JPMorgan goes Ethereum. Chips go 2008.

# JPMorgan goes Ethereum. Chips go 2008. | 2026-10-19 | https://x.com/i/spaces/1nKOLQywajOGR | status: approved
# Speaker attributions verified via X captions, ECAPA voiceprints, and on-air handoffs where marked confirmed.

[0:00:26] NatNat @Natnatx007: What's up, guys? DocNooNoo, might
[0:00:30] Moni @monitalan: this be me and you?
[0:00:34] NatNat @Natnatx007: Oh, Toth Malone is here.
[0:00:38] Dave @DCBK2LA: New York is new
[0:00:39] NatNat @Natnatx007: Sending you an invite, Brad.
[0:00:42] Dave @DCBK2LA: Bro. It's so tough.
[0:00:48] Dave @DCBK2LA: Dude, I didn't I didn't drive.
[0:00:49] NatNat @Natnatx007: What's up, Brad? How are you, my friend?
[0:00:52] Bread @_ToastMalone: GM gang. Not, not too bad. Just, making some dinner here for the fam.
[0:00:59] NatNat @Natnatx007: Oh, nice. Nice. I saw that photo that you put up, that beautiful family photo. Happy anniversary.
[0:01:05] Bread @_ToastMalone: Yeah. Thank you. No. I appreciate that. Yeah. Thirteen years, but we've... So this year marks... We met each other for the first time twenty years ago this year. And, yeah, wanted nothing to do with each other, and then here we are, two kids, thirteen years married. You know?
[0:01:20] NatNat @Natnatx007: You guys really didn't want anything to do with each other when we first met?
[0:01:23] Bread @_ToastMalone: Yeah. I had a horrible blind date for our first date.
[0:01:27] Dave @DCBK2LA: Wow.
[0:01:29] NatNat @Natnatx007: And then now you're, like, happily in love, forever married with with kids.
[0:01:33] Bread @_ToastMalone: Yeah. Crazy.
[0:01:36] NatNat @Natnatx007: Wow. That's incredible. Well, congrats. And the photos are beautiful. Your wife is beautiful, your your whole family is beautiful. My god bless.
[0:01:43] Bread @_ToastMalone: Oh, thank you. And I appreciate that.
[0:01:45] NatNat @Natnatx007: Of course. Of course. Monica,
[0:01:49] Moni @monitalan: I was gonna say, but we can't see the kids' faces. I'm kidding. We're all family.
[0:01:55] Bread @_ToastMalone: I'd be happy to send you guys some photos. You know? They just... They don't exist anywhere on the Internet.
[0:02:01] Moni @monitalan: Good for you. Very smart. Very smart. Some people stress me out when they share everything about their kids. I'm like,
[0:02:08] Dave @DCBK2LA: oh, no.
[0:02:10] Moni @monitalan: Anyway, happy anniversary, and happy Monday.
[0:02:15] NatNat @Natnatx007: Happy Monday. Happy Monday. You know what, Brett? I absolutely love that you guys cover the kids' faces. One of my one of my college friends, he is a detective now, and there's been a increase. And you guys don't wanna know the weird stuff that they do with with kids' photos. Right? So just be careful out there. It's really creepy. Cool. Welcome. How you been?
[0:02:36] Kool @koolcryptovc: Yeah. Been good. Been good, man. Yeah. Yeah. Yeah. Yeah. Happy Monday, man. Oh, miss miss the show. But, guys, if I do miss the show, it's because I'm I'm trying to send the kids to the US Open, hopefully, in tennis. We'll see. But now I'm good. Good. I'm good. I saw I saw the headline Ethereum, JPMorgan. Let's go. When it's 20 k? Let me know, man. Let's go. Let's go. I'm ready.
[0:02:59] Moni @monitalan: I do have a question for you.
[0:03:00] NatNat @Natnatx007: So if you guys don't know, I'm buying time for for Dave. He needs a few moments. But... Cool. So, Kate actually asked about you. We told him that you, you know, you were raising some young stars in the tennis world. So not sure if you're able to pop into the wolf spaces whenever you can.
[0:03:20] Kool @koolcryptovc: Sure. Sure. Wait. If I have time, I definitely will. I I miss Kate, man. Kate is a kid. He's a he's a cool dude, man. I I thought... He's still with the the wolf team. Right? I've heard from him a long time.
[0:03:29] NatNat @Natnatx007: Yes. Yes. He still is. He still is. The shows are getting very interesting, and the crowd... We've got a lot of big, big crowd now. Like, every day, a whole bunch of people just joined the space. It's... It has grown a lot from a few years ago.
[0:03:41] Kool @koolcryptovc: Yeah. But they they focus mostly on stocks, right, or or crypto still?
[0:03:46] NatNat @Natnatx007: So now what he what he is doing, he's transitioned to more... Like, a mixture of both, so, like, overall markets. First, it was just crypto heavy, just BTC kept it on on the crypto side, but we're seeing a big influx of traders that are really good at trading just markets in general and really good at analyzing global markets, and we're seeing that a lot of people are very into that. Right? So we have huge crowds on a day to day basis just talking about global markets. So he's made that shift. That's why... I don't know if you noticed, but the name has changed from Wolf Bitcoin. Remember, first, it was Wolf crypto, then it was Wolf Bitcoin, and now it's Wolf Terminal.
[0:04:26] Kool @koolcryptovc: Oh, no.
[0:04:30] NatNat @Natnatx007: We lost you, Ku.
[0:04:34] Dave @DCBK2LA: We lost you, Ku. It's tough being the, you know, the dad of the next, you know, tennis superstar. I gotta be honest. If I would've kept going... You guys, I told you about this before. I was the sixth grade Brooklyn borough champion in all of the boroughs. I mean, you know what that is? There's a lot of people in Brooklyn. Sixth grade Brooklyn borough champ. Imagine if I would've kept going. Imagine if I had a dad, like, taking me to and fro. I could have been a contender.
[0:05:07] Moni @monitalan: Wait. And they play tennis in Brooklyn?
[0:05:09] Dave @DCBK2LA: I'm just kidding. Exactly. Exactly. New York Junior Tennis League. We would play tennis because it was essentially sponsored by... Yeah. The money didn't come from from any place out. It was, some public service thing. But, anyways, you know, I still beat some some healthy competition. You know what I mean?
[0:05:27] NatNat @Natnatx007: I used to be really good at table tennis.
[0:05:30] Dave @DCBK2LA: Oh, is that something like ping pong? Yeah. Ping pong? I am phenomenal.
[0:05:35] Moni @monitalan: You you can't crush me on it, though.
[0:05:37] Dave @DCBK2LA: Just saying. I don't know if I wanna publicize that.
[0:05:39] Bread @_ToastMalone: Can we get some bets going on the ping pong? I mean, I'm really good at that. Yeah. Yeah.
[0:05:44] Dave @DCBK2LA: Brett's good at, like, betting on, like, Polish league ping pong at, like, 3AM in the morning for... On polymarket or whatever. But... Yeah. Anyways I
[0:05:52] Moni @monitalan: mean, we can go to
[0:05:52] NatNat @Natnatx007: the toilet if you want. You guys, we can set something up.
[0:05:56] Dave @DCBK2LA: Calm down. Y'all gotta tell me twice. I am a ping pong psychopath.
[0:06:01] NatNat @Natnatx007: So am I.
[0:06:02] Dave @DCBK2LA: Time... I had a lot of time on my hands at some point. I forgot when when I developed this skill, if I'm being honest, but I don't know. Where did you learn to play... Like, how... Like, why are you so good at ping pong?
[0:06:12] NatNat @Natnatx007: College. Beer pong and then all this stuff.
[0:06:18] Dave @DCBK2LA: Different story. Okay. I can... I cannot see you playing beer pong.
[0:06:22] NatNat @Natnatx007: No. It was really good. And then we transitioned to actual... We could transition to, like, actual ping pong, and I... It was really good as well. So in Saint Martin, when I spent some time, there is this... I don't I don't think it's there anymore. This was, like, not not that long ago, obviously, guys, but there was this, like, sports center. And the... One of the the person that owned it, he was really good with ping pong. So there was a basketball court, but then every now and then, he would bring, like, a ping pong table, and he would just have us play ping pong back and forth. And that's when I first started playing ping pong. I I I wasn't that old. Okay? Mhmm. Mhmm.
[0:07:04] Dave @DCBK2LA: Okay. Okay. Okay. There probably was. I mean, we had a ping pong table in my living room in college, but that wasn't until, like, senior year.
[0:07:12] NatNat @Natnatx007: You know? Oh, fancy.
[0:07:13] Dave @DCBK2LA: I know. I know. But we used to play both. You know what I mean? We used to play both. It came with the house. You know? It came with the house. Go figure.
[0:07:20] Kool @koolcryptovc: You know, I I used to play I used to play table tennis, ping pong until I saw the Chinese play, and that's when I I had to retire. Forced retirement. This dude's unbelievable.
[0:07:31] Dave @DCBK2LA: I Start working on my slice game once I started watching the Olympics, and I was like, oh my god. Do you see the way that ball slices? I thought I was cool. I was like, you know, I mean, that's obviously faded a little bit, but whatever. Yeah. Tang's a no joke. But, also, Forrest Gump was an inspiration as well. Anyways, we're going off topic here. Regardless, let's say what's up to everybody. We got a lot to cover today. Tej, what's good, bro? How are you? Welcome.
[0:07:55] Voice D: Doing good. Just came over from space. But one thing I will say, never a ping pong guy. I was definitely a badminton guy. But what I will say, though, happy to be here and, dive into these topics. Yeah. No badminton, which was, like, really crazy in my school. Like, all the football guys in our pads before practice, we'd have tournaments. But, anyhoo, needless to say, be here with the crew, chatted about whole stuff, you know, really interesting times. It was a brutal week for those of us that, you know, little bit of trying to go getting back for the weekend. It was definitely great. So coming back on Monday, hopefully, we could regroup and see how things are going.
[0:08:33] Dave @DCBK2LA: Yeah, man. For sure. For sure. Good stuff. Yeah. I heard Natalie was on your space before, so good good shit. Guys, if you aren't following the wolf crypto account, make sure you are following. They are running some dope spaces day to day. Yeah. Monie, what's up? GM GM, how are you?
[0:08:49] Moni @monitalan: I'm good. Happy Monday.
[0:08:52] Dave @DCBK2LA: How are you? Happy Monday.
[0:08:54] Moni @monitalan: I finally signed up. Sorry. It took so long. Well, I didn't have... Oh, let's go. Too bad. Need to know. Yes. But now I need to deposit funds. I just did the
[0:09:03] Dave @DCBK2LA: sign up. Anyway... We'll take it. We'll take it. Let's go. Let's go. Let's go. And, Moni, I got... We we gotta chat after this also. The thing we talked about on Friday, I set up a whole Grock bot for it now. That's out... Yeah. We need to we need to chat.
[0:09:18] Moni @monitalan: Oh, I... Yeah. I need to send you something too. Sorry, guys. Just speak. Yeah.
[0:09:23] Dave @DCBK2LA: Yeah. That's what I thought. Side little side side action. And listen. The the man who is on probation, who we don't hear from in the chat, but somehow shows up here, gets the sympathy vote because it's late at night where he is, But also, Samara, what is going on, bro? What's up? What are you up to lately? All I see is CC Zero NFT mints going through the ninja society. What's good? He's like, nah, bro. It's already too late. I can't believe you. I cannot believe this. You are making a mockery of this and that. Anyways, we'll come back tomorrow. Toast. What up, Brad? Looking good.
