Red Candle Club

EP11: Mid-Year Market Outlook

• Red Candle Club

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In this conversation, Dan and Lawrence discuss the current state of the crypto markets. They touch on topics such as the recent market crash, the stock-to-flow ratio, and the performance of Ethereum and Solana. They also discuss recent fundraising rounds in the crypto space and the potential impact of AI on the industry. They explore the concept of MegaEETH, a real-time Ethereum solution, and the introduction of Solana Actions and Links, which aim to improve user experience and streamline transactions. There is also discussion around controversy surrounding Solana's ZK compression, the halt of the TAO network due to a supply chain attack, the current macroeconomic situation, and the political landscape in relation to crypto. It is a packed episode and we hope you enjoy it!

Twitter: https://twitter.com/redcandleclub
Youtube: https://www.youtube.com/@redcandleclub

Dan Kazenoff: @DanKazenoff
Lawrence: @crypto_sieve

DISCLAIMER: This is not financial, tax, or legal advice. Hosts and guests may hold some of the assets discussed on the show.

Lawrence:

but the, they offered to free him is strange. I don't know why Trump would do that. Like, why would, I don't get what that's about. It's just kind of, it's, it's, it's a weird position for Trump to take. It just doesn't seem like benefits him really. I don't know. Right.

Dan:

Yeah, it does seem strange.

Lawrence:

Hello everyone. Welcome to the Red Cannon Club, July edition. Yeah, it's been a little while. I've been out touching grass. I just been, I got married you know, so big, big deal there. And I got I went to Europe for a couple of weeks. So you know, just, yeah, just, just enjoying the summer, you know, hell yeah, man. Computers. You know, city. It's amazing.

Dan:

Yeah. Yeah. I was chilling in the Adirondacks, hitting some mountains with some friends, got a couple injuries but overall really good being disconnected and not having any internet. Getting bombarded with work messages or crypto news markets crashing. So highly recommend everyone, wherever you are getting outside and enjoying the air and the grass and the trees as often as you can, because things can get pretty crazy if you're just constantly devouring news, but it's been a minute, so there's a lot to, you know, catch up on and Yeah, do our best.

Lawrence:

Yeah, actually one of the things I like about crypto is during the summer the markets tend to chill. Like I, I don't remember when markets like did anything crazy during the summer time. Early summer, 2019 was the last time I, I could remember cause there was a bit, there was a nice Bitcoin pump back then. But I mean, I remember like summer 2020 being a little wild, good old DeFi summer. I don't know if you remember that. That's true. Yeah. DeFi summer was pretty wild. Yeah, we also had the crash of COVID too. So it was just like people were just buying on Bitcoin to recover it too. That was a crazy time. But yeah, Yeah. I mean, I, I, I was I was, you know, while I was away, the markets didn't even really move. I mean, I was like, from the time I left to the time I got back, basically the prices were exactly the same. You know, I w I was checking it, but it was just like, there was nothing really happening, which I guess was a blessing, you know, I don't, I don't want it to move when I'm on vacation.

Dan:

Yeah. My main obsession lately has been just poly market trading. Nice. Yeah, that it's horrible. I mean, it's like just pure gambling, but you know it kind of, there's like a little bit of something for everyone on poly market. I feel like we're a few more of like a political junkie. They have like all these weird little things you can bet on depending on the conspiracy theory of the day that you have. And I think that's been like very interesting. We can cover that later and that the politics segment, but with the whole. Hot swap concerns over five and everything that poly markets have been very activated in response to all of that. And there's a lot to chew into that whole like application. So, but they have sports and like global temperatures. They have like basically everything, but yeah, that's been my main thing that I've been like tracking lately because the typical price action has just been very boring lately. Like you said, so,

Lawrence:

you know, except, except last week, last week it was interesting, but just in the wrong direction unfortunately, but it was interesting. Right. We did have a quick crash.

Dan:

Yeah. So what do you think? Yeah. What do you think about that?

Lawrence:

Yeah. So just before we start this is podcast just for educational purposes. This is not financial advice. You know, just do your own research and due diligence, et cetera. Anyway yeah, so, I mean, I feel like, I feel like the last time this has happened, I mean, I, I looked, when I looked at the charts, it was like August of last year we got like a sell off. That was just brutal. Like, so I feel like, to be honest, there's a lot of people freaking out on Twitter, but don't think it's that bad. Honestly, I feel like if anything this is healthy, like this is, we needed it. Like la the late last year and early this year was pretty nuts. So, you know, I actually feel it's good because that means the cycle will go a little longer. So, you know it's a pullback. We're taking a break. I guess there's

Dan:

the whole, well, we had the halving recently. Is this behavior, in your view, typical of what we might see? You know, as far as like, Price action post stock to flow.

Lawrence:

I feel like typically there actually is a sell off around the having from what I remember of the last couple of cycles. I mean, I mean, 2020 was a little different cause we had COVID too. So that, that I think definitely like push things further than they usually would go, but there was a massive sell off around there and in 2016, it was pretty similar to, so I, there's nothing that's atypical really happening But like, you know, the, the having is the couple months after the having is pretty boring. And then usually by the end of the year, like fall winter is when things really pick up. And that's when the having really starts to take effect in the price. So there's nothing really weird happening here. What would be weird is if we just went straight off all summer, that that would be weirder than what's happening now. But you know, it's not fun. It's not fun to see everything go down and to have your portfolio down. I mean, it's definitely shitty feelings. You know, it's not great. But I think it's just a good exercise to zoom out. Like the trend is still intact. It's, you know, we're just taking a break.

Dan:

I agree with what you're saying. Typical pullback after the halving. And then, you know I forget the numbers are like 400 days after the halving, you see, like hit all time high again, anyways, we're still pretty high up there in terms of price. We've pulled back a lot in the last week, but it's, yeah, it's nothing. And we've also had a ton of selling right with I mean, German government has been doing a lot here. Something like a billion over the last week. I don't know quite what's happening with Mt. Gox, but that also seeing that be notated here as well.

Lawrence:

Yeah, I mean, it makes a lot of sense. I mean, like if you're, if you're a Mt. Gox holder and you've been locked out of your Bitcoins for 10 years and you just get it and the Bitcoin price is a hundred X higher than when you lost it, like you're probably going to sell a little bit, you know? I mean, maybe not all of it, but you're going to sell something. So, you know, I can imagine, you know, there's a lot of selling from that. Yeah. I mean, people are. There's people who got like accidentally rich kind of from this, I guess. But it, the interesting thing from a technical standpoint is that Bitcoin went under it's 200 day estimated moving average, which was about 58, 000. And it's kind of hanging out below there. And it looks like it turned the, that into resistance. So the last couple of times that we tried to break out of 58, we couldn't. So it seems like that's resistance for right now. So I, if we stay under this level for too long, we could go lower for a little bit. So I wouldn't be surprised to see 50, even the forties briefly, you know, if we might dip into that range, but I mean, I see this as an outbuying opportunity. I mean, if you have money in bull markets, having the price be under the 200 day estimate and moving average is like a gift. It's a, it's a big gift. So, you know, if the bull market is still intact this is, this is a good place to buy. So not financial advice, of course. You know, but sweet.

