Welcome. Risk on episode 67. Remembering what it's like to believe is uh what we're titling this episode because Donald Trump told us that this morning and then he fucked us. Uh go download FOMO today, use the web app, uh, use promo code risk on um and uh Sats. I love your singing throughout the entry. Oh, because you guys hit it? Oh shit. Every single episode you do this, by the way. And I giggle, and I've never called you out for it before. Actually, you need to restart the stream right now because the intro is replaying for me. No, no, no, you don't need to restart it. It it just goes away. Um I always thought someone's cat was meowing in the background, but it's just me going it's just it's just cats every time. Cats that's the cat. Uh Swizzle, you have something you want to say. What do you want to say? Yeah, I was saying I was singing something too. Uh I woke up this morning and super healthy. First thing I saw was Coinbase Alert. Bitcoin has lost 68k, and all I could think was uh Good morning, Vietnam. Yeah, yeah, it is rough stuff, guys. But Sats and I were were actually we were talking about this pre-show, and even though we just had this crazy moment of PTSD where you everyone's had it happen, you wake up, you see the charts, you see the notifications, you're like, oh, I'm so cooked, I'm so done, right? And then we remember that we don't hold any bitcoin. Yeah, none of us hold any bitcoin. Um, and then and then you have the second thought, wait, I hold some of these altcoins, it's gotta be bad. It's gotta be, it's gotta be way worse. If Bitcoin is down five percent, I don't even want to know, right? And yet the altcoins are green, some of the altcoins are green still. Some of the alt count. How does that make sense? The few altcoins that everybody seems to be talking about, and everyone's like, oh, if you're not in near sec or hype, you're stupid, you're an idiot, those are green. So yeah, everything else is red. My Zcash, you know, the crazy part is this is like I'm up probably like nearly 12% on my overall portfolio today. It's oh, I just realized it's pumping right now. It's 590 bucks. Uh yeah, I'm up about 12, I'm up 12.4% right now on my whole portfolio today, and that's not a knee slide because I know people are down bad today. But like you should knee slide on the people, knee slide on them, Sas. Let them know. Let the Solana holders, you know what Bitcoin guys know. Let them know that Stats Stats is up 12%. I'm up 12%, big privacy guy. Man, it feels it's probably not. I I want to say that it feels this feels unprecedented right now, but it's probably not, right? Like, there's definitely pockets of time where this has happened. Um the question is, is there is it a delayed reaction? Like we're seeing maybe one or you always have one or two coins can run hard during like during a flush like this, but there's a number of them surviving right now. Would you guys put your odds on like this is delayed reaction? And eventually, if Bitcoin continues its weakness, these things just can't continue on, or is is there just market fragmentation? Like I I tweeted out the the Bitcoin dominance chart right now, looks like it's it looks not as bad as the Solana chart, but it looks like it's it's uh it's falling off a cliff. Is that sustainable, or do we just see like a sharp reverse on that? I it's it's kind of hard to assess. I think it's sustainable. I think it's sustainable. I think there's a different narrative around Zcash, there's a different narrative around near what doesn't really involve Bitcoin at the moment. And Bitcoin can continue getting hammered. And I think, yes, like they're not gonna run as hard as they would if Bitcoin was running, but like you guys can't see what you can only see is Boogle, but I see Wood laughing in the background. He can't believe what he's hearing sad say right now. He doesn't buy it for a goddamn second. I buy it for checking. This time it's so different, man. It makes me so happy, it makes me all warm and fuzzy on the inside because whenever you say this time is different, you know you're about to get just penetrated. Look, look, this time is unbelievably different because I'm in the bags this time, you know. If I was if I was side by ZCAP like you guys are in for, you guys are in for a pounding, it's finished, it's over. I'm in the bags, so this is sustainable. This is sustainable, different narrative, privacy guys on top. Fuck shit. Man, I hold these coins, but this is so classic. It's like wood laughing saying you guys always get destroyed, and then and then the person on the other side goes, No, this time is different because you guys think this time is not different. That means this time will actually be different. Yeah, look at this chart. Come on, all I see here is a lower high. What is this? Is this deck? Yeah, a man can truly find any way to bullpost his bags to. This ain't a lower high, bro. If this if this breaks, what if this breaks above 700? What are you doing? Off to the races. Good luck. I wish you wealth, prosperity, and infinite private money for the rest of your world. Infinite private money. But you know what? What if it breaks lower and we and and we uh and we and we uh asteroid? Oh no, let's not bring in Astro. Last time we had this conversation. No, no, no, no, no, no, no, no, no, no, no, no. Time out, time out. No, no, no. We're not comparing we're not comparing we're not comparing an Ethereum mainnet shit coin to uh the greatest money. That was the greatest innovation we've seen in the 21st century. We can't use it, it's incomparable, you know? Incomparable. And lucky on Asteroid, you know, my entry was within 10% of the price. Luckily, my entry here is $193. I'm I'm fine. I'm so safe in these bags, it's I've never been more safe. And Zek, as we are speaking here, Zek has gone up another three percent. I just hate to be that guy. Okay, okay. I don't I don't like what Sats is doing to a C4. Yeah, I I just I hate to be that guy, but yeah, I was 1990 when we started this conversation. Now it's 606. Okay. I wanted to talk about this later in the show because there's a couple other things we can talk about, but maybe we pull maybe we talk about this right now. I I did make a a post last night. I don't know if you guys saw it about what's going on with Zec. Did you guys see the Coinbase premium last night? I did. Yeah, the Coinbase Premium bull posting. I love that. That's