The Bitcoin Group, the American Original. For over the last 10 seconds, the sharpest citotis, the best bitcoins, the hardest crypto currency talk. We'd like to welcome our panelists, Dan Eave, the crypto raptor. Bajor Bitcoinales. Joshua Gala from the standard dot IO. Got on mute yourself. Oh shit. So nude. I'll allow allow allow you down folks. It's his first day. Yeah. And I'm Thomas Hunt from the World crypto network moving on to the first topic issue one. L Salvador's Bitcoin bond over promised and under delivered the bond is delayed again. Dan Eave, what's happening in L Salvador? Why can't they seem to sell this Bitcoin bond Bitcoin city powered by volcanoes? It seems like such an easy sell. It says that they raised a billion dollars from investors, right? And half of it's dedicated to financial infrastructure and financing infrastructure projects. So like the volcano mining infrastructure and the other half to buy in Bitcoin. So it sounds like they're making progress, but also it seems like they're waiting on some law to some legal side to be passed some some bill to be passed before they can kind of take it to the next level. Now obviously at the moment they've been hit very hard with the with the fact that Bitcoin has taken a bit of a dump. I think they're definitely in the in the negative right now with their Bitcoin buying. And and then unfortunately they've also got the IMF loan coming up, which is like $800 million or something. So the IMF keeps on keeps on knocking at their door and being like, are you sure you want to go down the Bitcoin route? But it's not a failed experiment yet, right? Like you know, it may go Bitcoin may go even lower. And I'll not say I say yet, I hope it isn't a failed experiment. Ultimately, I know a lot of people are wishing for it. Why you wish for for something to fail, you know, especially if you don't have any skin in a game, you can understand it if it's the IMF because they look they seem there. They'll lose a lot of power. But just random people on the internet that don't own Bitcoin that are just cheering for or aren't into Bitcoin just cheering for, you know, the project to fail. Like why would you why would you wish, you know, negativity on people? I just think that's really, really bad. And it says something about those, those people and maybe they're just a bunch of Mr. Boaters, right? Oh, they missed the boat and you know, you've just got to be negative about something. Maybe they lost it in a, they lost their private keys in a, in a boating accident. Or maybe it's in a dump somewhere and they can't get the, can't get access to the dump to get, to get, you know, to try and sift out their hard drives. So they're just going to moan about Bitcoin forever. But ultimately, this is a big test case with Bitcoin. It's the first country to accept Bitcoin as legal tender. It thinks style off a bit shaky with with the Chivo wallet, but they seem to be progressing on giving people more options to choose different wallets, different, different software to actually, you know, to, to, to, to manage their transactions. And of course, the main thing is that it's not forced, right? Initially, it was going to be forced. Now it's a case of, you know, it's, it's an opt in. So, you know, you don't have to accept Bitcoin, for example, but you can do. So let's, you know, let's just hope that it goes, it goes well, ultimately. And I want to see El Salvador do good, right? I want to see this awesome futuristic city in five years time. This, you know, built with, with mining rewards from the Bitcoin volcano. And yeah, I hope it does. Okay. Opt in volcano bonds, Bitcoin city. Josh Jagala is the El Salvador dream over. Unmute yourself. No way, man. The El Salvador dream of, it's not over yet. No, look, Bitcoin was never meant to be a state money. It was meant to be a personal money. It was meant to be a bearer based asset that anybody in the world can use. The fact that countries have jumped on board is no surprise, because it is the rarest number you can find and, and actually has value. So, you know, it is, it is not surprising that they have, but it's not, it's not designed for states. It's designed for people. It's designed, and it's one of the first currencies ever to come from the bottom up. You know, it started with the total base layer, then it built up to the next layer, then it slowly went to institutions, and now it's governments. And, and you know, governments like El Salvador, they're, they're fairly, it's a fairly small country. It's a country that has financial problems and also criminal problems that has, well, kind of, you know, has a benevolent dictator. As well, as such, and so, you know, it's an interesting use case for Bitcoin. It's not like Bitcoin has chosen them. They chose Bitcoin, so, but I think when launching this bond, they do have the time at right. You know, you want a time at right, and, and this is what we're doing at the standard as well. We have the time, our launch as well, right, with the market. It's no point launching anything in a bear market. You know, running Voltoro since 2015, it's one of the oldest Bitcoin exchanges at this stage. And, and we've seen the cycles, you know, when people say, ah, the price of Bitcoin doesn't matter, because one Bitcoin is worth one Bitcoin. Yeah, you can say that on a personal level, but actually on a, on a more macro level, it, it doesn't matter. Exchanges volumes drop like not like crazy. People stop buying alpaca socks. They, they, you know, it just the industry dries up because people just start holding their bags, rather than using it as a currency. And so, yeah, I think they're just biting their time and waiting for the right time. And I would probably do the same if I was a bit benevolent, dictator, that I would ever like to be that, you know, more of, on the anarchist leanings of those little government as possible, if not my government for me. Now, I read the articles. Bitcoin made a deal with El Salvador Bitcoin itself signed the deal. The country agreed with the deal. Bitcoin was involved. And then the deal of Bitcoin himself was down there. I think his name is like rock beers or something. Anyway, exit question, predict the future, forced prediction. How will this end Bitcoin bond volcano city or utter disaster dictator moves on to the Swiss Alps? Den Eve, predict the future. Well, even