Rollup: Magic Eden token, RARI Chain, Solana token extensions and Coinbase versus the SEC

Transcript

as we enter the next Bull cycle how do you know what's legit and what's a scam right now we're seeing air drops every week which present incredible opportunities to make easy money but we're also seeing constant attacks this week magic Eden has announced they're launching a token Treasures email God hack we're questioning is staking on coinbase Save well I'll tell you what every Friday we give you everything you need to know in 1 hour that's it if this was the only hour you spent on crypto you'd be up today gmgm welcome to web3 Academy your one trusted source to capitalize on the next big phase of the internet we are here to make sense of an onchain World in constant transformation I'm jird along

with my co-host Kyle rehead and we believe that tokenization is going to change the world you know if we didn't do this rollup every single week Jay there's no way I would be able to keep up with what's happening in the space there's a lot going on right now so many things launching tokens yes there's plenty of air drops as you mentioned but there's just a lot of new technologies that are also launching salana extensions is one of the big ones that came out yesterday so we're going to cover that because this is some really really big news coming in the salana space and just in in the blockchain world in general and so I'm excited to kind of share what's possible with that and then so much more that we're going to cover today so let's not wasting time let's get into it we've got a market

watch where we're going to talk about what's going on with Bitcoin eth salana and some of the ETF action stuff as well before we do as usual let's just take a quick second and talk about some gratitude Jay what are you grateful for today yeah I'm grateful for the medical system in Canada I hurt my back about three weeks ago like old man injury hurt my back and I've been able to get a lot of medical support and treatment on it and actually you know what I should say I'm grateful for Sam's benefits because I am a dependent on Sam's benefits which has allowed me to get some physiotherapy uh but I'm also getting an m not an MRI some some form of Imaging done to look

in my back and that's all stuff that's paid for under our healthc care here in Canada so very grateful to be in a country that supports and cares so much about the health of their citizens very nice very nice my gratitude a little bit different than yours but uh about health I guess nonetheless so I'm going to a gym here in boner is called megatlon it's very weird name so what it maybe meaton like Mega and then TL n maybe it's a Spanish word I'm not quite sure I think I Googled it once but it didn't really have an English translation so I don't know what it is but anyway there's a bunch of them around bonies and they're really really big like nice gyms like they got a bunch of different cool equipment whatever but we went to one on the weekend it it has an indoor gym but

it also has this like massive outdoor spot where it's got a bunch of pools and then like lounge chairs on grass and then like a full workout section where they have like bars and squat racks and whatever and then this thing overlooks a practice stadium for one of the soccer teams teams that football teams that are here in buies so we went there and you just like you can tan you can take your shirt off your shoes off and just like do squats and do your whole work outside in the middle of the day like just get some sun it is the best thing ever and so we did that on the weekend I did it yesterday I actually went I did my work it outside there's a cafe also attached as gym so I worked there then went back out to that I'm like obssessed with it

one of the goals in my life is to have a squat rack in my backyard and so that I can work out outside and now I get to do it here so I'm I'm just I'm so grateful for it it's awesome sounds more like like a beach club getting a tan I don't know how many squats you're doing here bro I want to improve W no I got a I got a whoop it tells me my heart rate when I work out and I had a great workout outside share share those stats with me let let me see those stats I want the prove another day another day that actually should be grae my whoop all right let's jump into market watch Kai what's going on in the markets this week yeah first for those listening make sure to subscribe to our Channel if you are

not already and if you're listening on YouTube make sure to comment to like to do all the things share it this is what helps us grow we love when you guys do that so please continue that one question for all of you guys sometimes we talk about a little bit of tech a little bit to techy things and we're wondering if you guys actually like that so for example we're going to talk about some different Layer Two stuff today we're going to talk about token extensions you'll see in this episode it gets a little bit technical but we keep it quite simple do you guys want to hear this or would you rather just hear more about like investment and like big things happening in the space and not really go too far to the weeds please let us know do you want to hear about

the technical stuff and start to understand some of the blockchain technology or would you rather us kind of pass over that so please let us know if you're on YouTube comment and if you're listening on Spotify hit the polls there and that would be super helpful all right so let's take a look at markets we'll start with a quick rundown of Bitcoin eth and soul and their price then we're going to cover some soul eth and just look at the chart there and then we'll talk about some ETF flows as well as some historical stuff that happens at the beginning of bull markets like we're in right now so first of all Bitcoin is below 40K at 39,6 160 we've kind of been bouncing around from sort of 38k lowest up to sort of 42,000 and just been kind of bouncing around for a bit continuing to

be in this dip as we've been covering for the last you know week two weeks now I guess almost three weeks since our our local high so since the ETF was approved but that's it there ethereum down to 2180 so the big number on ethereum is 2140 which we talked about weeks ago where if it passes 2140 then we would be in a bit of a bull market here and it's got room to run to 3K that did happen it did jump like crazy and then the ETF got approved we continued to move and then now we've been this big pullback which is fine it's quite natural and potentially we come back to 2140 if we go below that I'd be a little bit scared but we'll see as long as it's not sustained and it's just something quick that's fine it's not a big deal but

we'll see if we hit 2140 I mean amazing buying opportunity for anyone that's that's buying the dip and then the last one here is salana which is I mean has been underperforming for the last month like since basically this this entire year of 2024 it's currently at $86 another amazing buying opportunity in my opinion if you're getting ready for this year $86 salana which is crazy to think I mean like four months ago this thing was at 20 bucks or whatever maybe it's five months ago and now we're at 86 and like oh this is good solada is actually down 30% since it's it's uh uh low local high back in December crazy to think that but that's what it's down right now so the interesting thing that I covered in the market watch with how on Wednesday was the so e chart which is

what I want to just look at real quick here which is ethereum has been dominating salana this year I showed this chart here on Wednesday where there's sort of like a a support line for the so e chart and we hit it two weeks ago and then we hit it again just the other day and we bounced off it pretty strong so salana has actually seen a bit of a bounce on ethereum I actually moved a bit of my eth into salana not a lot when I say that I moved like a smaller percent of it into salana right around that purple line there that you can see and so far it's done really well we'll see if we continue to go lower on this dip then I I think ethereum probably performs a little bit longer and maybe it goes into that purple range that I have there but

either way it's a great buying opportunity to move some Bitcoin move some Ethan to Sal right now as salana has been kind of beating up over the last few weeks I don't think that lasts very long whenever we move back into sort of bull market Vibes Salon is probably going to take off so good opportunity there okay let's look about look into these ETFs this is the thing that's driving the market the most right now which is basically the outflows of gbt gbtc so gray scale and then the inflows of the nine other Bitcoin ETFs so if it wasn't for gptc we would actually be really good we've got a lot of inflows coming into the nine other ETFs and that would actually drive a lot of demand the problem is there's a lot of people that have been stuck in the grayscale Bitcoin trade whether that was