the yeah, that's an old that's an old wood movie. That's a classic. Yeah, when you're looking for look at the bull post, whoa, whoa, whoa. I will say this though. Go like like historically, I I I don't have full numbers. I actually wanted to try to like it's really hard to find like this data because it's not like there's a archive of like historic moments of coinbase premiums. You'd have to like it's very hard to find it. But what we have seen historically is when that level of coinbase premium happens, it obviously means you're there's massive spot buying occurring. I'd love if someone could go and figure and find like a way to fact check me on this, but historically, that is one of the the premium indicators of a big move is about to happen. And like we can joke about it. Like, I know it it sounds funny, but it's like that's true, you know. Like, this is what all used to happen with Bitcoin back in the day. Um we saw it with the the massive Solana move in um when did Solana start moving? Uh uh when it when it made the big move from like eight bucks to twenty bucks and then just went straight past. Yeah, yeah. That was in 23 or 22, whatever. Yeah, like like that. You saw this recurring Coinbase premium hit where it would just be this crazy spot buying was just overtaking it. And what happens is then all of a sudden these shorts start piling in, and it just becomes this reflexive move because everyone's trying to time the top, uh, all the spot buying's occurring, and then shorts just get fucking blown out. Uh this is I don't know what the fun this is the funding data as of last night. Like I had to double triple check, like Bybit was minus 43%. Uh Binance jumped over like minus 13%. It's like there's just so many ways that like this stuff could cool off, but if you have that level of spot buying, like these shorts are just gonna get eviscerated and you can just see these fast monster moves. So odds on odds were for me, I saw this. I posted this when it was at like I think Zek was at like came back to like 560 bucks when I posted this. I just I think odds are the squeeze is on here. It could it could be an aggressive move. Uh I you know what I obviously agree with everything you just said. Um every single word you just said, I fully agree with. Like it is a bit scary because I am a little bit toric, you know. I I feel like I've won. You know, everyone dunked on me when Zcash was down. I was getting clowned in all the group chats for not being an on-chain guy anymore, becoming a Zcash guy. Someone clowned me for saying we could potentially end up on trading on uh Zcash one day. I got absolutely obliterated for that, you know? And now, well, well, well, folks. Well, well, well. Well, well, well. Well, well, well. Well, well, you know what? I I actually do agree with you guys. Um, I I think it's gonna go higher. Um, I just like to fuck with you guys because I'm I'm I'm a sideline dirty bear, and I keep being paid to be a bear. And I mean not paid, I just keep not losing money by being a bear. Yeah, the bears, the bears are paying wood. He is a he's a paid shell. Yeah, bro. I'm a bear as I'm a bear as well, but I'm a bear, I'm a bear on certain assets, you know. I'm not a bear on my beloved Zcash, I'm not a bear on on NIR, you know. Um I'm not a bear on these coins, but however, Bitcoin, that shit stinks right now. Bitcoin stinks, and I think the best narrative for Zcash right now is I I just saw a tweet about this, um, which we've talked about before too, is Zcash represents the core, the original ethos of crypto. It does, it's a it's an ode to the early days of crypto. Like, people are disgruntled. Saylor has just created a fucking trad fi Ponzi out of Bitcoin. If if Michael Saylor is like the the main face behind Bitcoin, that fucking like cracked out, like crazy man, like you gotta run for the hells. He is not a good in my eyes. I don't want him being the guy that I look to to like bring that asset into the future. Look, there's there's nothing. Especially with what he's done with it. There's no there's not a lot of natives who are sitting there saying, man, Michael Saylor's been great for Bitcoin. He's great for it. Like there are people who say who are saying Bitcoin will survive and and thrive despite Michael Saylor. Yes, despite this micro strategy. But it it's a you know looking more and more like a bit of a scar on on everything involved with the narrative. It's it's a pro like Saylor is a big problem for Bitcoin right now. He might be its most existential threat. I agree. And I think Bitcoin whales see an opportunity to make a fuck ton of money by saying we just shove all our Bitcoin into Zcash, run it back. Yeah, so it'll probably be back to Bitcoin once Sailor blows up. Yeah. If if and when it happens. If and when it happens. I don't think to be fair, I don't think it does, and if it does, it happens really slowly, and you know, Bitcoin just takes a yeah. I mean there's a lot of consolidation left, guys. We've made lower highs on like Bitcoin, and most assets have made lower highs and are just grinding lower, and it things always go lower than you think. Um they do. And I don't think they also go higher than you think. Uh Zcash coded. Uh but um I think they go lower than you think. Um, and I think that you only want to buy Bitcoin when it is fucking dead. Like my wife told me two weeks ago when Bitcoin was at 76k, that sentiment was terrible on crypto, and I should start buying it again. And I had to tell her no. I was like, no, we're not, we're not, we're not, we're not there yet. We got lowered. Yeah, that's not quant. We got lowered. She is my selling quant. The only reason I kept money this cycle is because my wife was like, you need to fucking sell. Like, you're an idiot. Like, take your head out of your head. She had some, she was well timed. She was a good top, she was a good time. She got some timestamps on that. I got a lot of I got a lot of uh Mrs. Wood timestamps, but she is she her her her ability to time this thing has just gone downhill, like exponentially. Yeah, so she used to be my quant, but now no one's gonna. Now one chart, I one chart I do feel like we need to pull up because we're all consensus on this one. We're not happy about it, but I think we need to pull up the Solana chart. Yeah, and we need to have for a second. Yeah. Um eight straight monthly red candles, is it? Um uh yeah, yes, yes, it is. Yeah, that