Boots on the Ground | EP 52

Covering:

- OpenAI vs Anthropic
- Drift exploit
- Quantum FUD

And more.

Transcript

SPEAKER_03 0:00

Hello, welcome. Episode 51, Risk On Podcast, uh sponsored by FOMO. Go download it today. Uh promo code RISCON, 10% off all your trading fees. Uh go make some shekels over there. Um go trade with us. Risk on pod is uh still down 60% though. So don't copy trade us.

SPEAKER_01 0:21

Yeah. That's would running the account, not me, folks.

SPEAKER_03 0:24

I mean, I should give it to you to run. You're the one in the trenches every day. Is that a conflict of interest for you?

SPEAKER_01 0:30

That that may be. That may be. I might that might be inside of trading. Uh yeah, I think not many people would like that one. Uh I would like it.

SPEAKER_03 0:38

I mean, no one has to know.

SPEAKER_01 0:40

That's true. No one does have to know.

SPEAKER_03 0:42

We just told them though.

SPEAKER_01 0:43

Yeah, and now I'm in the shit. Now that we clipped and it's over. I'll be on scooter, scooter XBT in sub sub 10 minutes.

SPEAKER_03 0:50

What happened to Scooter? I tried finding his account last night, dude.

SPEAKER_01 0:53

I think he got sniped. I think he got sniped. Yeah, who accused us of doing it. Bro, like people think I've got this magic sauce in X to snipe people down.

SPEAKER_03 1:02

Like, dude, after all the things Pump Fun has done to everybody else, them losing Scooter is like kind of karma.

SPEAKER_01 1:11

It's a blow. It's a blow. But to be fair, you know, as much scooter did cause a lot of carnage on the timeline. He's been around for a long time. Um, he's been around for a long time. Yes, he did spew some shiao, but he also did spew a little bit of goodness as well. Um but what can you do? Another one.

SPEAKER_03 1:28

He was so clearly paid to say the shit he was saying.

SPEAKER_01 1:31

He was definitely paid, wasn't labeling the paid promotions, that's for sure.

SPEAKER_03 1:35

That sounds like a crime to me.

SPEAKER_01 1:37

Sounds like a crime. Yeah, Nikita Bill would not be impressed. Uh would not be impressed, but you know, I tell you that he came for me one time. Really?

SPEAKER_03 1:47

I've been got by Scooter before, yeah. Because I had a bit running on where I would like talk about him in my tweets for like a month straight. Um, it was during the useless days, and I would, I would, I would come after Scooter and just kind of make fun of him all the time. And then um, he I think is in Dubai or something because I woke up at like eight in the morning to being quote tweeted by Scooter, and the tweet had like 150,000 views. And I was like, Not good, not good, not good at all.

SPEAKER_01 2:18

You know, I think uh in the useless days as well. Uh, you remember when Look On Chain posted that wallet?

SPEAKER_03 2:25

Yeah, I know his wallet that was.

SPEAKER_01 2:27

Yeah, yeah, there we go. I think, yeah, yeah, yeah, yeah. Sea Meister's wallet. I think Scooter also posted about Semeister's uh wallet. So SeMister caught some strays and he didn't even know. Well didn't even know.

SPEAKER_03 2:40

If I remember correctly, Scooter was just accusing Seameister of being a good trader. He was like, this guy is like selling high and buying low and swing trading it.

SPEAKER_01 2:49

Well, yeah, and he's accused of being an insider. Yeah, no, he's not an insider, he should just retarded. Yeah, yeah, he's just retarded. You shouldn't have saw his fart coin trades. He would have been going, this guy's a dumbass. This guy's a dumbass. But no, his useless trade was uh he's a he's a he's a good one to have on the uh the pod. I think a lot of people on CT they still associate a large amount of following with good trader, made a lot of money. Um, I think it's quite the opposite still. Um, people like Seamaister and and and people like that probably made the some of the most money in the bull market, and a lot of people don't even know who they are.

SPEAKER_03 3:28

Yeah, yeah, yeah, for sure. Yeah, he would be a good one to get on. Um, I've tried getting him on before, but he's always traveling.

SPEAKER_01 3:34

Yeah, I know, yeah. He's uh you remember when he was sailing around the med with his dad? Um my god, his dad's a legend, too. Yeah, Conan also on CT. Uh massive legend. Uh sailing around the med, sitting on 10 mil of GP. What a time.

SPEAKER_03 3:50

Not a coin sort. Don't remind me of that coin. I can't believe you worked for the people that did that to me.

SPEAKER_01 3:56

I know, I know. Yeah, I uh we made a lot of that coin.

SPEAKER_03 4:00

Um I you did?

SPEAKER_01 4:02

I did. Fuck you. I was a seller. Although I did sell a little too, I didn't sell the top, um, like some, but when the spreadsheet started coming out, you were selling. Um I was selling. I was selling.

SPEAKER_03 4:16

I was believing.

SPEAKER_01 4:19

Uh we had we had Anders, Anders from uh Gito. Yeah, um, yeah, he was dropping. He was annualizing revenue, annualizing revenue, as you do. One good month of revenue, annualize that immediately. Uh, we have we everyone was bullish, and I was thinking, wow, this is probably a good time to start offloading. Swizzle's calculating his peer now if it hits a billion dollars. And I'm thinking, you know, that sounds like a lot of money, and I'm looking at the liquidity. I realize how much all of us have it in this, and I'm going, the door is slim. The door is like yeah, the door isn't wide open right now. The door is but like, and it's uh I'm gonna have to squeeze out. Um because we're all set on one percent each. Yeah.

SPEAKER_03 5:01

Uh well, I I didn't realize it because the token because I because the float was much lower than what I was used to, and in classic, and like the two times this is uh this is this was the second time I'd done this mistakenly. I bought more of a coin than I intended to because I didn't understand the tokenomics. Um, I did this with with uh with trump coin too, actually. I wanted to get up to a round even number, like a solid number of trump coin, and so I kept buying, not realizing that there was like 10% floating, and I ended up having a lot of it. Um, but I did the same thing with it that worked out very well. This worked out really well too. I just sold for like a break-even or a small gain, but I think I was a top 10 GP holder because I just kept buying and not realizing what I was doing.