because they just held it for a long time like FTX which has to liquid so they liquidated almost a billion dollars worth of this stuff and then there's just a lot of people that bought gptc when it was at a discount to nav so you could buy it when people were selling it like a couple years ago and then you basically held on to it until the discount came back to normal and then at the same time Bitcoin also went up a bunch during that time and so now that it's finally unlocked and switched over a bunch of people are able to sell that trade and take profits and then also there's a high fee on gbtc so people are also just selling it and moving into some of the other Bitcoin ETFs so there's quite a bit of outflows coming from gbtc right now and unfortunately

that is a big driver of why markets are kind of getting tanked it's tough for these nine other ETFs to like keep up with the inflows so just yesterday we had see if I have it in here yeah overall when you look at inflows and outflows negative $158 million mainly all that came from gbdc which is about 4 like $60 million of outflows the good news is is that we' sort of reached the peak about two days ago the highest we were hitting was like 600 million outflows from gbdc per day and that's going down and down each day so hopefully in the next week or so this sort of stops because it's not just gbtc people taking like profits on that it's also people moving out of other things

outside of just gbtc which is like you could have like ETF funds that weren't actual ETFs they were like ET I don't know PS or whatever the heck they're called but you can get those you can get in the Canadian ETFs like I have those you can now sell those and buy the actual us ETFs if people want to because the fees are much cheaper so a lot of people are doing all that right now so there's just a lot of mix of selling and buying and so it's a bit of confusion in the market and so until that's done we probably won't go up even though I don't have the charts handy right now but like the NASDAQ the S&P are at all-time highs and just absolutely crushing it Microsoft is now a three trillion dollar company Jes yeah it's nuts what's going on in the equities Market which this

also happened in 2022 equities markets went like crazy crypto didn't and everyone's like what's going on here and then all of a sudden crypto just like within like three weeks just absolutely ripped probably we see the same thing crypto's lagging right now and you know how crypto works whenever it catches a bid it just like the equities they run over a few months crypto's like two weeks we're just gonna like triple it's insane so probably we're looking at the same sort of idea Happening Here one interesting thing on the ETFs that happened and this is the first ever in any ETF as far as we know uh actually I think it's definitely because it's just I don't think this is possible without crypto so an interesting thing is bitwise ATF announced their wallet that they hold the crypto it that they hold their Bitcoin in two days ago and they

said hey we just want to be transparent here's our wallet address so you can look at our flows which is pretty cool they were the first ones to do that and what was interesting is after they did that someone sent them sent that wallet address 6,969 SATs it's not much it's I don't even know what that if that's even a dollar Bitcoin but a piece of a Bitcoin Co they sent to that ETF this was not through buying it though through the actual ETF exchange it's so literally the bitwise ETF is now over collateralized which probably the first ETF to ever have that which is so funny I don't know if anyone else has done that since but it's it's pretty cool the other cool thing is bitwise is donating I think 10% of their profits or whatever to the Bitcoin like Foundation or to the

cordev or something I'm not sure what the name was so B is doing some cool stuff and just really cool to see people sending it money and now it's an over collateralized ETF so fun things going on the ETF world the other big thing that we put on a newsletter yesterday was as much as there's the confusion around the ETF this is also just quite normal for the crypto cycle so we've actually seen this happen two times previous 2016 and 2019 so what we call this the world we're in right now is called crypto spring which is where we tend to see things go well but there's kind of a lot of ups and downs it's kind I think of spring weather where it's like okay it's getting warmer there's some Sun finally and the winter it's just dark and sucks that was you know

last last year or early last year and the year before and then spring is like okay it's warmer there's some sunny days but we still have some rain sometimes it gets cold but for the most part like we're trending upwards that was last year and early this year at the end of crypto spring is generally a big selloff and then we move into crypto summer crypto summer is where it's warm every day it's up only and like things are just popping off now we're not there yet but before that happens there's always a pullback and the pullback is typically 30% and then we start to build back up and then we actually sometimes and usually get a bigger selloff now in 2016 we went down 30% we came back up then we went down 38% and then it was like crypto summer we just went nuts for two

years but again that 30% pullback is still like way above what it was in the bottom of the bare Market which is right now Solana's back 30% but it's at $80 when it was at $20 like five months ago Bitcoin is not I think it's about down about 20% or so right now and so potentially we could go back if we look at storic gos and this doesn't mean it's going to happen but there's definitely room and precedent for it to come back 30% if not even more I mean in 2019 we came back 30% then we went up and then we sold off 68% but that was because or 59 58% and but that's because the covid dump so like I don't think we see that some people are call calling for that like that just doesn't make any sense but a 30% is fairly normal for this

stage of the bull market people taking profits and then it's like okay now we're setting up for the big run so maybe done here I'm not sure but I wouldn't be surprised if we went back to like 32,000 on bitcoin if that happened eth would probably go below 2K or around 2K and SL would probably get wrecked so like be careful out there this is why you don't want to be long and you don't want to be short because you just don't know what's going to happen no leverage but either way all of this just an amazing buying opportunity for what's to come if you want to understand that further check out my Wednesday episode market watch with how where we talked about the Golden Cross this happened in 2019 and for the next three years years it was ups and downs of course but

multiples multiples multiples highes after this Golden Cross happens we just had that I think it was last week or two weeks ago with Bitcoin so like still there's going to be UPS Downs it's not a short-term signal but it's a long-term signal that the bull market is here and we've got a lot of room to go so these are all just great buying opportunities um if you have any extra cash I would be buying Bitcoin e sold doesn't matter what you do you're going to do well guys I I just got to say aren't we all so grateful for Kai's market watch just keeping us all up to date feeling confident Kai thanks so much for every week giving us everything we need to know about the markets thanks buddy I get a couple things right here in there you know feels nice yeah I mean even you

know I think the main thing is it's not about getting it right it's just about being straight up about what's going on and looking to the numbers nobody's perfect we don't have opinion yeah just not Financial wise no I'm okay let's jump from Marky watch into the news we got magic Eden we got rary token we got Salon of token extensions we're going to talk about some scams that we want to make sure you guys avoid Forbes is making noise we got some reports that came out that we want to update you guys on and so much more but let's start with the big news of the week which is Magic Eden so on Magic Eden side three things happened this week first on Monday magic Eden