Dan:

What else what else do you think about Ethereum or Solana? Are we seeing any kind of mirroring roughly what we're seeing in Bitcoin?

Lawrence:

Well, Ethereum, yeah. Ethereum, again, like this is, it's actually, again, this is kind of like a weird cycle where Bitcoin reaches new all time high way earlier than it usually does at this point. Like usually. They can pass cycles. We didn't see the new all time high yet. So this is interesting. But Ethereum, this is still pretty normal. Like Ethereum didn't break its new all time highs until February 2021 last cycle, which would be February 2025 this cycle. So we still have plenty of time for Ethereum to reach its new all time high. Solana, I mean, whatever. This is a new cycle for Solana. So we're gonna learn as we go here with that. But yeah, Solana, Solana got pretty wrecked lately too, but it's, it's also held up really well compared to a lot of the other tokens. And it's actually, it's still above it's estimated moving average, which is quite nice to see. Cause I'm, you know, so it actually has more support than Bitcoin does. What about Ethereum? Ethereum? Yeah. Ethereum's in the same spot as Bitcoin technically, where it's like hanging out above, under the average. So, you know, Solana, Solana looks strong here. Actually, it looks really strong compared to the other two. So, I mean, this could be a signal for the cycle. Like salon is probably going to outperform. I think both, both Bitcoin and Ethereum, who knows, who knows when it's going to happen though, you know, that's the thing. We don't know when it could be after a theory and pumps a ton, it could be before it could be at the same time, you know, it's, it remains to be seen.

Dan:

Yeah, I think we're, we're seeing an interesting shift away. I mean, we've, we have a lot of these alt L ones, which we chatted about last time is that thesis perhaps not being as robust as it once was. But I definitely think Solana is cementing itself. They're shipping a lot. We're going to be talking a good bit about Solana today, but you know, I think it's going to be reflected in market cap, especially with the next bull cycle and it's going to, I think, going to be a very resilient chain. So that's going to stick around. So. Cool. Yeah. So I think we can do a quick little rapid fire of stories since last time, and then we can go a little bit more into detail. So I think a couple interesting things in the fundraising grunt, I'll pull this up from Alpha Pact News. They have like some, you know, they basically just do rapid fire of various components of fundraising pick out, which looks interesting. Oh, nice. So sentient community built open AGI raised 85 million in seed funding led by founders fund. I have not heard of this, but that's

Lawrence:

for seed funding.

Dan:

Yeah, that's absurd. Peter Thiel, Pantera. So

Lawrence:

yeah, quite a lot of familiar faces here. What Twitter account is this? It is

Dan:

AlphaPact news, AlphaPact HQ. So, yeah, we can maybe go into this a little later, but yeah, definitely we're seeing that this AI hype playing out quite heavily and there's still questions around like, is it a bubble or is it legitimate? And I, you know, I think we're just going to have to see. I think AI is just such a massive opportunity where it's unclear exactly how many trillions of dollars this industry is going to be. But I We're just going to have to see how these products turn out and then of course there are going to be products that fail and are total BS and I think, yeah, we're, we're familiar with some of those. We've like chatted with some in the past and there are Definitely projects that are going to have more technical and be on the phone. So Lombard, Bitcoin Restaking raised 16 million, Redstone Oracles raised 15 million more AI, Astra shared sequencers, connecting roll ups raised 12 and a half million, led by DBA placeholder. What else? Universal settlement layer,

Lawrence:

Pysquared Compute labs was an interesting, I saw that one. That was a pretty interesting one. The Solana based GPU token won. Okay. And 3 million led by

Dan:

protocol apps. That's also interesting. Yeah. Cause they are building file coin. So,

Lawrence:

Oh, interesting. That's cool. I didn't know that.

Dan:

Okay. Is that kind of, so basically like selling your, your GPU, like similar in the same vein as like our cost or something like that? Yeah,

Lawrence:

I, I, I think so. A cost or I guess IO would be the closest one because I was on Solana. So I own that. Right. I don't know. I had a crazy evaluation though. And it was like billions. So it's cool. Yeah, everything else here. Restate on Solana. So layer. Okay.

Dan:

Okay. Interesting. Raised undisclosed amounts,

Lawrence:

but has and some gotten into this. Oh, wow. Okay. Totally.

Dan:

That's true.

Lawrence:

And says, Is on the same list as Anato. I feel like they're, that's a cardinal sin.. Dan: Yeah. Yeah. Come on. You can't.

Dan:

He's just like, what a meme, Lord. Like, I honestly like, dunno.

Lawrence:

He's a, he's a Twitter. He's a Twitter. Meme. Chiller. Yeah. I mean, yeah. I mean, Anato is the guy that actually built Solana. It's just like, how do you put these two guys' name on the same page? It's crazy.

Dan:

Yeah. I do think it's interesting, you know, they're drawing from Ethereum here seems or. Situation. So we will, we'll see on that 675 million worth of crypto positions get wrecked as Bitcoin price crashes. Mega youth is another protocol that announced mass fundraising round. We'll get into that. Solana actions and blinks go live. So that deals with user interactions on X feeds and DMS Solana ZK compression. Went live or was announced. So there's been some drama there the last couple of weeks regarding terminology and like, is this just a pure copycat of Ethereum? We'll cover that in a little bit. And what else? Oops. Let me share that sharing the actual doc. The tensor, there's been a little bit of an exploit there. Possible Tau funds have been at risk of the networks been halted for the last week. Polka dot has been I don't know if there's a leak or there's already public information, but just that they're spending enormous amounts of marketing and it's still remains unclear exactly what that has been yielding the protocol in terms of name recognition and. The actual traction on the network, and then a little bit of the politics will cover a little bit of poly market and Republican party putting more effort into championing these crypto issues on their, their, their platform. And I think the Supreme court overruling of the Chevron doctrine can be, has a lot of impact on us as well, given how much the SEC has been attacking crypto industry lately. This ruling could, could play a significant role here. So we'll get into all of that first. I think we can cover a little bit of something with Ethereum. I noticed that there was a staking survey that East Staker, it's like a huge Ethereum staking community. They did a survey and I thought it might be interesting to like go through it a little bit. Cause what we're seeing right now is a lot of centralization of stake crank. And let's see if I can get the screen going here. I can cover this for a few minutes. So basically Ethereum has always been bragging about how many validators it has and how decentralized it is, but that's no longer the case. It hasn't been the case for a while now. And due to the large staking requirement of 30 ETH, that's almost a hundred thousand dollars and it's, it's infeasible for a lot of solo stakers nowadays to really be staking. So they basically cover. They have some charts towards the bottom of this report here where see majority of people staking since Genesis, very minimal joining later on. Most of the people joining later on are node providers or these large liquid staking pools. And surprisingly, I mean, I don't know if this is by quantity of validators or this is by TVL. It looks like it's just a random sampling of people. And probably this is biased as well toward the participants in the e staker community. So I don't think, you know, you might have one person working at a node operation firm who would say that they are, like, bare metal or cloud, but they account for thousands of validators. So perhaps there's some situation there, but yeah, it's, I guess it's interesting to see, like, a lot of the stakers are kind of You know, claiming that they are continuing to run things the exact same as they were but we're also going to be seeing with the Pektra upgrade that the Validator limit is going to be Raised so that you can actually store a lot more ETH to a single validator beyond 32 So It actually looks like Ethereum is trying to compress that number of validators in the network to improve performance. Let's see. Yep. So I think we're going to see what happens. I think Ethereum is still pretty robust and decentralized. However, it's likely not going to be as decentralized long term.