SPEAKER_01 5:50

Um yeah, the price impact on that thing was crazy, man. Like on the way up and on the way down. You remember Y22 used to post that was the best. Wick up 20%, 10 minutes later, he's had a change in heart. He just wrote a Bible-length post on why it's the best coin alive. 15 minutes later, he's out. 15 minutes later, he's going, guys. Not feeling this coin anymore.

SPEAKER_03 6:10

That is done. That coin reminded me that chart was like the AI 16Z chart, nearly dead. It just kept going up.

SPEAKER_01 6:18

Gotta say, I was sidelined A16Z. I wasn't a big A16Z guy.

SPEAKER_03 6:21

No, it's another one.

SPEAKER_01 6:23

I was watching you and Print do victory laps on me. Um I remember at one point during that that that point, this is this is probably gonna be a good clip. I'm gonna preemptively say that. At one point during AI season, we had people considering in ETB considering buying jets. And we all thought this is good, this is sustainable. We generally had people sending in G550s and going, you know what? Reasonable purchase. Uh we should have known. We should have known. We had Icy saying, I'm a pilot. If you guys want recommendations on what to buy, come to me. He probably got 10 DMs that day. That's worrying. That's worrying. People like John could buy a private jet. Things that things don't happen like that.

SPEAKER_03 7:10

So the top was probably in so John, uh, Shikoin John, Swizzle, and I had a small chat together, and then John retired. We were privately discussing purchasing a Portuguese basketball team together. No, not joking.

SPEAKER_02 7:26

Fuck off. Not joking. Fuck off.

SPEAKER_01 7:31

Oh my god, of course. Of course. A Portuguese basketball team, you know, things that Really, we can afford it, we can do this.

SPEAKER_03 7:39

It's much cheaper than you would think. Um, and that, you know, obviously in hindsight, was clearly a top signal.

SPEAKER_01 7:47

A Portuguese. I feel like I've been involved in some bullshit like that as well. So in ETV, I don't know who with, but yeah, some I don't know what we were trying, I can't remember. It was some sports team as well, and it was something dumb. It was something dumb. It was like 150k between three, four of us, and uh, I was going, this is a fantastic idea. This is a fantastic idea. Like my name's engraved in the sports team's history.

SPEAKER_03 8:12

Oh, yes, that was what John wanted to do. He wanted us to sponsor a British soccer band jersey for every chat. He was like, it'll cost 150k. We can get on their jerseys, and we were like, this is great, we should totally do that.

SPEAKER_01 8:26

Yeah, this is a great. I remember literally going, wow, I can't wait to go watch the game, see like our low, like whatever on the fucking.

SPEAKER_03 8:32

We should have done that actually. That would have been a good use of money because 150k is just gone now for the most part.

SPEAKER_01 8:38

Yeah.

SPEAKER_03 8:41

There's Henry.

SPEAKER_01 8:42

Yeah, there's Henry guy. Yeah, the the Hartley pool, the Hartleypool clan, bro. Fuck. Jesus.

SPEAKER_03 8:48

Yeah, John, John wanted to do that for us. But speaking of jerseys, um, did you guys see uh Seth? You saw this as a bunk guy yourself. I know. Uh Atletico Madrid, useless on the jersey. I just bought one. I had to have it.

SPEAKER_01 9:03

It is fucking crazy. Um, I don't think people know the the origins of that logo. Um some are gonna call us insiders now. Um but the the origin the origins of useless um came from none other than Lexa Pro. Uh and that might trigger some people. That might trigger a lot of people, especially maybe useless holders, because you know Lexa's a controversial guy now. Uh, but ETB, it was probably one of the top group chats in crypto at that time. Um, it wasn't an F and F or anything, it wasn't anything gay. Let's not get that. It was gay that straight. It was it was pretty gay. Yeah, looking back, it was pretty gay. But at the time it was fucking sick. Everyone thought we were amazing. Uh Lexa Pro scanned it in there at 300k. Um, or no, less, no, like 200k.

SPEAKER_03 9:53

Less, yeah, it was 200k or so. And I bought I bought two and a half percent while at lunch with Doug Funny. What funny story? Yeah, I was at lunch in Brooklyn with Doug Funny. Yeah, that was where I split the bill at the time.

SPEAKER_01 10:09

So you split the bill with him, yeah.

SPEAKER_03 10:10

It was me, Tosh, and Doug Funny, and I bought two and a half percent at brunch with them, and they were like both trying to not use their phones, and I just ripped in two percent at brunch with them.

SPEAKER_01 10:20

Wow, wow. I didn't even know I you bought oh that's even that's even grim better lore, honestly. Jesus Christ. Did Doug even get in?

SPEAKER_03 10:28

Doug did not even buy it. Doug and Tosh didn't buy any.

SPEAKER_01 10:31

Oh, you're with Tash as well.

SPEAKER_03 10:33

Oh I was with Tash as well, yeah. We were in Brooklyn.

SPEAKER_01 10:35

Well bro, that guy doesn't need any more money, man. He's in France with a Porsche. I know he's better than that.

SPEAKER_03 10:40

He's fine. Um, but go on, sorry.

SPEAKER_01 10:42

Yeah, no, uh, where was I?

SPEAKER_03 10:43

Yeah, you're Lexapro logo.

SPEAKER_01 10:46

Yeah, LexaPro, wow, yeah. So coin was at 300k. I think the whole group chat we all owned 1.52% each. This isn't a crazy bundle. ETB are known for destroying charts and PvPing each other, pvping each other, it was just part of the game. Um, it wasn't it's not like this group where you know a lot of people just that we would invite anyone. Like we've been in that group chat all together for probably like two years. It's getting gayer now. I describe it even more. Um, yeah, we we all had a lot of supply. Um people were probably selling on the way up, as you do, and typing in the group chat. Wow, bullish guys, really bullish. Um, but yeah, the the logo, I think Lexapro made the logo, and I remember Print God. Some of you know Print God, um, friend of the show. He up, I think he updated Dex uh with the with the logo and and and shit. And then we he got took over by the old dev and he started making NFTs, going rogue on the Twitter. I think one of us paid, I think I paid it, maybe I paid him 2k to go away.