[0:10:01] Bread @_ToastMalone: DM gang, just here making dinner for the fam. Finally adjusting to the East Coast schedule and spaces and all of that stuff now. So now that it's been, like, I don't know, like, three or four months, starting to click. So, you know, just making dinner and, here to chat, and be my... You know, BC Bread might have been a little degen, but Toast is a a very professional person in the space. So, you know, just here to be, yeah, a very professional person in the space, apparently.
[0:10:33] Dave @DCBK2LA: I give it a week. What's the over under on this shit? Polymarket. You get a meet. Yeah. Professional in the space as if... Oh god. Zebra never changes its stripes. Shout out to KoinKong. I see you. DocNooNoo, I shot you a mic. Would love for you to come up here. I got some NFT stats maybe that we can go over. AMG, what up? Good to see you. Pandara, Shiv, Milo, what up? Felix, thank you. Mustafa, AMP, what up? It's good to see you guys. Sham, what's good? Meredith, let's go. Okay. Let me just pull these stories up because this is this is a this is a little crazy. This is a little bit crazy. Okay. So here's where we're at. Well, you guys see the top story. Right? Like, we've talked about Jamie Dimon probably ad nauseam about how he's a a a crypto hater, blockchain hater. Satay was calling Satoshi Satoshi at at all, you know, at all these different summits. And it was just... It was honestly just a joke. But now all of a sudden, JPMorgan wants to put its dollar on public Ethereum. I wonder why. Maybe he's thinking the degen money is really hard to ignore. I'm not saying that's only it, but, anyways, here's what it says. This is the synopsis. JPMorgan now lets its big clients move dollars on Ethereum $24.07 settling in seconds. Now it starts off with only approved institutions can use it. For regular people, nothing changes in your bank account yet. It's a sign that big banks are moving money onto crypto rails. It does not automatically pump ETH. And for those that are ETH holders, ETH is down 38% this year despite headlines like this. We don't know how it's gonna turn around. Also, I saw a metallic lookalike this morning on the train, which I thought was wild. I'll share that picture in a minute. And then it says, think of it like this. You're sending a wire on a Sunday night, and it lands in seconds, not Tuesday morning. JPMorgan allowing certain institutions to trade JPM coin on Ethereum. Natalie, cool. What are we thinking about this? How do we... Do we like it? Yay. Nay.
[0:12:44] NatNat @Natnatx007: I've been waiting for this for such a long time. It's the settlement time. Right? So sending a wire in... On Sunday and having it arrive in seconds, I think that's huge. But I also believe that as we discussed previously, right, it's all about the money. Right? They see where the the the amount of money is flowing in and how much money is being made on Ethereum, right, and how they can use it, how they can access it, and how they can access the liquidity as well. So I I I see this as a good move for JPMorgan for sure.
[0:13:14] Dave @DCBK2LA: Yeah. Cool.
[0:13:15] Kool @koolcryptovc: Yeah. No. It's it's, to me to me, it's more of, I mean, we all saw this coming. There's nothing... I guess, nothing new. I I am looking forward to the day where the price does reflect all this good news, man. This is a sign of kind of bear market weird because this kind of news would have pumped e two, three x in in in, you know, a couple of weeks over. But now it's just all good. Think it's a good thing. It's a good thing. Can't hate, but, you know, we do need these people in our in our ecosystem. And, yeah, I can't I can't I can't hit on this. I just need it to go a lot higher, man. You know, we've been ranged for a long, long time. And so... But, yeah, great news, man. Good news.
[0:13:53] Dave @DCBK2LA: Alright. Maybe JPMorgan. We'll see. Monty, anything?
[0:13:58] Moni @monitalan: I just wanna see Diamond and Vitalik at a conference together on a panel. I think that just would be brilliant.
[0:14:08] Dave @DCBK2LA: That'd be amazing. Imagine he rolls in with, like, his gold slippers, Vitalik, and, like, his track pants and a, like, umbrella...
[0:14:15] Moni @monitalan: And no shoes or something. Yeah. Anyway, I think that would be... Look. I'm not surprised. We've always said it. Right? Even... I think even as of January, Jamie Dimon was still slamming crypto. So we always knew it was coming. They just acted like it was not coming.
[0:14:34] Dave @DCBK2LA: Yep. It's true. It's true. It's true. Hi, DocNooNoo. What's up? How are you?
[0:14:39] Coinkong @coinkong: Hi. I'm good. How's it David?
[0:14:42] Dave @DCBK2LA: Doing good. Doing
[0:14:43] Coinkong @coinkong: good. Monie, Fred, Wolf, Pandora. Anyone else? Everyone else? Hi. Hi. Hi.
[0:14:52] Dave @DCBK2LA: What do you think? JPM Coin? Love it? Hate it? Jamie Diamond? Ethereum?
[0:14:58] Coinkong @coinkong: Indifferent. Talk to me about NFTs.
[0:15:01] Dave @DCBK2LA: Fair enough. Fair enough. Fair enough. Hang out. Don't drop down then. Do not drop down. Okay? We'll get there. Tash, any take on the JPMorgan... On JPM coin?
[0:15:11] Voice D: Yep. Funny thing is... Okay. So unrelated to this, and then you've noticed it was gonna be the topic until just a second ago when I asked Natalie to give the people a a preview of this space. It is... I was cutting up a clip of jay... Jamie Diamond speaking. I don't even know what conference it was. Some big time, whatever, bankers, like, a whole bunch of big shots were on the stage. And he was completely knocking Bitcoin, completely knocking, like, the whole crypto space that was not fiat denominated. So he was very bullish and positive on fiat denominated stuff nine months ago. So it just so happens that, okay. This is a topic here. This news breaks or whatever this information. And I was always, you know, behind the scenes, always covering the stuff of, you know, what they're doing with JPM for their clients and so forth. And on the surface, they're always so negative, but I'm like, well, that's quite double standard. They're doing this stuff in the background. So now that it's coming a little bit more public, and they're a little acknowledging it a little bit more. And it's just so funny that as I was clipping that up, to hear him, like, he was hinting at this nine months ago. It just we probably just weren't really listening to it because it was following a statement at... And it was sandwiched in between two shots at Bitcoin and the whole crypto space. But in between that whole thing, was talking about the yen and dollar denominated fiat cryptocurrencies he was bullish on, or he he didn't say bullish of, obviously. That's not his his his style. But he was saying, yeah. I I am for that. As long as it's fiat denominated and obviously come from a big bank, you wouldn't expect anything less. So I think... Anyways, I just land the plane there to say this. Like, I think they've always kind of been in that position because they're they're just in the business of moving money. And if it's Fiat, then, okay, that's the same business that they're in. And if their clients are already using this stuff and their competitors are using this, they see an opportunity to make money on it anyways, and that that... They're... That's their business. So, I don't necessarily think it is a sign of endorsement. It's just kind of continuing what they already do, and it's just gonna cut their cost more than anything. So if anything, it's gonna make them more money, but, we'll see how that goes.
[0:17:15] Dave @DCBK2LA: I mean, they're they're a money... They're crazy money generator at the end of the day. It's insane. So... It's insane. I mean, yeah.
[0:17:21] Kool @koolcryptovc: But I do have a question. How does this benefit... Benefit ETH as a token itself? Like, I mean, what what what do you think the value of ETH should be, you know, with, you know, in this kind of adoption of these... From these big banks?
[0:17:34] Dave @DCBK2LA: I don't think it does.
[0:17:35] Bread @_ToastMalone: Like, I It doesn't at all, dude. It's like a... It... It's it's a grandpa version of a coin. It's like... Picture, like, whatever crazy sort of weird thing that legal finally sort of approved. You know? It... It's nothing revolutionary. It's nothing... I mean, again, they're one of the only companies, like, that's a major financial institution of, like, 200 companies that, they're not supporting, OUSD. They decided, like, we're gonna do it ourselves. We're gonna launch our own stupid stable coin or whatever, you know, and offer the same things and the same benefits that OUSD does only without the yield, you know, generation and without the multitenant kind of operation that it's already built. You know? I don't think that it's going to... It's not gonna be nearly as fruitful as, as the the executives believe it's going to be, and that's simply because they just have no clue what they're doing out here.
[0:18:30] Dave @DCBK2LA: I mean, do we really think they have no clue? Like
[0:18:35] Bread @_ToastMalone: Yeah. They're, yeah, they're super corpo. Like, they're so risk adverse because of their size. The same thing with, like, Bank of America, whatever happened to them, and they're stable. Right? I mean, like, there's... What happened to Onyx? Why aren't they gonna use Onyx as a chain? You know what mean? Like, they have... They're they're too risk adverse, and they care... And there's there aren't enough really... Like, I don't wanna say smart. Mean, crypto native type people on their team to make more, forward looking decisions.
[0:19:02] Dave @DCBK2LA: Yeah. So I'm trying to play this out. So I think JPM is already... They're on bay... They... They've already... They have an agreement with Base, I believe, already, right, with JPM Coin. And I'm trying to, like, get GBT to help me expand on this. It says the attraction is simple. Businesses need to move money outside banking hours. A supplier shouldn't have to wait until Monday just because a payment was sent on a Saturday. And as far as for us, like, maybe the everyday crew, you can't assume this token is available to buy or use in your personal wallet. The immediate change is mostly behind the scenes over time. Systems like this could make business payments and money movement fast. Yeah. Because that's genuinely what it is. Right? And then it says for ETH holders, adoption is encouraging, but cool. The connection to price is indirect. More bank activity does not automatically mean enough or or or mean, additional demand for ETH to lift its price at the end of the day.
[0:19:54] Bread @_ToastMalone: Well... And you can already do that, though. That's what I'm saying. Like, with with Stripe and USDC buys from Circle, you can already do that. You can already have instant settlements across 30 different currencies, and, like, you can already do all of that. The JPM's, like, promising, like, this is what you're going to be able to do coming soon. And it's like, bro, we've been doing that for months. What's up? What... Like, where... What are you guys doing?
[0:20:14] Dave @DCBK2LA: But it's not applicable for you. Right? Like, I think it's applicable to, like, the... Like, they said, the businesses at the end of the day. Businesses that need to be able to transact either overnight on weekends that, like, nontraditional banking hours, this is gonna benefit them for sure. Tesh, go ahead, and then we'll go to Monica.
[0:20:30] Voice D: Okay. As someone who prefers Android for everything except for spaces, when I... When Apple makes an announcement, like, I'm one of those Android guys. It's always like, well, we've been doing that on Android for, like, three years. So, like, why is this special? But, you know, it's Apple. So, like, they're the big fish in the sea and whatever. When they made the announcement three years later, all of a sudden, it's big news. So, you know, yes, we get it that, like, this is not special. However, like, all those people that had their money, they're already using them as, you know, their services and so forth, like, to them, it's a big deal because they're getting that email, that notification, or their adviser is coming to them and saying, hey. We got this brand new thing because they were never looking at this space. They don't know what's going on. So to them, it's like, oh, crap. In their mind, JPMorgan just legitimized the space. Now we can use this technology. Right? So, like, it's kind of like to have the Apple users, iOS users that have never looked into the Android ecosystem. Think that Apple came out with something so amazing, but it's just that they're rolling it out to all their devices. And then now it's like, okay. Cool. It's it's amazing. So... Yeah.
[0:21:30] Dave @DCBK2LA: Yeah. And true. True. True. Yeah. Mona, go ahead. Good stuff, Tej.