though I've been a bit negative with the Bitcoin price, I'm there. I think I want, I want to be hopeful for El Salvador. So I hope that the Bitcoin bond does okay. The Al Salvador does does good. I hope they don't default on their debt. And you know, there's a lot riding on this from, from an external perspective, the, you know, the world's watching the first country to implement Bitcoin as a, as a currency. So, yeah, I, I, you know, I want it to go good. The first one never goes right. Josh Sigala, what will happen? predict the future. Yeah, I think, I think it'll go right. You know, it's just how long can you hold it? It's like minus when they mind they got a hole as long as they can until it's a profitable, profitable venture. So, yeah, hold on, hold on tight. Look, Kelly, do it as slow as you can. And then you'll be seen as the genius. The problem is if it defaults beforehand, and then it goes up, he'll be seen as the genius that never actually managed to do it. So, you know, just hold tight if you can. I mean, you know, screw the world bank, screw them all stick to your guns diamond hands. It's a trick question. We all know what's going to happen. Either they're going to get hacked, or we're going to find out how many Bitcoin can fit in a briefcase. Maybe both. Moving on to issue two, micro strategy, Michael sailor sued for tax fraud by the Washington DC Attorney General. Just a few weeks ago, Michael sailor resigned as CEO of micro strategy. He said everything was fine at the time, but now we know why. Mr. Sailor is accused of living in Washington DC while saying that he lived in Florida. There's up to $100 million in alleged unpaid taxes. Is this big trouble for Michael sailor? Josh, a gola. Yeah, I mean, you know, when the state starts to, well, when they, when they, when they have so much inflation, what they want to do is get tax effects effectively what tax are, are a burn to the inflation that was spent during the COVID time. So, we saw that the Biden administration is pumping billions into the IRS and training agents to knock down doors and arrest people and all sorts of stuff. So, and gun handling and it's quite big on taking. It's quite amazing seeing it roll out. And I think Michael's a, yeah, a big, a victim of this. If there's anything that you're doing, dodgy, they'll find it. And, you know, Boris Becker famously here and he was a famous tennis player in the 90s or late 80s. And he also got busted because he said he was living elsewhere and apparently it was something to do with they found his toothbrush at his, at his house and they could test it for him and they're saying, ah, you are living here like just these, these, the IRS are brutal and ruthless. So, yeah, I don't know, you know, innocent tool premium guilty unless it's so with the IRS and the press, then you guilty and tool premium innocent, I guess. Dan Eve. Yeah, it seems like that they're putting that, that money was 87,000, 87,000 staff they're recruiting. So, there's a lot of people, a lot of taxes to go after and I think it's a good point that Josh made about certainly, you know, it doesn't work well for the end, for the end and user of fear. Other than the government, if they're, if they're, you know, countering countering inflation by going after taxes. But they are going to do it right ultimately if they think they've got something on him that he was living in DC mainly, even though said he was living in Florida. And that might the main thing is that micro strategy also they're saying the micro strategy also helped him, you know, to, to invade the taxes, which is a pretty big, a pretty big claim to make so that's not good for the for micro strategy as a, as a company. And obviously he's just stepped down as, as CEO, I don't, I don't think that that's that's kind of related. I think that he genuinely is going to try and just, you know, set aside to push for the, for the, for the Bitcoin strategy, especially in these dark, these dark waters, this mist, dark misty waters and this crypto winter Bitcoin winter. But ultimately, if you are a rating taxes or they think you are they're going to come after you now they've got a lot more stuff to actually do that. So yeah, watch out the state is always watching. They've got a long arm and lots of stuff and guns and ammo. Future prediction, Michael sailor will pay and settle his tax problem, exit question, Josh, a gola, does having a large tax problem, make Michael sailor more or less of a hero to Bitcoiners. Probably, probably more of a hero. But you know, it's not really, yeah, I really don't know because at the end of the day, he's not, he's just accused of that and hasn't got a court yet. So I don't want to speculate. See now I want to get on this hero bandwagon and I want to wave the libertarian he's not paying taxes flag, but then I have this fear from last week, right? And I'm like, remember the last guy who said he didn't pay taxes for 10 years and then he got on a boat and then he started getting face tattoos and pretty soon he had machine guns. Do you think sailors becoming another John McCaffey? Is there something about Bitcoin heroes that like they're all going to go this way like we're going to find pictures of Andre. Years from now and he's going to have a face tattoo and angry looking Latin girlfriend and a machine gun. I mean, the thing is to say that sailor hasn't doesn't pay taxes is probably totally a misnomer because the wealthy do pay a lot of taxes. They employ a lot of people. There's a lot of tax all the way through all the way through from employment taxes to car taxes to fuel the petrol like, you know, you do have to pay your fair share. I mean, for instance, people go on about like Elon Musk. Oh, you know, and he literally is paid the biggest tax bill in the history of mankind. Yeah, to anybody and I'm paid it. So, you know, it's it's a bit unfair to say that he hasn't paid taxes. I think he's probably paid taxes just maybe not that state tax because there's just taxes coming out from every corner at the moment. It's a bit of a John Gaul problem if you create your own industry. If you have a large company, you make a large amount of money and you pay a large amount of taxes. But if you think about, you know, how else could you set up the system if you need a large amount of money to help other people. So it is a complicated