SPEAKER_03 11:48

He paid him too, and he didn't get away. Yeah, yeah.

SPEAKER_01 11:50

Yeah, so yeah, we we paid him probably 6k in total, and he he never went away. He never went away. Uh he continued to make um NFTs. Uh I think he was making boots, like just pictures of boots. Uh yeah, now the logo what mythically started out of ETB is on the Atletico Madrid jersey. Who would have fucking thought incredible? However, the coin only went up five percent on this news. Um tough, tough, you know, pretty sick. It's got a music, it's got a song, fuck off.

SPEAKER_03 12:27

I I I just had to buy it um given that like we were all sitting there arguing over who is gonna pay decks on it, and I would and no one wanted to do it, and then Lexapro ultimately did it himself and was so mad at everybody about it because he was like above paying deck screener.

SPEAKER_01 12:44

Yeah, he was like, You guys aren't working for your bags. So you guys aren't working for the bag, we're in the whale group chat, no one's doing anything. Bro, ETV was a historically lazy group chat, but they were uh everyone had a lot of money, so you know, what can you do?

SPEAKER_03 12:59

Yeah, yeah.

SPEAKER_01 13:00

And we all ended up getting shooken out at that coin.

SPEAKER_03 13:02

Um not everybody, the ones who didn't notice round trips at all.

SPEAKER_01 13:07

Exactly, yeah. So but I got I got shook out.

SPEAKER_03 13:10

I made a lot of money on it.

SPEAKER_01 13:11

I I did make it, I did make quite a fair bit, let's not get that wrong. But I did get shook out. Uh a lot of people will accuse us of being the the big insiders, but uh we we were not aware. We were not aware. Uh we we got shook out. We uh we simply it simply just kept on going down, and then uh all of a sudden uni shield it and uh it was fucking back. And then yeah, stories, stories all the time. Uni now only shields it.

SPEAKER_03 13:37

Uni's still shelling it.

SPEAKER_01 13:38

He's still showing it.

SPEAKER_03 13:39

I actually checked in on uni the other day to see if he was still doing it, and he he he's still doing his bit.

SPEAKER_01 13:44

That's fucking crazy, man. His mirade bit on useless, and you know, I was speaking about uni the other day to someone, and I I do feel bad for him because he did go through a horrific loss on 1010. Oh, I forgot about like that what that does to someone's mentality is is completely insane, and the fact that he's still going now is insane. Um, because I I generally think he's a very, very honest bloke. Um, probably too honest for his own good, because I think he did that was the majority of his money at the time. He didn't really have anything else uh at the time. I think he's probably still got, don't get me wrong, a lot of money. But yeah, how much was his bonk position at that time? Maybe I think he lost 20 mil. 15 million, 20 mil? Yeah, like 20 mil gone in uh 10 minutes. Not many uh people can tell that story on earth. Um and the way it happened is is uh in a dramatic way, like a very, very dramatic way. And on that day, I think coins were down 90%, 85%. And these are not just meme coins, this is uh billion dollar coins uh wicked 2-0 pretty much. I don't think I don't think people talk about it anymore.

SPEAKER_03 14:52

I think it just got brushed under the rug. No one really figured out what happened.

SPEAKER_01 14:56

Yeah, no, I I used to write loads of threads on it, didn't really know what happened myself. I was just writing things.

SPEAKER_03 15:01

Um are you still writing thread sets? Let me look at your Twitter, I haven't looked in a while.

SPEAKER_01 15:05

No, I I haven't. I slowed down because you know, I think a lot of my Twitter got possessed by a lot of the the meme coin guys, and you know I post something and they're all like busy writing threads and not working at Bonk Fan. And it's just like shut up, bro. Fuck me. So I can't talk about anything else. It's true. Uh it's true, yeah, it's true. Don't get me wrong, it's true. But one day I'm gonna go back. Uh maybe when the ball when the ball kicks up again, I'm gonna go back. Old Twitter. Hopefully these guys have moved on. I think they are. I think I think they're starting to. I think they're starting to. I think after the prolific meme coin monday, we saw a lot of deaths out there. There's a lot of bodies, there's a lot of things.

SPEAKER_03 15:45

You think it was meme coin monday that that puts it?

SPEAKER_01 15:47

I really think that was the that was the final blow to the head for many. That was the final blow to the head because they turned up 10 a.m. Eastern sharp. And who did this?

SPEAKER_03 15:56

Who are these people? Also, people keep telling me about these new trenchers, these guys. Like someone was like, Oh, like scented did this. I'm like, who the fuck is scented? Who are this new generation of of trenchers that are like around right now?

SPEAKER_01 16:09

They just figured it out. They just figured out the game and how to abuse the tooling, and a lot of people really hate them. Like, a lot of people really hate them. They're like, these guys are max extractors. They are max extractors, but that's what they do. That's what that's what they do. Like, this is they they found a way to make money, and like what do you want them to do? Stop, like, just stop making money? Like, they found a way to do it, and and people keep on playing, so they're not gonna stop. Uh, so you got I can't I can't sit there and blame them. I can't be like, oh my god, I hate scented, I hate prosper. Like, this is just what they do. Yeah, prosper is another guy pretty much like scented, he buys coins at 5k market cap, 10k market cap. Um, they run to 50 50k, maybe, and he'll pull 100 soul out of the chart. Um, this is just what they do, exactly. Yeah, it's fucking insane, and I don't know how long that can go on for. Um, but they're gonna keep on doing it until there's not there's no one playing.

SPEAKER_03 17:06

So it can keep going on because we got Toly Shilling coins on the bonding curve still.

SPEAKER_01 17:11

Yeah, that that was crazy. They only went to 500k.

SPEAKER_03 17:15

Oh, did you see that? Yeah, was that on purpose?