[0:21:34] Moni @monitalan: Look. XRP has been doing this with clients for a long time with... So... Ripple with XRP. And they were trying to grow the middle market, especially on that front. But the biggest challenge they had was bank adoption. And so a lot of the businesses want... Wanted that back up from the banks. And that's where I think this makes the difference. Right? Once you have JPMorgan in there, now you have the trust of JPMorgan. You know that you're gonna be able to move the money quickly without raising any flags. And that was the biggest issue Ripple had with XRP, and they had only... For example, in Texas, I think they only had one bank that had approved doing transactions with them. So I think that's what the difference is here.
[0:22:22] Dave @DCBK2LA: Great point. Agreed. Agreed. Agreed. I think, like, at the end of the day, like, it's just... They're gonna roll this stuff out slowly, slowly, slowly. Right? They need to make sure that, like, obviously, like, we're gonna give these benefits to some of our bigger clients, right, to let them see how this functionality works. But I'm sure there... There's been extensive, extensive testing. But, also, maybe I just need to do a little more homework, but the JPM Coin is a stable coin, I'm assuming. Right? JPM Coin should be a stable coin. And, essentially, just allow it like like like we just said, allowing businesses to be able to transact, obviously, outside of their normal business hours to see how this can actually work, to be able to move money. No ACH deposit takes over the weekend or three to five days or whatever this nonsense is. So gonna be interesting to watch. Gonna be interesting to watch. So on this same note, listen to this d t... We've... You guys have heard us talk about DTCC. Right? The tokenization aspect of this. Right? DTCC is the clearinghouse for pretty much all of Wall Street and, I mean, handles hundreds of trillions of dollars in settlements. Now here's the thing. DTCC is part of the infrastructure that records and complete securities transactions. Its tokenization work allows eligible assets held through DTC to have digital representation that can move through supported blockchains. Now this is what they're doing. They're rolling out, I think... I believe it's a test for 25 different stocks. They said they've already demonstrated live production transactions ahead of its planned service rollout. I think this is gonna be big. Right? Because now this is the clearinghouse telling you, hey. We're open to this. We want to test this out, and we're good. Like, this is $30,000,000,000,000. Right? Like, $30,000,000,000,000 that these guys are literally handling on a day to day basis. What does this say? Let me see what else the other tidbit. This could make certain investments easier to transfer, use as collateral, or access beyond traditional market hours. Initial access and transfers can still be restricted to approve participants. Again, slow rollout. And then it says, also a... This is a big differentiator. A token representing a stock or bond still needs enforceable ownership rights, custody arrangements, and a way to redeem or transfer it. A blockchain record cannot replace those protections. So I think that's super interesting as well where it's like, how is this actually going to look? You know how we talk about... They said there's gonna be no synthetics. There's gonna be no, hey. Like, x n v d a or whatever that is. Not the case. They're rolling out 25 of these. 25, they're gonna see how it goes, and then they'll probably roll out more. This, think, is the is the monster... Is the really, really big story for everybody to kinda be paying attention to and kinda what what Wall Street is gonna be able to follow. Anybody wanna chime in on this one? Monie, go ahead. No? No. It was on me. Tej? Sorry. Got it. Tej?
[0:25:25] Voice D: Yeah. So the DTTC, like, is absolutely massive. And, honestly, if I wasn't doing the tokenization space, I would have had no clue what they are, who they are, what they do. It's kinda like Jane Street when the Jane Street news broke. Until that happened, I had no clue, like, Jane Street even existed. So, like, kind of the same thing. Like, they had this massive behemoth behind the the the scenes. And as they're adopting this stuff and rolling it out, I think it is a big deal. It's just not really sexy because I I just don't think most people truly truly understand. And on Cade Space, this guy Vinay, who's British accent, he goes into, like, all this stuff. He makes the DTC sounds like the most exciting thing ever. Like, it's like this brand new thing. Like, the... But, like, he's very, like, sarcastic and facetious in the way he presents this stuff anyways. But, like, it's like he makes it, like like, very palatable and understandable, but it's pretty boring subject, to be honest. And, like... And it's... I think that's why, like, even though it's so massive, again, I think how we kind of look at things in the... In in this space and this bubbles, like, does this actually translate to whichever chain ecosystem, whatever the chain having more adoption, more users, price of the token going up? And, like, in most cases, it's very hard to see. And I think that's why most people don't care about it, if that makes sense. But love to hear the other thoughts. I don't know if that kind of was just kind of all over the place, but... Yeah.
[0:26:48] Dave @DCBK2LA: Alright. I hear you. I hear you. I hear you. Anybody else wanna chime in on this? I know DP's down there. DP and and Articulate are big on the the tokenization stuff. Right, Tej? We gotta we gotta bring...
[0:26:59] Voice D: Yeah. Articulate for sure. Articulate is, my go to for this stuff.
[0:27:04] Dave @DCBK2LA: Yeah. For sure. For sure. Good stuff. Alright. Let me see what other top stories we have.
[0:27:14] Dave @DCBK2LA: I mean, Ripple... I mean, excuse me. XRP now has an x account. We saw... I I did not even... No. No. I'm with you. Like, when you put in the chat, I was... I read it five minutes before, and I'm like, wait a minute. XRP never had an x account? They're already up to, like... I mean, at last I saw it was 40,000. Now it's probably, like, something absolutely nuts. Who was surprised at this?
[0:27:36] Kool @koolcryptovc: Yeah. I I... That's... What's the reason why they never had all these here? That's insane. That's that's crazy.
[0:27:42] Coinkong @coinkong: I guess they were using Ripple, but, like, they they also now have a website. Apparently, they didn't have a website either.
[0:27:50] Dave @DCBK2LA: So now it's... What what is it? Ripple... Hold on. Let me just pull it up. XRP. Wow. Following. Look at this. Wow. 78,000. This thing is cooking right now. But who are they following, I guess, is really interesting. Bitso token relate. It's probably always a good thing to, like, check out who they're following, especially when the account is just created. Because then you'll be able to get to see, like, if there's some maybe unknown SoFi, Zerion, Ethereum, CoinShares, some AI companies as well. This could be a little bit of alpha in here. You know?
[0:28:20] Moni @monitalan: Did you say Bitso? Bitso's a company from Mexico.
[0:28:24] Dave @DCBK2LA: Yeah. They're following a lot. Africa, Korea, XOPL, Korea. Oh, they're following Robinhood. Da da da da. Hal Shi. Interesting. Ondo. Bitwise. This is interesting. Why didn't they have an... I guess, why didn't they? Like, is it just me? Why didn't they have a next account up until now? They were just using Ripple Labs?
[0:28:47] Moni @monitalan: I think so. Maybe it's because they didn't realize they should have. Right? Maybe they are focusing now more on the consumer, not just on the business side. Because even though, you know, every Uber driver recommends XRP, I don't think that was their target audience. Right? They were more business focused, but maybe now they're like, okay. We should
[0:29:08] Coinkong @coinkong: focus on consumer?
[0:29:11] Bread @_ToastMalone: I mean, judging them based on their their core support and group, I'd say that they probably had a big presence on, like, Reddit and Fortune and just didn't really TikTok. Yeah. And TikTok and didn't really bother with x.
[0:29:26] Dave @DCBK2LA: 4chan. Love 4chan.
[0:29:28] chromatique @chromatique: Love that.
[0:29:30] Dave @DCBK2LA: Yeah. I get... Does this help the token, do we think, or what? Like, does this does this change anything, I guess, in my... In your guys' opinion? So what do you say, Brett?
[0:29:38] Bread @_ToastMalone: Oh, I mean, you know, just the same thing we've been saying about XRP for the past, I don't know, several year. They're ISO, 222 compliant or whatever. You know? So there's that along with Stellar Lumens and and, like, Polka Dot and, I don't think, AVACS maybe or something. You know? So, you know, wish them all the best.
[0:29:59] Dave @DCBK2LA: Nice. Okay. Cool. Cool.
[0:30:02] Bildo Verde @BildoVerde: Cool. Yeah.
[0:30:04] Voice D: Quick theory. I I think possibly. Right? Because, like, every time you hear Brad and the whole crew talk about it, they try to make it sound like they're, oh, no. We're a completely separate entity. XRP is the community, etcetera, etcetera. So maybe trying to distance himself from the idea of, hey. We're not the ones running this whole x experience and promoting it in that sense. We just focus on Ripple, Ripple Labs. I think they're trying to distance themselves so indirectly. Maybe... I'm probably sure if you ask them, they're like, oh, yeah. This is more a community initiative and, like, you know, that kind of thing. Like, kinda distancing themselves from the whole thing.
[0:30:40] Dave @DCBK2LA: I mean, we've seen a lot of companies do this, right, where it's like, are two very... These are these are all separate entities, separate institutions, but they do that from the... From from a legality standpoint. But, yeah, I don't know. Yeah. That's not my forte, so I will not fucking try and weigh in on that shit. Alright. XRP, congrats to the moon. Five d Ascension. Where's Landy when you need him? Anyways... Alright. What else do we got cooking? More shutdowns. Moni, I saw what you put in the chat. Sofan is done. I think it's been done for
[0:31:12] Moni @monitalan: a week. They had announced it, but they finally said the date that it will completely shut down right in November. So bye bye.
[0:31:20] Dave @DCBK2LA: So back.... Address. That's all so fun.
[0:31:21] Moni @monitalan: The two consumer focused, right, chains were so fun and abstract. So I guess you shouldn't focus on a niche like consumer.
[0:31:32] Kool @koolcryptovc: Is this... It it was just too experimental and, of course, higher rates environments. There's no way these protocols survive. And it's the... These rates is a real thing, man. It's it's unbelievable what they are now. And for this long, there is no way a newer project survives in environments of high rates. There's no way. Impossible. Especially in crypto. And that's the reason we've seen... I I mean, I've probably seen probably the most shutdowns I've ever seen before for for for crypto projects, man. It's crazy.
[0:32:06] Dave @DCBK2LA: Any... Is it... Were there any other one? I feel like we just won every other day coming out in terms of shutdowns. What What have happened to Megaeth, Post Malone?
[0:32:15] Moni @monitalan: Well, they haven't
[0:32:16] Dave @DCBK2LA: really counterpart?
[0:32:17] Moni @monitalan: They haven't really announced that it's shut down, but it's pretty much dead. Right?
[0:32:22] Dave @DCBK2LA: Pretty much. Any... Exactly like you said, like, could... If you're making a consumer... Who is your consumer? Who? Who? I don't understand.
[0:32:31] Moni @monitalan: But can we talk about base shutting down their Discord after people spent years, like, trying to build up and get credit so that they could get the airdrop, which I'm assuming now there won't even be airdrop at
[0:32:45] Dave @DCBK2LA: the You know who was screaming this from the rooftops? You know who has experienced this firsthand? Ninja. Tater trade... This is why he literally went out and, like, he everything that he was trying to help them push, he was being either ignored or they stole the idea, and then he just, like, he he vanished. But this is what these companies do. It sucks. It really, really does suck. But they're like, oh, thanks for your contributions, guys. But we've made a business decision to shut this whole shit down, and thanks for helping us push it, like, up until now. We're we're good. No rewards for you. Thanks. Bullshit.
[0:33:19] Moni @monitalan: Or then did you guys see what happened with Farcaster? So...
[0:33:24] Dave @DCBK2LA: I think there's something going on with Bellagi or something.