doesn't look great. Can we uh yeah, can we get that up? It's scream stuff. Just just while we're getting this off as well. I just bought more near. I just bought a lot more near. Maybe a bit of uh yep, yep. Sad says only crypto purchases on stream. I kind of do, yeah. I kind of do and just doesn't pay attention to crypto until we're on stream. Let's go shit. I saw this chart, I want to buy it. No, honestly, that's honestly the that's honestly how it's been. The the way I'm staying updated right now is Swizzle messages me, texts me, going, Oh, like bro, Fett looks a bit good right now. And I'm like, okay, fuck it. I'm in. And and he doesn't buy. Swizzle's the thing. I never buy. I have I had another one last night that uh I think Sats bought. I haven't even bought it yet, but it's a I've decided I'm only gonna buy coins when XY tells us to buy them. XY's the cabal leader. Uh I'm not buying coins other than that. So XY is definitely not listening to this, but uh don't and don't tell him I glazed him like that either, please. Um but yeah, that's but anyways, zoom out on this chart. What what time do I miss this chart, Henry? That looks like a weekly. Let's do monthly. Let's let's check the monthly here and just zoom out zoom out all the way on this and just like there is a lot of space down there. This doesn't even include the function. This one hurts. This one hurts to the core to look at. Um yeah, this is a rough one. I mean, what's the port at mid mid-40s here from here? Look, I on my charts, the lines I've I've got out on like from from way back in the day, we're looking at like 58. 58. 58 to 51. The crazy thing is that that sounds like that almost seems like the base case. Like that seems almost like a foregone conclusion, unfortunately. Unless, you know, unless Bitcoin had just some crazy strong heavy volume v reversal here, which seems very unlikely. Um there's just not a there's not much there to support anything other than that happening now that it lost, what was it, like 79 bucks? Yeah, 79 is a is a big line in the sound. You know what? This is bullish for my boogle. Is it you know what's gonna happen? Is people's gonna everyone's gonna leave Solana out for dead, and then people are gonna come back, they're gonna start building, the OGs are all gonna band together, and we're gonna make fucking Solana great again. You know what? And that is bullish for your for your Boogle, for your Ghost NFT. Yes, exactly. How much do they go now? They must be uh someone just joined yesterday, Todd. Todd from Baxis just put just picked one up. Oh really? Yeah. I saw that they did like a collab. Like what is that? There's like a whisk uh a Boogle specific whiskey launch or something like that? Yeah, uh yeah, Boogle specific whiskey. We're all getting a 1990 bottle of McAllen. Oh, really? I have no idea how he gifted a Boogle for them in exchange for the McAllen? No, I think he bought a Boogle, and then we're also doing a partnership with them as part of it. Did they announce how much he bought it for? They definitely didn't, did they? I have no idea. I don't look at these things. That was that was crazy back in the day. It used to be like, Wood, he's just bought his NFT for $200,000. And now they're gonna be like, oh, this guy just bought it for $12,000. We can find this uh Sol Boogle account. They usually announce purchases. No, that the yeah, they haven't announced that one. They didn't announce it yet. Oh, the last one announced was October 2025 for $179,000. Orangey bought the last one in October for $179,000, $179. Not as expensive. So they don't announce the purchases now. It can't be great, huh? Yeah, but I was very close to buying one when Pwn Lord left. Pwn Lord, so he had a cool Google. Boogles are they're really cool NFTs. Yeah, I was so close to buying it. It was, I think I Galoon gave me like the price of like 130k, and I was like on the nice edge. I was like, oh my god, mate. That's a good deal. That's a hell of a deal for a Boogle. Yeah, I I would have been absolutely destroyed on it right now. I think I think Gab tried to around the time Wood, I don't know when Wood bought his, they tried to convince me to buy one. Crazy, I don't even remember the amount, crazy ask. And I was just like, man, I'll probably lose this money, but I can lose it in way more fun ways. I can lose it in way more fun ways than that. Yeah, I could do anything else, but yeah, but do that. But at the time it was like it was like, oh you know, you join Boogle, you get deal flow, and then it was just like for a time, for a time that was very real. Yeah, that was very real. I think like when Solana was having its moment, um the Boogles were getting some some really good deal flow. The Boogles done well, and then would join. And then would join and die the forever top. You know what? You know what? It's one of the only tops I've bought this cycle, but you know, I am bull, I'm bullish on the future of Boogles. We're gonna make comeback. There's there's too many smart and very successful people in Boogle for it not for it not to succeed and thrive going forward. That is true. In my opinion, that's true. There's a there's a lot of smart people in there. A lot of it. Um, but anyways, we can go back, we can talk about other things. Uh, hyper liquid. I think the hype guys are are euphoric, guys. I like it's it's everything that comes out is so bullish though about it. It's the thing. I need the hype guys to go away, they are so insufferable. But the product is so good, and the news keeps coming out that's so good, and I don't think I'm gonna get what I want. Yeah, have you seen Carl Simani? No, what happened? He's taking a strong stance against it. He bets you know what this this week is. He took the bet with Arthur Hayes that Solana would outperform hype for the remainder of 2026. That is a crazy, crazy, crazy thing, yeah. But I disagree, it's not a bad bet. Yeah, I might actually take the same bet. Exactly. Yeah, that's the thing. I would I would probably do the same as well. And a lot of his takes, yeah, he gets he's currently getting slammed for the these hype posts. I gotta say, I kind of agree with him, but price disagrees with me. Hype price disagrees with me, it's ripping upwards. Um well, price, yeah, price is a short-term indicator, obviously, that's gonna affect sentiment, but I don't know. I don't know if I agree with him. A lot of the statements he's