system. Dan, even what do you think is Michael sailor just one plane ride away from becoming the next John McCaffey? There's definitely something a bit a bit. Well, that brings the the rebel out of people, right, especially, you know, when when I used to work for a finance company and then when and I've heard about Bitcoin started learning about mining it while I still working for said finance company. And I found myself more and more kind of in my attitude being like, yeah, screw you finance guys not the actual people, but the system right the system is rebelling against the system. Because there's a lot of a lot of things about especially, you know, about the way treasury systems work and that you know you could just make everything a lot easier in terms of international currency exchanges by just using Bitcoin and having one one currency, which is Bitcoin. So I think it brings out the rebel in people. It would be quite funny just to see you to see him go down the face tattoo route and you know maybe bring out one of those pictures with a bunch of models in their lingerie and a table full of smelling salts as it were. As if he was powdering his nose with some Hainia as John McCaffey famously did in that picture. Yeah, ultimately there's there's their difference between in the UK it's like this, but you know there's different street tax avoidance and tax evasion. So tax avoiding is using schemes to circumnavigate the sort of tax landscape, but they're technically legal. Even though they're kind of not ethically so so fantastic and then there's tax avoidance, which is avoiding it. So maybe he's employed a lot of tax avoidance techniques, rather than you know actual evasion, which is what they're going after and for. Yeah, and don't forget and he also needs a havoc in that whole John McCaffey. Next up, I think Jack from Twitter will be joining the Rocky horror picture show being live on the road. It's never too late for these guys to go Bitcoin crazy moving on to issue three crypto firm fronted by Matt Damon that's crypto.com fortune favors the bold accidentally transferred 10.5 million dollars to an Australian woman instead of a hundred dollar refund. And they're having a hard time getting it back. Yes, the Australian woman has already bought a million dollar house, which she almost immediately transferred to her sister in Malaysia and has not been responding to crypto.com's calls. Meanwhile, over at Coinbase, almost the same problem as users in the country of Georgia, milk a price bug for 100 times profit. Yes, the currency conversion price for the country of Georgia was set incorrectly allowing Georgians to continuously make tons and money rolling money through the system milking Coinbase. Josh, Shagall, you've run an exchange for a while. What do you think of crypto.com and Coinbase giving up money. Yeah, it's, you know, there's so many ins and outs with running exchange and price articles, so to speak. You know, you just need one little decimal point wrong and, you know, also has been focused on mainly the trade between Bitcoin and physical gold bullion sitting in a high security voting facility. So we have to calculate the bullion price and then it's usually quoted, you know, in answers, we can vote that to grams and then there's, you know, then there's currency exchange rates and then there's the Bitcoin rate in between that's like fluctuating what we do is crazy hard, but we haven't spread it up yet. So it's one of those things that I guess, you know, I don't know, Coinbase just went live too quickly without without enough QA on an update or something like that. And yeah, look, people are smart as soon as they see a whole, they'll take it. You know, I remember being at a being at a an ATM and it's bad out and extra handy for me and I was looked at it went, might try that again, it didn't work again and I'm sure they created a debit of my account afterwards a check but, but yeah, it's it is like that and that this is the thing with Bitcoin it's so slippery, it's so quick. And it's a bearer based asset like we mentioned before so it's once they have it, they have it and you know this woman in this article went off and bought a house and changed the ownership to her sister's name and stuff and now they're charging her for more than you know, it once the Bitcoin's gone it's gone and this work makes it really, really hard to do stuff like, I don't know, even referral programs and stuff, we're like, oh, we'll give you, you know, just signing up some free Bitcoin because then you just get fake people signing up just soaking you just just just sponging you dry so quickly that you make your head spin so yeah, it's very it's very difficult not like the system where you can really make that a slow and you know, it's just too slow for people to build up those quick release forces if they're if you've screwed something up in your code so yeah, I'm sorry to hear it, I'm sorry to hear it that people then take advantage of it and then get screwed and I think Coinbase has even asking interest, which I think is a bit rough. You know, I think it's more of a strong up to make sure that she pays it off I hope because it is there default and while she should pay it back, I don't know, I'm asking interest for it's a bit rough. Well, the users have been informed they might lose their Coinbase accounts so that there is punishment there's something gone wrong here. Dan Eve, they were only off by a decimal point, but they were off for seven hours. What's going on at Coinbase and crypto dot com. Well, I think so these people are pretty naive to think in fairness that they're just they're just going to be able to take advantage of something without the repercussions right. You know, if if I was sent X million dollars, I must admit there's different different people, but I think first of all, I think I'm going to spend that will send it to an address or you know there I say you know like buy something crazy with it, but but also into a mixer or you know and be ready to go. You know, and and be really crazy, but ultimately I think to myself, no that's a really dumb idea because they're going to they're going to get the money back they're not just going to go. Oh, Dan just got away with $10 million like what a little type. Oh, yeah, I see it and everything with them. Yeah, like it's it's very it's very naive once