emphasize, is, that, you, have, the, Matic token, which, is, the, proof, of, stake, token for, the, current, polygon, proof, of, sake Network, now, you, have, the, Paul, token which, is, the, actual, validating, token, for every, single, Network, actual, fees, all, the networks, the, many, networks, of, that, is part, of, the, whole, polygon, ecosystem they're, calling, this, a, third, generation because, first, generation, they, were calling, it, Bitcoin, second, generation, is eth, for, the, ethereum, network, and, third generation, is, Paul, for, the, you, know Paulie, number, of, networks, that's, a

that's, a, good, pun, I, think, the, Paulie networks, of, polygon, oh, that's, why, they call, it, polygon, oh, I, get, it, uh, holders can, become, value, so, if, you, own, hold, Paul you, can, now, become, a, valiator, you, can get, the, transaction, fee, so, all, of, the many, many, networks, that, makes, up, polygon one, token, many, networks, yeah, I, think, I, I like, what, they're, doing, here, so, Matic holders, this, is, a, one-to-one, upgrade, so mad, at, the, poll, is, a, one-to-one, upgrade right, notice, what, they, didn't, do, so, what they, didn't, do, was, make, it, like, a different, ratio, and, ten, to, one, token split, yeah, or, even, deeper, inflate polygon, is, pretty, cheap, it's, like, 50, 60 seconds, or, something, they, did, so, so, but yes, but, they, didn't, kind, of um I, guess, kill, or, Nerf, existing, Matic holders, which, is, good, they, also, didn't

do, a, thing, that, they, could, have, done, I suppose, would, just, create, tokens, for, all of, these, chains, right, so, I, feel, like this, is, a, good, move, it's, a um, a, long-term, game, type, of, thing, so, the initial, Supply, will, be, 10, billion dollars, same, asmatic, now, I, will, say, that there, is, some, issuance, that, has, been added, so, there's, a, 2, percent, yearly emission, of, poll, tokens, on, top, of, this whereas, Matic, was, fixed, somatic, was fixed, at, 10, billion, with, Paul, there's going, to, be, uh, some, issuance, so, there was, some, issuance, added, on, the, back, of this, one, percent, goes, to, validated rewards, one, percent, to, community treasury, which, of, course, pays, for critical, development, uh, all, in, all, you know, I, think, this, is, a, pretty, pretty good, move, for, and, most, Matic, holders

that, I've, seen, have, been, pretty, excited and, about, this, and, of, course, you, can, not only, use, Paul, for, uh, staking, inside, of proof, of, stake, in, the, future, but, you'll also, be, able, to, use, it, in, you, know, other other, roles, that, Roll-Ups, present, say maybe, sequencers, that, that, kind, of, thing so, um, and, just, as, a, reminder, before, we move, on, Ryan, is, an, advisor, to, polygon and, Ryan, and, I, are, both, advisors, to, both ZK, sync, and, optimism, turns, out, we, like layer, twos, Dave, you, remember, this, guy from, the, uh, a, show, called, The, OC, back, in the, 2000s, not, at, all, okay, well, this, guy was, a, pretty, big, deal, back, in, the, day some, bankers, teenage, heartthrob, type yeah, that's, totally, what, he, was, uh, Ben McKenzie, is, his, name, former, star, of, the

OC, so, I, woke, up, on, Monday, and, suddenly here's, Ben, McKenzie, and, he's, at, war, with crypto, all, right, I, did, not, expect, this guy, uh, from, the, past, he, hasn't, done, a lot, of, acting, since, his, uh, this, is, who they're, sending, this, is, they're, sending David, uh, the, context, is, yes, Ben, McKinsey former, OC, Stars, published, a, book, this week, on, how, all, crypto, is, a, scam, and that, really, is, the, uh, the, conclusion, of the, book, so, his, story, is, he, discovered crypto, in, 2021, he, invested, in, quotes, uh 250k, in, it, don't, know, what, he, bought, but uh, he, indicates, that, he, lost, almost, all of, it, if, not, all, of, it um, proceeded, to, talk, to, the, um, the, the crypto, people, of, course, which, include machinsky, SBF, Justin, Sun, you, know, the

best, representatives, of, the, crew, he, was talking, he, was, hanging, out, with, them that's, who, he, was, how, did, he, find investigating, talking, to, right, those, you didn't, talk, to, the, metallics, of, the world, he, didn't, you, know, talk, to, anybody and, talk, to, us, he, didn't, look, up, our guest, list, and, talk, to, you, know, Hester Personnel, we, didn't, talk, to, any, of, those I, bet, you, he, doesn't, even, know, what bankless, is, yeah, and, so, he, drew, a, whole first, mistake, well, I, don't, know, like, I think, he, does, I, it, almost, feels, at, this point, like, he, is, purposely, ignoring, that in, order, to, uh, to, send, a, contrary message, which, is, all, of, crypto, is, a, scam uh, because, they're, scammers, in, the industry, obviously, all, crypto, is, a, scam so, here, he, is, he's, doing, the, media circuit, tour, I'm, gonna, play, this, clip