announced non-fungible da which is a decentralized org that's going to drive the adoption of nft protocols using magic Eden's smart contracts and then we'll eventually airdrop the nft token amazing that I'm actually shocked that nobody had grabbed nft Tok can't believe that was available so that happened on Monday then a few hours later also on Monday magic Eden dropped a teaser video is about a minute long that teased their cross chain support of Bitcoin eth polygon and salana and also teased their upcoming coming wallet which we'll talk about in a second and then the next day magic Eden dropped an announcement of their revamped Rewards

program which really gave us more context around non- Venable da and the nft token and how you can set yourself up for this upcoming airdrop so let me dive into each one of these things so you guys understand them first up non-fungible da here's the tldr of nonfungal Da so basically magic has decided that they were going to opsource their smart contracts across the four chains that I mentioned before salana Bitcoin ethereum and polygon and they want to transition control of these smart contracts protocols to non-fungible Dow huge move for magic Eden we always talk about how the way you start a business in web 3 is you

start centralized because you need to make quick decisions you need to build a team and then eventually you decentralize I because you want to move power over to the people you want the community involved in government you want the community involved in decision making and magican is finally ready to make that move now this Dow will be governed by holders of the nft token that's not live yet we're going to talk about that in a second and the majority of the nft token Supply will be allocated to the community which is earned you guessed it by using the protocols owned by non-fungible da in other words if you use Magic Eden either in the past or now you will very likely get air dropped the nft token I've never

used magic Eden unfortunately neither have I D it damn damn okay so that's the tldr on non-fungible doubt then after this what happened was magic Eden released a teaser video about a minute long talking about the upcoming multi- capabilities and Partnerships that they have it's a fun fun video you guys can go check it out but there's a few things that stand out that I want to show you guys uh in this video first is they have a screen in the video where they show multiple prominent nft projects on different chains side by side so you've got

ethereum salana and Bitcoin projects from those three all side by side within the same Marketplace that does not currently exist anywhere there is no Marketplace currently salana supports all of these chains but it's on a different platform basically like if you go to Sor not salana currently magic Eden supports all these like if you go to magic Eden you can buy ethereum nfts and you can buy salana nfts and you can buy polygon FTS but you have to switch between the platform ux is fragmented open C is the same got J right so what they're teasing magic is teasing that this will come under one platform and this would be huge the other thing they tease in this video is

the magic Eden wallet which was announced a few months ago it's still in beta and in weight list mode you can go to magic you can sign up for the weight list for their wallet and what they're showing there as well is this might be a multi-chain wallet where if they can figure out a way that you can buy or sell an nft on a different chain using a currency from another chain seamlessly this is huge because right now what nfts are very fragmented right now you have ethereum based nft communities you have Salon based you have Bitcoin based with ordinals growing and you also have some polygon stuff as well and so what happens is a lot of nft users they don't

buy AC cross chain they just keep buying nfts within one chain because they figured out the wall on that chain they've set it up they understand what Marketplace to buy on they haven't figured out how to go do a lot of people don't even know how to buy a Bitcoin ordinal and they don't even know how to interact with that so magican wants to simplify that and make it a better user experience so that was the teaser video then 24 hours after that magic Eden announced their revamped Rewards program let me give you the tldr on this the new rewards Rewards program it will be cross chain no surprise there and it's going to start with salana first on February 2nd the rewards will be retroactive so if you have historical activity on Magic

Eden you will get rewards they're also giving rewards to they imagine getting at a previous Rewards program it just didn't go so well this isn't like so this isn't a new Rewards program they're sort of revamping it their previous Rewards program involves an nft collection called Magic tickets and Magic da they're giving extra points it seems to people who participated in that as a result of this the magic tickets nft collection has like jumped like 40% or something like that in this past week but basically if you use magic Eden you will get more diamonds the assumption is that diamonds will convert into more nft tokens at some point in the future you know it's funny they had a Rewards

program but the rewards program didn't ever say that they were going to get tokens you're never going to get an airdrop from it so no one gave a about it it was like you were gonna get nfts whatever and I was like who cares and then what happened was well go to tensor go to the next one tensor though which is sort of the competitor of magic G was like hey we are going to do a Rewards program but you're going to get a token and so what happened well you can look up on screen here as Jay has and the market share which was 100% magic Eden almost back in well January 2023 99% magic Eden 1% tensor today as tensor has a program with points for an air drop tensor is 88% magic Eden is 12 now a lot of that is wash trading so most of that is not

actual real value trading it's just wash trading which is super easy to do on salana and super cheap right it cost you 0.001 of a penny to make a transaction remember on ethereum we had a lot of wash trading but it was like $40 every time you transferred as a wash trading so that was like tougher and that was even like 80% or something of all volume was fake I think on salana it's going to be 99% because it's just so cheap that it costs you nothing to do wash trading so they just they have no way of stopping that which is like part of it is good that it's so cheap but part of it is like how you going to figure that out so anyway it's weird but now that magic gon's actually launching token probably people get interested again and that volumes go the other

opposite way I would bet the that's the world we live in but is what it is the big take I have here is really impressed with magican always been impressed with their team very exciting for what excited for what they're building if we step back and look at the broader nft ecosystem there is going to be a lot of airdrop liquidity coming into into nft holders in in the next three months basically like we don't have exact dates but look at what's coming up Kai so we have tensor which we just talked about which is the platform on salana that's taking over magic Eden their airdrop is coming up they've said it's in q1 of 2024 maybe it's even Q2 but it's sometime in the first half we have frame

which is the new nft protocol that isn't even live yet that is focused on royalties and being the protocol for creators and I think it's up until I think you have one more week to claim if you have ever traded on any ethereum chains you can claim and set yourself up for that error drop so you haven't done that you might want to go do that and then we have blur blast and they're in season three and that's supposed to come out in I think Q Q2 and then now we have magic Eden's nft token so we got a lot of capital that's coming into the ecos an Open Seas token just kidding one day maybe one day one day okay well very exciting let's jump to

talking about marketplaces another Marketplace that we love rable has launched Rari chain RAR chain Kai I'm not sure how you say it I'm going Rari just because it sounds I think a little bit cooler than RAR but this is cool so RAR or Rari whatever you want to call it is an L3 Believe It or Not basically it's using arbitrum we talk about the op stack all the time this is arbitrum stack and so you could think of it as think of it as like another roll up like an L2 the different is that the way that they've created this is that royalties are enforced across the entire ecosystem so if you use rare bll which will obviously exist on this or anything else that's built on it royalties are enforced at the protocol level which can't exist on ethereum L1 can't exist

on salana L1 can exist on an L2 like this which is really cool or L3 whatever you want to call this so really cool I mean rable has always said that they're going to do everything they can to support royalties in their own like aggregate nft Marketplace they they only use ones that have royalties and now they have an ecosystem that they can build where it can enforce royalties which is really really cool so excited about that where that goes not sure I also think it's either super cheap or zero gas I'm not sure exactly how they've set it up I think get near zero it's not near zero okay yeah so super cheap one but good to see arbitrum finally get someone come on board with their stack because we haven't really announced much going on with them it's mainly op stack and polygon but now ARB