I had a received a check for 3000 pounds that cleared where when I put an advert on gum tree for a flat and the person is meant to pay their rent upfront. Make the check clear and everything and then and then the they said oh I need can you send me back like the 3000 pounds to this other account. Because I need to you know I've sent you the the money at front and it was meant to be for cost or something for moving over to the UK. So I looked into it spoke to the police and they said no nothing fishy about that and then spoke to the bank and they went nothing fishy about that my dad was like that's totally fishy. So then I remember the name of the check writer, you know the company that was on it and I phone the company and they were like yeah I checked with stolen and the bank took the money immediately then there was no I didn't spend it at the time there was there was not they took it back straight away. So they're going to do that and they're going to they're going to pursue that that cost because it's they're not just going to let $10 million go. Even if it's small fish you know even if it's $10,000 they're still going to pursue it. There's now people with their bank accounts frozen. They can't. Well, but let's let's give this woman a chance though it was seven months. Josh is thinking like yeah you you let the money sit in your account for a couple weeks you'd be like oh I made $10 million like this is really neat. Show your friends. If seven months went by and you weren't even contacted like within the first few days it would be like congratulations on having $10 million but seven months. Yeah, that is pretty hardcore especially as the price of Bitcoin but it probably dropped quite a lot in that in that seven months by the time they realized. So yeah, but ultimately they're going to they're going to claw the money back. You know I think it's naive to just think you can keep it and then that's it hey hey hey the banks as you know that this is the even with a push system right. That there's control over the banking industry though it is showing that it's hard for legal entities to to you know to solicitors to claw back the money let alone being with Bitcoin and Ethereum where it's a push based system. So it's called bank error in your favor and we give you $100,000 at your ATM account and then the screen just says run. It's like a doctor who episode and we just see what happens a camera crews following you around and then the bank investigators get on you and we see how long you can last bank error in your favor we could crowdfund that we could just give someone a hundred K and then have the government chasing something like that. Don't you think it'd be good yes it's a doubt right there game show doubt. But Josh the call which is worse it took them seven months to find out that they'd accidentally sent $10 million or it took them seven hours to realize that they had the currency set to the wrong amount and the users were fleeting them which is worse one mistake or thousands of mistakes. Well I think if Bitcoin kept on going up and it wasn't a crypto winter they would have maybe just let it slide because the headache that it causes a lot of people you have to you have to pretty much put a team on this this fuck up and then try to like you know have them just dealing with that. And and if Bitcoin would just go up they just write it off as I'll you know screw up well whatever it takes more energy to chase it and it does just to write it off but during the crypto winter. They might be hurting a little bit more so they like let's chase that up. That does seem kind of like the story that coin base would probably cover up as well they have this perfect record of never being hacked and giving away $10 million to one person in one mistaken transaction is a lot like being hacked like something with your systems went wrong to allow that and then to not notice it for seven months. The systems at crypto calm or highly suspect Dan Eve which is worse crypto calm or coin base. I think this this seven month yeah that that really makes a huge difference the fact that someone can have it in their account for seven months you know because if it's a short term thing maybe the as you said the first week you're thinking. Should I spend it and then anything after that you're really like you just imagine it she the issue would feel the feeling like I must be coming I can touch that money just give it one more day you know so I want to read a book or see a film about this lady I want to see the whole breakdown they put it on the screen. Like when she spends money it's like hogging dogs Starbucks luxury automobile like how did she do it when did she break down and buy her sister the million dollar house it's a fascinating story I can't wait to read more. Sure sure yeah but I think she could have been smart about it and at least made the money work for her during that time and not actually spent it you know I've chucked it in some sweet sweet. Luna 20% no I'm kidding I would have helped her pay off the twenty seven thousand dollars in interest company else charging her so that's the problem they're like just just put it in some bonds come on the stock market never goes down everything will be fine yeah I mean that's the thing you know I don't know if there's any using like highly enough you think that mechanisms in the sort of bear markets the stock markets down everything I should put a book U.S. dollars that's been going up. A dangerous bet especially with borrowed money moving on to the next topic check out world crypto network dot com we've got three thousand and four videos it would take you three months thirteen days and seven hours to watch all of our ad free videos on world crypto network dot com which links to YouTube it's been eight years eight months and fourteen days since our first video. And check out world crypto network podcast on Apple iTunes and other places where you listen to podcasts it's up to date you can see last week's Bitcoin group right here on the audio podcast moving on to issue four sixty two percent of wallets did not sell Bitcoin for a year during the bear market Bitcoin traders have been holding for more than a year despite the uncertainties of the bear market according to coin telegraph. On chain signals are still pessimistic but sixty two percent of Bitcoin wallets have held