SPEAKER_01 17:19

I I don't even know because you know he gets a lot of shit for not supporting meme coins, and maybe this is him going, uh, well guys, supported memes, like supported a meme coin. Because he must have clicked on that profile and see probably had a CA in the bio. I actually don't know. Does it have a CA in the bio? Can we click in? If it does, then he's got no excuse. Okay. Okay, I mean, yeah, to be fair, he probably didn't even know. Yeah, I pr I don't think he probably even knew. Um he just thought this was probably some uh AI slop retweet. Uh but yeah, it only topped at 500k. I think that that probably that probably cements where probably summarizes where we are right now in the trenches.

SPEAKER_03 18:04

Yeah, I think that tells you really everything you need to know about the trenches. But I mean, broader than the trenches, um, our boy AJC posted something recently, which we'll pull up in a second, about how since 2025, if you bought every token sale on Coinless, Legion, MetaDow, or BuildPad, you would be down 46%. And only six of them are above the ICO price right now.

SPEAKER_01 18:31

It's fucking crazy. I'm surprised, honestly, I'm surprised six are. I'm really surprised six are above. Um down was that Henry just dropping shit? That was Henry throw, but he must have been in one of these coins. He must have been one of these coins. He must have been in Umbra, must have been in Avici or something. You remember when Avici was the next fucking, I don't know, Citibank? Like everyone was running a raven, uh thinking they'd go into hundreds of bills. Uh I don't know what the price is. Now I think still great product. Made a big mistake of launching a token. Classic.

SPEAKER_03 19:02

Yeah, but you can still use the product and whatever with the token. But I mean, I I think this just really broadly speaks about the state of our industry. And like it's been not good for a long time. I think it's been worse than anyone thinks. For a long time.

SPEAKER_01 19:19

I think so as well. And it's like uh, I think we've had this conversation before on here, but it's like, yeah, well, what's next? Um, and because yeah, this is heavy. This is heavy.

SPEAKER_03 19:30

This is like a real like sobering, like, what the fuck are we doing with our lives if you're in crypto right now?

SPEAKER_01 19:35

Yeah, I think someone said that. Someone said that, like, like the drift hack, like so DeFi's fucked. Uh with meme coins, you're PvPing scented and uh prosper for for a few soul. Uh that's someone who comes for a launch pad as well. You're literally you're pvping these guys on the blockchain. Um, that's who you're fighting against right now. Uh, what's the other modes in crypto right now? NFTs, dead, um the gaming section flatlined. Uh what else even is there? There's just everything's dead.

SPEAKER_03 20:07

Everything is dead.

SPEAKER_01 20:08

Everything's dead, but like that's for now. That's for now. That's for now.

SPEAKER_03 20:11

Things come back. We've been here before, and I feel like this type of sentiment is what really like makes you think that, like, oh, like we're gotta be close to a bottom, and now it's just time. We're gonna time rug, maybe a few more wicks down, and then, but like, I think deploying around now, if we didn't have this overhang of this fucking war, I would feel so much better about deploying capital right now.

SPEAKER_01 20:33

Yeah, I think that's that's what kills markets at the moment, isn't it? It's uncertainty. Um, it's uncertainty because I don't want to deploy, I'm just like the I'm just like you. I don't want to deploy major capital yet because it just doesn't seem very appealing. And the downside is I get caught on a boots in the ground wick. And I'll be honest, my plan is to buy the boots on the round on the ground wick with size. Uh I'd like to do that too. I think that's consensus. I think that's pretty that like among a lot of group chats. So when I say that, everyone's like, yep, me too. So I don't know.

SPEAKER_03 21:05

Are we gonna get it? Maybe not. I mean, maybe not.

SPEAKER_01 21:08

Maybe we pump on the news of boots on the ground at this point.

SPEAKER_03 21:10

Yeah, I don't know. I I I I've tweeted this so many fucking times. You're never gonna catch bottoms, you're never gonna catch tops. The money is made in the middle. Like you make money by averaging into a bear market, you don't make money by catching the pico bottom. Like anyone who like bought 16k soul or 16k bitcoin in size last like uh a few years ago, like you didn't really do that reasonably. All like my Bitcoin buys last bear market average entry was like 29k or something, and I still made a fucking killing, but at the time I was down 50% at one point on some of my buys because we did that gnarly wick, but then I bought more, and then it all ended up working out long term, obviously, and it four X'd off of that. And I made a great trade on Bitcoin.

SPEAKER_01 21:57

I remember when Bitcoin was at 15k and it was just kind of. Of surreal, it was surreal. Yeah, it was kind of surreal like to see us back in this spot. Um, like I remember I used to trade Binance Futures way, way back in the day when that was available in the UK. And I remember trading Bitcoin 15k on the first run, the first run to 60k, and then yeah, seeing it back there was just like wow, and it's it's being on CT then was a very, very strange place because no one had any money. Um, everyone was rinsed, and everyone knew that Bitcoin at 15 to 16k was cheap, but no one had any money to buy. Um, and it was kind of just like, guys, we're gonna have to wait for whatever bullshit comes next and and hope for the best.

SPEAKER_03 22:39

Yeah, I remember listening to um Up Only during the FTX hack. Wow, that live stream that they did with like the head of growth from FTX as like just I mean, the wicks we were seeing on every token then were just horrendous.

SPEAKER_01 22:53

Yeah, yeah, but FTT at the time as well was just oh yeah, just heading to zero, man, heading to zero. And it was uh that was a wild. I remember sitting at the chart staring, and I was like, fuck me. This I was I was ready to long because I remember high-stakes capital. I think I spoke about this before. Highstakes Capital was going, I'm deploying more into FTX. I think it's fine. I think he was the number one trader on FTX at the time, and he was so confident, blindly confident that uh this was gonna work out. Um, and to be fair, fair enough to him because it was such an outlandish thing that was happening. Like FTX has just been on what's that massive stadium?

SPEAKER_03 23:29

It's literally called the FT, it was called the FTX in Miami, they called the uh where of the heat play.

SPEAKER_01 23:34

Exactly. Everyone was just like, There's no way this is gonna be possible. Um, and he was saying, Yeah, I'm gonna deploy more capital. And at the time I was like, Oh, maybe we'll be fine. And then uh I was watching FTT just fucking plummet. And then we had Al God. Do you remember Al God?

SPEAKER_03 23:50

Yes. What was he doing? Oh, he got he got his money out somehow. What did he do?