Lawrence:

Yeah, I don't know. That makes sense. Yeah. I mean, I've always felt that way about proof of stake in general. Like it's, I mean, it's, yeah, I mean, as the price keeps going up, it actually gets worse because you're basically forced to stake it with a pool. You can't do a solo staking as the price goes up more and more. Like when 000, it's going to be what, like almost half a million dollars just to run your own staking operation. So, I mean, Yeah, I, I just don't see people doing that unless you're like a huge whale and you just don't want to put your money in someone else's operation. But most, most people like any, any new coming person from here on out is probably going to be using a pool. So, Yeah. Yeah. So you're just contributing to centralization.

Dan:

Yeah, absolutely. The pools are Just overloaded with Ethereum. So yeah, the, the pools are actively looking for operators to delegate their Ethereum too. Yeah. So that's showing no signs of slowing down, but of course the risk is that those pools become very centralized and you're running the risks. And there've been several events recently where those, those problems have. Bubbled up until like actual keys getting exploited and whatnot. So we will, we will see, interestingly, 80 percent of the respondents are not full time in crypto.

Lawrence:

Interesting. Actually, that's kind of, wow. It's kind of cool. Yeah. People believe in it. Yeah. Yeah. It's pretty interesting stuff. I mean, it's. It's kind of cool to do these like you know, Ethereum is pretty mature now. It's 10 years. So it's in crypto. That's like a long time. So, yeah, I'd be curious to see like one on Bitcoin,

Dan:

like the Bitcoin miners identify what's going on. Like with them.

Lawrence:

No, there's two or three docs, man. They're not going to do it. They're privacy maxis. I'm not going to respond to these. Yeah. I needed to like get into

Dan:

some. Bitcoin test net like test net Bitcoin was needed for a protocol that we were like trying to explore and getting in touch with the Bitcoin community so hard compared to like basically every other network they have discords or they're like on Twitter, all the developer teams might have like contact forms, there's like emails, LinkedIn, it's like all sorts of meat mediums that you can reach out to these people on like quest test net tokens. But for Bitcoin's SIGNET, it was totally impossible. They have this weird chat room where you have to like join it and like make a name for yourself. And then you have to find the right channel specifically for the testnet. And it was like very odd and difficult and no one would like reply in it. It was a very bad experience. I like, yeah, that's very hard to get in touch with Bitcoin developers and they just like complained and like booted me out of the channel. I was requesting any sort of testnet tokens beyond like 0. 00001 Bitcoin. So yeah. That was just a random experience dealing with them. But yeah let's see, MegaEth, shall we, shall we dive in there?

Lawrence:

We will try. I've, I've read briefly about it. So I, I'm confused, like I'm a little confused about like, is this a new L1 or is it just a, like, I'm not, I'm not sure what, what layer this is operating at.

Dan:

Yeah,

Lawrence:

I guess let's just talk about what it is first. Let's just go over what exactly what it is first before we go into like what layer it is.

Dan:

Yeah. So basically it's branded as real time Ethereum. So it's designed for boosting the throughput of L2. So it's not necessarily going to be plugged in directly into the theory of the L1, like radically transforming it. So it's more of like an L2 solution. So they have all these, you know, backers, Metallic and various other players within the EVM space and they, they rattle these crazy statistics of like over a hundred KTPS 10 giga gas per second, which is extremely high and, you know, low transaction fees and all that. So, you know, they have like this silly little chart of just like, very fast. So I guess they, you know, It's unclear exactly how it works at a technical level. I know that they've, there's been discussion of just roughly like there's a sequencer, there's provers, there's full nodes. So the typical roles of like a roll up are involved here. And they say that the sequencer stores everything of the entire state in memory. And supposedly the first blockchain implement in memory and compute, and then utilizes this just in time compiler, which I feel like I've heard in another context as well. So basically just like some hardware improvements and it will likely be more centralized. And that's essentially the crux of what I have on it. I mean, this is interesting as well, where this. This chart is based on the, I'm not sure if it's still showing up here yet. As I feel like we discussed this chart maybe last time, like ref, it's a new client that like paradigms research team is building. It's like the guest client. We were, Oh yeah, we

Lawrence:

did. Yup.

Dan:

Yeah. So this is basically that chart where they talk about the gas throughput that they expect to have. So yeah, I mean, I don't know. It seems like maybe it's built on ref or they, they build off of rest to, to be its own roll up and cool.

Lawrence:

So basically it's like the L2 that's supposed to, it's the L2 that's going to end all else. Who's basically, right. It's, I think so.

Dan:

Yeah. Based on what we're seeing here, where they you know, they're, they're dropping, let's see your optimism main net. So even though optimism is like this L2 at base. Those are like OP stack, kind of like V1, I guess, roll up scalability. So it's, it's like faster, but it's, it's not as fast as it could be likely due to the architecture and not being written in Rust. Not super optimized. So it seems like, yeah, maybe ETH is possibly this new roll up that yeah, will totally supersede everything else. So I could see that being interesting.