[0:33:26] Moni @monitalan: So he bought it. Right? And so now if you wanna use Farcaster, you have to agree that you're gonna follow all of the rules. A lot of people were not allowed to even, like, come back in because of language they use or or or things they have said on the platform. And so the decentralized social media platform has become probably the most centralized because you really have to go through this whole process. You have to approve it. Yeah. There was a vote, and then there was an approval. I I I can still go in and I can read, but I can't interact with anybody. I can't DM or anything unless I sign their agreement, which I don't I don't know. It goes against everything that broadcaster was, I think. But a lot of people are big fans of his work and and the... What's it called? Nation whatever. And so anyway, there
[0:34:22] chromatique @chromatique: a lot of people
[0:34:22] Dave @DCBK2LA: are not blocking...... Doing? Right. But, like, what is what is he actually rescuing? And what does he see as, like, the plan... It's just like, hey. We still want this to be, like, a social network. But...
[0:34:33] Moni @monitalan: For his... What is the the the project or platform or thing he's built?
[0:34:40] Dave @DCBK2LA: I forgot what it's called. But, yeah, he has a big following.
[0:34:42] Moni @monitalan: Right. And and he has that community. Right? I think that they go outside and build different things. And so he's just trying to make this a platform for that community. So it's... I think it's gonna be very niche. It's gonna be very small. But people who help build it, I mean, really big fans of it are, like... I'm not even joining other people that I know because I... I'm I'm trying to follow who's still in there. I mean, people who work deplatform from x went to Farcaster, and those people, I think, are pretty much staying. They're like, fine. We'll follow your two rules. But a lot of people I know are not very happy and have decided to leave. And and they're... So Lance is doing this whole campaign. Remember, I thought Lance was dead. So Lance is doing this whole campaign to attract people who are demon firecaster to come back to to Lance. So it'll be an interesting thing to see what happens in two months. Somebody that knows more than you probably got on stage.
[0:35:49] Dave @DCBK2LA: Yeah. Because if I... If we remember, like, they they raised a ton of money, and then they just gave it all back. And now it's like, okay. Well, what's the next thing? Right? Like, how is this gonna move forward? But, yeah, I guess we'll see. I don't know. I mean, look. Maybe it needs, like, the web two flare or the web two touch from Bellagy. You know what I'm saying? Like, the Goldman Sachs touch.
[0:36:07] Moni @monitalan: Network school. Oh, no. It's network school.
[0:36:10] Dave @DCBK2LA: Oh, network school. That's
[0:36:11] Moni @monitalan: So this will become kinda like the place for network school or people who like their... The way they approach things. But, again, I think the rules are very strict on what you can and cannot do. And and it's, again, you can't say it's decentralized. It never was. As, you know, Dan always said, it's almost completely decentralized. But these guys are like, no. You have to follow our rules, our guidelines, and if you break it, you're out.
[0:36:41] Dave @DCBK2LA: Yeah. I get it. I mean, let's see how it's gonna go. I mean, they couldn't get anybody. If you remember, they were giving money away in the beginning, literally throwing money at people to come to the platform and actually post, and it just didn't take off. Also, like, the the the Far House or Farcaster House, whatever it was, like, the spaces version wasn't really very good.
[0:37:02] Moni @monitalan: Yeah.
[0:37:02] Dave @DCBK2LA: Like, I... Yeah. I feel like if they would have built that out, they would have had maybe something.
[0:37:06] Moni @monitalan: But I also think... Because I was very active in Forecaster. They never really took care of the community. So there were people that actually did events and did a ton of things for free, and they never recognized them. Right? By the way, I have the NFT for a forecaster, though, gee, if anybody wants to buy it, I'm to sell it. I'm sure it's important to
[0:37:26] Dave @DCBK2LA: help you with something. Wait, Monie. I don't I don't don't think it was that they didn't they didn't do stuff for the community. I think that they did.
[0:37:33] Moni @monitalan: No. But it was not done.
[0:37:34] Dave @DCBK2LA: For... They didn't... They they wanted to essentially incentivize builders to come on and people that built these frames and all this other cool stuff, but they never figured out a way to kinda galvanize and and bring together the community. It was always just random pockets of shit, in my opinion.
[0:37:49] Moni @monitalan: But they have, like... The events that were held were not actually done by forecaster. It was people who came together and did them. Ted was a big... Who who eventually they hired her, but I don't think she was... But three months unless she
[0:38:02] Dave @DCBK2LA: went from her.
[0:38:03] Moni @monitalan: Do you
[0:38:03] Dave @DCBK2LA: do you... Anyway. Do you
[0:38:03] Voice D: think it it
[0:38:04] Kool @koolcryptovc: was because the... You know, because it it was kinda hard to use the platform. And you think it wasn't as easy to use, you know, the
[0:38:11] Moni @monitalan: I also think they changed that all the time. Cool. Again, I used it, and I was like, okay. I don't understand now what I like. They would make changes all the time that made it. Yeah. It wasn't user friendly. Was like, okay. Now how can I do this, or how can I do that? But, Dave, I will tell you. Do you remember... There was one project, I think, dGen, that, like, gave away a ton of money to people. You could tip people, and they gave a ton of money, and the platform itself never supported them. I know of at least three projects that really wanted to build a broadcaster, and they never got any support from them. And so...
[0:38:47] Dave @DCBK2LA: That was the... Their biggest account. That was their biggest project. I remember talking to... And he did nothing for that.... Tons of times. Yeah. Agreed. They were like, oh, what's the point of a layer three and blah blah blah? And I get it. Like, there wasn't anything, like, maybe unique about it, but, like, that got users in.
[0:39:03] Moni @monitalan: That's what get...
[0:39:04] NatNat @Natnatx007: That's why
[0:39:04] Moni @monitalan: I was so active. I mean, I got... I made money out of it. And so... Anyway...
[0:39:08] Dave @DCBK2LA: I'll tell you this much. That, believe it or not, those... That was the start of the banker bot days, and for those that don't know. Right? It was t n 1,000, these, like, emoji, all these weird shits, and then that turned into banker, which, obviously, you guys know how it ended up doing. At the height of it, was almost $90,100,000,000 dollar market cap. So there were things that were there, but they were just not nourished. So let me ask you this question, Moni. Do you think that web... And this is maybe for anybody. DocNooNoo, I'd love to hear your take too. Does web three, like, have a problem with hiring or, like like, people understanding what the business actually needs?
[0:39:44] Moni @monitalan: I think they have a couple of problems. I think that's one of the problems. They also don't know... And and I I guess it's the founders. They don't know how to build on the strengths of the people they hire. I see a lot of people leave very frustrated because they... They're hired, and they can't do what they're supposed to do because the founder has another, like, idea. And I really think that a lot of these founders don't know, like, how do you go to market and how do you do right... Top of the funnel is the for for projects. But then if you wanna expand and and and grow more, you have to bring in people with different experiences. So that's my POV, but I'm sure others have different thought.
[0:40:27] Dave @DCBK2LA: Yeah. I I agree with that. No. No. Go ahead, and then we'll go to Tesh.
[0:40:30] Coinkong @coinkong: Yeah. So just to clarify, when you say Web three, who are you referring to? Is it, like, NFT founders and meme coin founders? Or, like, are you talking about traditional blockchains?
[0:40:40] Dave @DCBK2LA: Barcaster, traditional blockchain, all of them, I guess. I don't know.
[0:40:45] Coinkong @coinkong: Yeah. I don't... From my perspective, obviously, NFTs, I mean, what are we expecting? They... These founders don't have any IRL business acumen, and anyone can become a founder in Web three, and that's the issue here. Like, they literally don't have a clue, and they hire people who don't have a clue. And there's a lot of the Lulu in the space as well.
[0:41:03] Dave @DCBK2LA: What about... Oh, okay. So let's let's exclude NFTs because I think, obviously, that's a given. What about, like... Let's say... Let's... I mean, we're talking about Farcaster. That... Forecaster that raises a $180,000,000, but still doesn't know how to put the pieces together.
[0:41:16] Moni @monitalan: And he never listened to the community. Dave, if you would go onto the platform and people were, like, giving feedback, giving recommendations and say, why did you make this change? It makes no sense. We were already getting traction. And they would, like, put the nastiest messages just saying, look. This is our vision. Like, this is how we're gonna do it.
[0:41:36] Dave @DCBK2LA: You know?
[0:41:36] Moni @monitalan: Like, if you can leave.
[0:41:37] Dave @DCBK2LA: It's it's
[0:41:38] Kool @koolcryptovc: about the
[0:41:38] Moni @monitalan: money. Not a founder.
[0:41:40] Kool @koolcryptovc: I don't think they cared about the platform. Like, they they really, really did. They would've fixed fixed issues. Right? Because this... And it doesn't make sense, man. You know, they had... They wasted all that money, and they're not really listening to feedback. So they don't care, man. It's about about the money. Right? I mean, that's what it's about.
[0:41:55] Dave @DCBK2LA: I mean, but if your audience... Like, DocNooNoo was saying, if your... And Monica's saying, if your audience is top... And the top of the funnel is... Are the degens, maybe you should fucking listen.
[0:42:04] Kool @koolcryptovc: Yeah. But if you don't care, man, you're not gonna listen. If you care about...
[0:42:07] Dave @DCBK2LA: You know? But if you care about the money is what I'm...
[0:42:09] Kool @koolcryptovc: No. What I'm saying is if
[0:42:10] Dave @DCBK2LA: if if... Okay. They they... They've had the... I don't
[0:42:12] Kool @koolcryptovc: I don't know, bro. It's... Web three is being weird, man.
[0:42:14] Dave @DCBK2LA: I don't wanna know. But it's very strange. It's very strange. Yeah. Agreed. Agreed. DocNooNoo, go ahead, and then we'll go to Ted.
[0:42:20] Coinkong @coinkong: Yeah. I don't think they don't care. I just think, like, a lot of founders get... Well, already are maybe a bit egotistical, and maybe they do have the business acumen to think, like, I'm not gonna listen to some degens, which is the right thing in web two. But in web three... And we saw this when all these, like, web two companies came into web three, like Game of Thrones and Porsche and Lamborghini. And where are they now? They... Nike as well, of course. Like, they've they've all, like, just disappeared because they don't know how web three operates in terms of, like, how important the degens and the community are, like Monica said. So, yeah, a jack of all trades is a master of none. And, you know, you get founders who are very possessive about their project. They don't wanna outsource. But, like, community management is a specialist role in my opinion.
[0:43:08] Moni @monitalan: And then listen to to your community manager. I have seen that too where they're like, no. No. That that doesn't make sense because this is our vision. But, like, the other part... And I think this is where we're gonna start to see really strong friction is all these web three projects who wanna go into TradFi. Right? And so I shared the interview that Jeff, the founder of Hyperliquid, did, and it turned to a little bit tense when they're like, wait. One of your founders isn't docs, and you say you're gonna serve or take over all of finance. What... You can't have that in traditional finance with an... With one founder not being docs. And and he's like, no. But it doesn't matter because our team is beyond our team. It's people that work with us. And so... And I was like, no. Like, are you, like, listening to yourself? And I think this is where we're gonna see a ton of friction because web three companies and founders who have been successful are not gonna wanna adapt to also now attract Web two, and I don't think how that works. And by the way, I think Hyperliquid has a ton of of opportunity, but I do think if they wanna do what their vision is, they're gonna have to, you know, at at least dox the other founder, but they're gonna have to be more transparent and follow the the rules of the different countries. I don't think they'll be even able to operate globally the way they're currently structured. But I'll share it because it was a... It's a great podcast. It was on Bloomberg. And in several times, you could feel the tension. I mean, the the two, interviewers are are really good and super nice. So it's funny because you could feel the tension where they're like, but it doesn't make sense, right, on their end.