you, ready, oh, God, you, dug, in, and, yet, you admit, you, still, didn't, get, it, it's, it, I don't, do, it, either, it's, not, rude, it's not, it's, not, a, thing, it's, right, like, if you, buy, a, stock, it, represents, a, company if, you, buy, a, bond, you've, got, debt, on tangibility, yes, right, you, invest, in Grain, Futures, like, there, is, a, farm somewhere, making, grain, like, what, is crypto, actually, rooted, in, or, on, nothing it's, a, story, I, mean, these, are, bits, of computer, code that, are, uncorrelated, with, any, real world, asset, to, your, point, if, they're, an investment, that's, so, bullish, that's, what I'm, here, for, the, reason, that, I, use, the word, Ponzi, scheme, in, front, of, the, Senate is, that, an, investment, scheme, without value, is, a, Ponzi, scheme, I, mean, that's the, definition, and, Ponzi, schemes, are

regulated, by, this, PS, Exchange, Commission so, in, my, opinion, the, cryptocurrency industry, does, represent, the, largest Ponzi, scheme, in, history, there, is, I, I could, play, more, but, that's, about, the summary, so, bankless, Nation, this, is, who you're, up, against, when, you're, training it's, so, bad, yeah, well, you, know, what, to me, why, is, this, significant, to, me, it, just it, kind, of, represents, a, bottom, signal for, me, right, it's, just, like, now, this person, is, coming, out, with, a, book, on, how all, crypto, is, a, scam, and, the, conclusion and, just, this, is, on, uh, CBS, Morning, like this, um, the, show, host, is, like, I, don't understand, this, crypto, thing, it's, not backed, by, anything, real, it's, not, backed it's, not, like, wheat, it's, not, like, uh, you know, a, security, it's, not, like, Equity, or anything, else I, think, that, do, we, not, live, on, the

internet, in, this, modern, era, like, what, do they, think, this, is, I'm, very, excited, to take, the, counter, trade, here, because, this makes, me, bullish, this, is, the, good, idea that, I'm, like, this, is, all, right against this, is, okay, permission, to, be, bullish this, clip, makeless, Nation, it's, your permission, to, be, bullish, right, now, this is, the, bottom, signal, of, bottom, signals they're, just, handing, to, this, uh, handing this, to, us, on, a, platter, they, have, Ben McKinsey, in, the, whole, like, Fiat, font, at the, top, of, the, banner, oh, my, god, dude, yes I, think, we're, doing, this, mistake, and, put him, on, on, talk, to, the, Senate, Chief, I can't, believe, you, talk, to, the, Senate yeah, yeah, anyway, the, OC, uh, actor, is coming, out, hard, against, crypto, and, that

is, the, ultimate, box, I'm, shaking, in, my boots in, politics, I, don't, know, if, you've noticed, this, David, but, um, Robert, Kennedy Jr, Robert, F, RFK um, he's, been, taking, some, very, Pro, crypto stances, last, week just, earlier, this, week, David, he, he, vowed to, back, the, dollar, with, Bitcoin, all right, not, a, lot, just, under, one, percent very, very, small, he, said, perhaps, of, one percent, of, issued, T, bills, by, Bitcoin, and other, hard, currencies, like, gold, silver and, platinum, he, also, not, one, percent, is Bitcoin, one, percent, is, hard, currencies like, including, Bitcoin, or, Bitcoin, okay yes, uh, very, Pro, Bitcoin, stance, um, he said, is, a, mistake, for, the, US, government

to, hobble, the, industry, and, drive Innovation, else, where, uh, his, uh, Biden's 30, tax, on, cryptocurrency, mining, is, a, bad idea, he, also, wants, to, remove, capital gains, from, Bitcoin, I'm, assuming, in smaller, amounts, right, so, probably, not large, Investments, of, you, know, millions of, dollars, but, like, if, I, send, Bitcoin, uh you, know, to, pay, for, something, pay, for, my Starbucks, that's, a, capital, gain, on, my Bitcoin, potentially, if, it's, gone, up, for paying, for, a, cup, of, coffee, other currencies, aren't, treated, that, way, so, he brings, a, lot, of, points um, to, bear, and, is, definitely, taking, a crypto, posture, regardless, what, you, think of, uh, any, of, his, other, politics, which, of course, many, people, have, complaints, about

or, different, opinions, on, Ron, DeSantis, as well um he, is, coming, out, hard, against, the Central, Bank, digital, currency, he, says this, of, C, bdc's, he, says, this, of, cbdc's they, want, to, get, rid, of, cash, they, want no, cryptocurrency, they, want, this, to, be the, sole, form, of, legal, tender, it, will allow, them, to, prohibit, undesirable purchases, like, Fuel, and, ammunition so, the, minute, you, give, them, power, to, do this, they, will, impose, a, social, credit system, on, the, country, cbdc, is, a, massive threat, to, American, Liberty, what's interesting, about, this, is, politics, aside it, seems, like, all, politicians, are, now, in this, presidential, race, having, to, weigh in, on, crypto, and, I, haven't, heard, Biden weigh, in, in, a, big, way, I, haven't, heard Trump, weigh, in, recently, in, a, big, way, but