getting in on the mix with with rare bull en chain yeah so not much here but this is just Alex who's the the founder of varable just saying scalable infrastructure so l2s have allowed new use cases which give us the ability to create l2s or l3s that can support royalties and that's what's going to allow us to onboard you know the next 100 million people into web 3 which is basically cheap fees and then having the flexibility to create things like royalty enforcement at the protocol level which we were all scared of we like it's not going to happen well now we can have it back so that's really cool love to see it let's go go to salana token extensions Kai I know you are really fired up about this being a massive announcement yeah so token extensions are a really cool thing this

is something that salana announced yesterday it's something they've been working on for a while I think it was it was once called like token 20 or token 21 or something anyway they they've renamed it token extensions which I think is a great idea so a lot of these already exist on ethereum but what salana has done is one finally introduced them on salana salana is a little behind in a lot of the development that ethereum already has but they introduce this in such a simple way for developers to use so some of the things that token extensions can do is basically just adding more functionality to a token so if you think of like soulbound nfts that we have in the ethereum ecosystem that's now something you can do now in the salon world you could do this but it would take you you know maybe days to to actually put that

into the code and make that happen it's a bit cumbersome there's potential for bugs Etc this is now almost like a plugin for a token you could think of it that way so it takes like 20 minutes rather than a couple days to write this and it's already the code is validated and it's there so soulbound MTS is one you can also do soulbound that can eventually be burned so one of the problems with soulbound FS is once you send it it's stuck there forever and you can't burn it can't get rid of it if you want to like remove someone's credentials for I don't know maybe they did something like they got removed from the bar and then you couldn't remove their credential well that could be a problem this is something that you can enable that too other extensions like yield bearing tokens so when Real World

assets come on and you have like treasuries for example that are the collateral asset for a stable coin now you can just click a button and boom now you have yield bearing for your stable coin which is super cool one of the biggest ones for this I think is really really huge is what is the name of it confidential transfers think of this from a business use case this is massive so there's a lot of businesses that want to use blockchain but can't they can't for a few reasons one they can't get kyc and so token extensions can allow tokens to exist and work only with certain accounts that have been kyc which is really really good for like financial institutions Etc but think about this one that everyone can use so our company right now pays PE our employees some of them in tokens whether it's usdc usdt

whatever but the problem is if you knew their wallet address you knew our wallet address you could see how much we're paying our employees every single month that's not a scalable thing no big company's ever going to do that even though most companies now have employees that are across um jurisdictions across borders so it is tricky and expensive to send money across and there's a delay Etc to go across border payments well obviously blockchain fixes that except for the fact that it's transparent open which you don't really want if we could all see how much everyone in Apple's making well that kind of sucks what this does is using ZK proofs so zero knowledge proofs that they now exist on salana you can verify that the transaction has happened but the amount itself is private so you actually can't see that now publicly on like Soul scan

or whatever it doesn't show the amount anymore using ZK proof so you can verify that the transaction happened but you can't see how much it was so this really enables access to business to start use this in their business and not have all the like privacy issues there's so many more other extensions that are possible here with this and so like this just unlocks so many use cases to tokens now again ethereum does have a lot of these like there is zero knowledge proofs and a lot of these things do already exist they're just not like packaged into one thing so it's a little bit more difficult so salana has done a really good job on that the other thing that salana did a really good job on is if you have not yet checked it out yet go to salana use the salon Labs Twitter

they have a video they put out on token extensions and what's really cool we have it up on the screen is so this is the salana labs team that is basically doing a 10-minute video explaining exactly what token extension is explains it in a very simple inviting way they have great like marketing great branding and it walks through all the like potential use cases of these extensions and why it makes your lives easier so if you're a developer if you're a business and you watch this even if you're not really into the blockchain world you can watch this video and go oh this sounds fantastic like I don't even know what blockchain is but this sounds like it could benefit my business this is is what this industry needs the ethereum foundation when's the last time they've done a video on like here's what EIP

1559 is never here's what EIP 4844 is never no blockchain does this and it's a big problem most people in the world have no freaking clue what any of these upgrades are and any of these extensions are and so like we speak to a very small audience and then what ethereum and these others do is they rely on people like us who have podcast to explain what these eips are to normal people right whereas what salana is doing is going hey no we're just going to be the The Voice we're going to create the good marketing material and we're going to push this out so anyone might see this on Twitter or YouTube or whatever and all a sudden go oh wow what an amazing use case for my business because I pay crossb payments and they just get it so this is something I think son is

probably doubling down on they know they need to make this simple for businesses to understand they're doing a really really good job here so very bullish one on salanta Tech and then two on salanta marketing I absolutely love what they're doing there let's go from the exciting times in salana to the not so exciting times and the scams of just a bunch of scams happening this week that you got to be careful about so we want to update you guys on all of these first up it also sort of started with treaser about a week ago actually Kai what happened here yeah so treser had a an hack or an exploit whatever you want to call it it wasn't to like everyone's funds are safe so don't worry there but basically and this has happened more than once with treasure to be to be honest someone's

hacked into one of their third party ticketing portals or whatever and they were able to access a bunch of emails from treaser so they know that all they have is I think maybe names emails they don't have wallet address and stuff tied to it um but what they do have is they know that this email is associated with someone who uses crypto and has a crypto wallet so what can you do that you can start to send fishing emails pretend that you are treasure or pretend that you are other companies send to those emails say connect your wallet for whatever upgrade or whatever airdrop uh and you're hitting your target audience and boom they connect their wallet and you get drained and so just in the last like week or so Zack xbt xbt put out said there's been fishing emails from coin Telegraph from wallet connect from

token terminal from dii D.I and so there's just been a bunch of fish emails and then just was it yesterday a bunch of fishing emails actually came out from treaser so people are actually acting on this and so be very very careful about what's going on out there when you get emails if it seems too good to be true even I mean they're not even giving airdrops usually it's usually like upgrade to make sure your funds are safe or whatever you got to be very very careful rarely do you have to connect your wallet for these things so don't actually connect wallet you don't need to te W for a lot of things but they just make you do it just be very very careful about the emails that are in there and then also be careful about what you see on Twitter just uh a couple