SPEAKER_01 23:57

Yeah, I don't think a lot of people know this story, and Al God still tweets to this day on CT. He was buying, I think this is all I know. I don't let's not take this as factual information, but he was buying FTX accounts with so after it all happened, and the site FTX.us and the FTX.com site was still up and running, and you could see your balance, but you just couldn't withdraw it. And he was buying all of these um, he was buying all of these uh accounts off people. Um so say if I had an account with 250K in it, but it was dead money, uh Algod would come along and be like, hey, I want to buy your account with your KYC attached, uh with your balance attached. And this was the the week of when this all happened. Um, and his bet was uh that they would get at least something back from it, which they ended up doing. They ended up getting something back from it, but he owned all these accounts. Um, it was a very, very sketchy thing to do. Um and I don't know the full story, but that's all I know. That is what I know, and that's why.

SPEAKER_03 25:04

I thought that he bribed Bahama officials to let him get his money out of FTX because everything was locked except for local Bahamian people. So he was buying accounts for cheap, and then he was and then he was bribing people in the Bahamas to let him off-ramp from FTX as like a Bahamian local direct to Bahamian banks, the full amount. And he had like a window of 24 hours to do it, and he took out extracted. So he was buying these accounts that were locked were zero, 250k to I'll give you 10 grand for it. Yeah, and then he would off-load 250k.

SPEAKER_01 25:36

I didn't know he was pulling, I didn't know he I didn't know he was pulling in Bahama. I remember I heard something along those lines, but I didn't know it was that why.

SPEAKER_03 25:42

I think that's what the narrative was. I don't know if this this is allegedly, yeah, guys.

SPEAKER_01 25:47

Allegedly alleged, allegedly, um allegedly he done this, but probably he done this. He's still walking around today, but he's still walking around, he's fine, he tweaks on CT, the the market goes down, he tweets some fucking philosophal shit, thinking he's like some sort of genius. Like, kind of kind of was genius if you look back.

SPEAKER_03 26:07

Sounds like Sats. Sats sounds like the most pompous, smart guy in the world on crypto Twitter, and then you hear him talk here and you realize he's not.

SPEAKER_01 26:15

Moron. Yeah, moron. You're like, fuck, this guy just uses AI, and you're like, you're a spot on my god, spot on.

SPEAKER_00 26:21

There was a comment on one of our episodes on YouTube that says this is just Sats teaching two retards out uh uh about crypto for an hour.

SPEAKER_01 26:35

Wow, about Swizzle and I?

SPEAKER_00 26:37

Yeah, yeah.

SPEAKER_01 26:39

Maybe that's a guy who only he's only experienced the axiom side of crypto. So he's like, these bums don't know what axiom is. He's like, these guys don't know what anything is. They don't realize you guys have been through the ringer as well. They guys, yeah. What's been through the ringer, Swizzle also?

SPEAKER_03 26:54

Swizzle is not through the ringer. Swizzle is not on our podcast today because he's on a bachelor party overlooking a beach playing paddle ball.

SPEAKER_01 27:02

It is outrageous, and the pay has been cut uh recently.

SPEAKER_03 27:06

So you know Swizzle sent us a message this morning saying, sorry guys, I can't make it, and sent a picture of a fucking beach and a pool.

SPEAKER_01 27:14

Yeah, outrageous. I mean, there's no other way to put it, it's just outrageous. I've done before.

SPEAKER_03 27:18

I've missed that, I've missed the show, but and then we had our fucking guy Jason over at FOMO complaining about us always changing the time. And I was like, dude, like Swizzle's on a beach somewhere. What do you want me to do?

SPEAKER_01 27:30

Yeah, Swizzle was on a beach and Wood's wife was starting a podcast. Oh my god.

SPEAKER_03 27:36

Wish I was just not joking. My wife is going down like the the basic white woman route of like starting a mom podcast. Um admirable, true. Yeah, so now my family consists of two unemployed podcasters. We go around telling people. I mean, it's already not great when we talk to them about what we do, but now like my wife is like, yeah, I'm podcasting, and like she stole my thing. That was all I had that was like mine that I could say, and now she's doing it too, and now it just sounds ridiculous.

SPEAKER_01 28:06

Yeah, that was your USP, and now it sounds like you run a family podcast. Shit. Probably should. It's not good.

SPEAKER_03 28:13

I wonder if I should go on as not a nice cat 69.

SPEAKER_01 28:17

With that, yeah, with with your uh puppet as well. Well, you're puppet as with the puppet and mention start talking about boogles and that be like, yeah, guys.

SPEAKER_03 28:27

I bought anybody. It would be very relatable. This podcast would be very relatable to everybody else.

SPEAKER_01 28:33

I think so as well. That would be a crazy mix of audience. Um, but this is classic rich white women activities. Start a podcast, it's classic. It is it is it is I sent you a few minutes. You know, something I yeah, no, something I aspire to. I gotta give it to you. I just you you you you know, you're getting on 40s, 50s, uh 40s 50s. I know instant rage bait. It was fantastic. It was never gonna fail. It was never gonna fail.

SPEAKER_03 29:03

I'm not that old, but I was telling Henry that I'm gonna end up paying him to produce my wife's podcast as well. Wow, it's gonna end up coming out of my pocket. Another win for Henry. He's gonna have to just get another job out of this. I'm gonna have a list of wins as long as yours before.

SPEAKER_01 29:21

Yeah, he's gonna have a list of podcast wins. It's outrageous, man. This guy's gonna be richer than me, bro. He's gonna have fucking 10 podcasts. It's fucking outrageous.

SPEAKER_03 29:28

Yeah, he's he's the one making money off of all this.

SPEAKER_01 29:31

Yeah, I know.

SPEAKER_03 29:32

Um but making money, did you see those TBN guys get acquired?

SPEAKER_01 29:37

I did. I did. Outrageous.

SPEAKER_03 29:41

How much was the was it was the acquisition for, Seth? Do you know?

SPEAKER_01 29:45

I actually don't know, but I remember one of the quotes, it was something outrageous. It was something outrageous. Um I'm trying to.