their currency for one year or longer Dan Eve what does this say about the Bitcoin market sixty two percent holding also the price has dipped fourteen percent in August as a trader warrants of a macro drop down more trouble for the holders hotlers. Well it's definitely a sign that the Bitcoin communities full of hotlers but I wonder if anyone's ever done any analysis of how long people keep shares for right because that would be good to see the comparison was that average like especially something like text stocks for example what's the average amount of time that someone keeps keeps holding a text stock and I wonder if there's there's a massive difference because of the hotler mentality and obviously people get into Bitcoin. There's a lot of noobs and they have to panic so when they see the price drop but anyone else has been in Bitcoin a lot of us that kind of that meme where like they repurpose miss a bean on the rollercoaster just like the straight face going up and down yeah that's what you're like you've got to be resilient to seeing the price drop like sixty percent in a day and then how long you've been in for and just seeing your entire net worth just drop by an insane percentage and then go up in insane percentage you know it's an incredible rollercoaster. But it's ingrained in people now right they they know that they need to hold on otherwise if they'll be selling a selling a loss there's the kind of general rule of thumb about the harvining that we talk about quite often that if you held technically for four years or more you're always going to be you're always going to be up. The thing that might break that actually is if if we dip in fact we may have already broken that when the all time high in 2017 right was like was something like nineteen and a half thousand so if Bitcoin goes below that and I think it may have even gone below that right technically that four five that four year old is now a five year old because the people who would have bought in 2017 would actually add the pot top would actually be a lot of money. It's slightly lower like it went straight back up again so at the end of the day it swings around the routes ups and downs roller coasters and and fairground rides you just got to hold on tight ignore the Bitcoin price make sure that it's a you know you've got to think of what is it it's like a pension right you can't touch your pension was super the money away until you until that you reach that level of age in terms of you know pension mature and so Bitcoin's like that just as long as you put smaller amounts away. This isn't financially wise but not enough that you can afford to lose all that you need to sell it early and and then regret selling it early and just ignore the price and just take interest in the technology it's all about the technology. Josh Shagala is Bitcoin a Ponzi scheme with 62% of the people all holding and not selling are they collaborating together is this some kind of cabal could it all break up and the entire price value disappear. No the real Ponzi scheme is the retirement funds they are they need more children born to have more workers than the people retiring. So you got to get more new people into the fraudulent system than people paying out and that's not happening kids are too busy swiping teenagers they're finding yeah that birth rates are just dropping globally it's it's we're actually actually hitting for a for an absolute collapse which is funny because everyone goes on about over popular. But anyway yeah I have given up coffee so proper bill here in the in the in the chat is is counting down for my next year on. But yeah well I don't know what you really say about it well mainly playing devil's advocate there but it is something that I think a non Bitcoiner would look at from the outside and say. 62% of you people are holding on to these things even though you've lost 70% of your value even though it's dipping again even though Dan keeps saying 10k every week blah blah blah these people still hold on so I just I wonder what's wrong with these bit pointers what's different about them and then I also wonder as we've seen so many times that we're just if we're just in a valley again and it goes back up then we look back at all this and we're like of course the holders held. Because they thought that Bitcoin would go up more they knew there was a limited number of units they believed in the technology the same things we've been saying for you know eight or nine years now the same exact things at 300 at 500 at 500 at 500 at 50,000 not knowing again that you know 50 would dip to 20 or all those things but it does seem like things don't just go straight up in a line they go in that wiggly line up and maybe we're just in another wiggly line. I did see a report this is quite a few years ago about the difference between women and men when it comes to sunken cost fallacy sort of sunken cost stuff so men are at gambling tables are more likely just to sit there and do just go all the way till it's all gone. Whereas women are more likely to cut their losses and run maybe it's the same thing with Bitcoin there are a lot more men in Bitcoin still and you know I think that those tables are turning especially through the NFT hype but our demographics would line up perfectly with Josh I think we're about 99% male our demographics for male to female are nightmare but yeah. Yeah it really is and I don't know why because open everyone's allowed to come it's not there's there's no gatekeepers but it is what it is and yeah and yeah so that that might be one of the reasons is that the men just like no I've lost so much already scored I'm just going to hold on till the next full run. And now we're going to hold on until the exit question where you must predict against the greatest predictor of Bitcoin of all time Dan Eve is the price of Bitcoin higher or lower this time next week. I'm still naked it's lower I think it's lower. Josh she got it as the pessimism continue the pessimism unfortunately continues I got to say I've drawn my triangles I've moved my lines I've checked the way I'm going to do it. I've done the Fibonacci and I'm all Fibonacci that I think I'm going lower. I mean the stock market keeps going down the bond rate keeps going up the war in Ukraine keeps going on I'm sure that this is going to be fine I continue to be bullish here