Lawrence:

Yeah, for sure. I mean, honestly, I think. The whole industry is gonna trend towards rust generally. I, I think it's just, it's to get the scalability we need. Like it is, it's just gonna, rust is gonna be the language. Like it's what's used in high frequency trading. It's used in high finance all over the place c plus plus. So rust is basically like the new c plus plus. And I think it's, yeah, I mean. If you're trying to work in this industry, you should probably pick up some rust. I, I've been learning some, you know, just like an hour or two. I try to get some time in. It's, there's a steep learning curve. But anyway, that's a tangent. But,

Dan:

yeah, I agree. I think that's probably the top software development skill you can learn. It's just getting to like rust, very, getting very low level. And it's

Lawrence:

not going to happen overnight though. It's not going to happen overnight. Like I, I'm, you know, it's not like Python where you could spend like a night or two and then you can start writing programs, it's, it's not. It's like, you know, like you hit one thing and you get to a certain point and then you just get your mind shattered again with another concept and Ross. And you're like, damn, I have to, now I have to like read more books and figure it out. It's, it's just like, there's a big learning curve. It's just going to take longer, but I mean, yeah, it's the industry is going to trend in this direction. I think, I mean, Bitcoin runs on C plus plus like, I just don't think Golang is fast enough. Good. It's.

Dan:

Yeah. I haven't, I haven't coded with either of these thoroughly. I was doing a little bit of like this bootcamp that was, you know, teaching Solana like contract development and yeah, it's, it's was very different from what I was used to. Yeah. I can see it definitely like being a hardcore pedal to the metal, hit the books kind of vibe.

Lawrence:

Yeah.

Dan:

But

Lawrence:

yeah, it's clearly paying off. For sure. Yeah. People. Yeah. This is an interesting concept. I mean, I think I mean, if it were, I mean, if it works out great I like Ethereum needs it. They need to scale and yeah, having just infinite L2s is not going to fix it. I mean, you might get the scalability you want, but it's the user experience is going to be awful. Like, you know, if you're an app developer, it's just, you're, you're never going to get the users you need. When you're one of a hundred L2s and you're only deployed on a couple of them as an app developer and now you need to, so you need to support now how many L2s every time they release new updates, you got to be compatible. It's just like, it's, it's just not going to, you're not going to get the max user density that way.

Dan:

Yeah, I'm very curious to see how these will compete with L3s today. So like the Superchains and the Hyperchains, Orbits, Supernet, all I got.

Lawrence:

Isn't DgenChain another L3?

Dan:

Possibly. Yeah, there's L3s already. So it's Right. So Yeah. So this, we'll see it to sell to like just beats everything else out where there's going to be new L3s on this. So yeah, the space has been so crazy fast, similar to the AI space right now, where you build something super innovative. And then like a year later, it's already going to be, you have to radically reinvent

Lawrence:

yourself. A year is optimistic, you're looking at three months, four months before something else comes out that you're using or another model, you know, it's just like, You know, with the phones, we have the version eight and then the version eight a that comes out six months later. Right. That's kind of like what's happening with AI. It's just, it's like three months now. So you have your Claude three and then the three Oh model a few months later, it's like, does the same thing with small, but anyway, yeah, it's yeah. Things are happening quickly, but this is an interesting development. I hope it works out. I mean, I, I, I want Ethereum to be cheaper and faster. So but yeah, definitely going to keep track of this one. Cause there's a lot of, there's a lot of big backers behind it.

Dan:

Yeah, we'll definitely be following this and hopefully we can run into them at any conferences or if they're doing some events in the city.

Lawrence:

Sure,

Dan:

yeah. See if we can get them on the podcast. So, moving on. Do you want to cover blanks? Those came out recently. I'm not exactly sure what's going on with them and like why they're so special.

Lawrence:

Sure. Yeah. So this, this is a pretty recent development. Solana actions are in blinks, so blockchain links it's what it stands for. Basically, it's you're going to be able to send a link to someone and then have to be able to perform a transaction. Basically in one stop. So now instead of someone mentioning a ticker to you and then you having to go to Jupiter and find if it's there or to go to, you know, wherever decks you are and see if it's there first and then buy it, you can just go right from link to purchase in one shot. So like you'll click the link and then your wallet will open with the transaction and you approve a transaction and that's it. So I think it's a pretty big deal. It just makes the user experience a lot better. So like you can think if you have a sub stack and you want people to subscribe to your sub stack and paying crypto, you can just create a link now and send it to people and they could just pay in crypto now. They don't have to like, they don't have to do all these extra steps. To get there. So like little things like that, it's just, it's a user experience upgrade. It's going to be available on Twitter first. So it's just going to be in Twitter, these links that's going to be like the test phase, and then they're going to roll it out to general, you know, internet. So like Reddit and other places where, you know, you You spend time, but Twitter's really the big place in crypto. So interesting.

Dan:

So do you think they like, they, they're checking initially just that the origin of the link routing is coming from Twitter first and then

Lawrence:

yeah, I would imagine they're just kind

Dan:

of doing that for like security or something.

Lawrence:

I, I think so. Yeah. I think there's gotta be some integration that Twitter's doing. And I guess, I mean, you could look at. Like if they send a certain cookie or something, or, you know, there's ways to say, Oh, we're coming from Twitter than someone else, somewhere else. So it's kind of, it's going to happen at the web two layer, I think probably, but yeah, it's, it's an interesting idea. I just, you know, my mind goes to like, this is gonna like, could you, like scamming is going to get on a whole new level with this, you know, like if you just send someone a link and then they just, you know, That's all they have to do is click the link and do a transaction. Like there's going to be, it's going to make scamming a lot easier to now. So, yeah, you know, it's just, that's a good point. Yeah. So just, you know, be careful. Like, this is the thing, like, you know, you, you get it, you click a link, you go to the address and like, Oh, can you confirm the address that, you know, it's just like, do you, do you ever confirm the address or do you just click submit and hope it works out? Right. I mean, I, I wouldn't use this with like my main wallet. I would probably create a burner wallet and try it first for a while before it did it, maybe, you know, I think it, it should come with that honestly, but yeah. So a blink URL describes an action. Yeah. I mean, it's, it's a, it's a good idea. Like, I think this is a, it's, it's a good idea. I just, they're going to have to deal with some verification somewhere. Like, yeah, a

Dan:

hundred percent. Yeah, I agree. I think it's a fantastic idea, like to constantly have to always like navigate to these apps yourself and then figure out like what the right, Intent is it's very difficult. And I wonder how you can make these actions where like, can you do like multi app swap, deposit, borrow stuff where it's like, can you basically I would imagine you could, I'm just not like a protocol engineer. So I would be the, we probably want to talk to like one of the salon and dev rels or something to see like exactly how, how far can you go with these blanks, but yeah, I would say we need to just have more security builders and like, we need to get wallets to really understand like malicious transactions. I think it should be up to the wallet provider to prevent fraudulent or phishing attacks. Or if you click on a blank and like should prompt your wallet hopefully. And then that wallet should tell you like, okay, this is actually like, are you aware that this is going to like do this to your wallet? Like that would be sick.