this, is, elevated, in, 2023, 2024, to, kind, of national, level, of, conversation, and, that is, quite, a, departure, from, the, previous uh, crypto, cycle, do, you, have, any, takes, on this my, take, is, that, everyone's, got, to, take about, crypto and, I, think, that's, really, just, the summary, it's, it's, it's, now, mainstream, in politics, and, so, it, we, have, risen, to, that level, like, you, can't, everyone's, good like, you're, gonna, be, running, for, some office, somewhere, and, then, one, day, you will, be, asked, hey, what's, your, take, on crypto, that's, just, it's, that, that's where, we, are, 100, uh, another, maybe permission, to, be, bullish, that, it's elevated, to, the, the, national conversation, here, uh, this, is, not permission, to, be, bullish, is, all, the others, well, this, this, one, is, not, strong

at, all, binance, cutting, back, employee benefits, uh, citing, decline, in, profit apparently, binance, um, cut, a, thousand workers, this, week um, CZ, had, a, response, CC, said, that, was fun, he, said, that, it, was, there, were layoffs, but, it, wasn't, a, thousand, four, is it, one, of, the, four, fud, things, it's, a four, yeah, I, don't, know, what, to, think about, all, that, but, you, know, uh, CZ, as, we continuously, strive, to, increase, Talent density, there, will, be, involuntary terminations, this, happens, in, every company, the, numbers, reported, by, the media, are, way, off, it's, just, fun, process all, right, there, you, go, update, from gnosis, safe, this, is, a, gnosis, pay, see that, little, Visa, card, that, knows, this pay, Visa, card, that, you, see, on, your screen, I, see, you, so, I, actually, talked, to

some, of, the, nurses, team, at, zuzalo, about how, this, works, when, you, run, your, that credit, card, the, magnet, induces, enough, of an, Impulse, of, electricity, for, that, chip inside, the, card, to, make, a, private, key transaction, trans, signature, so, there's, a private, key, in, that, Visa, card, and, just scanning, it, makes, a, transaction, happen it, makes, it, what, yep, yep, there's, a private, key, in, that, Visa, card, and, it runs, on, top, of, gnosis, chain, and, so, we have, gnosis, pay, and, gnosis, card, running on, top, of, gnosis, chain bankless, system, uh, and, payment, system along, with, your, Vault, NOS, is, safe, so like, gnosis, chain, noses, pay, notice, card

noses, safe, I, think, there's, a, few, others as, well, it's, a, pretty, impressive vertical, but, the, news, here, is, that, nose if, pay, is, out, no, says, chain, that's, a like, a, side, chain, on, ethereum I, love, gnosis, safe, I, will, say, that, best multisig, I've, used, uh, it's, absolutely fantastic, really, cool, to, see, this, it says, an, announcement, out, of, ECC, espresso announcing, an, ecosystem, partnership, with eigenlayer, collaborating, to, bring restaking, to, the, espresso, sequencer Network, this, is, one, of, the, things, I, was referencing, earlier, with, the, rubber hitting, the, pavement, about, very, hard problems, as, everyone's, getting, really excited, about, espresso, sequencing, and shared, sequencing, and, just, overall, the growing, infrastructure, around, wait, what is, this, one, of, the, big, problems, about

all, these, layer, 2, networks, and, the fractal, super, chain, fractal, scaling hyper, chains, and, all, of, and, and, then, all the, restaking, eigenlayer, chains, is there's, a, lot, of, parallelization, going on, between, all, these, chains, like, there's 10, there's, going, to, be, ten, thousand, op stack, chains, how, are, we, going, to parallelize, and, then, combine, all, the transactions, we, do, that, with, sequencing espresso, systems, is, attacking, tackling this, problem, headed, on, and, they're, doing it, alongside, of, eigen, layer, it, sounds like, this, is, a, rabbit, hole, that, I, think we, actually, really, haven't, explored, yet I, think, I, think, we, should, we, should probably, do, an, episode, on, sequencing, so uh, call, to, action, for, who, is, the, best sequencer, guest, might, be, torgel, from scroll, yeah, I, just, have, him, on, I, I, feel

like, I, need, to, school, up, because, most sequencers, right, now, are, run, by, kind, of internal, teams, like, arbitrum, runs, their secret, sequencer, optimism, runs, its sequencer, but, this, can't, be, the, state moving, forward, so, yeah, I, would, love, an update, on, that, um, very, cool, to, see, David we, got, more, coming, up, including questions, from, the, nation, some, hot, takes from, crypto, Twitter, as, well, stay, tuned we'll, be, right, back, at, you, but, before, we do, we, want, to, thank, the, sponsors, that made, this, episode, possible, introducing polygon, 2.0, the, value, layer, for, the internet, for, too, long, the, limitations, of blockchains, have, held, back, app development, and, stifled, user, adoption the, internet, allows, anyone, to, create, and exchange, information, what's, missing, is, a value, layer, that, lets, anyone, Exchange store, and, program, value, that's, where polygon, 2.0, comes, in, polygon, Labs, has