but we'll ask the ball will the price of Bitcoin be higher this time next week. Ask again later ask again later the ball doesn't even want to tell you it won't even share it's truth with you. Moving on to issue five Snoop Dogg and Eminem performed as their board ape yacht club NFTs and according to PC gamer dot com it's somehow even worse than you think yes NFTs and board apes hit the American music awards or the VMA. Music awards here you can see Snoop Dogg and Eminem flying through a virtual universe being transformed in and out of their NFT characters from the board ape yacht club Josh the golly what do you think about Snoop Dogg and Eminem and their performance at the VMAs. Yeah you know originally when crypto critics came out I thought I've got to buy one of those and I'm going to like pay a bunch of animators just to make an animation of this crypto kitty and make it really famous and then sell it for a shit ton. And I think this is exactly what's happening I'm seeing it fairly often I saw it with Eminem's now Eminem rapper as well. A lot of Eminem's and then yeah so it's it's it's it's the thing that's happening they're trying to make certain NFTs more famous and you know it's a definite strategy it's taken a little while but it's bound to happen absolutely bound to happen. Dan Eve NFTs on famous rappers on TV shows what's next movies video games everything. Well I think this title was a bit skewed because they just they just seem like a miserable writer that doesn't like rap or like or or particularly Eminem and Snoop Dogg. So you know music is like any art form is very subjective and if you don't like it it's really easy to sit there be a keyboard worry and be like and it's really poor performance blah blah blah blah. You know and just give your and give you two pennath whether anyone really cares or not. So I don't I don't actually watch all of the performance so obviously they they you know they had they they use their NFTs and if if you don't like rap combo you don't like rap. And you don't like NFTs then you know you're really going to moan hard about the performance so it's just another one of these things like I saw the gorillas like once right. And I came away thinking it was like the best show ever it was a Glastonbury and it was absolutely incredible. But then I read the reviews the next day and everyone was like I was a really poor mediocre performance blah blah blah and so yeah it's very subjective like. Like the like like art generally is so and if you don't like NFTs you're just going to moan about anything NFT related so but NFTs I like it or lump it there they're here to stay they've got utility and people like doing things with stuff you know it's not just a case of buying the art it's a ticket to get you into places whether you agree with it or not. Yeah. I of course thought it was great I love all the NFTs stuff it's great to see them advertised on TV I hope they'll learn soon about Curio cards the 27 and 2017 NFT that could that just keeps going there. I think it's great I still think we want to remind everyone that Snoop Dogg has taken his music off of Apple iTunes and Spotify as he owns death row records now. And then he's going to release those as NFTs so part of it good part of it bad as great to see this promotion they're complaining about the graphics I mean who cares it was live it was really fun like Josh says interesting that board apes has been chosen to be the winner. Out of all the other NFTs and all the possibilities that there could be but like Dan said it's not just that you kind of own your image or your randomly generated image which is again super crazy that these major stars have chosen you know Cheetah guy and the helmet guy to be their representatives in cyberspace but it's also that they're members of a club that they could be invited to the same party that they could get benefits and features that you're now in the same group. As M&M and Snoop Dogg to give you an idea so this is a little a little snippet from the article and I'll read it how it was written in my favorite part features the two men apified standing atop a noblest while M&M wraps about how good his songs are. Throughout the whole section Snoop is just kind of waving his hands non-committedly wearing a thousand yard stare like he's remembering a lost boy had love this is honestly the best part of the entire video that's basically you know that you can tell with that obvious objectivity of watching the performance objectively that's that that's slightly you know. But slightly that their own personal preferences are really creeping in so just why not just not right about it if you're not into NFTs or rap or Snoop Dogg or M&M like you know it's like me right about it's like me writing about knitting and going well this was the most boring thing ever yeah blah blah blah you know I just sound like an idiot really. Part of the fun is part of the fun is fun is come out and that they're so excited to hate on NFTs meanwhile ticket masters adopting them Tom Brady's printing them Quentin Tarantino's making them. If you give people the ability to make a unique collectible it seems as everyone wants to do that they want to give it a try especially if it's a unique collectible that doesn't fill up your garage with garbage. You don't have to learn any really specialized skills and now with mid journey and dolly these AI generating things you could just make your own NFTs out of that so I think it's incredibly democratizing technology but we are mainly seeing the large scale effects with major rappers like Snoop Dogg and M&M buying half a million dollar NFTs and then creating them around on the video music awards so we're not quite a full democracy yet but we could get there. The egalitarian thing of like ICOs we could get rid of the VCs and everyone could have a go but really what happened was the VCs came in and bought up everything early and then sold it and rug pool people and and now you know it's the same thing we can all just be more egalitarian with art and stuff but then the big artists come in and sort of take the big picture. People like having people to look up to and and and and pray it. It's a lot like YouTube when YouTube started it was supposed to be just people talking into their cameras like this and you know little unproduced shows and people actually responding with