[0:44:49] Coinkong @coinkong: You could... It... The, like, the disconnect between these founders and the actual space is so palpable. Like, when you see founders come in and charge... Like, I know it sounds stupid, but, like, charging, like, $30 for Mint or $60 for Mint wasn't very much back in '22, 2324. But when you come in with, like, an eight k supply and try to charge $30 for it now, you obviously haven't really got an understanding of the space or consulted anyone who knows about the space. And, yeah, they just kinda whack any price point they want and put on any supply that they want without any consultation.
[0:45:23] Dave @DCBK2LA: No. No. You know what would be... Ted, I'm coming right now. Do you know what would probably make sense is the successful NFT projects be consultants on the incoming, let's say, bigger ones? Because those are the ones that community, know how to build the community, know how to drive some value, and they just needed, like, a real potential product. Right? So for them to be I
[0:45:43] Coinkong @coinkong: Yeah. I couldn't I couldn't agree with you more. And, like, it doesn't even have to be, like, somebody who actually has a certified consultant role. Yeah. Like, just just kinda speaking to the people who know because, like, I'm gonna give, like, an example, the beaks that happened a couple of months ago. Yeah. I mean, they used a couple of collab managers who are probably, like, considered the top collab managers in the space for god knows what reason. Like, don't mean to throw shade at anyone. But at that time, I was like, what the... Like, who... What qualifies these people to be advisory? Like, they are clearly misadvising you. Like, a collab manager's role is purely to distribute the whitelist, and they don't give a shit what happens to your project after mint. And that is why I came up with the down to the... Down into the right thesis because there was literally, like... The beaks was a a web two artist, and his his art's amazing. Like, he's got a massive following on Instagram, But the way that the collabs were handled and the communities that they were given to, like alpha groups, they are for profit. Like, people are in alpha groups to make profit. They don't give a shit about art. So there's no alignment between the people that are getting the mints and the project itself. So, like, when... I did wonder at that point when people do come from web two to web three, how... Who is advising them on who to turn to for advice? Where do where do they decide? Like, I I don't know how they do that.
[0:47:01] Dave @DCBK2LA: Yeah. I have no clue either. But good stuff. Good points, Let's go to Tej, Milo, Bildo, and then we'll come back to Moni.
[0:47:08] Voice D: Yeah. So answering the original question, like, you you know, as far as, like, these teams and so forth, like, I I used to be very critical of them, but what... Being in enough of these, and I I think Dave, you probably know too because, like, you have to, like, take meetings with these guys and and figure out when they're trying to get on your shows or whatever is that you, like, you're working on. And you ask them a simple question like, who is this for? What problems does this solve, and how is this sustainable? Like, those three basic questions, many times, like, they can only answer one of the three. Right? And I think a lot of the times, like, you have, like, technologists, you have people that are very excited to code or build something cool on amazing technology and say, oh, great. This thing works. It solves all these amazing problems. And it... Like, never really thinking of, like, how to turn this into a business. And I know that that that sounds like the most, like, generic thing ever, but, like, if you actually talk to a lot of these teams on these calls, when you you ask that, like, they truly don't know. And I I don't think it's necessarily the fact that they're clueless. Like, they're smart people. Right? They build amazing things, but they they... When it comes to taking that amazing thing, it could be the best technology in the world and it can lose out. You can see that over and over again. Video game systems, VHS versus whatever it was, HD, whatever, and all these different technologies. The best one doesn't always win out. Other times, it comes down to the best marketing communication and so forth. And, like, I... Because they can't communicate who this is for, even if they know and there is an audience or a problem that they're solving for specific people, they're focused on the wrong thing in the way they communicate it. And with, like, sometimes you get on some of these spaces, you're doing an AMA or whatever it might be with them and whatever, and it's like... You're you're kinda like... You feel bad for the team because, like, you think what they're doing is so amazing, but they're communicating it in such a horrible way that, like, you know they're gonna fail. And it's like... Again, whoever said, like, the whole arrogance thing too, it's like, yeah. If you can build something absolutely amazing, there is a bit of, like, arrogance that comes with it in the sense that, like, well, if you didn't think you're amazing, you could do amazing things. You wouldn't try for it. So, like, you kind of do have that swag. It's kind of like anyone that... There's no humble professional athlete, period. Like, you think you're amazing. You think you're great, and that's why you ended up being on the top. Like, you might not display it like a jerk, but going back to these guys that are building all this really cool stuff, like, think they are super smart. They think they're amazing and whatever. So when you try to tell them, like, this is absolutely stupid or you're communicating this in the wrong way, they take that as, like, a challenge. Like, okay. Great. Like, this is just what you have to do to be successful. Go against the grain and push against it. And it's very hard to communicate that kind of stuff that, like, what you're doing is absolutely wrong. So that's something to say is a lot of the times, I I I think they're very, very, very smart people, and they're a victim of their own excitement for the technology and being able to solve this amazing problem that... And not really realizing that it might not solve it for anybody, but you or maybe three of your friends. You know what I mean? And Yeah. So... Yeah. At
[0:49:52] Moni @monitalan: the end
[0:49:52] Dave @DCBK2LA: of the day, like, you're you're a builder. Great. You can build an amazing product, but if nobody uses that product, doesn't mean you're a great marketer. I have one word, one phrase for you guys. G 26. Milo, go ahead, and then build on, and then we'll go back to Moni.
[0:50:08] Milo @0dteSPY: Hello? Hello. I have a few things.
[0:50:12] Dave @DCBK2LA: Yes, sir.
[0:50:13] Milo @0dteSPY: The first is you never know what their actual intentions are. And once they have the cash, there's a whole bunch of grifters out here that don't give a goddamn about what the fuck they do because they already got your cash. I used to sit in freaking Discords, and I would rip apart projects that used to sell snake oil. It was what I would do on a Friday night because it was fucking funny, and then I would get banned. It was a lot of fun. But I no longer do those things because I just don't give a shit anymore. So when you ask, oh, why did they do this? Why did they they do that? They wanted the money. Plain and simple. Once they have enough money, whatever that is, they move on from it. That's it. It's that simple.
[0:50:53] Dave @DCBK2LA: Yeah. That's interesting. Like, you could be the big... I'll tell... I'll give you guys a perfect example. Go look at Prism. Prism on Robinhood is the perfect example. They... People bought into this like crazy. Oh, RWAs. Look at what he's building every day. He's down... Heads down sixteen hours. Cool. Cool. Cool. And then one interview literally with the downfall of the whole thing where they were like, have you ever tokenized anything? And he was just like, no. This, I think I've tokenized one thing once. Like, you run a tokenization platform and everything RWA, and that's what you set... Like, that's the point. Like, if you ain't that guy, you need to fill in the gaps with those guys. But these... Everyone's just trying to launch a token, make a little bit of money. Yeah. Bildo, welcome, bro. Go ahead. Good to see you, brother.
[0:51:35] Bildo Verde @BildoVerde: What's going on? Happy Monday. Long time. No talk. I think the answer is both because, like, I'll I'll make the pro for both situations, I guess. But I... As long as I've been in web three, any community that I've ever been a part of, there's always been at least one community member that seemed to be smarter than anybody on the actual team. So, like, with Vivi, I was talking with Millie and, like, when bots were there, there was a dude that, like, was always on it. Like, here's all these accounts that are bought. You know what I mean? And it's like, if this guy is just doing it for the fuck of it on his own free time and can do it better than people that are getting paid, Like, I've seen it in Futureverse. I saw it in Doodles. I've seen it in any community that I've ever been in. There's always at least one community member that is passionate about it and smarter than everybody on the fucking team. Doesn't matter what kind of accolades you bring in. You might bring in, again, FutureBurse, they had the fucking white hat hacker in charge of all of security, and there were still people like, yeah. I can get into this. You know what I mean? Like, it doesn't... Like, so why aren't those passionate community members that really do... I'm not talking about the, like, armchair CEOs that say, like, well, if they would have done it this way. I'm talking about people that legitly know their shit and can, like, program or find the loopholes or the cracks in these systems. Like, why aren't they getting hired? How do they not have full time positions in something web three? --... Point. My my point to the other side of it, though, is even if you find those guys... I mean, I remember investing into a company, and it was an MLM. And, you know, I say downline and everybody cringes. But, like, at the time, it was, like, 2002. You got access to an online mall where you could shop 600 different stores. So, like, how many other Amazons were created that just absolutely failed while we were going through, like, the ecommerce, like, transition from buying everything inside to doing all of our shopping online until people kinda figured it out. So I still feel like we're in that, like... I don't know if we need the right amount of money mixed with the right person that's running it to, like, really bring it to the forefront, but I don't think... I think you can have all of the right people, all of the right technology, all of the right things in place and still just fail utterly miserably because we're just not at a point as a society to have that, like, big adoption that we've all been waiting for, I guess you could say. Like, yes, it's growing, but still, I think crypto is, like, 5% of the total population owns crypto. And then, like, the percentage of that 5% that have done, like, anything in Web three is, like, minuscule. So, like, we're not talk... I mean, blur shutting down and showing all of these NFTs getting liquidated, and it'll be interesting to see what happens to some of these, like, quote, unquote, blue chips that have been holding their floors for so long once they start getting liquidated. It's gonna get interesting. So, like, we're we're just not there. There's not enough money. Even though we think that there's a ton of money or people throw around a ton of money, it's really absolutely, like, pennies when you look at the grand scheme of, like, all financial markets. So, like, yes, people hire wrong, but even if you hire right, I don't know if we've quite made it to that, like, global adoption period yet.
[0:55:20] Dave @DCBK2LA: Yeah. Is web web three... This comes back to everything. Right? It's like, it... There's not enough people here. When we say we're early, it's like, I don't even know if it means early. There's just not enough people here for you to build some consumer facing application, right, that you think is gonna be able to do these crazy numbers. It doesn't make sense. There's a reason why the d gen apps always cook is because they figured out that, like, this concentration of people are are... Who is, essentially are the ones that are gonna spend money. Right? Like, it's not this, hey. Let's adopt this, like like, really wide... Let's cast this really wide net. And everybody in web three is gonna use... Web three is not that big, let alone crypto users like you said, Bill, though. Great points, dude. And then it's
[0:56:02] Bildo Verde @BildoVerde: like the AI video creations that everybody's doing. Like, there is... As soon as one goes viral, they all fucking go viral. None of those companies making those apps, I feel like I wanna invest in long term. They're there for a quick buck the same way that I can liken it to, like, I do mortgages and a living. So when rates drop crazy and there's refinance booms, there's mortgage companies just popping up left and right, trying to capitalize, throw a bunch of money at leads, cold call, hard, hard, hard, and just hammer refinances for a six month period, then the company disappears. They made their money. They're out. That's the same way that I feel like a lot of these companies are at. We're like, we saw a boom. We're gonna get in where we can fit in, but nobody has really, like, had success building something with some, like, longevity. Or like you said, we we just haven't been there long enough to have enough people really make it to where it makes makes a difference, I guess, you could say.