SPEAKER_03 29:51

Low hundreds of millions.

SPEAKER_01 29:53

Yeah, low yeah, that was it. Low hundreds of millions.

SPEAKER_03 29:56

Low hundreds of millions. Have you ever watched it before?

SPEAKER_01 29:59

No. No, I haven't.

SPEAKER_03 30:03

They are they they have 30 million ARR for 2026.

SPEAKER_01 30:07

Holy fuck. From what? Sponsors. From sponsors, and they bought got bought for low hundreds of millions?

SPEAKER_03 30:16

Yeah, that's awesome.

SPEAKER_01 30:18

Jesus Christ, man. What can you do?

SPEAKER_03 30:20

Dude, you think Thread Guy is is just nutting himself?

SPEAKER_01 30:24

Probably, bro. He yeah, he's realizing, you know, Anthropica coming for him.

SPEAKER_03 30:29

Anthropica coming for him.

SPEAKER_01 30:31

Anthropica coming for him. What would Thread Guy and Counterparty be worth now? I feel like he must be up there. Like, it must be really fucking good.

SPEAKER_03 30:39

It's gotta be pretty good.

SPEAKER_01 30:40

It's gotta be pretty broke. Have you seen he had Andrew Yang on?

SPEAKER_03 30:44

Yeah, dude, and he has Peter Schiff coming back on.

SPEAKER_01 30:46

Yeah, yeah. I mean, he's fucking killing it. I gotta give it a few.

SPEAKER_03 30:49

Peter Schiff was on ice the that like iced coffee thing, which has like tons of views.

SPEAKER_01 30:53

Yeah, yeah. I I a lot of people don't like the red guy, but I gotta say, he's fucking killing it, even in the back.

SPEAKER_00 30:58

He's really good at what he does. He is really good at what he does. He is a gimp.

SPEAKER_01 31:05

Henry's not a big fan, yeah. There's a reason Henry doesn't produce uh counterparty.

SPEAKER_03 31:10

Uh Henry Henry also prior to the show, we asked him if he would start chiming in during the show. He said he's never been on air before on anything.

SPEAKER_01 31:19

Yeah, now he's now he's called Thread Guy Gimp. Fuck man, Jesus Christ.

SPEAKER_03 31:23

Henry, can you pull up the uh Rasmir thing I just sent you? Have you seen the sets?

SPEAKER_01 31:28

No, I haven't. Razmir's got me worried though. He's a great guy. Got me worried. He is a great guy. He's been insane. His clips have been insane. He's got a little bit.

SPEAKER_03 31:34

Look at Agent Chud's comment here.

SPEAKER_02 31:40

Fucking hell, man.

SPEAKER_03 31:42

Rasmir coming for Sophie Rain and Adrian Chud. You went 150, you aren't even taking care of yourself, old man.

SPEAKER_01 31:49

Lil Man is crazy.

SPEAKER_03 31:51

You can't come back from that.

SPEAKER_01 31:52

Rasmir's been on the craziest pivot ever. I respect it a lot because he's pulling it off and it's actually entertaining. He's on this looks maxing pivot. Who would have fucking? No, he's not. Are you being serious? No, no, no. He's not looks maxing, he's not looks maxing himself. But he seems to be on this, like, you know, uh creating content around, yeah, clav. He creates content around the fucking ASU frat leaders. You know, it's uh it's a crazy arc. Like that. I'm seeing I'm seeing posts on like why you shouldn't get with e-girls from Razmir. He's right, but no like Oh, I forget you're an e-girl guy. Whoa, whoa, whoa. You you and never me. Absolutely never me. Never me. Never been there. But I do enjoy the content. I do enjoy the content. Razmir's content around the whole situation is fucking hilarious. It's fucking hilarious.

SPEAKER_02 32:48

I just said that. And then on flashbacks um to something standard.

SPEAKER_01 32:54

John's outrageous for that. John's out once again, we'll never be forgiven. We'll never be forgiven for that. But it was very fun. That was a that was a good entertaining bear market situation. It was. Uh a bit like what Raspberry is doing now. Entertaining everybody in the bear market.

SPEAKER_03 33:07

Alright, we've we we've we've got off the rails there. I want to talk about the drift hack. Um and talk about the real things. Um it's a crazy feeling. I'm trying to save you here. Yeah. Um so Drift gets hacked for 285 million. Do you what does this mean for the future of DeFi? Not just on Solana, but in general. Like, I I I had a I we we talked about this, and we've talked about this with Hyper Liquid too. Um and just like, you know, people are like mega bullish on this thing that you need to, you know, put money from Coinbase, bridge it to R, bridge it to hype, and then you have to self-custody it.

SPEAKER_02 33:43

Yeah.

SPEAKER_03 33:44

DeFi is the same thing, and time after time after time, we are showed that we can't fucking protect the money.

SPEAKER_01 33:51

Yeah, this isn't good. This isn't good, wasn't great for Solana. They have a big problem with trying to get perps anyway. The one perps platform they do have gets exploited. Um yeah, the way it was it was through the multi-sigs as well, no. Um I think this has been this isn't the first time this has happened um this way. Uh it doesn't seem like the last as well. And uh it's another one of them things like where is anyone safe?

SPEAKER_03 34:18

You know, how can you attract real capital when shit like this is happening?

SPEAKER_01 34:21

Bro, how the fuck did Drift have that much money anyway? How much how much how did they have that much TVL anyway? Like who uses Drift? I don't know. This is not even me hating on the platform.

SPEAKER_03 34:29

Who the fuck I'll tell you who is using Drift. One of my other private deals that I've lost money on um had half of their TVL in Drift.

SPEAKER_01 34:38

Yeah, crazy. Have you heard anything from them? I guess not.

SPEAKER_03 34:41

No, but I I heard right right when the hack happened, we're not exposed. 45 minutes later, half of our TVL was in it.

unknown 34:48

I was like, what are you?

SPEAKER_03 34:50

I swear to God, this is how it happened. This is exactly how it happened.

SPEAKER_02 34:53

We're not exposed.

