On the mic
Summary
Dave opened the Monday show with Kool, NatNat and Benny Lee. The first topic was the $700,000,000 in Bitcoin ETF outflows. The panel called the number noise next to $52,000,000,000 in net inflows and pointed to whale buying, country buying and the fear and greed index. They also covered X being banned in Brazil, FriendTech's devs handing control to a burn address, Tokyo Electric Power's subsidiary moving into Bitcoin mining with surplus solar, and the risks of high-leverage trading and revenge trading. NatNat went through the coming macro dates: CPI on Wednesday, PPI on Thursday, the FOMC rate decision the next Wednesday and Japan's rate decision on September 20. The last half hour covered DePIN projects, including Silencio, the peaq network and its validator partners, HiveMapper, DIMO, storage networks, the Crest airdrop note and Bistro, with Voice E giving several breakdowns. All of this is discussion, not financial advice.
Chapters
Opening, community push and note that the title is a sponsorship tease, not a sponsor yetMomentAt 0:03:29 on X
FriendTech devs renounce the smart contracts, and decentralized social platforms like NostrMomentAt 0:17:44 on X
Crest holders and the peaq airdrop, Bistro food delivery, and the closing recapMomentAt 1:27:11 on X
Key quotes
“If you believe or if you know that Bitcoin is probably some big 100 k, what does it matter if it goes down to 48 to 52?”
Kool0:06:26Share on X
“So 700,000,000 is literally just a drop in the bucket.”
NatNat0:11:14Share on X
“If it takes four years for Bitcoin to get to a 100,000, so be it.”
“If you see people posting wins all the time, you need to unfollow them.”
“this is a way for you to get paid for data that is already being taken from you.”
Dave1:24:29Share on X
Excerpts
Opening, community push and note that the title is a sponsorship tease, not a sponsor yet
- 0:03:29 Dave Yo. I love that fucking song. I don't know why. That's, like, literally my favorite song as of late. What's good, everybody? Sorry. I was a little bit late to the push out of the... To the community, so I'm gonna need…
- 0:04:10 Kool I'm good. I'm good. I'm good, man. We're the show. It's been a crazy, crazy week. Marcus Green, but not really excited. I mean, who knows? I mean, you know, we always don't go. We expect... We're something good, and we…
- 0:04:35 NatNat Great. Happy to be here, man. Busy, busy day. Ready to jump right in.
Bitcoin rallies despite $700,000,000 in ETF outflows
- 0:05:48 Dave When we're seeing... Obviously, like, Bitcoin is now rallying, but rallying on the news of $700,000,000 in outflow... ETFC $700,000,000 in outflows, record outflows since inception. What do we make of this, guys? Like…
- 0:06:26 Kool No. No. No. No. It's all noise, man. It's all noise. Always always always noise. Like, it's it's it's the craziest thing. Okay. So I I have a question. If you believe or if you know that Bitcoin is probably some big…
- 0:08:35 Kool Copy. It... But it's so it's it's so it's so crazy because I'm like, okay. So do people expect never to be outflows? I
Claim that crypto media is incentivized to spread fear
- 0:09:03 Kool of times, these news... Crypto news media, they're paid to put out bad news, you know, they... Or to put out fear. They incentivize to do it. So if they incentivize you to do it, what... I'm not gonna be... You know, a…
- 0:10:29 Dave Yeah. Listen. It's true. It just sounds like a lot. Right? It sounds crazy when you say, oh, 700,000,000 where people are just like, yeah. Guess when you break it down like that, cool. Like, it makes it sound more…
- 0:11:42 NatNat very much. Exactly. We don't need to worry about it. We'll be fine.
X banned in Brazil and possible effects on crypto Twitter
- 0:12:56 Kool Yeah. I I... This is news too, but I think... Are are you asking if them banning, Twitter in Brazil would affect crypto prices? Is that
- 0:14:39 Kool Twitter. The a vice president... A presidential candidate is openly saying that
- 0:16:22 NatNat Exactly. So there can be certain repercussions depending on how long the ban is in place for. So this is that to me, this is a very interesting story and it's one that we definitely need to keep an eye on.
FriendTech devs renounce the smart contracts, and decentralized social platforms like Nostr
- 0:17:44 Dave Yeah. That's right. You heard the hostess with the Moses speak, Benny. But cool. Don't be... We crazy. We're on the same team, bro. That's alpha up there. We... God. Actually, is it? Where where did he put up that? I…
- 0:21:41 Dave Done. Appreciate it, Junie. Thank you. There you go. Cool. Right there. Been around for a minute. Been around for a minute. Yeah. They do this whole, like, relay node thing. It's actually pretty cool, and there was a…
- 0:22:56 NatNat That's very interesting because they they they just said that, and they didn't give any more context to it.
Benny Lee on the falling wedge and whale and country accumulation
- 0:27:35 Dave See what happens when he's not... This motherfucker, look at this. A full on...
- 0:27:44 Dave If this... Benny, if this isn't a sign to put that damn controller down, bro, I don't know what the fuck is, bro. Like, you just gave us one of the best breakdowns you've ever fucking given us, the most articulate one…
- 0:28:19 NatNat Yeah. I agree. That was a fantastic breakdown. Thank you for your contribution, Benny. We appreciate it.