unveiled, a, series, of, innovations, that will, radically, alter, the, polygon ecosystem, and, web3, as, a, whole, by leveraging, in, groundbreaking, ZK Innovations, such, as, polygon, ZK, evm, the next, iteration, of, the, Best, in, Class plonky2, proving, system, and, a, first, of its, kind, ZK, powered, interoperability layer, polygon, 2.0, will, give, users, and devs, unlimited, scalability, and, unified liquidity, right, now, there, is, a, polygon Improvement, proposal, regarding, a potential, ZK, powered, upgrade, of, polygon proof, of, stake, if, approved, polygon, proof of, stake, would, become, a, layer, 2, zkevm validium, so, make, your, voice, heard, on this, proposal, by, joining, the, polygon Discord, today, you, have, a, chance, to, help the, polygon, Community, give, the, internet the, value, layer, it, deserves, are, you planning, to, launch, a, token, is, your, token already, live, and, are, you, granting, your

employees, and, contractors, vesting, token Awards, and, are, you, trying, to, figure, out how, to, take, care, of, taxable, events, for your, team, toku, makes, implementing, a global, token, incentive, award, simple, with toku, you, will, get, unmatched, legal, and tax, support, to, Grant, and, administer, your Global, teams, tokens, toku, will, help, you navigate, across, the, life, cycle, of, your token, from, easy, to, use, pre-launch, token Grant, award, templates, to, managing, post Cliff, taxable, events, with, payroll, for legal, finance, and, HR, teams, it's, a, huge complex, task, to, have, to, comply, with labor, laws, payroll, and, tax, obligations tax, reporting, and, crypto, regulations, in every, country, that, you, employ, someone it's, difficult, time, consuming, manual, and costly, and, it's, drawing, more, attention from, Global, regulators, and, governments toku, makes, it, simple, for, leading

companies, in, the, space, protocol, Labs hedera, Bitcoin, and, many, more, so, if, you want, some, help, navigating, the, complex world, of, token, compliance, go, to, toku.com bank, list, or, click, the, link, in, the description, below, question, from, bankless citizen, Kyle, Kaplan, this, week, so, if optimism, switches, from, optimistic, fraud proofs, to, ZK, proofs, and, chooses, the, ZK sync, prover, we're, just, talking, about that, will, it, reduce, the, need, to, bridge between, the, networks, and, would, that, make it, a, hyper, super, chain, I, think, this, is, a great, question, it's, kind, of, a, question that, I've, had, in, my, mind, as, well, alright so, part, of, My, worry, is, we, create, all, of these, Island, ecosystems, we, have, you, know the, ZK, era, ecosystem, we, have, the optimism, arbitrum, ecosystem, polygon they're, all, kind, of, separate, ecosystems and, be, really, nice, if, we, had, some

standardization, in, a, way, to, kind, of easily, bridge, between, them, or, we, shared some, security, assumptions, or, shared, some ux, or, something, good, could, come, of, that I, think, that's, what, Kyle, is, asking, about in, this, question, will, it, reduce, the, need to, bridge, between, networks, what's, your what's, your, answer, to, that, David I, think, Kyle's, tapping, into, my Fascination, about, Stacks, lately, so, we've had, the, op, stack, for, a, while, the, ZK stack, is, brand, new, and, I, like, when, I, was talking, about, the, CK, stack, I, used, to talk, about, what, is, the, ZK, stack, it, is, CK syncs, ZK, circuit, emphasis, like, like concentrated, put, into, a, small, little package, and, I, think, what, Kyle, is, saying is, oh, a, small, little, package, you, mean like, a, module, and, how, the, op, stack, is like, a, module, for, Layer, Two, Chains, can

you, take, the, zkc, circuit, and, put, it inside, the, op, stack, and, the, answer, is yes, and, no, uh, it, is, theoretically possible, to, do, that, and, things, are progressing, and, forward, in, that specifically, the, ZK, sync, circuit, is, not evm, compatible, so, the, puzzle, piece, does not, fit, but, I, then, this, is, coming, from Ben, Jones, I, had, to, ask, Ben, Jones, to, make sure, I, was, getting, this, right, he, said, it doesn't, fit, yet important, Point, yet, so, it, is, possible, to to, it, is, eventually, possible, to, do, that you, could, put, the, ZK, sync, circuit, inside of, the, op, stack, it, just, needs, to, be, made more, evm, compatible, however, oh, one, Labs of, one, Labs, we, saw, this, announcement, not

too, long, ago, they, are, also, building, a, ZK circuit, for, the, op, stack, so, there, is competition, from, the, ZK, world, to, build the, ZK, circuit, for, the, op, stack, because then, whichever, one, becomes, standard, is is, the, one, and, so, there, is, a, competition here I, like, competition, and, also, I, want, very much, standardization, right, so, one, thing that, is, nice, about, it, but, yeah, it's, like competition, and, standardization, is, like and, like, you, want, a, monopoly, for standards, don't, you, like, HTTP, is Monopoly, it, went, the, protocol, of, the internet, right, and, this, idea, of, a, hyper super, chain, that, Kyle, is, tapping, into the, question, that's, what, we, all, want, we