response videos to each other and then very quickly it became this kind of professional thing and this add back thing and all the corporations are on YouTube as well. And they take away Google hangouts like they actually had a way where you could make really nice looking shows built into the software for free that they disabled and took away and made it much harder to make show so it is a bit like all technologies it's sadly rolling back but there's still some hope Dan Eve tells about the future of NFTs with the exit question what's the future of NFTs what do you want to see next a movie a video game. Snoop Dogg actually releasing this music in a playable form maybe even that the idiotic idea that they could have a bridge between his NFTs and Apple iTunes and Spotify where everyone listens to their music can you actually get them back what do you think will be next for NFTs something more exciting than an M&M and Snoop Dogg performance. Well I think it's going to be something that's more there's more practical maybe you know there's something that will that will really take off is if an existing game company that has all these crazy viable items suddenly makes them NFC based so you can redeem your you know your giant giant sword in your game or whatever and then sell it on for something else so yeah I think something like that would would be great. It would really would really go down quite well with the traditional great gaming community because it means they can also one the person who's bought this sword and no longer plays the game can actually sell it on for example or and it can be then transferred to another game or something and transfer through the game series and to it means the publisher gets to like get resale commission out of it so you know if you if you if you you can sell something once it's all good selling it a sword for a hundred dollars but then if they resell it on. And then and get and you can get 10% for for that resell then that's a huge moneymaker especially if they provide the marketplace you know for it etc so I think something like yeah some sort of in you know an in game sort of usage is going to is going to spearhead NFTs to a much wider audience obviously there's celebrities doing stuff daily but yeah I think I think something big in gaming where there's a huge huge user base buying stuff I think that's going to be a huge huge user base buying stuff I think that's going to be a huge huge user base. I think that's going to that's going to go down. Actually looking at the the video again board apes they used a lot of stock stuff like I've those those electric things that come out I've seen them on invato elements. So it's so funny when you when you're in video production stuff for a while and you can see things like that. Josh the go ahead exit question what would you like to see the future of NFTs obviously Dan Eve is excited to sell everyone 10% of his giant sword what excites you about NFTs in the future actually my my favorite thing is more the defy side I really like the idea that's something we're looking at at the standard is when you borrow money from yourself so you lock up some Bitcoin and Ethereum into a smart car. And let's say you borrow a whole bunch of S euro and you bought your car and you have more value locked up but somehow you can't pay the debt back to unlock that value you can actually sell that as an NFT you know Uniswap has done that with with trading up for version three in Uniswap version three rather than LP tokens they use NFTs which show exactly how much liquidity is going to be in the future. Exactly how much liquidity you've got and how much you've got to pull out so I think there's really good use cases for NFTs outside of art and and yeah I've said that quite a bit on the show I'm really excited to see what else we can do through you know non tangible tokens having a look at you know also keys you know really they're really great keys being able to unlock certain features. Yeah we're doing that at the moment we gave away a whole bunch of NFTs for for the standard IO for proof of attendance which is also a really cool idea it's just if you were at the thing then you get some improvement attendance power rings from the standard check out the standard IO Twitter account and for the next time we do those but they it's really amazing and they were all generated with me journey like they still took a long time put a lot of passion into find. You know to figure out the right things to create but yeah and people absolutely loved it so those things will then be able to once they've got that we we know that that address is a member of our community and we can air drop things to them we can allow them to unlock special parts of discord we can allow them to vote or have maybe maybe they can have more power to their votes if they've got one of these rings so there's a there's a lot of things that we can do to get a lot of money. There's a lot of things you can do with NFTs I'm really excited to see what what the future brings and you know this whole community well this whole industry is just growing if anyone says that they're an expert in NFTs they're lying because there is no such thing we're all developing it right now we're inventing the space. Well I for one would like to see more respect and monetary attention to historic NFT projects if you think about things like spells of Genesis rare Pepe's moon cats and of course Curio cards there's a limited number of them so once again going back to my thesis of our NFTs real well if NFTs are real then the oldest ones would be the most valuable because naturally their antiques especially if they're limited especially if you can only tell there's a certain number of them so I think that the NFT people need to go back in their history buy up all the historic NFTs that there are none on the market which would drive the price way up and provide legitimately to the legitimacy to the whole activity because they would then start judging people on what's the oldest NFT in your wallet how many old ones do you have and then going forward to make new ones and lots and lots of new ones. But which which chain the proof of work of the proof of stake chain that's the question well I think it's a fun intellectual exercise but open seas been very clear they're going with the proof of stake chain if you look at