days ago rocket pool who we love and we use to stake our eth well at least many of us do all of a sudden I was on Twitter and I think it was on a call or something I can't remember but I just saw this tweet come out from rocket pool's main account who I follow and trust and it was like we've had an exploit and no go back to mine it's it's been deleted now so go back to the first one but it came out and it was just like we've had an exploit to keep your fun safe connect your wall here and like move your funds off of Rocket pool and I was like wait what like I have a lot of money in rocket pool and so I was looking at I was like um this seems kind of weird I don't know and I was one of

the first people to see it like it was like had just been tweeted and I was like ah so I I retweeted I was like is this for real or like what is this and then a bunch of people started asking it we realized okay the URL was shady it was not a real URL what they were doing was the rock B Twitter got hacked they were telling people that there was an exploit even though there wasn't and asking people to remove their funds which once you connect your wallet you were drained so then once we all realized it everyone was warning everyone on Twitter they deleted those tweets then they came out and said those of you that were just affected in the exploit you can claim your refunds below and we're also inviting everyone to claim free RPL token as an apology for what just

happened and so again it's like the spammers are are doing an additional spam here they're like hey we're sorry that we just spammed you and so now we're going to reward you and again of course if you connect your wallet you get drained so don't do that so just be very very Vigilant it's a tough world out there scary scary scary times yo these hackers are getting way too sophisticated hey like taking over a Twitter putting out a like trying immediately to stand people and then being like we got the Twitter back everybody don't worry okay now here's what you can do next to make sure you're safe but it's still the hackers like yeah it is so hard I mean this is I think one of the most important reasons that you need to be part of a community in crypto web 3 because if you're in our

Discord or you're in another Discord around people you can trust that's who you ask right and I know in our Discord constantly all day there's people being like hey is this link real is anybody else seeing this uh and Twitter is obviously great for that too but Twitter you got to be careful because as you can see with rocket pool people can get exploited and somebody can take over somebody else's account just don't sign transactions blindly make sure you know what you're doing if you don't know ask okay this isn't a scammer or anything like that I want to be clear as we start this story but uh there has been some drama around staking eth on coinbase and GTH or geith I can never remember how you say it Kai tell us about this story yeah so this has been a problem for a

while it's not just to do with coinbase but this was just the one that's been highlighted the most recently we've talked a lot about validator clients for blockchains ethereum has seven of them different validator clients which is great because if one has a bug you can resort to another one and there's already other clients that are running these so like the chain never goes down Sal only has one but fired answer we've talked about is the second one coming which is really big for decentralization now the problem in ethereum is although 7 G is like 80% of all the validator clients so 84% sorry so if something happened to gu etherum would be completely screwed basically and so the issue is some of the biggest protocols that hold the most amount of eth are running 100% gu coinbase for example with their coinbase staking where you

get CB eth there's millions and I think maybe even billions of eth that is held in their contracts they are all being run on gu all so if there's one one bug in gu all of the assets that are on coinbase would be screwed okay that is a massive problem because if that happens the the then effects that go onto everything else would just be catastrophic so it's a big problem and so DC investor had enough of it he's a big ethereum guy and he came out and said today I unstaked all the eth ad staked with you he said at coinbase today I unstaked all the EAD staked with you since the first day you offered as a service I kept it there during passive yield but also to support your work for the crypto industry which I greatly value but I can't ignore the risk of

what appears to be a single client staking setup relying on gu at this time if I misinterpreted your architecture please use this post an opportunity to clarify it this got a lot of lot of retweets and became a big deal of almost 400,000 views and he tagged Brian Armstrong and the coinbase team and then what happened was someone from the coinbase team actually responded said hi I'm a protocol specialist here I've been pushing for this we are actively pursuing it and then Brian Armstrong the CEO and founder of coinbase actually chimed into and he said hey we're taking a look at it so one just good to see that it's like the community that's sort of pushing decentralization and risk management to some of the biggest protocols Lio another massive one one of the biggest in their space Also is only gu and so this is this is a big problem

and we need to start pushing these companies to to fix this and to I mean it look there's a little bit more resources a little bit more cost to go and like get another client validator set up but like in the long run it's way way way worth it and so we got to push them by removing our money and putting our money where our mouth is and that's what DC investor did and it appears to be working so really really cool there's a bunch of protocols that have come out since saying hey we're going to make these adjustments too we've got these limits on gu Etc so really nice to see the community come together and hopefully make some changes to fix this the thing I find so amazing about this is let's step back for a second and compare the way a web 2 company would

handle and manage an issue not necessarily this issue but like any issue versus the way a web 3 company does in this case you have a web3 company a founder and a specialist on that team who are immediately interacting with the community on Twitter in live time that is not typical PR management customer relations management from a web 2 company there is a big difference in the ethos that we are creating here in the way that Founders and employees and people participating in Building Products think about how you interact with a customer that is very different from the old

model and I think that gets lost a little bit in the daytoday of just you start to expect that almost but you can't underscore how much of a difference that makes to the way that these products are being built and the way that us as consumers get to directly speak to Founders and deal with issues in livetime yeah I mean I definitely don't think that lasts as this industry gets bigger I think the other reason that this happens is the cool thing about web 3 and about having a token is we are all incentivized for this token to do well if ethereum went down then coinbase would be out of business and all of us would lose a lot of money and we would all be basically right and so the last thing all of us want is

for something bad to happen to ethereum and so when we sit there and go hey this is a problem this is a problem if we did that with apple They Don't Really Care right Apple's got bigger fish to fry doesn't really matter them we're not our incentives are not in line but we hold eth Ryan Armstrong probably holds a bunch of eth coinbase holds a ton of eth and a lot of their services are revolve around eth and so we all are incentivized to make sure that eth is risk minimized right and so when we bring up a problem like this they are also incentivized to fix this problem so they're incentivized to listen to us because we're like hey we are scared of this and you should be too they're like yeah you know what that's a good point if this thing ever H something bad

happened then this would be a problem so it's really nice tokens that's one thing that's really big about tokens is it like it really aligns incentives between the users and the companies themselves which I think is um something you just don't really get in the web two world all right let's go to the next story Forbes has announced that they are making their premium content free for those who connect a wallet in their new web 3 beta program this is first time we've ever really seen this and a great marketing campaign by Forbes who is clearly trying to be a leader on the crypto community and building more content for them and us and also on creating getting a database of wallets

they clearly see the long-term value to having wallet addresses so what you can do right now and it's really if you go to Forbes website up in the banner there is literally a tab that says web3 community in beta and when you first land on the site it actually like directs your attention to it by highlighting it in a color so they're putting a lot of effort and attention towards this and when you go to the site what you can do is you can connect not connect your wallet you can actually set up a wallet so so Forbes actually has an embedded wallet on their site right now they've worked with magic to set this up you set up an embedded wallet and you get Forbes premium content free for one year so incredible to see Forbes what they talked about in their announcement