don't, want, like, all, sorts, of, different stack, chains, here, we, want, one, hyper, poly ZK, op, d, r, b, stack, oh, my, God, I, don't, know if, we, can, get, that, I, don't, know, right, so um, so, and, by, the, way, I, I, do, think, that if, ethereum, doesn't, figure, this, out, with with, layer, twos, as, bullish, I, as, I, am about, kind, of, the, modular, thesis, right and, I'm, very, bullish, on, this, I, think this, is, the, in, its, armor, armor right, where, a, monolithic, chain, a, Solana for, instance, has, an, approach, and, they're like, ux, is, seamless, you, get, from, here, to here, and, it's, easy, we, don't, make, you change, any, wallets, you, have, to, change your, security, posture, assumptions, the, ux is, just, seamless, and, it's, easy, so, it's really, the, modular um, you, know, modular, way, to, scale, this

really, important, that, we, figure, out, ux and, get, some, standardization, here um, great, question, David, we, got, some takes, of, the, week, here's, a, take, from Antonio, from, dydx, what's, he, say Antonio, from, dydx, dydx, of, course, was once, a, starkware-based, stark, uh, X, based layer, two, and, then, pivoted, into, being, a Cosmos, app, chain, and, he, says, DUI, DX, was early, in, right, on, defy, very, true, e, early and, right, on, purpose, also, very, true early, and, right, on, ethereum, layer, twos and, d, and, then, he, finishes, and, saying dydx, will, be, early, and, right, on, apps chains, 2.

I, don't, know, about, that, tank, why, I, think he's, totally, right, but, my, my, follow-up question, was um, do, you, still, like, Cosmos, app, chains over, Layer, Two, app, change, he's, he's, in his, tweet, he's, talking, about, Cosmos, app chains, okay, however, I'm, not, clear, and they, have, an, independent, layer, one becoming, a, roll-up, on, Layer, Two, and, you can, do, app, change, as, roll, apps, on ethereum, and, I'm, pretty, sure, he's, not talking, about, that, but, it's, interesting right, so, um I'm, also, very, bullish, on, app chains, but, I'm, much, less, bullish, on, app chains and, why, it's, because, it, it, kills, the kind, of, the, economic, remember, or, we're

talking, about, tribe, Network, and economics, it, kills, that, last, leg, of, the stool, there, the, economic, argument, you still, have, to, pay, for, security, don't, you well, they, cost, you, weaker, tribes, because all, of, the, ethereum, layer, twos, are anchored, by, eth, Cosmos, app, chains, are not, anchored, by, Cosmos, Federation, of city-states, that's, what, the, cosmos Vision, has, always, been, rather, than, kind of, the, Empire, type, model, of, ethereum, uh so, yeah, he's, taking, a, bet, big, bet, big Builder, bet, on, the, Cosmos, app, chain ecosystem, so, I, think, I, think, he, paper handed, layer, twos, I, think, I, think, the uidx, paper-handed, and, Tony, is, pretty smart, man, and, he's, a, builder, I, don't know, maybe, he, he, sees, something, that, um that, others, don't, we'll, have, to, see that's, mine, that's, my, take, is, that Antonio, paper-handed, layer, juice

well, he's, always, been, early, sometimes like, he, was, he, was, doing, ab, chains before, app, chains, existed, on, ethereum let's, say, that, right, and, then, he, stopped he, was, so, early, and, he, stopped uh, we're, rooting, for, you, though, Antonio and, dying, Antonio, you're, great, by, James killer yeah, it's, just, a, lot, of, I've, I've, heard a, lot, of, conversation, about, tokens, being Securities, this, week, and, I, just, think that's, the, wrong, framing, like, why, are, we even, asking, that, question, okay, tokens aren't, Securities, tokens, are, tokens David, yeah, like, it's, not, that, hard tokens, Can, Be, money, they, can, be, memes they, can, be, loyalty, points, they, can, be

nfts, they, can, be, shares, they, can, be coupons, they, can, be, ious, they, could, be Commodities, they'd, be, cons, they, could, be whatever, you, want, because, anything, that represents, ownership, can, be, expressed, as a, token, what, are, we, doing, what, is ethereum, a, property, rights, system, in which, you, can, express, ownership, of, a scarce, unit, on, the, internet, ownership, of anything, that, scarce, ownership, scarcity that's, what, we're, doing, with, tokens right, so, when, the, SEC, or, anybody analyzes, tokens, under, the, Securities framework, or, that, rubric, it's, like, why are, we, even, talking, about, this, it's, so like, we're, not, thinking, about, first principles, and, that's, why, I, feel, like our, regulators, and, our, lawmakers, are