SPEAKER_03 34:56

Okay, cool. I mean, I didn't really care. It wasn't a big check, but then 45 minutes later, a tweet comes up. I was like, how did this happen? How did you make that mistake? Yeah, nothing to half, like half the big number. And then someone chimed in, like, is that good risk management?

SPEAKER_01 35:15

Yeah, no, that is fucking terrible. How did you mistake not being affected at the first on the first rip and then go, wow guys, wait, 50% of everything's gone? Um, yeah, crazy. I'm crazy. I don't know. I was I was good. That was a that was a good uh pivot to to private deals from drift. This is crazy still, but I I wanted to speak about private deals in the bull market and reasons to stay away, if I'm honest. Um because yeah, I think all of us, I think everyone this cycle, everyone who I know, you, myself, Swizzle, um, everyone from ETB had bad experiences with private deals. Um I think the only one people hit is FOMO. Every single other one we got burned on. Have you had any other excess in private deals apart from I got a refund on one of them.

SPEAKER_03 36:08

That was a big win, honestly. That was a big success.

SPEAKER_01 36:11

Honestly, that's yeah. Fuck man. You know, there's so much I wish I could say. There's so much I wish I could say and delve into right now, but I think the moral of the story is don't stay away from private deals, folks. Um next bull market. Uh it's not something to dabble with. Um because mostly of the time you're getting scammed. Uh that's the maybe maybe not the founders. I think this is the thing. Maybe the founders don't intend to scam, but they end up scamming. Uh because they they race for this ambitious product, um, they launch a token with a great idea. You know, came to the great idea, launch token time. We're gonna make shitloads of money, guys. Always goes wrong. Without a fail, always goes wrong. You end up holding worthless tokens, they end up holding your cold hard cash, and they fuck off with it and make it impossible for you to get back. And then when you come asking questions, they're like, guys, you signed the deal, get away from me now. Um so yeah, burned on pretty much I think how many private deals have I done, maybe six or seven, one on one. Uh didn't even win yet. Didn't even win.

SPEAKER_03 37:24

Uh I yeah, I think I did, so it was like my first time making money in crypto. So I was like stoked, and I like had to I was like building up this account and whatever, and people once you do the first couple times, you're like, oh, like you think it's cool, and then you just get reached out to all the time to do them. Um so then you have to like be a little uh somewhat more diligent, but like my form of due diligence is literally just like looking at the group chat they've put together, or just like who follows them on Twitter, and I'm like, oh, like there's some cool people that follow them. Like, this project sounds cool, like, yeah, I'll give you some money, why not? Um and in hindsight, it's just literally lighting money on fire. It is um, and I've really learned like I I just don't think I'm gonna although I I I knew this and then I did another one like three months ago, like an idiot. Um because like uh it was because some guy who I liked from last cycle was like an early investor in it. And I was like, oh, I really like this guy. He was like one of like the guys I love from uh DeFi. So I did it. Um but that was the only reason why, and I'm just I'm never gonna see that money. It was so dumb. Now I'm like, oh, the market is awful. I could like use that money, all that money is like go buy Bitcoin.

SPEAKER_01 38:35

No, quite literally. Um, I think the moral of the story here, folks, is uh when you hit big next cycle, every listener on the risk-on pod probably will, you know, educated individuals. Um when you hit big next cycle, stay away from private deals. Uh they are they are trying to take your hard-earned bull market dollars. And you will you will want that money. Um I think honestly, the best, the best uh this is probably good advice. Every private deal you have, just take that money and probably lock it in a in a 5% yield account. Um and then and then you'll be like, fuck, thank god I done that in the bear market when you've been rinsed. Um anyway, from the market going down, but you're gonna have these this money and go, wow, thank god I didn't put this into these shitty private deals. Uh because I could uh, you know, the amount I put into private deals, if I had that uh completely liquid right now, just just free cash and uh you know it feels like free cash because I've already lost it in my mind. If I had that to pump back into the market, wow, it would have been special right now.

SPEAKER_03 39:37

Yeah. Speaking of there's uh this guy, XBT2 2027, is launching a thing. You just shared this in the chat, but I was really good at that earlier. Didn't a pre-sale of sorts, and then in Chinx Layer right now, they're all talking about a bunch of people trying to launch like novel launch pads with this different types of so is that what it is?

SPEAKER_01 40:00

It's a launch pad.

SPEAKER_03 40:01

I have no fucking idea. I read all the tweets and I was like, I don't understand any of this. What are we talking about?

SPEAKER_01 40:10

In my opinion, a launch pad meta will happen. I maybe I shouldn't read this, maybe this isn't public. Um it's nothing too crazy before everyone every yeah. Yeah. So Remus says um this is based on the XBT 2027 post. What recently happened. He's posted a pre-sell by the looks of things, uh, along with a thread I didn't read yet. Um the rumor is, or the rumor, I don't know, it could be confirmed, it might just be in the fucking thread what I haven't read. But Remus says, in my opinion, a launch pad metal will ha happen uh as XBT 2027 launches his thing this weekend. Not sure if any of them uh will be ultimately successful, but I'm fairly sure there'll be real entry interest. This metal will see some other entries than just him too. Um, there are some new novel ideas that happened, uh happen around initial distribution mechanics, and people are really trying to make this happen. This uh very well could end up uh also mean that pump crime's a viral runner next week. They're gonna feel the heat of competition, should be fun. You know, I've I've heard this one before. You know what this reminds me of? Heaven. Heaven decks. This is what this reminds me of quite particularly. Uh, but I don't want to throw shit at him because I haven't read the thread. I haven't done so much. He's trying, and that's honestly sometimes all you can do. Uh just like us. We just tried to do that.

SPEAKER_03 41:34

It sounds like he's taking like the concept of trust that um, you know, the uh 333 concept from Ohm and time and trying to apply it to launch pads and token launching. And I don't understand how to accomplish that. It's just very it's complicated.

SPEAKER_01 41:56

Yeah, I I just saw Plato send point two ETH and Rema sent point uh uh one ETH. Should we should we send some ETH that is pre-sound right now?

SPEAKER_03 42:04

The RISCOM pod stream?

SPEAKER_01 42:05

Yeah, yeah. Should we how much compod will participate?