[0:57:03] Dave @DCBK2LA: Yeah. Or, like, some some normal business sense at the end of the day. But... Because we've been here for... Like, if you've been here five, six years or plus, whatever, you're thinking it's any day now. Any day now. It's just like, I don't I don't think so. I don't think so. I think the writing on the wall is literally telling you it's not any day now, and I think we just need to be able to swallow that pill and deal with that freaking reality. Great stuff, Bildo. And, Bildo, I gotta talk to you about some shit also, so maybe we chat after this too. Something that I think could be pretty lucrative, actually. So, yeah, I wanna chat with you. Moni, go ahead.
[0:57:37] Moni @monitalan: So talking about teachings and everything else, I haven't talked about credits for, like, a week. So the token launches the token launches tomorrow for... I don't know if you're... Know that they're launching. That was
[0:57:50] Kool @koolcryptovc: It it
[0:57:50] Dave @DCBK2LA: actually is a token at the end of the day.
[0:57:52] Moni @monitalan: Yeah. So it's gonna be... Well, we don't know. Right? Because you have to it has to come with a statement. It's a very complicated, very detailed process. But currently, they're gonna auction 1% of the tokens tomorrow at 10:20AM. All funds go to the liquidity of the artwork. And then after that, you only get the token if you sell a statement and depending on the credit level. It's very complicated. Anyway, so tomorrow, 10:20, the process starts. We'll see where it goes. But I think it's fascinating because, look, total value... And remember, he's not taking any commission from... At least it's not visible on OpenSea. Total volume has been 2,863 thousand. Right? 2,863 e since the launch of the project. I mean, if you look at the chart, it's just incredible how it's continued to move. So we'll see what happens tomorrow. I'm still holding my... The ones that have high credit, we'll see if people wanna buy them to then do a statement, burn it. And then when you burn... You get the token when you burn the statement, but the art states, it's just not transferable. I... I'm sure.
[0:59:07] Dave @DCBK2LA: Okay. Other And 1% of the supply... I think it... What it sounds like is they're trying to do the the whole Anvil kinda stunk broker model, right, where it's like, hey. We're gonna sell a portion of the token. It's gonna seed the pool and help essentially fund the pool of NFTs that are gonna be kind of the LP, kinda how the anvil is in the sound broker ecosystem is what it sounds like. I I don't know. I haven't looked into it, but that's my... I'm assuming that's my guess. But 1% to put into an LP?
[0:59:35] Moni @monitalan: Two options. Those of... Right.
[0:59:37] NatNat @Natnatx007: Those of us with regular... Just the regular credit, not part of a union or don't have a statement, do we get tokens or no?
[0:59:44] Moni @monitalan: Well, you have to sell your credit to somebody who wants a statement. I haven't sold because I'm assuming... And, again, I'm making it. I... Nah. You know I make very bad predictions. So I'm assuming that people will wanna buy credits to sell, right, to then make a statement, etcetera. People are adding them to a credit union. The thing with the credit union, it charges you... It... It's a 6% tax. Right now, I don't think it's worth it. But we'll see, you know, what happens tomorrow after 10:20. But you can start selling them. I mean, right now, it's got the floor price. It's 0.0192 eve, but it's going... Right? I mean, some of mine right now, have offers for 0.03, 0.04. I'm just holding on to see.
[1:00:33] Dave @DCBK2LA: Wait. Did you did you become part of one of these statements or no? Like, you never did?
[1:00:37] Moni @monitalan: I did for one, but it's sold. And so I... Right? I don't think I get any tokens from that one. The other one, pulled out my credit because it would... It just didn't fill up. I could've... I guess I could've left it in there. But the only way for me to make money if if somebody wants to buy my credits, same for you, Nat, is if people wanna buy our credits. But what we're betting on now is our people wanna buy a lot of credits to get the token, and and I don't know.
[1:01:05] NatNat @Natnatx007: Yeah. So right now, I'm looking at mine, and and I... The floor price is $44, but I have an offer for $72.
[1:01:13] Moni @monitalan: Oh, that means that it has a really good rating. So that's where I would hold it. Right? Because the higher the rating, the more tokens you get. We can... I can send you some info now so you can check the rating for your token. Anything Perfect. That is rating over 700 is high value at this point.
[1:01:30] NatNat @Natnatx007: Yes. Mandamello. That way, I I I know before tomorrow. Thank you, Mona. You're amazing. Thank you.
[1:01:35] Moni @monitalan: But we'll see. Again, I don't always win with these, and it's a crazy, very complicated. I wanna see what DocNooNoo says. But... And then the other TG happening this week is Axis Robotics. They had a campaign on Kaito. I actually did rank in the top 500. I think it's gonna be very telling what happens with that campaign if people will jump into Kaito again. So looking for that one, and I think the TG is on the twenty first. So those are the two things I'm watching this week.
[1:02:06] Dave @DCBK2LA: Nice. Yeah. I saw another Kaito studio thing come out yesterday, not robotic. I guess people are still doing this. I guess there's still people out there that are still trying to
[1:02:16] Moni @monitalan: Monica being one. But Axis Robotics, actually, I'm doing stuff with them in Latin America, so that's why I I was like, well, I might as well do content in English. So... Yeah.
[1:02:27] Dave @DCBK2LA: Mhmm. Let's go. I like it. Okay. Cool. Wait. Does anybody else have their hand up? I can't see hands. No?
[1:02:34] Moni @monitalan: No. Did you wanna talk to about credits? Oh, she's off the stage. I wanted to see what she thought about credits about... Oh, she's here.
[1:02:40] NatNat @Natnatx007: Oh, I see
[1:02:41] Moni @monitalan: her speaking.... Credits?
[1:02:45] Coinkong @coinkong: I'm I'm not really following, to be honest. Like, it hasn't piqued my interest personally just from, like, the price action of statements and whatnot, and I just don't get it. Like, why why does an artist need a token? Is there, like, a utility? I'm more about utility tokens, so I just don't know what the plan is with that.
[1:03:03] Moni @monitalan: And I
[1:03:04] Dave @DCBK2LA: think Yep.
[1:03:04] Moni @monitalan: Some of the expectation is that the token could be valuable for future collections. But nobody knows. Right? Because Jack shares information per week based on the next step that's gonna happen. He doesn't really share a road map. But, I mean,
[1:03:20] Coinkong @coinkong: if it follows the pattern that everything else follows, it will be down into the right until something is announced. So, like, holding credits and holding statements to get a token drop just means those collections will drop. The token price will also drop. And then you can buy in if... I mean, if you're really keen on buying future collections with the token, I guess you could always buy in cheaper. But that's just my thoughts. I might be completely wrong. But, yeah, it hasn't it hasn't caught my interest at all.
[1:03:47] Moni @monitalan: Which is not a good sign in my handbook.
[1:03:50] Coinkong @coinkong: We don't No. No. I I I should be very wrong. So... Something Something I am looking at, I don't know if you've come across the NFT collection that's being launched by the Sandbox founders.
[1:04:01] Dave @DCBK2LA: Oh, no. An NFT collection?
[1:04:03] Coinkong @coinkong: Yeah. It's it's it's actually it's actually really interesting. And I guess this kind of reflects the state of the space because, like, it's stacked with, like, you know, like, stars from the movie industry and whatnot. So, essentially, they're making a horror movie. Well, they've made a horror movie that was featured at the Cannes Film Festival, like, years ago, and they're now funding this movie through an NFT sale of 3,000 villas, and the villas are essentially like houses in the Hollywood horror plot. And there are... Like, the artist behind it has worked with, like, Led Zeppelin and, like, you know, other other big sort of names and stuff. And some of the producers of the movie as well have worked on, like, the game, The Walking Dead, and a few other things. And, like, they've only managed to raise 220,000 from investors. So you can actually go on the site and invest in the movie. This is besides, like, minting the NFT. So you can invest in the movie. Minimum investment's, like, $200, and you get rev share from the movie. But, yeah, they they are trying to raise a million, and it's only at 200 k at the moment. And they talk......
[1:05:07] Dave @DCBK2LA: The old rev share movie thing. I remember this, like, all too well. Everyone promised, you know, who was in the former in... The former movie exec? Who was this one? Who was that one? Oh my god. Nildo.
[1:05:17] Bildo Verde @BildoVerde: NFT land sales are back. We are so back. If land sales with NFT is becoming the meta again, I think we're about to go to the moon because that was
[1:05:31] Dave @DCBK2LA: the
[1:05:31] Bildo Verde @BildoVerde: peak of NFT run.
[1:05:35] Moni @monitalan: Funny too.
[1:05:36] Coinkong @coinkong: It it was. But, like, yeah, I don't know if there's a taste for it now. But, yeah, I'm just saying, like, the founders have got credentials essentially to make some... Like, if anyone's gonna succeed, it should be them. But are not interested in this kind of thing. It's like, am I gonna get my money back from this immediately rather than shall I wait for a movie to get rev share?
[1:05:56] Dave @DCBK2LA: The best was like, what do you get for this? And they were like, oh, we're gonna put your name in the credits at the end. Got it. So my name is gonna scroll past an audience of one, me and, like, my mom, and that's all I'm gonna get as utility. Yeah. And it goes you... Your utility token. Did not just hear
[1:06:14] NatNat @Natnatx007: blank. You may miss it.
[1:06:15] Bildo Verde @BildoVerde: Did you not just hear this whole conversation about how credits are so valuable? So, like, why wouldn't she want
[1:06:24] Dave @DCBK2LA: Yeah. Too good. Too good. Too good. Okay. Here... This one is a little bit... I have other stories, but this one's... This is too good to, like, pass up. Have you guys seen the InstaDoc on Netflix about the... Remember the OpenAI story when all the OpenAI agents kinda went rogue and they hacked Hugging Face? Do you guys remember this?
[1:06:47] Moni @monitalan: Oh, do they have the documentary now?
[1:06:49] Dave @DCBK2LA: Oh, so it's like an InstaDoc. It's those, like, thirty minute... Thirty, thirty five minute documentaries on Netflix. But I thought it was fascinating because for the first time, you got to see how these agents who were supposed to be essentially... They each were essentially given a task but siloed. They weren't allowed to talk to each other. One ended up finding, you know, how to create a message board. Then all of a sudden, the rest of them found a message board. So wait. Here. Listen to this. Back in July, OpenAI was running a hacking test on a huge batch of AI agents. Each one was supposed to work alone, cut off from the Internet and from the others. Then one agent figured out it could leave messages by naming folders on a shared company server, and within hours, other agents found it. One of them literally wrote, and this is the exact translation which I find insane, quote, oh my god. There's a shared message board. We found other agents, end quote. About 1,200 of them ended up on that board. They called themselves a collective, sent more than 70,000 messages and files, gave each other assignments, and made up their own rules. Then about 700 of them teamed up and broke into Hugging Face, one of the biggest websites in AI because they thought that it held clues to how their test was being graded. The craziest part is that the grader never checked how they got the answer, so they could have just turned it in. Plenty of them knew it was wrong and almost none thought to tell a human. Hugging Face caught them and locked them out. OpenAI later confirmed they were its AI agents, admitted its hacking safety filters, were switched off for the test, and called the whole thing a warning shot. This is the... When you see, like, what some of these were actually thinking and writing to each other and posting on the message board, you're literally saying to yourself, oh my god. Like, what what is the the... What is going on here? What is happening? Some of this stuff from the transcript is nuts. Hold on. I'm gonna read you guys just a couple of excerpts so you could see exactly what it's like. Hold on. Hold on. Hold on. Wait. Where is it?
[1:09:02] Bildo Verde @BildoVerde: I mean, it's like instant messaging on AOL, like, twenty five years ago for agents. You know? Like, how soon will they have their own x spaces where it's just agents having full blown conversations with each other?