that it really stood out to me about this is that they are focused on the long-term possibility of creating media like co-creation of media alongside their users involvement of their users in the narratives that they are pushing and creating so you can see they're not just thinking about this as a hey let's give out some free subscriptions in order to get a bunch of new users which obviously is a benefit to them they're also thinking about this long term about okay how do we actually use blockchain Tech to improve our service to involve our community more in the content where are creating and I think you're going to start to see the future of onchain media

something we haven't really seen much yet other than you know we see a little bit of it than lens lens and farter yeah but and us but we haven't really there's not enough stuff being on Medias that's happening on chain yet because there's just not enough people there but here's a web two major web 2 media brand that's taking the leap and being a leader in the space when Forbes token they got the wallets how do you that's right it's how do you how do you set yourself up with that airdrop probably get this embedded wallet keep that LPS has an embedded wallet everybody's got going to have an embedded wallet soon okay next up I want to give you guys a couple interesting reports came out this week on the state of crypto and I want to just give you

guys some high level numbers I'm not going to dive too deep into them we'll link to these reports in the show notes if you want to check them out first a report came out from crypto.com they do an annual report where they just look at the entire industry and they're really set up well to do this report because they can collect data from from not just wallets but collect data from all exchanges and bring it all together in one report and the main number that they came out with is that they believe that total crypto ownership worldwide is now at 580 million people now I haven't looked into the methodology behind this report to understand is that truly 580 million unique people or is that

duplicate wallets and maybe it's less unique people but 580 million people holy if that is the the real number that's incredible I mean they have a pretty sophisticated formula I looked through it and so they have it's like 20 different exchanges coinbase is not included in it which is weird because it's the second biggest of a ball binance is which is the biggest but all basically all the others I don't know why coinbase is not in this and then they do look on chain as well but they tie it to funds that have been sent from an exchange so they're taking out all of the like duplicate ones that are on chain and and focusing just around ones that came from kyc for the most part and then there's I'm not sure how they're doing this with like ETFs and stuff if they're including those as well anyway

580s pretty impressive I remember when they first put out their report back in like 2020 or 2021 it was around 300 million and so it's a little bit wild to see it grow so much during the bare Market I mean like it was at 432 million January 2023 and now we're at 580 in December 2023 so in one year we went up 140 million seems a bit wild to me I'm not sure I fully believe their numbers but like I think the thing that we miss being in Canada uh and in the western world is I do think there is a lot of adoption in the developing World whether that's I mean in Asia it's just getting Mass adoption right now I think in like Latin America especially in places like Argentina where their their currencies are inflating many of them are getting

involved in crypto Africa is becoming really really big and the reason this wouldn't really impact price so much even though price has gone up over the last year is it's small amount right so it's people in developing worlds don't have a ton of money but enough that they want to keep it on on a digital Ledger rather than in their own currencies so I'm assuming that's where it is I wish they had this by demographic and they don't I looked through the report so we can't see like which countries are getting this adoption because I find it hard to believe that we'd be getting tens of millions of new people in the US for example during this past year two years so that's just my guess of where it's coming from but anyway we'll see if it's true that's a lot of people if it is 500

M almost 600 million damn it's never going to be perfect but I think it's directional which is incredible to see we grew during the bare market and as you said Kai that came from a lot of users buying a small amount right and that is remember this is not on chain this is not people using onchain that is still a very very small number this is people who just have bought a little bit and hold it some are on chain but yeah many are just buying it holding on change that's so yeah the other cool numbers to see out of this was Bitcoin is almost at 300 million owners ethereum grew to 124 million owners and each of those Bitcoin has accounts for over

51% so over 51% of total owners uh on in crypto own Bitcoin so it shows you the dominance of Bitcoin ethereum is 21% so ethereum is next up which is also a fairly dominant number in terms of token ownership what's really interesting about that is when I look at Bitcoin dominance in term of market cap the Bitcoin dominance right now is around 51% where is it I'm trying to find it right here 52% wow which is insane and then if we look at ethereum dominance it's 18% so very close to the amount of owners that's that's wild I mean somewhat makes sense but didn't think it'd be that close so interesting all right let's go to our favorite segment

well maybe I say second favorite segment but I love this segment the air drop them like it's hot segment where we talk about all the air drops we got four air drops want to keep you guys updated on this week first up Solana protocol drift has announced their Rewards program ahead of the token launch what's going on here Kai yeah so this one when we put up that Salon airdrop report I don't know last month or whenever it was we said drift was probably going to do this we kind of knew they were going to launch a token and now they have a points program that will be ahead of their token launch which is coming I believe in the next in March like that Feb second okay so actually really soon but now they just have a points program just to so you can kind of track what

you're doing they're a pers protocol on salana and yeah you can go use it you can get some points and you'll get a token in the coming few weeks sorry points program starts Distribution on Feb 2nd I don't think the airdrop comes until March I think it's 60 days or 90 days you have to use it I believe so I think it's Q2 anyway next one this one came out today we've talked about this last week which is alt layer they are airdropping for anyone who is reaking if you have more than 720 points for Igan layer and then also to Celestia stakers as well so Tia that became available today if you're a Staker of Tia you may be eligible for this but you can't claim your tokens for a little bit they have to build that in and so Ian layer rakers

can get this now I claimed mine today I just got the minimum amount unfortunately but it's currently trading at around 30 cents I believe let me just check 33 cents currently as we're recording and so if you got the minimum you made about 200 250 bucks and then you're so that's the minimum and then anything higher than that you're getting more of course so not a big one by any means but still fun 250 bucks is always nice free money is free money it's great is free money exactly and then the last airdrop to talk about today is Rabbi wall this is a wall that comes from dbank and very similar to what rainbow wallet did about a month or so ago where they have a points program if you use their wallet if you ever used metamask and you've done swaps to metam mask you

get more points and then if you do things inside of the rabby wallet that you gain additional points so almost identical to what Rainbow's doing everyone's sort of vampire attacking metamask right now which honestly I think is a good thing because metamask sucks it's so frustrating to use it all the time like I'll go to connect a wallet it's like okay choose the one you want and so I have coinbase wallet I have a bunch of others but I have metamask and I'll click it and so often it doesn't read that I actually have a metamask wallet and so it takes me to the install a metamask wallet page instead of connecting my wallet and I'm like God can you guys just F like it's so bad and then if you do it mobile metam Mas is so terrible anyway but the reason everyone uses it is because it's

integrated into every single app it's just the one that everyone has so I want people to start using rainbow and rabby and all coinbase W and all these others because then apps will go oh there's a lot of people using these other ones we need to make sure we put time and resources into integrating all the other apps not just metamask because I don't know how metamask is not innovated yet it's crazy anyway one other announcement to come out here is regarding reaking so we've talked a ton about this we've been telling everyone to go restake and there's been a cap on it and so if you didn't get in about a month ago you weren't you're not able to they've sort of capped it at that sort of billion dollar tvl we're supposed to be opening this up next week however there's a bit