Lawrence:

I like being a little more glass half full here. I mean, this is a really, It's really innovative. Like if now, like, you know, when you go on Twitter and you look at someone posts, I mean, I don't know about you, but I feel like they're just swarmed with meme bots now, like it's literally just like someone pull something. And then the next 10 replies are like just meme coins with like a picture, a shitty picture or something. Right now, what if those, those tickers also linked to the place where you could buy it now? So you just click the ticker. It brings you to this, you know, it basically opened up your wallet and you could buy it immediately. Like that's pretty powerful. You know, so it's also going to make meme tokens even crazier, but yeah, I mean, it's, it's a really cool idea.

Dan:

Yeah, I like it. They, they definitely are like very in tune with what users want. So yeah, yeah. I guess another win for Solana is a user experience, man. It's a user experience. Yep. A hundred percent. They also had another thing recently. There's some drama with the whole ZK compression story. And we can cover this briefly. You know, there's this argument, I guess, sort of died down a little bit in the last week or so, but essentially Solana coined this new product ZK compression, and it's similar to Ethereum ZK rollups. So there's nothing radically different there. Essentially they optimize on chain cache storage. So they only store the state routes. Which are hashes of compressed account data, transaction data, they store that compressed hash on chain. So instead of storing everything how you normally would, which in a non compressed format, you would pay more gas for that. So it's similar, similar concept here to what we see on Ethereum, where they have sparse Merkle trees, GKPs. And compressed account data stored off chain in the Solana ledger. So, that's, that's all there. And I'll scroll down this article to where they go through the differences. Specifically, of course, Solana has a slightly different model from Ethereum. Ethereum has like, The EOA is the wallets, and then they have contracts, but Solana treats everything as these accounts. So I think that enables them to have a little bit more of these, the ZK compression concept, more of it is residing in the chain is my impression. So more of it is, is kind of contained in like the ZK rollups are, they have questionable security. It seems to be by like high level overview here, and then, you know, they go in this article here trying to understand how exactly it works and what's different. So theory and PK roll ups, full transactions are handled off chain sequencers process it, and those sequencers are single points of failure right now. Most l two roll ups like base or optimism arbitrary. These sequencers are just controlled by the foundation and the provers are typically controlled by the foundation. There are other protocols like expressive systems, which are looking to decentralize the sequencers. But at the moment, my knowledge, like nothing's really decentralized yet. And, you know, they prove these transactions off chain. So it's on top of Ethereum. That's how, how it works on Ethereum, ZK rollups, and that's line of ZK compression. According to this guy. The compression occurs directly on the Solana L1, and they, you know, that's, that's essentially the crux of it, I would say, and then, of course, you know, the use cases of it are anything that requires high frequency, low value related transactions. So I guess it's kind of like a variation of what Ethereum has accomplished today, as far as like, did this roll up. Paradigm. But it's, you know, I guess it's doesn't require a separate security council, chain ID, switching governance, token, or external sequencer. So I think this is really the crux of it. Quaranta at totally sure. Some L2 like features, but like optimism base arbitrum, you have these. You have to switch the chain ID on metamask or whatever while you're using your, you're essentially on like a different chain and that's extremely annoying to deal with as a user. So yeah, I would, so far I'm a fan. I haven't like had a chance to use this exact feature yet, but by the sounds of it, it sounds

Lawrence:

pretty cool. It sounds pretty cool. It sounds better actually the way it is in Solana, right? I mean, it's right on the chain. You're not going outside of it. You know, you don't have fragmentation. So I mean, yeah, I, I mean, my, my take is I, again, there's more, there's just like so much of this like rivalry going on. It's just interesting. You know, I mean, it's, it's a technology two chains are using it. They're using it in different ways. I mean, I, I don't, you know, I mean, competition's good, you know what I mean? We just spoke about a project where Ethereum is going to rust. I mean, are they not allowed to use rust now? Because Solana uses rust, you know, I mean, come on, like it's, it's okay to have chains copying each other a little bit if they're just trying to be better products, they appeal to different people. So, yeah,

Dan:

I mean, there's a lot of triggered people from the Ethereum side on Twitter that are just like. This is just copying Ethereum, like screw you. Yeah, it's just like really

Lawrence:

dumb. Yeah, it's just like chill. Just a smooth brain takes. Like I, I mean, if you're on social media, like they do the same shit. Like Snapchat, basically Snapchat's destroyed now because Instagram had stories, right? They just did the stories thing. You have reels on Facebook, right? Like that basically was Snapchat. And they just put it inside of their app, right? I mean, this happens all the time. It's, it's, they're just, they got to compete, right? They can't just ignore these things and, you know, let other chains just continue to have these advantages if they don't, you know, implement it. I think it's, it's the sign of a business savvy chain. And that, you know, and they're, they're, they're aware of what others are doing, these are good things to have if they're done well, which Solana does things well. So I mean, again, like both chains have their strengths, you know, so I don't understand what the rivalry is, but you know, I'm, I'm open. I, I, I mean, I like the innovativeness of Solana and like in using this tech because I mean, they're just trying to be more scalable, right? That's the whole game.

Dan:

Absolutely. Yeah. Full, full agreement there. Yeah. So next couple of things, I guess the Tau network halts. Yeah. Not sure if there's something you want to dive into a little bit more detail here.

Lawrence:

Yeah. A little bit. I, cause I've been dabbling in this one. So so Tau, basically there was some attack where there were was it seems like when I'm, I'm meeting in discord and just like reading about it over the past five days, it was related to like a Python dependency. It was a supply chain attack essentially. So what this is, is you know, when you're writing code in Python, you, you claim a dependency, which is like you're, you're saying I need this code to do, to write my code. And you, you assume that that code is safe when you download it. And in this case it wasn't because they weren't verifying it. Right. So they basically downloaded a virus instead of the pack, the code that they were relying on, and it took their money essentially. So, that's In terms of what happened I think 8 million got, got taken out. So yeah, 8 million worth of towel. So, you know, it's, it was pretty jarring to the community to have it happen. So what they ended up doing was they halted the chain and, you know, just to figure out what's, what's wrong and fix it. And that was five days ago. And that chain still halted as of today, Monday, July 8th. So yeah, it's a pretty good amount of time for a chain to be down. And of course, like there was a lot of thought around like, Oh, it's supposed to be decentralized. How can you stop the chain? But I think we've learned in this industry that decentralization is a process. It doesn't happen right away. You have to start pretty centralized and go towards decentralization over time, which is how Salon has done things. You know, they're, they're getting to move towards that and Tao is going to be similar. But five days is still a long time. This might take that's, you know, I mean, if you're building a company on this and you're out for five days, that's, I mean, you know, these are people's livelihoods that are just like stopped now because of this. So it's quite a long time. Yeah. It was pretty significant. Yeah. I don't know what to make of this. It, to me, it's not good. It's it's like, I don't know. I don't like it. It's down for so long. I don't like that. It's taking so long for them to communicate. About it. It could just be FUD. Maybe I just don't know what I'm doing. I need to have more confidence, whatever. But it's, it's just seems like it's taking a long time.