making seem a bit jaded, but like uh he clearly has like there's clearly a bias there. Like he clear he's he's got a very strong distaste for it, yeah. Um which doesn't come across in a great way to me. Um yeah, it definitely doesn't come across in a good way. But a lot of the statements are like, I don't agree with all of them, but some actually do make you think you sit back and you go, hmm, okay. Like I this is something I've been thinking of uh for a long time, just like some some of the tweets, and it was like when he says it and you hit you start seeing it everywhere else, you're like this is a bit but then again, I've been I've been thinking of like the the KYC situation for a long time, and price just rips without me. So I am a sideline bear. You also sold at four dollars. I I did, and you know, I yeah, I did, which you know changes the game a little bit, you know, it changes the game. I I haven't worked out what my hype airdrop would be worth at current prices, but I can do it for you. I can do it for you. How many tokens was it? I don't remember, but it was quite a lot, you know. I I nearly had a six-figure airdrop at like five or six dollars. So nearly six figures? Let's call it six figures. I yeah, I had I had like 180k, 190k. 190k at the time you sold? Yeah, probably somewhere around that. All right, so let's say at current prices it's worth 3.25 million dollars. Never look back, Saks. Never look back, Saks. Never look at the disk anymore. I wouldn't have held all this time. Like I know, I know. I I will say, as someone who is holding, you know, I've I've been sh I've shaved off along the way, but I'm still holding my position. I I think we are nearing levels where where I'm not like I'm still bullish. I tend to be like a long term holder of assets. I'll I'll hold things like I held my Solana for years, uh, but like probably overhead. Held it because I didn't sell the top, but I'm starting to think about like, okay, like where's the risk reward come in on hype? It doesn't mean that this is this thing ends. It could still very much stay in the mind share and go up, but like, are we nearing an area where it needs to correct a bit? I think, you know, there's probably some more room. I just don't know like what I'm what are we playing it if if I've been holding what am I playing it for now? Another another 20 to 30 percent. Like, what's what's realistic before you have a significant drawdown? Or or are we in like true true price discovery? I don't know. Yeah, I see shit like this though. I just I mean hyper liquid is only 7% of anthropic's valuation, but it does 42% of its annualized profit. And you're not gonna, but like this, this can be said about every company, you know, like compared to Google's valuation or whatever, like it's fucking crazy, you know, it's absolutely insane. I know you got that, you got the this is like I think this guy was serious. I don't think it's what it was. But you can't. But the thing is, like the H the one counter is like the HLs have been just so delusionally ridiculous since the pipe was at 10 bucks. Like, yeah, you know, it's almost just like a it's hard to even take these posts seriously because these guys just live on another planet. But like if you remove all of them, crypto Twitter is like this small echo chamber. Like, I don't know, it's a good asset, man. It doesn't feel like it's crazy overvalued right now. Um, it's strong, it's a str I mean, I feel much more comfortable holding it than Bitcoin. Um, we said that last episode that we'd all rather hold hype than Bitcoin, which is you know proven to be right. But you know, I had a dot ETH yesterday dunking on me for not holding hyperliquid. A dot eth. Yeah, doth dunking on anyone. That's fucking dunking on somebody. This guy dippy dot eth now. I don't know if it's a robot, it could be a bot for all I know. Oh, you could be fine with bots, you could be fine with that. I don't think it is. I've got they've they've got a lot of followers and they follow me for some reason. I don't know why they follow me. Um, but yeah, they're dunking on me for not holding coins like hype. Um, you got you know people tossing up the Solana hype chart. You got Arthur Hayes telling people that hype is gonna continue to outperform Solana from here. You got Jez saying that hype holders are just white knuckling all of their coins and no one has any interest of selling. I don't know. I mean, but then again, I I feel like I've been seeing top signals for a long time now. Um, both are true. That's what makes it interesting. Like, I saw Jez's post, and that was I was like, yeah, that's me. Like, I've had so many urges to sell here during this run-up, but I'm like, I made this mistake multiple times with hype already. If I had just never touched it, you know, you're the you're in the same camp, Wood. Like, we held a lot of hype at a very good, you know, five, six X lower from here, seven X lower from here. Um and that's why we're in that spot of like kind of white knuckling it, but you know, like it's a tough thing. It's like how how do you assess when right now mind share and narrative is as positive as it could be? Like getting out of these things, usually getting out early is gonna feel bad if it's right, it's usually like not gonna feel good in the moment because you're doing something that's very against the grain. Um yeah, I think it's a it's an easy place to sell here though. Like you could be, I think you could sell here, and no matter what happens, you'd feel comfortable because it's not just gonna just one line straight to 100 here. Oh, you know, maybe it will, maybe it will, and if I think if it does, okay. So that's 30 percent, you know, 30, 35, right? Um so I saw Mamba tweet this. Mamba, who I have tons of respect for. Do you guys follow Mamba? I do not. Mamba's great. Um, he's a great trader, excellent trader. Not familiar with his game. He's great. Um, whole timeline taking profits, huge wins for many, but the Tron has taught me to believe in something and not get too distracted on the ride. I think a lot of people have forgotten how to believe, and that's me. I'm talking about hype right now. The the hyper guys have remembered how to fucking believe. What's this part? Solana chart, is he timestamping this from a couple years ago? Yeah, that is when he that's like this versus like you know, Bitcoin losing going up and then down again. I think he's saying