the rest of kind of official aetherium there 100% on board proof of stake this proof of work things going to happen but I don't think it's going to be a big deal unless you really need that extra I don't know 5% 10% whatever you think you're going to be able to sell your not real NFTs for or your alternate NFTs or whatever you want to say I can already see a semantic battle starting there with the splitters and all that and what language you use but no I don't think there'll be a big fight for the proof of work chain I think the miners will mine it it'll continue as a thing but I don't think that the new NFTs will be issued on there especially with what open seas released with their guns and what they're doing. But we're running out of time Dan Eve do you have a prediction or a story of the week go ahead. I'm going to go for something basic here and it's going to be I predict that there'll be another another exchange revelation of someone else that that's that's gained a lot of funds from either a loophole that has been undiscovered or and I predict that I'm going to go for a by next week by next Friday we'll hear about another big. So I'm going to go for a new one where you know kind of like the coin base and crypto.com someone's someone's bought a trip to the moon using it and unfortunately they're going to come clawing the money back. I still love this crypto.com $10 million Australian lady I can't wait to see the movie I'm sure they'll be able to get Matt Damon involved and I can just see them kind of running around there you know perfectly normal house in Australia going we won the lottery we won all the money we're rich you know Matt Damon has brought this to us. And I think it'll just be a hilarious story as soon as they get it settled and once somebody purchases the rights and rights up the thing and maybe it could be a cone brothers movie like great grand farce Josh the goal of prediction or a story of the week go ahead. That's you could grab people say fortune famous the brave you know you can really see it you're right you're right I call it starts out in the tavern afterwards and I like I used to think that fortune favorite the brave and I'm going to go for a new one. At one time I had ten million dollars in my account don't believe me. Yeah. Yeah. No I'm yeah we have we have so much stuff going on we find new partnerships over at the standard I.O. for with bass node bio niftables Roya addition there's just so much stuff happening region in night which is like regenerative projects in the crypto space which is really cool. We're going to be participating in the bit in the bird chain which is like Berlin block chain stuff this great event coming up. Yeah we've launched also a well are we we started getting the audits done for the smart contracts through hard cash from zokia those guys they're one of the very first to do smart contract auditing when when Ethereum first launched they really know what they're doing. We're happy to have them on board obviously hard cash the co founder of that is one of our advisors on the project and yeah we we're just moving forward we launched on test net which is really really great on girly test net to to so so people can start testing the the IBCO which is the initial bonding curve offering this is the way we create the first the first MVP of the stable coin cycle. It's like a communal smart smart vault so people can all put that money in and get a yield out in s is basically get a discount on the s euro while it's still you know in that time period it won't be a it won't be a stable coin yet until it reaches one to one but. It's really exciting seeing it all come out you know when you've been working on projects so long and the interfaces starting to come together tests are starting to happen less and less bugs now we've got the auditors in so it's it's really really exciting to see that and I can't wait to see the code order come back and and slowly start to launch people want to jump on the discord just head over to the standard auto the standard dot IO and and join the discord and join the finance it's really exciting. It's really it's a blast. Sounds great Josh and it's glad here everything's going well at the standard dot IO. Alright I think we're running out of time for this week everyone be sure to check out the podcast we're keeping it up to date so just in case you want to have the audio version of this show so you can walk around and do other things. Just now up to date be sure to give us a thumbs up down below and leave a comment we do you read your comments and we do enjoy all the funds BAM comments that we get I think this week we had some kind of coin they buzz through the section and then we deleted them all and then they came back and they replied to everyone twice and it's just like what an amazing algorithm YouTube must be running to allow people to reply twice to allow people to post the same message over and over again and not even to check it. Just to just let it through it's amazing the technology they have here at YouTube I'm totally impressed Google you know don't don't be evil they continue to surprise. I also love that they let all these like obvious scam videos live you know with with Elon giving away thousands of Bitcoin all the time. They not have put a human being on that like we're all like oh you can't do that it doesn't scale whatever but you're a giant company you put one human being on whose job is like I execute these terrible videos and in a week or two that kind of level of enforcement would cut it off right everyone be like you don't make money that way anymore but as you'll see probably when this video ends it'll recommend like Josh saying one of these Elon scam videos or Bill Gates Bitcoin scam or whatever it is with a big QR code and he'll double your Bitcoin if you send it to him so obviously never send that your Bitcoin to anyone they're not going to double it. They're live as well they always all the scam videos are they they literally make it so there's an on a live real over and over again and they say it will be simple for Google to just target their live videos and fix that but again don't say anything to anger the Google overlords we're lucky that Twitter is even working on an edit button for us this week so there is hope there's hope and we're running out of time but until next week bye bye.