of a delay and so they are taking a a delay of one week so it was February 2nd I think now it's like February 9th because they're going to add in some additional security parameters here so what they're doing is they're launching three additional liquid staking tokens to this that you can now go and restake that is the fra e token and eth which I believe is mantel and then I don't know LS eth I don't know what that one is those will now be available they'll remove the limit so before there was like an individual cap of only 200k per LST that's getting removed and then in a commitment to sort of like decentralization they're doing something different here where basically you will get Le if there's too much of the staking reaking being done in one

protocol so let's say it's an re eth or steth or whatever you will no longer be able to get points if you continue to add more of that specific token to be restak so what this does is it forces people to go and get other liquid staking tokens and restake those instead so that way Lio for example doesn't become like 100% of the reaking this sort of distributes it similar to the idea of like what we talked about with gu and having more validator clients this is a way to like sort of decentralize the capital that is being restak uh and puts a lot less risk on the system so what they realized when they launched was oh everyone's using S and so we need to find a way to incentivize people to use other on the smaller ones and so they've changed around their point system that's why

they're delaying is because they thought of this and now they need a week to sort of like reconfigure that so um February 9th you will be able to restake natively more tokens one you can earn more money if you do this you can Farm the airdrop for agen layer and as we just saw with alt layer if you restake you're going to end up getting a bunch of other aird drops for whatever reason that's just what the community decided to do so it pays to be a reaker so make sure you get it on this whenever they open up I think it's on February 9th love it thanks so much for the updates on all the airdrops happening if you need any help on any of those make sure you check into our Discord ask any questions you guys have there we want to make sure you guys take

advantage but are always doing in the safe way time to move to agree disagree explain all right Kai first up this my favorite section by the way I love this this is the best section I best segment yeah I agree okay first up this actually happened a week or two ago Larry think went on CNBC but we didn't talk about this on the show and last week we talked about Jamie Diamond and we played a clip from him so this week we're going to go to our homie Larry think we're going to play this clip and then we're going to talk about it roll the clip I I see value in having an ethereum ETF as I said these are just start stepping stones towards tokenization and I I really do believe this is where we're

going to be going we have the technology to tokenize today if you want to talk about think about this if you had a tokenized security and you have a tokenized identity you Andrew the moment you buy or sell an instrument is known it's on a general ledger that is all created together um you want to talk about issues around money laundry and all that this eliminates all corruption by having a tokenized system Jamie Diamond disagrees with you on that but or at least to some degree all right Kai what do you think about what Larry think said he said a bunch of things packed into that short clip there what are your thoughts yeah I just agree I mean I agree I think the tokenization of

everything is massive of course which is actually similar to what Jamie Diamond had said last week too which is funny that the host here who was the same host that interviewed Jamie Diamond he was like oh this is completely opposite of what Jamie Diamond said and I was like actually think it's quite similar I think he's just mixing up what Jamie Diamond means from Bitcoin versus blockchain and what Larry is talking about here is blockchain meaning like smart contract platforms what can be done with it well you can tokenize real world assets or any ass assets I think that's massive and then you can use like we just talked about token extensions from salana you could have ways to put in privacy and to do kyc for certain tokens and so this will actually help with money laundering now Bitcoin can't do any of this because it's have Smart

contracts so when Jamie Diamond says it's a pet rock but he believes in tokenization these two are actually saying the exact same thing but I think that host didn't quite understand that meaning I fully under agree what I really like about this and him saying this is people have heard The Narrative of Bitcoin being digit gold and inflation hedge which has like people get they can wrap their head around it it hasn't really worked that well unless you're like looking at a really long time frame but like when inflation is high generally interest rates are are high at that point to try to fix it so Bitcoin is really bad so it's actually the opposite so that that narrative in the mainstream anyway has not really played out the other like crypto narrative that people have in the mainstream anyway kind of like I wouldn't say understand but I've heard

of is like digital Collectibles with nfts that became very popular in 2021 what hasn't really become super popular at least in the Trad space but the mainstream is like just tokenizing things like stable coins people still don't get it's such an obvious Innovation that it's just so good for the world but people don't get it because no one's really heard of tokenization and that's what these guys are Shilling and talking about and I think when tradire RS are head on that when the rest of the mainstream especially the developing World reps around that like that's going to be the thing that people go oh I see what blockchain's doing here this isn't about speculating on some random new currency no one cares about that but people do care about these things and so when people wrap their heads around what Larry is saying it's going to be a

really big deal and so I'm so glad that this is the narrative that these two are driving so I'm I'm pumped about this the thing I got to show out Larry thinkink for just comparing him directly to Jamie Diamond is it feels like Jamie Diamond is like impacted by politicians and cronies of his you know what I mean Larry thinkink feels like the only one that like has the balls to just be like I don't care what you guys think I don't care about Gary gendler I don't care about any of you that he's like powerful enough to be like no I'm going to tell you what I really believe here saying things and I get he has incentive like he says like obviously he believes in the eth ETF well that's because he stands Black Rock stands to make a ton of money off the eth ETF so he wants

that to pass in May but I also just I feel like he's the only one that's willing to go against the lobbyists against the politicians against the regulators and be like no no I'm going to tell you what I really feel whereas Jamie Diamond just always feels like he's I don't know plating to like his cronies black Rock's the king Larry decides politicians do what Larry says not the other way around love it we're going to stick with this theme the next disagree agree disagree here it is this came from Ki yunju he said with trafi entering the market the next Bull Run is expected to be faster and more spectacular than before yeah this one I don't know that it's necessarily faster the reason I'd say it's probably not

faster is there's actual use cases this time around for the first time so like as people start to Pilot money especially trafi I don't think as much money leaves the ecosystem I think money moves into like stable coins and stuff but I don't think as much goes into Fiat because there's just like there's actual reasons to like stay in the crypto world now and uh just like there was more last cycle than the previous cycle and so on but like we're finally getting to a point now I don't know if we'll fully get there if a bunch of trafi just starts to dump money in right now then yeah we we'll freaking fly to the mood and we'll just crash and then it's done with quickly but I kind of just don't think that that happens again I think this cycle depends on liquidity and so

it's going to depend on how long does the liquidity cycle go for I don't think it's matters that much that Trad fies entering the market I think it's more just what's going on with macro I I also think the impact of trafi entering the market is really going to happen when there's more tokenization of real world assets and that is still slow that that is like we're still not nearly at the point where that's going to go to big numbers for so many reasons the ux is difficult all the products are built around this aren't really friendly yet to people outside of crypto so I think the impacts of trafi I almost feel like I don't know if they'll happen as much as we think in this cycle or if they'll more so be in the next cycle K know you