doing, this, stupid, thing, where, they're they're, Pidgey, they're, either pigeonholing, crypto, into, Securities, into something, it's, not, that's, limiting, right or, they're, nannying, us, into, you, a, list of, thou, shalts, Thou, shalt, not, with tokens, and, it's, really, stupid, the, one thing, they, could, be, doing, that, would actually, be, helpful, for, us, is disclosures, remember, like, that's, what the, SEC, is, set, up, to, do, it's, a disclosures, based, institution, not, a merit-based, they, don't, get, to, decide what, investors, buy, right, that's, beyond like, that, they're, not, supposed, to, do that, they, have, to, help, with, disclosures right, so, you, can, see, what, a, company's financials, are, so, they're, fired, filed quarterly, they, maintain, a, bad, a, database called, uh, Edgar, which, lists, all, of, this disclosure, information, about, companies

they, require, the, file, so, what, can Regulators, do, they, can, help, the, public know, what, it's, buying we, have, a, lot, of, public, data, on, chain they, can, maximize, I, would, love, the, SEC or, the, cftc, to, create, Dune, boards, that would, be, a, start, wouldn't, that, be, a prototype, like, wouldn't, that, be, that's too, productive, of, them, we, got, the disclosure, information, and, we, can, even as, a, crypto, industry, team, up, with, them and, help, we, got, Builders, like, one, thing that, our, Regulators, can, do, and, our lawmakers, can, do is, they, can, help, with, the, coordination problem, they, can, help, solve, moloch, and they, can, just, be, like, hey, here's, a, list of, 15, things, that, we, think um, should, be, encompassed, in, a, you, know, a

protocol, and, here's, where, we're, going, to organize, everything, on, this, set, of, like Dune, boards, let's, say, for, instance, but so, I, don't, understand, why, this, is, so difficult, and, the, the, constant um back, and, forth, about, you, know, tokens are, they, Securities, or, not, it's, just totally, missing, the, point, I, just, wish our, Governors, the, people, running, things our, regulators, and, our, lawmakers, would actually, do, their, jobs, and, use, their brains, and, govern, because, that's, all that's, what, we, need, here, anyway, I, think I, got, triggered, because, I, was, reading some, other, Financial, analysts, opinion, on whether, tokens, are, securities, or, not, and I'm, just, like, bubbling, up, to, that's, not even, the, right, question, to, ask, what, of course, there's, a, lack, of, imagination, if you're, trying, to, say, yes, it's, because

like, you're, trying, to, take, this, new thing, and, categorize, it, and, pigeonhole it, into, this, old, thing, it's, the, same conversation, as, like, is, ether, a, capital asset, is, it, a, commodity, asset, what, is, it no, it's, something, net, new, it, is, a, new thing, it, doesn't, fit, into, the, old, things it's, kind, of, like, the, old, things, but it's, a, new, thing, the, answer, to, the question, is, almost, like, we'll, see, you know, what, I, mean, like, like, we, just, have to, see, where, the, use, cases, bring, us, uh David, let's, end, with, this, what, do, you bullish, on, this, week I, am, bullish, on, this, is, uh, the, last, of my, ammo, of, you, have, permission, to, be bullish, okay, does, this, graphic, make sense, okay, let, me, get, my, bearings, here I'm, looking, at, uh, eth, over, the, dollar this, is, a, chart, we're, looking, at, a, log

eth, chart, from, 2020, halfway, through, 2020 to, now, okay, and, I'm, seeing, some, uh, bars and, I'm, seeing, like, kind, of, two, two, sets here, some, candles, here, two, sets, here, so well, yeah, what, am, I, what, am, I, looking, at flipped you, just, copied, and, pasted, and, you flipped, the, the, bull, market, and, swap that, in, for, the, bear, Market, yes, yes, so, I cut, the, the, part, the, bull, market, is, in the, blue, box and, I've, copied, and, pasted, that, and, I've flipped, it, so, the, bull, market, is, now upside, down and, then, I've, shifted, that, over, to, the bear, Market, I've, lined, it, up, over, the bear, market, and, what, what, am, I, doing here, the, bull, market, of, 2021, the, bull

market, of, old, had, two, tops, May, of, 2021 we, had, that, blow, off, top, uh, I, can, oh, I don't, I, can't, point, to, it, because, I don't, have, the, cursor, you, can, uh, you, so the, 2020, may, have, uh, yeah, that, was, a, top and, then, we, also, had, the, November, 2021 also, that, top, is, a, double, top, oh, here, he is, the, bear, Market, had, a, double, bottom it, had, the, Thrills, Capital, liquidation right, after, the, Terra, Luna, uh, crash about, a, year, that, was, the, bottom, number one, and, then, we, had, the, FTX, insolvency which, was, number, two, and, so, I, have Loosely, lined, up, the, double, top, of, the bull, market, with, a, double, bottom, of, the bear, Mark, kit, and, they, kind, of, line, up and, what, I'm, saying, is, like, okay, if, the and, I, flipped, it, around, the, reason, why