Miners, hash rate, and a slow grind as a sign of a mature market
- 0:29:06 Kool Yo. No joke, man. People are freaking out, man. My my my timeline is filled with people scared out of out of their minds. But like I said before, you... There's some certain things you need to pay attention to. Pay…
- 0:32:25 NatNat Yeah. No. I agree. And the longer for me, someone that's heavy on dollar cost averaging, this is paradise right now. Right? Because I'm seeing my favorite coins. They're either trading sideways or or dipping, and I…
- 0:32:58 Dave Yeah, man. Benny, anything else you wanna add? That was really good shit that you pinned to the top, bro. Anything else you wanna add?
Using the fear and greed index as a sentiment indicator
- 0:34:21 Kool oh, quick. A a great indicator is there's a a a a fear and greed index. It's a website, which I... It's it's it's very simplified. I'm not saying, like, know, it's a 100% accurate, though, but it it does, map out the…
- 0:36:12 Dave I pinned it to the top. Yeah. We're at extreme fear right now. We're getting really... Well, not extreme fear. Yeah. The fear point. And to be clear on what Kool is saying is this is how backwards crypto is. Right?…
- 0:38:20 Kool Yo. It's... Yo. That is the craziest thing. Like, for example, now I I would see when Bitcoins are, like, pumping green, people are going long. I'm like, what what the... What what is going on? They're taking 10, 20…
Leverage trading, low leverage with large size, and revenge trading
- 0:40:43 Kool It's Yeah. Yeah. Yeah. But but I've tried it before. I've tried it before, and it's... It is... It's not for me, man. Some people do it. But let let me let me put you guys up on game again, you know, just from what…
- 0:42:11 NatNat And also, cool, some of them don't show their losses. Right? They only show their gains.
- 0:42:17 Kool A 100%. A hon... A 100%. They don't ever talk about their their losses, man. Wins, wins, wins. If you see people posting wins all the time, you need to unfollow them. Block them ASAP because they are not doing you any…
Dave on arbitrage in 2021 and funds lost on Coinbase
- 0:46:32 Dave I used to heavy. Not anymore, though. I got smart. I said fuck all this trading nonsense every single day. I was trading... I was arb... Like, I was doing arbitrage heavy, heavy in 2021. It was crazy some of the stuff…
- 0:48:33 NatNat Those funds can't be gone forever if they're still on the blockchain, though. No?
- 0:48:36 Dave Hell no. They ain't gone forever now. They're sitting in the Coinbase fucking main wallet. Like, they have a whole public address. They just decide to tell you. Nah. Sorry. We can't really do this. It's the biggest…
Tokyo Electric Power subsidiary mining Bitcoin with surplus solar
- 0:50:20 Dave Let's go. Let's go. Let's go. Alright. I got a couple more stories, then we're gonna jump into some of the deep end stuff that I promised you guys after this. And then, hopefully, Nat, you'll be able to give us a…
- 0:54:54 Kool Yeah. I figured... Oh. Yeah. Yeah. Yes. Sorry. Sorry. I got you. Gotcha. Yeah. This... The the reason why I like this because other other companies or countries will follow. Right? That... That's why this is bullish…
- 0:58:30 Dave Yesterday's price is not today's price. Exactly, bro. Shit. Benny, did you pick what?
Macro calendar: CPI, PPI, FOMC and the Japan rate decision
- 0:59:13 NatNat Yes. Definitely. So this week on the economic report calendar, right, on Wednesday, we have CPI. On Thursday, we have PPI. Remember a few spaces ago, we spoke about the difference between both. Why PPI is more like…
- 1:01:13 Kool I... Yeah. I think it's it's great. I I think it's today or tomorrow, I think. And and the reason why I brought this up is because of, the CPI data and all that stuff because what I'm saying is they don't... These…
- 1:02:12 NatNat We're at 4049% of 50 BPS. Right? So a 50 basis points, it's already 49% baked baked in.
DePIN segment: Silencio, peaq, HiveMapper, DIMO and storage networks
- 1:03:17 Dave Okay. Alright. So let's talk some deepened stuff, guys. I... I've been in the background. I've been chatting with... If you guys remember, we had Silencio here the last week. Right? And Theo was fucking amazing. Like…
- 1:16:22 Kool Yeah. I haven't used it yet, but I was, I was waiting for you to to to drop the full detailed list that we talked about. So... But I'm definitely gonna definitely gonna use that. That looks so fascinating, man.
- 1:23:04 Dave Okay. And if anybody has any questions on this, feel free to request, come up, whatever. I'm all for it. Like, I want you guys asking questions. Right? Because I don't know, like like, 85% of the shit. Right? Like, I'm…
Crest holders and the peaq airdrop, Bistro food delivery, and the closing recap
- 1:27:11 NatNat Because I just came across a page. It's actually on the peak net... Peak Network page. If you hold Crest token, k r e s t, you're eligible for an airdrop off peak once it's released. So for anyone in the audience…
- 1:30:24 Dave Facts. You know who else is actually signing... Is actually launching on peak? Ledger. That's right. Ledger, your wallet. Your cold wallet. Ledger is actually gonna be launched on peak. Yeah. But I guess we don't have…
- 1:33:27 Kool Yeah. So sorry. Quick... Hopefully, tomorrow, we do mention this. I don't know if you guys do some research, but there was a huge, huge drama today on the rooms, ordinals, ecosystem, you know, big big cat fights all…
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