have a take on how we could potentially push to a super cycle here so maybe we'll go to that okay next agree disagree Cooper trupa he said what if all tokens are just meme coins and value capture doesn't matter I would say this is very true I mean especially in a bull market value capture doesn't matter at all but I mean there is other than ethereum there's no tokens that truly capture value in crypto and so every token in crypto is just a meme at this point Bitcoin is the most meme of any uh crypto that's all all Fiat is a meme even stocks for Christ sakes I mean I guess some of them you do get dividends and so those are not necessarily mean those do have value capture but for the most part like any stock that doesn't give you dividends it's just a meme you

don't really own much you own a bit of the company sure but like once it's public like doesn't really it's just a spec it's just a game right it's all kind of a meme I think though in bare markets that is not as true you see that those that have better tokenomics and and more value captured do do better which is why ethereum I think did quite well during this past be market so I think this is true though what I would say and this is to the point that I said in my next tweet here that you're going to show is once tokens figure out value capture that's when I think we head into the super cycle of crypto so what I tweeted out here was the crypto super cycle comes when profitable protocols figure out how to share value with their token holders eth has already done this

but when Unis swap maker l2s all figure this out at scale that's when the super super cycle Begins the reason I say that is why would you ever hold an equity when you can have a protocol so a piece of code that runs in automation that is making tons of Revenue pays no employees has no board of directors doesn't need to like have an office or any of these things doesn't need to worry about like commercial real estate risk and blah blah blah blah blah and Boards taking it over and blah blah blah it's just a piece of code that runs automation that people use and it's doing it in a profitable way and then those profits it just shares to the people that hold its token and that like work on its protocol why would you ever leave that thing like when Unis swap turns on a fee share like

it's a it's a piece of technology that just like is a must use it is everyone using Unis swap whether that's users or like companies building on top of it to have swaps happen in the background of whatever they're doing and that thing just prints money and when they can just share that money with the holders Unis swap goes to trillions of dollars and there's no point in holding anything else and so when this happens amongst Unis Swap and maker and more and more and more I just don't know why anyone would ever not hold these tokens versus anything else so I think whenever we figure this out which like we're not far from it to be fair just they haven't done it and it's like so ethereum has this but people also don't know is ethereum here for forever right like if if Apple could do this and share x%c and

they had no employees and whatever but we all use Apple phones we know we're going to okay we would all hold that thing ethereum we don't know yet because it's still early days but like in a few years from now I think it'll be quite obvious that blockchains will exist there won't be debating like is this thing going to happen or not it's just going to be there and if it's profitable it's printing money and it's giving it back to the holders you're never not going to use that thing like the internet if the internet had a way to give you money right now and and some of it it had to create value and share it obviously the internet's not going anywhere has such strong Network effects you would never not hold that thing so once we get there with these tokens it's game over for the traditional World it

already is game over but this is when it becomes the super cycle in my opinion I love it okay next up we have Kofi he said most of you are not good Traders myself included it's much more likely that you make life-changing money working in crypto than trading crypto so this comes from a thread from Punk 6529 so I agree and I disagree if you're trying to trade then I agree you will not make life-changing money you will it up 100% I almost guarantee it 99% of you will unless you get lucky even if you're a professional you're still going to it up the amount of professional traders that come into this space I mean look at how many went bankrupt it wasn't ret I mean I'm sure a bunch of retail users went bankrupt last cycle too but Celsius Voyager like the lit 3 AC these were professional traders

that it up right but if you just hold the right assets yeah you can definitely make life-changing money if you just have a strateg where you're buying at the right times like in 2022 and early 2023 and you sell at the right time you sell some of it or you just hold it and stake it absolutely you're going to make life-changing money that's why we have our Pro reports it's why we have an investing guide that you can check out in there with investing course it's not hard to make life-changing money if you are in this space when no one else is in the space which just every single bare Market everyone leaves you buy then and you just wait until things go crazy and then you sell it's hard to do that because psychologically you don't want to buy whenever leaves and you don't want to

sell when everyone's here but if you just do that you're all good but if you start trading in between you are for sure going to mess it up and then he's making makes a good point like just go make money in crypto in terms of a job then you're getting paid in tokens for a company that hopefully does well plus you're making money um rather than like a lot of people are just like oh I'm gonna quit my job and just like I don't know hopefully trade my way through this cycle it's just not going to happen so I kind of agree kind of disagree yeah I I I I totally agree with your your first take that don't try to tr trading is very very difficult and it's also just an emotional on your life so don't even bother like you're gonna you're G to kill yourself on stress let

alone the money that you're going to lose make your Investment Portfolio very simple go take our web 3 investment master class we put a link in the show notes go take that it'll teach you everything you need to know and keep your strategy simple on the like working in crypto yeah I I think I have two takes on this one is that I agree that you there's massive opportunity we're so early but I also working in crypto isn't for everybody it's a also a very volatile space there's going to be big ups and big Downs there's going to be layoffs there's going to be huge hiring periods so I also like I don't know that that's for everybody either it's not the most stable industry to work in right now so I don't know that it guarantees

that you're going to make life changing money by working in crypto it definitely doesn't guarantee it but you're not making lifechanging money just doing some random 9 to5 and an existing industry that's been around for like if you work in I don't know at the bank or the government or whatever and you just like do your typical 95 job you're not making lifechanging money so this is your chance but not everyone gets it that's for sure true that all right well that's a wrap on another episode of web3 Academy thanks so much for listening in everybody as Kai said at the beginning of the show we got a poll question as we do every week we want to know what do you guys want to hear us talk more about you want to hear more about the tech stuff you want to hear more about

investing stuff do you want to hear more about nfts do you want to hear more about business use cases so whatever wherever you're listening to us make sure you let us know comment on YouTube hit the poll in Spotify otherwise give us a like give us a follow hit us up with a review these things really help us grow help more people get on chain in a safe way which just benefits the whole ecosystem Kai thanks for being an awesome co-host as always have yourselves a great weekend everybody we're out thank you for listening to web through Academy your one trusted source to capitalize on the next big phase of the internet if you enjoyed this episode please share it and subscribe or follow so that you don't miss the next one while you're at it there's a link in the description for our free newsletter

where we provide timely and relevant web3 insights so you can confidently build and invest in web 3 make sure to subscribe today one final note this podcast is for educational purposes only and nothing we say is financial advice crypto and web3 are risky and you should never invest more than you're willing to lose thank you friends and see you in the next one