like if you sold here, you missed the whole rip up to like 260 or 280. Look, I just this is a whole different it's a whole different market right now. That's my opinion as well. Yeah, but I think I would love to say that. I would love to be here sitting here and but is it a different market though? Because equities are at all time highs, there's money out there, yeah. But the difference is my equity portfolio is up, yeah. But that's the difference, you know, equity is at all-time high, bitcoin's getting like literally shit in the bed, like it doesn't feel like the the climate for something to go up. I think that's the question is like we all ask, what is the progression? Is this a rotation where it's like, you know, at some point when everyone has always made this assumption, like, well, I think Wood, you said it multiple times, like if if equities have a hiccup, like if they if they have an issue, like then crypto nukes, right? BTC nukes. Well, BTC is already nuked, obviously, because a lot of retail money has gone and started, you know, everyone's a gene a uh bull market genius trade day trading stocks right now. At some point, when that gets too frothy and cools down, or you know, uh you see a paradigm shift, like people have made money, does that shift to another end of the risk curve? And so I think I'm not saying this is a likely outcome, but I I have been wondering it is like when we see that point where stocks peak and you know the the AI, you know, random uh old dinosaur company that's pivoting to AI, these companies stop ripping. Is that when all of a sudden, like, you know, Bitcoin's already had its massive correction and then stuff flows into crypto assets from there because it's like the final stop of the risk curve. It's a pop, it's a possible outcome. It is possible. I don't know how to bet on the timing of if and when that happens. I think but it sort of wouldn't shock me. Post-anthropic IPO, post-open AI IPO, there's gonna be a loads of cash in the system. Like all them employees are gonna be out of like some of them are gonna get invested. That's their liquidity event. Like, there is gonna be insane amounts of money in the system. Like Anthropic just filed for IPO, what like two days ago, and it was at a trillion, like near, I think it was nine sixty-five billion. Um, they filed for. So, like, what this is fucking crazy, you know? Like three or four years ago, Anthropic was no, no, probably like five years ago. Anthropic was like a 125-person company, they weren't making any money, they were all allergic to money in in there. They it was literally some people were writing them off, and now they're worth close to a billion dollars. Like, these guys are gonna make a substantial, substantial amount of money. Same with the open AI guys and same with the SpaceX guys. Like, this is gonna be a crazy liquidity event where the money will flow somewhere, you know, they're not just gonna take this and sit in cash. So that's the question. So, where do the flows go? Um, obviously, like we're like we're sitting here, like, oh, it'd be great if it went here, but we don't know that if you go somewhere else. Um I think it's I think it's fair to uh to ask that question. And in fairness to as like you can say, okay, well, Bitcoin looks dead, all these all these assets look like they're dying. They there's no interest, there's no bid. Sometimes like historically, like the the best time to bid an asset is when it looks like it's dead or it looks like it's dying, right? There's other examples outside of crypto where it's like, okay, if you were in that carvana trade, it's like you know, the time to do it was when you saw us these brief little signs of life, but it was dead, it was a dying asset, and there was no consensus. Um that's where the real home runs are hit. And so does there become a moment like that for crypto where it looks dead, it looks like interest is gone, but all of a sudden there's a huge influx of cash, and the money has been made in another sector, and then it pivots. Yeah, it's possible. It is possible. I personally don't think it looks Bitcoin, especially like yes, it looks it looks bad right now, but it doesn't look dead, you know. I think I think we enter the 50s and then we see the real sentiment. But like I've been calling for the 50s for fucking ages and I haven't really been getting it. Um, but I would still be a I would be a Bitcoin buyer in the 50s, like the mid-50s, 55 to 50. I would I would like Bitcoin there, but right here, you know, it feels a little shaky. It feels a little shaky still. I'm still not interested in bidding. I don't know about you guys. Like I have no interest in bidding, yeah. None whatsoever. Yeah, I would be interested in Solana as well in the 50s. So I think a lot of these prices change the way I think about them. Like Solana, all of a sudden, I have massive upside. Like in the 50s, I have massive upside and next cycle. But we talk a lot about cycles now, like what is going on with this crypto cycle, you know, where where is the next bull market coming from? You don't really no one said everyone says that every cycle, but like, you know, I think uh sentiment seems very different. Maybe I've been reading too many Rex tweets, you know. Well, we're only in June, right? We're only in in June right now. Uh conventional crypto OG wisdom would suggest has suggested a bottom in October, right? Yeah, according to the four-year cycle. Yeah, so there was a chance of a May bottom. It looks it, you know, it looked like it was like potential, but actually everything's kind of just happening as it has historically. It's kind of like I mean, if you're living it every day, it doesn't feel like that, but on a fully zoomed out lens, it's kind of like nothing to see here, same exact uh script as always. I remember last May as well. What was the price? I remember last May, the selling May go away guys who came out. I remember the year before that. The sell, I remember the year before that, that was the one I got caught in. Like it was like Bitcoin was like 72k, and like I always believed I was like, I'm selling may go away, and then it came around to do it, and I was like, No, no, no, I'm hanging on, I'm hanging on. And then I got caught in like it went we went from like 70k back down to like 50 on the dot, and I was like, fuck, I should have sold like selling makeup away. All these guys are right, I'm