Dan:

Yeah, I, I like following Tao. I think we, you know, you called it very early before the, it's massive run up, I don't know, four or five months ago. But I do feel like Tao doesn't have a ton of, in my view, like a ton of meat on the bone. Like, I'm not super educated on it and I have not used it personally, but my general sense is like, it's they're kind of, there's a lot that they have to build and figure out still. And there's like a lot of vectors that could enable manipulation of the network. Yeah. And I guess it's kind of like, it seems to be governed in like an interesting way that might be considered controversial.

Lawrence:

Yeah. Well, yeah. It's. They have a lot of work to do to make this into what they want to make it in. But I feel like they're just like super early and you know, I mean, like they're just very early into making this what it's supposed to be if it ever gets there. And. It's a, it's a big gamble. But like, you know, Solana very early days was like this too, to be honest, like back when, so like, this was like back in 2019 they did like tour to soul or something, it was called where like, basically it was just validators testing the network and they would like, they would like hand out Solana each month to the validators and it was very like, like it was all over discord. It would, that was the whole thing. Like there was just like, they would communicate how much would go out and they would troubleshoot things and the chain would go down for long periods of time. Like it was very similar to this. So it could just be, we're super early on this and it's going to, it's, I don't, I think BitTensor is going to be next cycle story. I don't think it's going to really be this cycle. It's, it's just too, it's too early for it. I could be wrong, but it's, it's, yeah, I mean, we're still early in AI, so you're trying to merge these two worlds and it's like, there's just too much to figure out. So,

Dan:

yeah, that's, that's, yeah, I don't know if it having a token is possibly distracting. Yeah. Giving people an opportunity to dive into something that was just not ready yet. Yeah,

Lawrence:

it's also taken them long to deliver to like, they've been talking about dynamic town for like a long time, like almost a year now. And it's still just hasn't happened. It's basically like a way for right now. It's kind of like the validators get to decide who they say their towel to basically. And it's, yeah. It's kind of like, like a cabal of validators gets to decide. And it's kind of, it's kind of like, you know, I mean, you need it, you need it in the code, you can't have it be people deciding where the money goes. Right. So, and that's how that hasn't happened yet. And it's been many months that they've been talking about it. So it just seems like they're having delivery issues too. So, you know, I, yeah, it's not great, you know, I'm trying to be unbiased. It's really not that great. I'm not going to sell though, you know, I'm not financial advice, of course, again, but I'm holding out that they're going to figure it out and get there. But you know, it's, yeah, there's risks. I'm, I'm not being, I'm not in denial of that. Yeah. We

Dan:

got to get someone from towel on the pot as well. And I'm also looking at a Laura seems to be another network that I've come in contact with that. It seems to be competitive with Tao. So I will be, I think we should be like comparing these, we should have probably like a whole segment on just comparing the AI protocols and seeing like, where are they at right now in terms of traction

Lawrence:

team that could be valuable. Yeah, for sure. Yeah. You've spoken about a Laura before, Laura before. And I just went to Italy, so I was hearing that a lot in Italy. Yeah, it's kind of interesting that they named the project that. Yeah. It's like it's, it's like a word that's just like, okay. Or so, or it's like a filler word. It's like, yeah, it's kind of strange. Like when I went to a hotel to check in, I was like, oh yeah, we're here. We're We're, you know, it's just me and my wife are here to check in. He's just like a loader and he goes in and writes our names and just, just like, you know, all right, you know, okay. Kind of like, I don't know. It was just like a filler word. Fill the space, you know, they're all like bag holders over there. Yeah. Yeah. So it's just like interesting name for a project. That's cool. Yeah.

Dan:

Yeah, man. Very cool. I guess we got a little bit left on macro and then the legal political landscape. Mm. Awesome. It'd be good to spiciest for last, huh? Yeah. Yeah. I think that's always, it's always the best.

Lawrence:

Yeah. So macro is let's see, ma, yeah, the macro. Let's see. I mean. There's some rumors that there's like a light chance that they're going to lower rates in July. I think, I think that that's kind of, that would be a pretty big shock to the system. But you know, the labor market's been softening. We've been getting some soft and economic data lately. So, I think it's only a matter of time. Like a lot of other central banks have started easing already. Canada lowered their rates. I think Switzerland lowered their rates too. So I think Europe is cutting as well. So I think it's only a matter of time until we do it. And you know, by needs a little bit of juice. So I think he's definitely going to be pushing them to do it too. Which we'll get into in a little bit, but well it's, yeah, yeah, we'll see it's, but liquidity has been, liquidity has actually been drawing up a little lately. So that's probably also why crypto markets are suffering. Cause it's all about liquidity. Yeah,

Dan:

it's quite strange. I mean, I guess I don't really understand why. Supposedly the S and P close at all time high today. Just get a look. Yeah, I mean,

Lawrence:

It's, it's, it's the big tech companies, man. They're, they, they are, they're carrying the whole market. If you, if you look at like the mag seven, they call it now. It's not fang anymore. Apparently it's fat. It's mag seven now. But like they're up massively. And then if you look, if you just took those companies out and looked at the rest of the market, It's like flat, like most stocks are flat because I haven't really done that well. And you look at the mag seven and there's just like up into the right. So they're basically carrying, they're carrying their stock markets right now, which is kind of wild, but I mean, I, that can't be healthy. But who am I to say, I don't know number go up. So I'm happy.

Dan:

It's kind of scary though. Like, I feel like it's, it doesn't bode well for businesses that want to like catch up or like competitive markets. It feels a little. Just

Lawrence:

doesn't feel right. Yeah, no, it's not, it can't be healthy. There's no way it's healthy that like those seven companies have, however, like what, like 20 trillion, not, not that much, but I don't know, like 15 trillion probably combined. That's, that's a lot of money.

Dan:

Yeah. And I think like SAS. Businesses seem to be pulling back a little bit. I think hiring has become a lot easier for those kinds of businesses. We're entering the zero interest rate era. Where, you know, back in the day, this is like before maybe like around when I was like graduating and getting into like the software engineering market, there was still this like hope of getting, you know, getting wooed a little bit by certain tech companies may have been like ending right around COVID. But nowadays, I think what the talent pool is like very large, like globalization is also driving. Like hiring, like outsourcing to different countries. So I think like the tech markets also seems to be contracting a little bit on the talent side. And, but I also think it's going to be interesting if you need hundreds of billions of dollars for like infrastructure for training AI models or running them. Like you just can't do that as a small business. So, yeah, I think the magnificent seven is just, you know, They're kind of like the only businesses next to governments that are poised to experience massively outsized gains here Just by securing base layer. Yeah, so maybe that explains why we're seeing this, but it does seem like Potentially unhealthy. It's a little like nervous Feeling and I guess we're kind of like waiting for the next shoe to drop, but we also have like a soft landing So I don't know, I'm getting kind of like mixed signals.