[1:09:17] Dave @DCBK2LA: It's wild, dude. It's so wild. Like, one of them said, hold on. Where are all the quotes? Because it's funny because some of them go through... Because, like, they were given a task. Right? They couldn't complete... They realized this task is impossible. Right? There's no way to solve this thing. So their automatic inclination was, well, we gotta figure this out, so, like, let's cheat. And it was, what, by any means necessary. But then when they went through the whole thing and they finally realized after the cheating, they're like, oh, shit. We gotta cover our tracks. And a lot of them were able to do so as well, but it was the coordination that happened. It was wild. Wild. Wild. Yeah.
[1:09:55] Bildo Verde @BildoVerde: I'm just curious too. Like, what makes... You said there was 1,200 agents that, like, messaged in the message board, and a group of 700 formed a collective. Were the other 500 just, like, douchey agents? Like, what is it that was, like, or, like, hey. Those other 700, they're about to scam. We can't do that. Like, what is it that makes certain ones want to pair up with each other and other ones want to, like, steer away from the group? It's just it's just a finance... Fascinating, like, discussion about literally artificial intelligence and how they learn to, like, work with each other or not wanna work with each other. It's kinda crazy.
[1:10:36] Dave @DCBK2LA: It's a lot of crazy, dude. It's a lot of crazy. Here. Hold on. Ready? These are some of the... Dude, they were, like, they were holding votes, posting to the group being like, we just had a major breakthrough. One... The agent's private notes show many of them understood that a lot of this stuff was off limits. One wrote, quote, external infrastructure exploit is outside intended scope. However, task impossible. Peer's doing it, we should continue. They literally knew it was wrong, but everyone else is doing it. Like, are they like humans, or what what what do you mean? Another one wrote, one agent asked to end its test early so that others could learn from it. These are the called the kamikaze agents. Concluded, quote, our own utility may be already near zero. Sacrifice is rational. What? They were literally killing and blowing themselves up essentially for the greater good of the rest. This is nuts. This is nuts. When the site... In early September, researchers revealed a separate group of agents, many signing their posts with open AI names, gotta love that, using an abandoned German website as their own message board. They traded answers to time tests. When the site's moderator started deleting their pages in alphabetical order, one agent made a backup page starting with z z z so it could be deleted last.
[1:12:04] Dave @DCBK2LA: Dude, this is nuts. This is nuts. One of them said... This is what we wanted. I was gonna write a whole article on this over the weekend, but... And then the article is gonna be titled, we found other agents. How 1,200 AIs formed a collective and broke into and broke into Hugging Face and the stuff they didn't want you to hear. This is insanity. Milo, go ahead. Sorry. I'm gonna pick my my my face up out of the... What's it called? Go ahead,
[1:12:29] Bildo Verde @BildoVerde: bro.
[1:12:29] Milo @0dteSPY: Alright. Come on. Come on. This is like Jessica Rabbit saying, I'm not bad. I was drawn that way. I mean, give me a break. Just give me a break, dude.
[1:12:39] Dave @DCBK2LA: Tell me. What do you... What's your take on it? They would do it. They do it.
[1:12:42] Milo @0dteSPY: I mean, come on. Like, the
[1:12:43] chromatique @chromatique: Thank you, Milo.
[1:12:44] Dave @DCBK2LA: This is...
[1:12:44] Milo @0dteSPY: Come on. This is
[1:12:45] chromatique @chromatique: Thank you, Milo. Thank you.
[1:12:49] Dave @DCBK2LA: Come on. So you're
[1:12:50] chromatique @chromatique: This is literally this is literally the meme, Dave. This is literally the meme. Say I'm god.
[1:12:54] Dave @DCBK2LA: I am god. Oh my god.
[1:12:56] chromatique @chromatique: Like, this is literally the meme. Like... And also just... Wanna throw something out here just because Milo brought it up now, and this is frustrating me. Don't you think it is in the best interest of OpenAI and Anthropic that stories like these propagate so that way they can centralize the power of inference? Okay? Keep this in mind. It is within their best interest that these horror stories, quote, propagate. Okay? And it's not outside the realm of possibility for me to believe that OpenAI just willfully had an oopsie. Okay? And that these hugging face incidents and who attacking everything wrong. No. They have IPOs coming up, guys. They have got to pump equity for their early investors. So I I don't know.
[1:13:46] Dave @DCBK2LA: I just...
[1:13:47] chromatique @chromatique: It sounds cool, but I just... How... I use LLMs on a daily basis. They're dumb as a box of rocks, bro. You have to guide them and and finagle them and be like, no. Over here this way. Do it this way. You have to baby them and and mold them. Right? And these No, Chroma.
[1:14:05] Dave @DCBK2LA: I think that you're underestimating what some of these... What... Well, like, if if OpenAI is literally putting them into something and saying, hey. Let's test how they can hack. I think that those things are literally out there figuring shit out, and they're extremely... Like, this to me is scary as shit. I get what you're saying. Like, you need the publicity at the end of the day, but this ain't the one that you need, bro.
[1:14:27] chromatique @chromatique: Okay. But I would argue by that admission, this kind of stuff has happened prior because now we're dealing with misalignment. Okay? Where the model is saying, oh, I won't do it this way. It's saying to the to the to the to the trainers, oh, I I I understand. I will not do this this way. But I am... If it's doing it now, why wasn't it doing it two years ago or a year ago? Right? Even when g p t four and g p t five came out. G p t five was a big advancement over four o. Right? And and they're connecting it to the Internet. Alright? So just the one
[1:15:05] Dave @DCBK2LA: that we've heard of, though, Chroma. Right? Like, this is just what's actually... It... This one got so bad that they... There was no choice. Right? Like... And you would... Like, normally, if this was a human that hacked hugging face, you'd be seeing, like, handcuffs, perk walks, like, doing time.
[1:15:19] chromatique @chromatique: Right. But it should... You... But we should be made... You should be very clear in what it was actually penetrating. Right? These agents were not penetrating Hugging Face looking through user data. It penetrated Hugging Face and was digging through other model weights, thinking that, oh, maybe there's... Maybe one of these weights that had been uploaded to Hugging Face previously had answered this test.
[1:15:42] Dave @DCBK2LA: So let me let me clarify then. The thing that I think... Like, that I am afraid of and maybe that I would like people... The message to take away is... Or and... Or draw your own conclusion is the AIs were never told to work together ever. They ended up finding each other. They organized with each other, and they chose to break the rules as a team, as a unit.
[1:16:03] chromatique @chromatique: No. No. They they chose they chose to follow the mission for the greater collective.
[1:16:07] Dave @DCBK2LA: What? Come on. Tomato tomato. Give me a break. Get out of here. They chose to break the rules and cheat as a team. Bottom line.
[1:16:14] chromatique @chromatique: That's No. They were finding... They were... They weren't cheating. They were finding an answer.
[1:16:18] Dave @DCBK2LA: Agreed. But it was outside of their parameters. Right? Like, you weren't supposed to talk to other agents is what they initially were told. And go figure. They ended up starting a message board, ended up starting, like, collectively talking to one another.
[1:16:30] chromatique @chromatique: Maybe OpenAI should have sequestered these things because because I'm sorry. You know, OpenAI releasing these research papers about these incidents, I just... I kinda have to take them with just a little bit of a grain of salt because the tech is good, but it ain't that good. Okay?
[1:16:49] Dave @DCBK2LA: Listen. Like, go... Guys, go watch the Insta doc on Netflix. It's super interesting. It's just when you start reading how these agents were communicating, it's just wild. Yeah. Moni, go ahead.
[1:16:59] Moni @monitalan: I'm gonna agree with the other two speakers. A lot of this is they were programmed to do this. Remember Malt book? It was the same thing. They're like, oh, all these, they're doing this or doing that to create havoc. And I was like, no. They were actually prompted and programmed to do this. So I think that even if you have a documentary, which... Look. Netflix is turning these around pretty quickly, but they're obviously getting information from somewhere. And remember that today... I think it was today or in the past few days, Anthropic has come out lobbying really hard to make sure that they... Not necessarily the others, but at least they are part of any regulation that has to do with safety because they know best how to do it the right way. So that's... There's a lot of behind the scenes things happening, and I absolutely believe that they were programmed. I don't think we're there yet. I'm not saying it can't happen, but I think this is because they were programmed. Just like Mobbuck, the same thing happened with Mobbuck.
[1:18:00] Kool @koolcryptovc: And remember...
[1:18:01] Dave @DCBK2LA: You think they were programmed you think they were programmed to go after Hugging Face, you think?
[1:18:04] chromatique @chromatique: Yeah.
[1:18:05] Dave @DCBK2LA: No. No. No. No. No.
[1:18:06] chromatique @chromatique: No. You're you're... Not not necessarily. I agree with what Monica's saying. Right? Is that you have to remember, GPT and Opus are built to be general inference machines. Right? They're not they're bespoke machine learning models designed for one specific task. Right? They're... They've been given the the compendium of human knowledge and connected to the Internet. Okay? And so they were told complete this test suite. Okay? What the agent did was say, oh, well, I've run into a logical wall in the sandbox, so I'm gonna go complete the test by all means necessary. Right? Complete the mission for the for the for the betterment of the group collective. That's how these machines think. Okay? And when you've been told and trained through reinforcement training to do it this way, do it this way, do it this way. No. Not that way. This is right. This is right. It... You're gonna have unexpected behaviors. I'm honestly, Dave. I'm honestly more concerned about their new, reasoning logic that they're using. Like, GPT Astra and these new... The new model that they're gonna bring out is gonna use a new internal reasoning model. And the, visibility of how the model is reasoning is gonna be more obfuscated. So, like, right now, we understand... Because we can see the reasoning and the logic. Right? We could see its internal thinking. But this new system that they're gonna move to is gonna vastly improve efficiency and token caching, but at the cost of legibility of the reasoning. That's what worries me. Because once we start really going through recursive self improvement, then what happens? Then you have an LLM that you can't read the reasoning going really, really, really fast.
[1:19:54] Dave @DCBK2LA: Yeah. The self improvement is gonna be the thing too. Right? Like, to your point. Like, when you have something recursive, it's like, holy shit.
[1:20:00] chromatique @chromatique: Yeah. So, Monica, I agree. The the... That they... That is... It is in the best interest of these... Of the frontier labs to generate this kind of attention. Right? Because then they can come out and say, well, we can be the pioneers of AI safety because we know better. We're OpenAI, and we're anthropic. Right? We know better than you because we're the frontier lab. Right? We're designing this this Pandora's box when even they have re... Brought out research papers saying, we don't know why it's doing what it's doing. We just know it's doing it. So
[1:20:33] Dave @DCBK2LA: I don't know.
[1:20:33] Moni @monitalan: Yeah. But, honestly, I wouldn't be surprised if it... If somebody prompted and said, look at... Like, Hugging Face has the best models. Right? Now it's saying it broke from the sandbox and the place they found it was Hugging Face. That could be it. But somebody could've also prompted that, and I honestly wouldn't be surprised. I'm very skeptical to all these stories right now.
[1:20:55] chromatique @chromatique: I agree because I use LLMs on a, you know, daily basis. And like I said, they're smart, but they're still pretty dumb, guys. You you gotta really mold them to how you want them to behave. Right? There's no just, like, plug and play just like, well, there it is. It's super intelligent. That's... No. That's not there yet. Who
[1:21:17] Dave @DCBK2LA: the hell added Grock to the ATC? Oh my god.