getting clowned. Um but happen again this cycle, you know, how or happened again here. Oh, hold on one second. Emergency at the door. Um, yeah, I like Sats, like you guys said, I have no interest in these uh specifically Bitcoin. I don't even think I'm interested in Bitcoin at all. I think I need Bitcoin to be dead and like everyone has completely written it off. I need Sailor to have lost a tremendous amount of money or sold more, and we haven't even talked about him selling his 2.5 million coins, $2.5 million worth. Like, why didn't he just sell why didn't he just buy $2.5 million less last week? I don't know. Yeah, so I actually I I read up on this a little bit. Like the simplest explanation is basically like because they they still have cash, they have almost $900 million in cash on their balance sheet right now. Yeah, um, so they could they could have they only sold what 31 or 32 bitcoin. What is that worth? Um 2.5 million, they sold 32 bitcoin. So they could have covered it with cash on the balance sheet. Um, but that basically they're selling it to cover, they sold the exact amount to cover the dividend payments for the S the STRC. Oh no. Uh and so I I think the simplest explanation would be that they are doing it in a way to kind of desensitize the market to the fact that they can and will sell at times, which probably means they're gonna follow this up very likely with like a much larger purchase. So they'll probably buy a lot this weekend. Counteract say, Yeah, look, we sold, but we're large net buyers still. We buy much more than we sell. That's what they'll do. Um but this it is like, you know, mathematically, it's like a better mechanism for them, rather than you know, draining themselves of cash on their balance seat balance sheet and ending up in a situation where they're potentially down the line forced to sell much more Bitcoin. They can position themselves like the market can get used to the idea that we will do this in the future and we're always going to buy more than we sell. They only need um I I I don't know the exact numbers, I don't want to speak on it, but they basically are supposed to pay out 11% in these dividends on STRC. So crazy. Um yeah, I mean, I don't I don't think you love it because it's a little bit hypocritical to the statements he's made, but it's not like oh they've you know they're they're fucked, they're running out of money, they have to sell their Bitcoin now. It's like this is a reasonable thing for them to do. Uh it's just like also counter to what his you know public positioning has been for a long time. Yeah, they gotta sell in drips and drabs here because guess warm everyone up because people didn't shit the bed, even though we only sold 2.5 albums. Like, oh pro set as well. Well, at no point in the near future are you gonna see like, oh, you know, strategy has sold like uh a thousand, you know, thousands of bitcoin or whatever. Like they're not they're not doing that. Yeah, yeah, here we go. Well, the the payments they need to make for the dividends are unless, yeah, if Bitcoin blows up and it goes down to 40k or whatever, I think you know, maybe you have to see some more aggressive selling. But that's a real possibility though. Like, I I don't become a very seriously interested Bitcoin buyer until probably like mid-50s again. Yeah, like at which point are you buying Bitcoin or are you buying other assets? It depends what happens. I'm probably buying Bitcoin at that price, but I'm that's probably not until the fall. But let me so because I think Sats mentioned it about where he's interested. If Bitcoin goes cra like we see this nasty cascade event and Bitcoin's down at 40k, Solana is at $40. Are you buying Bitcoin or are you buying Solana? I'm buying Seo. I'm probably buying Bitcoin. Damn. But I might buy Seoul. But it would be a tough choice. I think I I I'm more interested in buying Solana than anything. Yeah, I probably buy Soul. I I feel like Solana is like entering this like death phase where everyone's writing it off for dead. Again. And it's not dead, it's the most usable, it's the best blockchain that's been produced. Like nothing has come close to it except for Monad, of course. Monad is real. Monad. Yeah, Monad is on a tag, guys. Monad's on a tag. What is Monad not? The thing that could really be a catalyst for Solana, and I don't know. I don't know how the process works, but the thing that could be a catalyst, like after the rest of this destruction happens, is if and Samani kind of alluded to like the possibility of it, if they figure out something where they pass the inflation schedule changes and all of a sudden it becomes less inflationary, and and and all this bloody price action has already happened. I think I think that can be a catalyst where it could get really interesting again. Because, like you said, what it is, it it's it's the best chain from an operability standpoint, really, no question. Bro, what what what what what do Monad even do from here? Like uh if I'm in their shoes, yeah, I'm I'm the fucking you know, I'm the I'm the CEO of Monad. I I don't even I'm looking left, I'm looking right. All doors are closed right now. Like Monad, Jesus Christ. Yeah, yeah, yeah. Did Anson make like a settled monad shill the other day? Did he? It doesn't look like it. He's just hard shelling Zcash from market bubble from his own personal. Um, you know what Monad needs to do? Uh Henry, I just sent you a tweet. Can you pull it up? They need to partner with it. They gotta partner with OpenC and launch perps. Open C perps on Monad. The partnership everyone and nobody wants to see. Yeah, honestly, that might be the move. Honestly, I I cried when I saw this in laughter. I haven't laughed this hard in a long time, guys. When I saw the OpenC because I say who wants to. I was supposed to tweet it about it. It's true though. Was that mean? Was that mean? No, that's fucking real. Who the fuck wants perps on OpenSeat? Who goes, you know, I could trade on hyperliquid, but I'm gonna trade on OpenC. I'm gonna go and trade on OpenC. I want to go back to where I was single clicking and getting failed transactions last market by get FTs. Yeah, I I think what he's gonna do is like because they haven't launched like the OpenC token yet, like they're gonna try and do the you know, farm the airdrop folks. Get on here and farm the airdrop, and then they're never gonna launch the token. That's a