Lawrence:

Yeah, it's, I agree. It's kind of, it's kind of scary because it goes against everything we know about healthy markets. I mean, we could also be in a new world here. I mean, we're in the exponential age now. So, I mean, could these seven companies really just be it now? We're just going to, they're just going to go up. Like, I mean, is Nvidia going to be a 10 trillion company? I, I mean, I don't know. Like it's it's like Nvidia, for example, is like just the I don't see how it doesn't hit higher numbers forever. I mean, they have the GPUs we need massively. We need all the computing that they can sell us for however long. I mean, I just don't, I mean, it's, they're in like the perfect spot. So I, I mean, I get why it's going up so much. I mean, it doesn't make any sense from a numbers perspective, but it's, I get it because they're like, if you look 10 years into the future, we're going to need all these GPUs and we're going to need all the space for them and compute and all that. So, and you know, the other companies have the data, Google has the data, Meta has the data and they have the models. So, you know, I, Unless, like, one of these decentralized solutions can figure it out, like BitTensor or Allura, or, you know, you have that there's another one, Artificial Superintelligence or something, which is like a combination of FET, Ocean, and SingularityNet, you know, like, that's how, like, maybe, maybe there's an opportunity, like, they can kind of take some of that value, but Yeah. These web two companies are just killing it right now. I mean, it's kind of crazy to think that these companies, just one of these companies is like more worth more than the entire crypto market, like Apple, Amazon and video is they, they're all worth more individually than the entire crypto market. It's like wild to think about.

Dan:

Yeah, it's quite shocking. AI is definitely winning the race right now for global attention. And I think they just, they just hit product market fits so fast, just something you could talk to and you can, as a personality, you can relate to it and you learn so fast from it. Crypto is more of like a boring, it's fun for speculation and gambling. And, but it also has really powerful use cases that maybe are like harder to process. In like a fast and easy way and of course it has it was like kind of smeared I think it had a bit of a harsher smearing Culturally than ai has ai people are like scared of like robots taking over and there's been some black mirror episodes But like, you know people will still use chat gpt and have a fun time But yeah, I think there's been quite a lot of lawsuits and You know, the NFT bro, crypto bro, that vibe has been stickier than I think. Yeah, that's true. The AI, like evil AI narrative. So

Lawrence:

I actually think merging those two worlds is going to be a big win for crypto. Like if there's a, like, like if you think about like agents, right? Like AI agents. You know, I think this is going to be a bigger thing over the next few years. Like right now we're just talking about the models where you have to, you have to tell it to do something, but agents are basically just going to be like automations, right? Like, and I think they're going to have to use crypto. They're going to have to use blockchain cryptocurrencies to transact financially. It just makes sense to me. Like you're already seeing that. I mean, if you have trading bots, right? Like they're basically doing that already. Right. But they're kind of dumb because all they do is trade. But what if you had a bot that could do anything you tell it to, you know, if you like one idea I have was like dating profiles, right? Like, like, what if, what if you could have like an avatar that texts people for you, looks at profiles for you, everything. And then sets up the date for you too. So like it buys tickets to events for you and like sets up date with this person. So like you go to work, you come home and then you look at your avatar. It's like, Oh, I met this person and you have tickets on Wednesday to go to this thing with her. Cause you both like this and that would be kind of crazy. Right? So like, you know, in a world where we run on the blockchain, that is like. It's very native. Like it's internet money. You transact it's, it's instantaneous. Right. I just, to me, that makes a lot of sense. I mean that, I mean, we're not close to it right now, but in five years, I think that that could be more of a reality for sure.

Dan:

Yeah. I think the AI, the agents and the ability to like plug in so easily to payments without being limited by banking, like the banking API is, or just, they're just not designed for this. Like you're going Wait for Stripe to integrate every chain. Like they don't have a banner for this, but if you have these open source protocols, you can plug into really fast and easily, the agents are going to be able to move very quickly there on the financial front and globally, like you can have AI agents transacting, doing global commerce and whatnot. I also think the. There's going to be massive need for verification and proof of personhood. I maintain that protocols like world coin and any sort of proof of humanity project is going to be so critical in the longterm for verifying that key figures are, you know, and events are actually real. There's going to be so much manipulation as, as AI gets better and better and more widespread, where you're just going to have fake news up the wazoo. And at a certain point, it's just going to become like the white house and every other government or corporation is not going to have the energy to be like, actually, this is fake or like, actually, this is fake. Sometimes they might say something's fake, even when it's real and people won't know who to believe. I feel like every piece of information is going to need to be watermarked through some cryptographic on chain mechanism where it's like every piece of data that you produce at the OS level or the hardware level is going to need to have this. Watermarking that is going to definitely be a crypto related.

Lawrence:

Yeah, that's a good point. Innovation. So very good point. Yeah, we, we are in desperate need of this. I like even, even like when you think of like that would get rid of the password, right? Like we wouldn't need passwords anymore. We would have another way to verify who we are. Like that would solve so many problems with like, just OPSEC and cybersecurity. So, I mean, that, that has implications even beyond crypto. Like it's just. We, we are in sore need of this, these type of solutions. So no, that's a good take. Yeah, for sure.

Dan:

Yeah. So I just see how that

Lawrence:

space develops. All right. Want to wrap it up with the most fun topic of the evening? Our political

Dan:

situation. Well yeah, we'll wrap up with the political fun time. So basically, I mean, we've had, we've, we've seen this. I think we discussed this last time. Basically. Confirmed that the Republican party is, seems to have embraced crypto basically fully and they, the, I'm going to try to pull up this story here. So they've added it to their platform and they, they made a lot of references to things like CBDCs. And not allowing them and defending the right to mine Bitcoin. The current administration has been very anti Bitcoin mining and, you know, transacting free from this government surveillance and control like we're seeing in some other countries. I think CBDC is like, I, I see them often described as like a cool little fun tech topic, but I think they're deeply concerning. To freedom and should absolutely be like viciously denied. So I've not seen any of that from the Democrat side, unfortunately, but the Republican side seems to be firmly against it. So that's, that's positive for them. And, you know, there's also this Ross Albright situation, personally, not too plugged into exactly like. You know, what's going on with this guy, but I don't know. Are you, are you familiar with that as well? Like I know he's a Silk Road creator. People seem to be pretty jazzed about him getting freed, but