it's, upside, down, is, that, now, the, double top, of, the, bear, the, bull, market, falls into, the, into, the, bear, Market, but, the double, bottom, of, the, bull, market, the point, is, it's, about, the, same, amount, of time, we, are, here, and, so, you, have permission, to, be, bullish, because, the bull, market, and, the, bear, Market, are about, right, now, the, same, length, we, could we, could, get, a, few, more, weeks, or, months why, do, they, have, to, be, the, same, length though, just, because, it, because, of, human psychology, at, some, time, we're, done, being bearish, and, I, think, that, people, have bare, fatigue, and, the, Bulls, have, room, to take, over, they, have, there's, enough evidence, there's, enough, permission, for them, to, take, over, and, be, like, you, know what, bears, get, the, F, out, of, here, we're

done, with, you, we're, buying, We're, not gonna, let, the, s, p, rally, so, hard, without yeah, right, I'm, gonna, hit, the, buy, button I'm, gonna, do, it, f, you, get, out, of, here and, so, I'm, saying, you, have, permission, to be, bullish, for, the, last, time, well, that's a, good, bankless, episode, without, some, is this, ta, some, ta, at, the, end, this, is, the craziest, David, Hoffman, ta, I, have, ever this, is, pretty, crazy, but, you, know, what David, I, want, to, believe, and, all, you're basically, saying, is, hey, human, psychology plays, out, in, the, same, way, during, a, bull market, it's, just, the, inverse, in, a, bear market, right, instead, of, hitting, the, sell button, uh, we, we, hit, the, buy, button, right that's, all, you're, doing, and, you're, just extrapolating, that, forward, uh, so, we, got two, bottoms, here, uh, just, like, we, had, two

tops, and, uh, now, we, can, proceed, into, uh into, a, glorious, bull, market, future permission, to, people, what, I'm, very, what I'm, bullish, on, I'm, just, bullish that's, great, then, all, right, where, do, you bullish, on, uh, this, week, I'm, bullish, on staking, that, risk-free, rate, baby, I, was just, looking, at, do, you, remember, what, I was, taking, last, week, I, don't, care I'm, still, bullish, do, you, know, um, uh, do you, remember, that, episode, we, did, a, long time, ago um, and, I've, just, been, too, busy, today okay, sorry, the, episode, we, did, on, how much, eth, it, takes, to, retire crab, market, between, like, 100, and, 300, or

something, that's, what, it, is, and, it, was, a fun, exercise, to, figure, out, how, much, like this, is, before, the, beacon, chain, launched and, we're, trying, to, calibrate, the rewards, and, interests, before, we, even knew, about, kind, of, Mev, execution, layer rewards, and, how, big, that, would, be, we're trying, to, figure, out, how, much, eth, how many, validators, you, need, to, run, to actually, retire, that, whole, exercise right, anyway, what's, really, fun, is, like staking, we, have, a, risk-free, rate, of return, there, is, some, amount, of, eth, that you, can, acquire, as, a, productive, asset and, stake, it, at, a, risk-free, rate, and then, use, the, proceeds, pay, your, taxes, of course, sell, those, proceeds, and, retire, on that, to, me, this, is, like, the, like, fire

for, Millennials, right um, Financial, Independence, that, whole kind, of, like, strategy um, so, what, am, I, bullish, on, staking stacking, and, staking, eath, has, never second, stake, it's, never, it's, never gotten, boring, to, me, that's, still, in, my opinion, ever, since, we, started, bankless that, is, still, like, the, end, game yeah, you, know, what, I mean, like, always has, been, you, got, D5, tokens, you, got, Layer Two, so, you, got, all, sorts, of things, out there, but, ultimately, the, uh, denominator there, the, unit, of, account, to, me, is, still ether, because, it, has, this, risk-free, rate that, um, serves, as, a, productive, asset, so yeah, I'm, staking, on, or, I'm, just, taking

I'm, bullish, on, staking, this, week, David and, I'm, bullish, on, people, listening, to bankless, getting, to, some, amount, of, eth where, they, can, live, off, a, portion, of that, semi-retire, do, have, Bank, list, is about, like, Freedom, too, right, and, so, it's a, freedom, technology, you, don't, have, to have, an, intermediary, when, you, stake, you stake, on, your, own, you, can, run, your, own node, uh, and, then, also, having, a, cash, flow to, fund, the, things, that, you, want, to, do um, that, to, me, is, is, pretty, exciting, and what, we've, been, about, since, we, we started, this, episode, so, I'm, just returning, that, and, being, like, hey, you know, a, lot, of, the, risk, is, boiled, out, of this, and, I'm, personally, ready, to, stake and, uh, yeah, it's, exciting we, should, go, back, to, the, episode, and, see what, numbers, we, came, up, with, back, then