prediction, right? Yeah, ah man, I I've been waiting for my open sea airdrop forever. It's never coming, yeah. Keep waiting, bro. It's comfortable. Comfortable. All right. What do you think is more valuable? Open C or Monad? Oh man. Open C. No. What do you well? What do you mean by value? What do you even mean by value? Better token price. Who would have a better token price? Is OpenC ever gonna have a token? No idea. Yeah, yeah. I think they black. Allegedly. Yeah. I I just think I don't know, Monad. I just it's just an L1, like, and it just it just stinks, you know. Like it's there's just no, there's no other there's there's no route for them, you know. I don't see a route where they're successful right now. Why on uh and I've just seen like in the co-founder of Monad's bio, he says we're hiring. What are we hiring for? Well, everyone said this about Solana last cycle, so let's not grave dancing them yet. I really hope they come back and we get to clip this. Yeah, but you start using Solana though. Yeah, but using Solana. I just opened the website, yeah. I just opened the Monad website, and the first thing you see is the high performance EVM blockchain, and it's it's talking about transactions per second and the speed, the speed of the block. Bro, who gives a fuck? Like, is that harsh to say? Who cares about this? I don't care if my block is two times quicker than Solana because Solana already feels instant. Like, if your moat is speed, you need to find a new moat. Website's cool though. Website's cool. Website's cool. Website's real cool. When I woke up and saw Bitcoin was nuking this morning, and I saw that some of the altcoins were were holding on, we're looking okay. Uh initially, when you see that, you all you you normally think, okay, altcoins pumping in a bad market is usually a sign of like like it's not healthy, like things are going to fall out. But then when I did the closer look and I was like, I actually like that, I actually like that token, I like that token. And I made sure to look, I was like, if Monad's pumping, if plasma's pumping, then I'm worried. But those were not pumping. The bad coin, the bad coins are uh doing what they're supposed to, and that gives me a little bit of hope of like, hey, maybe things are okay, because it's like the things that like are a bit more potentially a bit more justified are the ones that are holding on. Like, I feel like it's really scary when you see these random altcoin pumps and everyone's screaming alt season and it's like this random shit that has no TVL, no activity. Like, like when they're pumping, it's like okay, this is probably not great, right? Yeah, yeah. Wouldn't want to see Mo Monad rip a 10% day right now. No, I did bring money into crypto for the first time in a long time last week, though. Oh, really? To do what? To uh, well, first to buy to buy near, but then I bought near and then I made money on near, and then this thing called Prism came out and I ripped a bunch of money into prism. Prism? I know you're in prism too, Swizzle. I'm in Prism too. Actually, I I can't talk about it. I feel like hopefully you know more than I do. I don't know what it's at right now, but this is an on-chain thing. I haven't looked at the price. It actually looks pretty interesting. XY sent it to us, and then Vitalik. Um Vitalik Am I wrong or was Vitalik talking about Prism on that article? He was talking about the concept of Prism. So it's essentially um it's uh at a high level for my like dumb brain, how I understand it, it's a uni v4 hook that uh basically your ownership of the token is just an actually ownership in an underlying LP position. Um, and it allows people to create vaults um where they own different liquidity positions across different things. Um and your ownership of the token represents your ownership in liquidity pools rather than just like a token. So you can essentially create like an index using it. So you can own a basket of different coins all underneath one token. And it's the first token to ever do this. And I think that's pretty interesting. Um kind of reminds me of how of of Of what YFI did back in the day. When they with DeFi stuff and how they were the first people to kind of create um uh yield or pay. So you can buy a basket of coins when you buy this, when you buy certain assets on the basically. Or they they they created a way to be able to do that. Right. And you can create your own baskets, or am I asking the wrong thing? You can create your own baskets. That's pretty easy. And then you can sell that token to other people. What's the what's the price? What's the market cap? It's like five man. It's super it's super expensive. But P so that's interesting. And Vitalik. Um, which I thought was interesting. Uh building yeah, I'll pull the tweet up from him one second. I I think this is one of those things where it's like you're you're making a binary bet that this is zero or it's or this is you know really hard. Um maybe I should buy this. The question is really does it work? Does it work? The question is if if it works, right? Yeah, yeah. The question is if we're able to successfully work. I mean, this is this is something that everyone probably has wanted for a long time. Yeah, yeah. This is one of the things that that is like would have true demand is the ability to go buy a basket and not have to sit online and just think about what do I do? You know, how do I manage these? Just buy the index, you know, maybe cap your upside a little bit, but just be able to sleep at night. Yeah, it might be one of them things though you never try the product. You never try the product. Uh classic thing in crypto. As soon as you try the product, you realize it just simply never works and it's never gonna work. Um and then you sell, and then you sell, and then it rips. It rips because they've made up some bullshit and and click tweak. Uh, this fucking I'm surprised. Like, I'm surprised it's only at five mil if Vitalik is posting. He didn't post about it, he posted about the concept of it, though. He didn't like share anything. Um but it's interesting. So people have been talking about that a lot, and then there's been a lot of chatter about pearl as well. This is which is incredible to me. You're a pearl. I'm a pearl holder. I am a pearl holder as well. Uh, you can't buy the token. Uh this one I don't understand. You're gonna have to walk me through this like I'm five. It's