SPEAKER_03 42:08

Okay, yeah. Yeah, the RISCCOM pod will send some ETH. Yeah, we'll send the we'll send Can I do it just for my FOMO wallet? No, they don't do ETH. Our FOMO wallet.

SPEAKER_01 42:15

Really?

SPEAKER_03 42:16

Oh yeah, they no, we don't we can't do ETH yet. Um let me see what network it's on though. Yeah, maybe we'll do it.

SPEAKER_01 42:22

Um maybe worth maybe worth an ETH.

SPEAKER_03 42:25

Um ETH? I mean we can't afford that. We're not can we not?

SPEAKER_01 42:30

Fuck, is that breaking the budget here, folks?

SPEAKER_03 42:31

It says ETH only. It's fucking crazy.

SPEAKER_01 42:34

What's it doing on ETH as well?

SPEAKER_03 42:36

I don't know, man. Ether scan. Um maybe RiskConPog will participate and we'll revisit next week and see what happens.

SPEAKER_01 42:43

Yeah, yeah. Maybe participation is is on the cards here. We still don't know what it is. This I've just preached this whole thing against pre-sales, private deals, and here we are. I've literally seen this. I've literally seen this and gone two eth. Sounds like a great deal. I can't believe it.

SPEAKER_03 42:59

I can't believe we didn't put evidence from not doing private deals to doing a deal.

SPEAKER_01 43:02

Yeah, I mean it's going every fucking terrible, man. I can't believe it. Yeah, I can't believe it. I saw two people in the group chat going, yeah, I think I'm gonna send two ETH, and I've gone, fuck, I I don't want to miss out. I wouldn't do it too.

SPEAKER_03 43:17

The pre-sale wallet only only has 10 ETH in it, by the way.

SPEAKER_01 43:20

Oh, really? Oh, fuck me. Okay, that's it.

SPEAKER_03 43:22

So you can't you can't just own 20% of the pre-sell wallet.

SPEAKER_01 43:25

Oh, I can. Oh, I can.

SPEAKER_03 43:28

Sats, Sats, Sats runs the bundle.

SPEAKER_01 43:31

Uh, yeah, I'm in the I'm in the pre-sale bundle, guys. Good luck.

SPEAKER_03 43:34

Yeah, yeah, yeah. Pre-sale bundle. Um, all right, so last thing I wanted to talk about, uh, which um, you know, we're an AI podcast now, even though you've talked about no AI. Sw Swizzles are our AI guy, honestly. Although you just vibe you just made some money off of an app you vibe coded.

SPEAKER_01 43:51

I did, yeah. I made our first bit of revenue, not much, but you know, something. Uh something. It's uh it's fun, man. It's fun, especially when you you you you vibe con Code something from someone who didn't use the code before, or considering my friend did use the code before, so we have a slight advantage. Um, the app doesn't look vibe coded at all, the website doesn't look vibe-coded at all, and yeah, it's it's satisfying even when you make your first dollar of revenue because you're like shit, we spawned this out in three days, and now people will actually use it and spend money. Um, kind of surreal, kind of surreal that you can really turn around a product that fast nowadays. Um, if you've if anyone's got any spare time on their hands, I would highly, highly recommend. Um I think a lot of people end up creating like 10 different products though, um, and then don't end up getting anywhere with any of them because they don't go the full length, like they lose faith uh 75% the way in and then pivot, and then again and again and again.

SPEAKER_03 44:47

Yeah, the thing I did want to talk about though is open AI is getting crushed by Anthropic. Great flipping it.

SPEAKER_01 44:53

Yeah, who would have thought? Who would have thought two years ago if you said that? Because they were on top of the world, like two years ago might be a stretch, like a year ago.

SPEAKER_03 45:03

I still use open AI.

unknown 45:05

Yeah, but come on, man. Like come on.

SPEAKER_03 45:07

I'm a boomer.

SPEAKER_01 45:08

You're 44, like 44. So pulling numbers out my ass.

SPEAKER_03 45:15

You absolute asshole. Um, I still use it, although uh they just raised like 122 billion dollars, um, which is insane to me. But I I think every I think it's another case of CT was first.

SPEAKER_01 45:30

Yeah, they were. They were. It it it's gonna be crazy when Anthropic, OpenAI, and SpaceX all rushed to uh IPO. Oh my god. Because that's what it feels like was happening right now. It feels like they're rushing to IPO before shit hits the fan. Um and it feels like it's hitting the fan right now. Like, what what is SpaceX fucking IPO and at 2 trillion? 2 trillion? Like what the who's the marginal buyer at$2 trillion?

SPEAKER_03 45:59

30% for retail, bro.

SPEAKER_01 46:03

How are the investment banks gonna be selling two trillion? They have to find buyers on open. Who the fuck is buying on open? I just don't know. I just can't picture it right now. But maybe I'm a dirty bear and SpaceX are going to the space, like they're going to conquer Mars, and they're gonna be a$10 trillion company. Maybe I'm gods.

SPEAKER_03 46:24

I'm trying to send ETH to buy this thing, and there is a 30-minute wait time for my ETH to send.

SPEAKER_01 46:30

Oh my god. God Vitalik, I thought you had this under control, bro. Fuck me.

SPEAKER_00 46:34

Dude, it's probably why that's probably why there's only 10 ETH in the pre- Oh my god.

SPEAKER_01 46:41

Bro, Nick Nick Nick just sent a thousand dollars, bro. We've got we've got to get this in.

SPEAKER_03 46:45

I'm sending a thousand dollars in. Um, we're gonna see what happens. We'll play it out, we'll see how this goes, and we'll touch on it next week. Um, we can wrap up here. We have we have successfully talked without Swizzle for an hour um about absolute nonsense. So uh we'll wrap it up here. We will be back on Tuesday with Swizzle. Um, I'm hopeful we don't invade uh Iran before then.

SPEAKER_01 47:10

Um, nuke.

SPEAKER_03 47:13

Feels like we're just gonna chop all weekend. So log off, touch grass, enjoy yourself. And uh we'll be back Tuesday, 12 o'clock. Um see you guys there.

SPEAKER_01 47:23

All right. Cheese, guys.