with, that, calculator, to, see, how, on, track we, were, with, all, this, data, that, we, had, I think, if, I, remember, correctly, it, was something, like, 3.2, or, 3.7, validators, get you, 3, 60 000, a, year, of, passive, income, uh, under, a 10K, East, Paradigm, do, you, want, to, do, that we, should, just, do, a, redo, of, that, episode and, now, that, we, have, staking, how, much how, much, does, it, take, to, require, I've got, one, more, thing, that, I'm, bullish, on Ryan, go, for, it, if, I'm, allowed, find, a, lot of, two, things, yeah, this, is, something that, I, know, that, you, don't, get, to experience, nearly, as, much, as, I, do because, I, go, to, all, the, conferences um, but I, am, always, just, like, insanely, humbled by, all, the, people, that, come, by, and, just say, hey, David, also, tell, Ryan, this, thank

you, for, what, you, do, at, bankless, uh, and maybe, this, is, me, patting, myself, on, the back, but, I, I'm, I'll, do, it, and, I, think you, should, too, but, it's, something, that is, always, the, theme, of, every, conference that, I, go, to, is, people, like, I, just, find what, you, did, so, evaluate, you, do, so valuable, I've, gotten, to, this, I, got, a, web free, job, because, of, you, guys, and, because of, the, podcast, I, listen, to, it, all, the time, uh, and, so, thank, for, anyone, who takes, a, moment, out, of, their, day, could the, conference, to, tell, me, that, and, I'll always, pass, it, on, to, Ryan, uh, I'm, bullish on, the, bank, list, Nation, so, just, uh, it's always, pretty, cool, to, talk, to, these people, at, conferences, so, I, appreciate, it that's, really, cool, you, don't, get, that kind, of, energy, on, the, internet, it, gets, a

little, toxic, sometimes, but, in, real, life um, real, life, is, not, like, that, Meme, of the, week, David, what, are, we, looking, at, oh my, god, did, you, see, this, this, is, vitalik this, is, vitalik, walking, he, looks, like, he has, a, uh skinny, black, T-shirt, and, blue, shorts they, look, like, they're, playing, Pokemon shorts, you, know, the, kid, who's, like, I like, shorts, yeah, it, feels, like, those, are the, shorts, yeah, and, then, he's, followed by, what, looks, like, a, mob, of, people, in suits, and, the, Tweet, is, my, entire, net worth, is, in, this, man's, hands uh, the, funny, thing, is, when, I, was, staying at, this, is, this, is, at, zuzalu, the, demand

that, you, can, see, in, the, center, behind metallic, is, Mickey, he's, the, incoming prime, minister, of, of, Montenegro, and, the guy, to, his, right, our, left, is, the president, of, Montenegro, the, security, is for, them it's, like, 200, feet, ahead, of, them like, that, so, it, looks, like, they're, close but, the, vitalik, is, it's, not, the Security's, not, vitalik, also, the apartments, that, I, stayed, in, is, like, two rows, of, houses, behind, the, apartments that, you, can, see, there, that, is, funny, so the, security, is, for, the, president, of Montenegro, not, kind, of, the, you, know that's, amazing, all, right, guys, you're gonna, really, enjoy, the, Moment, of, Zen this, week, so, make, sure, you, don't, skip, it but, uh, David, you, got, to, give, people, I need, some, context, for, this, what, is, the

what, is, Pinky, doll this, is, gonna, be, the, hardest, thing you've, ever, asked, me, okay, so, pinky, doll is, this, tick, tocker, who, there, are animations, on, screen, that, people, can, pay money, to, make, an, animation, pop-up, and she's, doing, this, thing, where she's, like, a, human, bop, it, you, know, that you, know, the, Bop, It, game, like, bop, it, yes uh, slap, it, uh, spin, it, like, that, thing again, Millennials, will, know, so, like, if you, press, one, of, these, specific, emojis and, you, have, to, pay, money, to, do, one emoji, she, reacts, in, a, particular, way, uh this, is, not, that, this, is, people, pay, for this, people, pay, yeah, people, pay, for, her to, react, in, this, particular, way, uh, and she, apparently, she, does, it, for, like, five hours, straight, and, she's, breaking, in

like, hundreds, of, thousands, of, dollars anyways, this, is, not, that, this, is, Gary Gensler, superimposed, upon, her, so, this, is what, you, were, about, to, experience, I'm, so sorry, banquilization thanks, for, explaining, that, uh, guys, I gotta, end, with, risks, and, disclaimers, of course, it's, pretty, risky, to, stay, till the, end, of, a, bankless, a, Moment, of, Zen, of course, but, also, gotta, let, you, know crypto, is, risky, you, could, lose, what, you put, in, but, we, are, headed, west, this, is the, frontier, it's, not, for, everyone, but we're, glad, you're, with, us, on, the, bank list, Journey, thanks, a, lot, enjoy, pinky doll, as, Gary, Kinsler I'm, so, sorry, good um, polygon, so, good, polygons, so, good balloon Ripple's, so, good, give, give, balloon

slurp, polygons, so, good thank, you, Solana, got, me, feeling, like, a queen, thank, you, cardano, avax, avax, avax ooh, gang, gang, gang, gang, slurp, Ripple's so, good, avax, avac, avac, Evac, avax, avax thank, you, Udi, slay, meow, meow, hmm, that was, so, good, Solana, pop, amazing