value should track global AI compute demand. Mining the token is doing real AI training and inference. What the hell is it? Basically, it replaces hashing. Okay, slow down. Slow down. Pearl uses uh useful uh uh proof of useful work. It basically secures a blockchain uh by um uh by extracting. I'm I'm I'm I'm reading from an article right now. I'm not this smart actually. By uh it's useful proof of work, it secures the chain by extracting strong cryptographic proofs from them from uh matrix multiplications inside the forward and backward paths of AI training interference. So essentially, layman's terms, um did Swizzle, did we lose Swizzle? We lost them. We lost them. It basically um it basically is taking uh AI models that uh it basically secures the network by saying, okay, if people are training these uh LLMs, let's give them simple problems to solve. Um we can give these LLMs that are in that are being trained to solve these LL to solve these simple problems, and in exchange um for solving those problems, you're gonna secure the network in the same way that Bitcoin network is secured, uh, but these LLMs are gonna be securing it, um, and you'll be paid tokens. So they'll be mining it as they solve these problems. Um so so the concept is that all these companies are already training all these LLMs. Why don't we tap into that and create a blockchain out of it? Now the token is nothing more than the store of value token, it doesn't do anything. Yeah, the concept is interesting, and they're the first people to really solve the useful proof of work problem in a in a good way, and AI has made it possible. Um so that's been an interesting token to come out to lately. What's the price of said token? Uh said token, I think you can buy it OTC for like two bucks or something. So the token is not trading yet. I think it's like 150 million or something. Oh. Okay. Okay, that's higher than I thought. I saw loads of things of VC trying to fucking OTC the token and shit. Like yeah. Is that true? Uh allegedly. Allegedly, yeah. Allegedly. Oh yeah, these guys are I remember when Tom done that with GP. So what did he do? You remember he was like, uh, he was like, this was like GP was near all time high as he was at Brad with so many VCs coming to me, trying to OTC. He's like, all these guys want the bags. If you got a big GP bag, got guys who want this shit, and to be fair, it fucking worked. Price was flying, price was flying back then, and then he sold or something like that. So Tom actually tom actually never sold. Tom actually, I don't know if this is public. I don't want to expose it. I feel like Tom gets a bad rap out there. Tom gets fucking slammed, man. Tom gets Tom's a good guy. He is, yeah, he is actually a good guy. A lot of people like the dragon, but Tom, Tom is usually the guy getting fucked. Um, he's usually the guy getting fucked, and he's not, he's actually a good guy. So yeah, I couldn't I couldn't speak more highly of Tom. But speaking of like the meme coins, I haven't heard anything from guys useless as at 100 mil. Oh, is it? Oh, and bonk guy is on the TL grave dancing. I saw that. Why? How is this pumpkin? You know what, as he should, as he should. Props to bonk guy. Who is let him have his victory lap? Coinbase, retail, normies. I don't know, man, but can can we can we show the man some respect for a second? He's gotten clowned on a lot. Yeah, and he's here, victory lapping. Um that looks damn good. That looks damn good. Yeah, I mean it looks prime for another lower high. Oh, here we go. The lower high guy, man. Oh, yeah, for sure. For sure. But all I'm saying is let the guy, if he wanted to sell today, he won't, but if he wanted to sell today, all respect to him, you know. Bro, yeah, he he's been relentless with this thing, man. Like, it's actually crazy. It's the only thing. I don't think he's talked about it anything else for months. Not even Bitcoin. Oh my god, guys. You know how I said I was moving tomorrow and my wife keeps doing all this shit. She just sent me a vet bill for $700 for my fucking cat. Why did the cat need to go to the vet for $700? It's not nice, it's not nice. Tell her not in this market. Not in this market. I'm moving tomorrow. She's scheduling all this shit. I got a good deal with this person. It's disaster. I didn't know I didn't know Wood was a cat guy. I knew Sats is a cat guy because he saw that GCR tweet one time and then uh big cat guy. Dude, I have two cats. Oh god. I didn't know you had two cats either. Fucking hell. What's going on over there? I'm not a cat guy. I don't like my cats. Oh, he doesn't like his cat. Doesn't like his cat as well. This guy's the worst guy ever. I like my I like one of my cats. The the other cat has like a problem where she pees on places she's not supposed to pee. Shit. So that's the you know anything about cat pee? Cat pee's not good. Yeah, it's a bad day. It's a bad day. So, like, yes, I've thrown away like carpets and couches and all this other shit. But anyway, so we took the cat to the vet because she won't stop peeing. And then they and then they give you like special food to give the cat to stop them from peeing. It's like prescription food that costs 10x more than all the other food. And then we have to give her medicine every day, which costs however much. So now I'm just drugging this this three-year-old cat that I have to have another 15 fucking years and feed it special, special food. Drugging the cat. You heard it off, folks. Wood drugging animal, drugging cat. Sounds like a bad day over there. Sounds like a bad day in the wood household. Oh my god. All right. Anything else you guys want to talk about? No, I think that's it. You know, hopefully we come back. Honestly, hopefully we come back Friday, and Bitcoin's down even more, and Zcash is up. Where do we see where do we see Bitcoin on Friday? Let's let's give me 62. I think 62. 62. What day is today? It's Tuesday. Tuesday, it's a 6745 67 low. Man, we already put the low in for the day. It looks like we're higher. I think we're higher on Friday. Yeah, I think 70k. 70k. We gotta suck people back in, Sats. We gotta make people believe again. And then I reckon Zcash, Zcash 670, Bitcoin 62. All right, let's see. All right, we'll be back Friday, 12 o'clock Eastern. Join us. Uh go download FOMO, check it out, check out their web app, um, and we will be back Tuesday at 12 o'clock. See you guys. Join the Risk on.