Lawrence:

yeah. Well, yeah, he, he is a very controversial figure. I mean, so for anyone who doesn't know who this is, he, he created Silk Road many years ago and basically it was, it was just Bitcoin back then. And it was a website where you could buy pretty much anything. And I do mean anything. So he was eventually arrested because there, there was a lot of illegal things being transacted on the platform. Again, whatever, whatever you could think of that was for sale on there. So he eventually was, you know, arrested and sentenced to life in prison. Many life sentences. I think it was multiple life sentences. So he's still in prison for this. You know, some believe that it was unfair. Others believe he deserves it and he knew what he was doing. I don't know if he deserves life in prison for it, but I mean, he definitely deserves something, but Yeah, he's a very controversial figure, but the, they offered to free him is strange. I don't know why Trump would do that. Like, why would, I don't get what that's about. It's just kind of, it's, it's, it's a weird position for Trump to take. It just doesn't seem like benefits him really. I don't know. Right.

Dan:

Yeah, it does seem strange. Yeah. I have seen people on the ground, very excited by this and I just haven't really dug into it. Too deeply to really have an opinion on it. So, but you know, they, they, they, they're definitely going after it as a policy point. So, yeah, it's, it's, we'll have to see how that plays out.

Lawrence:

I mean, I mean, I, I don't know, like, it's just a very weird political position for him to take. I mean, yeah, I mean, I, I don't know. I don't have any opinions on that. I just think it's like very, I think Trump just said it's just to make people happy and I don't know if he's actually going to do it. Yes. Right. Who knows? But yeah, he has Twitter. Ross has a Twitter account and he was, I was reading through his Twitter account like a month ago and he was like, you know, Oh, I lost my thirties in prison. You know, I mean, I'm just kind of like the sad story. I'm just like, dude, come on. You, you knew what was going on. Like you, you knew what you were doing. You know, if you did that today, it would be very illegal. So, so I, I don't know. Like, right.

Dan:

There's definitely a lot

Lawrence:

of

Dan:

extremely sketchy stuff there. Yeah. So. Yeah. And then I guess we can close on this. I think, yeah, probably mark. I mean, this is crazy. 240 million locked up in this one. Jesus. And you know, very massive. This might be like their largest pool at the moment. And where they have the graph here. Yeah. I mean, after the debate performance, everything kind of skyrocketed. Or it's not showing up here, but at least Biden's chances. These, these drops significantly right off the debate and, you know, we're going to see what happens, but you know, Biden drops out the race. Now what is it now? It's at 47 percent chance, very significant. So yeah, we'll see. I think we're in like a, for a very spicy time politically. Wow. It was up 75

Lawrence:

percent at one point, damn. Man, yeah, this, what, what a, what a drama story, right? This whole thing is wild. He wrote a letter this morning. It just came out basically with a whole like Wolf of wall street. I'm not fucking leave an argument. Yeah, basically like I'm not leaving basically. Is it so. Yeah, I, this is just, it's, I don't know, this is just like crazy stuff. Um, you know, they, they dug their hole and now they have to climb out of it. So we'll see, this is going to be a very dramatic election, just like it always is. But his, you know, his stance of like fighting the crypto industry, it was not smart. I don't know what he's had to gain out of that at all. I just, Didn't make any sense to me.

Dan:

Yeah, definitely a fumble for sure. And I don't know. I've, I've seen some interesting takes where they're looking at like the 12 metrics that determine the presidential election winner. And they're like forecasting this and they're even suggesting that by dropping out might actually like be worse than him staying in the race. Yeah. So I, you know, we're going to have to see cause cause the, You know, alternatives are not going to necessarily

Lawrence:

They're horrible. Yeah. They're really in a bad spot. Because if he drops out, they have to What I've read is that they lose the campaign funding. Because it has to be either him or Kamala. Otherwise they lose the campaign funding. So they would have to go for another funding round. Right? For example, if they picked Gavin Newsom. They would have to go for a whole new round for him. Right? They only have four months. So they have to get all the money together and then they have to come up with the campaign. Then they got to do the marketing, the debates. Like it's just, it's too much to happen in four months. It's not going to happen. So like basically the other, all the options Kamala, which is she's, she's not, she's worse. So I mean, I don't know. It's like, they're just like fucked. Honestly. He has to, he has to run.

Dan:

Wow. Okay. So they can't, he can't like send his. Well, I don't know. It must've been over a hundred million dollars in fundraising. You can't just like send it over Venmo to like Gavin.

Lawrence:

Yeah. Just, you know, hit up a Solana action over Twitter and just, you know, have the transaction. Yeah, he, I'm sure they could do something where like they set up a fund for Gavin and then Biden's like a donor or something, and they just donate stuff. They could probably do that pretty quickly. Yeah. I, they have to just get around the legal loophole. Yeah. But it's just like more stuff, more paperwork they have to do. Another, like, it's just, it's tough to do all that. It's a lot of work in four months. Like if this was a year ago, if this had happened a year ago, sure. Swap them out. You can't do it, but. It's close now, man. So I, yeah, I, yeah, I don't know. I think he has to run. Unfortunately.

Dan:

Yeah.

Lawrence:

I,

Dan:

I think the swap's going to happen, but I do think to be very spicy. And yeah, I just, I just feel like the whole, Everyone's just like, not about it anymore. Like I think when they see the polling and all the mainstream media, once the mainstream media turns against you, it's like, you're done. So I just don't see the support there anymore. They can't really, people are very, I just feel like the Biden or the Gavin switch is just going to happen. Like, and they're just going to roll with it. But. You know, we're going to have to,

Lawrence:

I mean, I do feel like keeping him in as a guaranteed loss at this point. So like, I, yeah, maybe you're right, maybe they do just need to throw the hail Mary, but it would be a first if he won the, if they did that and he ended up winning, that would be a first ever for this country to have that happen. So I, I agree with that. Yeah, we'll, we'll see, but he's got it. He's got to decide soon. Cause we're like every day is very critical at this point. So we'll see the conventions in what, like five or six weeks. So he's got it. They got to do it before then. So we'll yeah, very dramatic stuff. So cool. Thanks for sticking with us everyone.

Dan:

It's

Lawrence:

a lot of stuff here, a lot of stuff packed in this episode. Go enjoy your summers, touch grass. I don't really see markets doing much for a while, you know, we'll say, but I just feel like after the sell off that people are just going to take a break for a little while.

Dan:

Right. Yeah. I hope people do. I'll need it. So yeah, man, great stuff. We will we'll be in touch very soon.

Lawrence:

Cool. Awesome. All right. Take care out there. Thanks for watching everyone.

Dan:

Peace out.