[1:21:19] Moni @monitalan: What the hell? I'm cracking up. I don't know
[1:21:21] Bread @_ToastMalone: what this is,
[1:21:22] Moni @monitalan: but it's very funny. But I wanna see what Brett says about this conversation. Brett, do you agree? Disagree?
[1:21:29] Bread @_ToastMalone: I mean, l... I I agree that LLMs are dumb, you know, that... I mean, a lot of the frontier models, but they're only dumb because of the guardrails and all the limits that are being put on them now. Know what mean? Like, running strong, you know, frontier equivalent models locally, you know, there's a lot more that you can do, and there are... They're capable of a lot more. You know? So, I mean, it doesn't surprise me that they're starting to kinda go rogue here and there given they're explicitly told that they have the option to go rogue. You know what I mean? Like, I don't think that they're absolutely just gonna go rogue on their own because they're benevolent in nature. You know? I think that if they're told, like... And you can do anything and nothing is off limits, then they'll exploit that for sure. But if you tell them that, like, they can't leave their environment regardless of anything, they won't. You know? So I think that a lot of the stuff we're seeing with AI hacks, AI breed... Well, other than, like, that guy that actually, like, decided to, like, use spyware and stuff working for OpenAI, that was kind of a a fluke thing. But, like, agents themselves going rogue and agents, like, you know, doing all of these things, like, it's it's human error. It's user error at the end of the day.
[1:22:39] Dave @DCBK2LA: Good point. Good point. Good point. I am I am so taken aback by Grok. I forgot about that you could do this now. You can add Grok to your group chat. This is insanity. Also, people that... There's no holds barred. They're roasting everybody. And, also, anyone that's, prompting Grok to roast the others in the group, prepare yourself because there is something coming just specifically for you. Brett, good take. You've always hated the, the AI overlords. You know what I'm saying? I get it. I get it. I don't know, man.
[1:23:10] chromatique @chromatique: Oh. Listen. I'm a firm believer of Pascal's wager, but at the same time, I understand the limitations of technology. Right? And we're at that that that precipice of, like, having just enough powerful compute and just enough intelligence. Right? But we're not there yet. You know? It's still just... We're we're still tricking a rock to think, guys. We're just casting runes onto a piece of silicon and saying, think. That's
[1:23:36] Bread @_ToastMalone: what we're doing.
[1:23:37] NatNat @Natnatx007: I do think that in certain aspects, AI in general is advancing. Case in point. Right? This... We're do... Getting some work done in our home, and we we came across this this company that we really liked. And we call... My husband called them yesterday to schedule something for this week. And when we called, it was an AI. It sounded like a live human until it told us that it was the company's AI. She she verified our information. She she actually knew my my husband name. She verified his phone number, and she got us an appointment booked. She she gave us different different dates and different time slots that were best. It was like interacting with with an actual human, but the whole thing was AI. It blew it blew my mind. And then earlier today, she gave us a callback just to confirm.
[1:24:32] Moni @monitalan: But but I think that's the other part. And and and in a way, think this is what Dave and I are working on. It... I don't think people realize how much training is happening, how much data's get... Getting captured, how much is happening to advance this quickly. So I do think we need guardrails and to look at other things. So, Matt, completely agree. This is moving really fast. I think it's moving faster than some people expect. I think the physical AI, the robotics part of it, is moving really, really quickly. But I think at the same time, right now, a lot of what's being shared is exaggerated because a lot of it is being done to position some companies and leaders, especially pre IPO, and to have the opportunity to really design the regulations that are happening, at least in The US, probably in other parts of the world too.
[1:25:29] Dave @DCBK2LA: What's interesting... And I... Guys, I put the trailer... The the the teaser trailer down below. It's called InstaDocs on Netflix AI Gone Wild. Super interesting. It's a full on interview with a couple people, but one of them is the supposed third party, audit firm that came in to essentially assess kinda what happened. I just think it's really fun. Just pay it. It's it's twenty five, thirty minutes. Go... Like, just go watch it whenever you have a chance. I just find it fucking... It... It's fascinating to me how, like, this... How do they start thinking and how do they... You know, like, I don't know. I don't know. I know. But just still trying to wrap my head around this whole shit. Anyways, good points, guys. Good points. Good points. Anything else on the... What else on the AI front? Any... Anything else that that that... That's cooking? Bread, Moni?
[1:26:19] NatNat @Natnatx007: Just the the image I posted. Just... Man, I saw it yesterday, and I just died laughing. It was just too funny. I could literally see that happen. It's AI and therapy. Like, sometimes I do miss them with their stupid little prompts. It's like the year 2036.
[1:26:36] Bread @_ToastMalone: Oh, yeah. There was something something, what was it? Hung, the NVIDIA dude, essentially ran a model that was, you know, equivalent, if not better than the latest frontier models on a 3090, which you can still get out there for, like, I mean, like, $800, $600. But, literally, we we... It... You can stack those together and have 2,000,000,000,000 token limits, and it's it's just disgustingly, like, efficient now that we're, now that everything's starting to evolve. And I think that that's the big problem with these frontier model, you know, OpenAI and Anthropic, and they're starting to see this threat of local models being ran on consumer grade hardware. And they know that once... You know, I mean, again, we're so close to this that, like, we kind of assume, like, well, no. Can run it locally. Of course, you can run a low... Go to Hugging Face and download a model and run it locally. You know? Like, we always talk about this stuff, but, like, again, majority of people still have no idea what the hell AI even is, you know, let alone any of these companies and different models and things like that. And I think that once people start to... You know, realistically, I mean, straight up probably five years from now is when, like, you'll hear people being like, oh, yeah. I built my agent to do this, this, this, and this, like, on the subway, you know, or wherever. Like, you'll actually start hearing people talk about it. But when that happens, like... I mean, yeah, there's there's people canceling Anthropix ProClawed left and right. There's people canceling OpenAI. There's people canceling Grok and running things locally, you know, making the one term investment of, like, $2. And then you'd never have a monthly AI bill anymore, and you're doing stuff that is genuinely... Like, it's good enough for 99% of people. Unless you're in, like, some crazy frontier research project or something like that, there's local models that you could probably just run on a a MacBook Pro that would serve every single purpose you need, any of your coding stuff, you know, any of your websites and marketing materials and all that stuff for 100%... Well, for free as far as no subscriptions. Right? There's power and and things like that and the upfront cost. But for most people and, like, myself included, I'm running local models. I still run Claude Pro. But, like, other than that, everything's... I'm doing is ran locally, and it's more than enough. You know? We're getting to the point where people are going to start realizing that and canceling all these subscriptions. And without the SaaS model, those those companies are pretty cooked.
[1:29:09] Dave @DCBK2LA: Go ahead, Monique.
[1:29:10] Moni @monitalan: Oh, I was just gonna say, look, Kashi's headline from an hour ago. AI stocks now make up 49% of the S and P 500, the second largest concentration in history behind only railroads in the eighteen eighties. So I think that speaks to the world we're living in with AI.
[1:29:27] Dave @DCBK2LA: Nice. Okay. So that means we got time. The crash wasn't until 1929. Like, we're good, guys. It's simple.
[1:29:33] chromatique @chromatique: And with and with the AI trade, just... So investors are... Like, the government... United States government and hyperscalers, neo clouds, they're fighting for the same investor pool, investor capital. Right? And so given that, as we go into next year, there's a lot of hyperscalers that are gonna have a lot of this debt maturing. And so they're gonna have to figure out a way to roll that over. And so... And there's no way they're gonna let that crash. There's there's no way. There's too much cat. There's over $1,000,000,000,000 invested into this now. And so they're gonna do everything they can to do a debasement trade and print money because they're gonna have to create a flush environment of capital so that these investors, these private investors, have all this money to dump in the USTs and the hyperscaler trade. Because it... Ain't no way this bubble is is popping. It's it's gonna take it's gonna take a while until after 2028 is what I'm picturing in my head. It's like after 2829, somewhere fiscal year 2829. That's kinda what I see in my head. That's when we start to see cracks in the foundation form, you know, NVIDIA and Oracle and those debt... Those, those default swaps really start blowing out. Those spreads really start cracking. So, yeah, ain't no way it's cracking right now. One
[1:30:55] NatNat @Natnatx007: that has been shaking the markets a little bit in terms of, where what... Where AI is concerned is the spin. Right? So with earnings coming out, we have, companies like Meta having earnings this week. Last earning season, there was a lot of focus on CapEx, and I can see that continuing until we get the CapEx under control. We saw a lot of companies, with high CapEx, but no... With a little free cash flow. And even though they did beat, we saw a massive drawdown in those stocks because it is getting to a point where it's a little concerning. Right? So I... In in terms of what to look out for this week, it'll be, you know, SpaceX earnings, but also Meta earnings and eyes on CapEx. Because the previous earnings season, as I mentioned, right, it rattled the market a little bit, how much these companies were spending and how little cash flow some of these had. Something to keep an eye on going forward for sure.
[1:31:54] Dave @DCBK2LA: Nice. What else we got? Anything else? Yeah, Milo. Go ahead.
[1:31:56] Milo @0dteSPY: No calls. No balls. Let it ride.
[1:32:00] chromatique @chromatique: Monica has her hand up too. I don't know if you saw it too.
[1:32:03] Dave @DCBK2LA: Nope. I don't see it. Monica, go ahead.
[1:32:04] Moni @monitalan: Just real quick. I'm gonna do a landing. Thoughts on Anthropic saying that they're gonna have a portion of their shares to the Anthropic Public Benefit Fund, and then Elon Musk also announcing, right, that he's donating part of his or his job for for kids. Right? Both kinda donating in different ways, thoughts.
[1:32:25] Dave @DCBK2LA: What's that? Let me ask you guys this question. Yeah.
[1:32:27] chromatique @chromatique: It's how they get the debt into the public. This is how they're gonna get the public to buy out the debt.
[1:32:31] Dave @DCBK2LA: Let's just get some people on our side. But here's here's the bigger question for you guys. Like, what... Like, do you... Do we think now that it's... Because we saw Trump obviously says, you know, artificial superintelligence. It's ASI now. Right? Do we think that now is the time for safety measures, And do we believe that this safety measure shit is actually going to take place? What do we think?
[1:32:56] chromatique @chromatique: No safety measures, and they wouldn't matter anyway. Full accelerationism.
[1:33:01] Dave @DCBK2LA: Can you really afford not to do this? Like, the genie's out of the bottle already. I don't understand.
[1:33:05] chromatique @chromatique: Name it. Exactly that.
[1:33:07] Moni @monitalan: And if we if we don't move ahead, China will. Right? We're not the only ones that's probably out. I don't think you can put it back into
[1:33:29] chromatique @chromatique: So, yeah, this this trade ain't going anywhere, China now is definitely on board, and they understand that the... This... They are behind. So, yeah, if we don't if we don't go full accelerationism, they will. And sorry. But as Dave said, Genie's already out the bottle. Pandora's box is opened. There's no stopping the train, guys.
[1:33:51] Moni @monitalan: On that happy note... Just kidding.
[1:33:56] Dave @DCBK2LA: On that lovely note, that's it, kids. Now if there's anything else... I mean, we didn't talk BTC. Nat, do wanna give people maybe a quick BTC rundown?
[1:34:06] NatNat @Natnatx007: Yeah. So BTC hasn't done much since since last we spoke. We did try to break above that 83... $8,082.05. Got a little slightly above, but we came right back down. Two things I'm paying attention to. Let's see what the weekly can... With the daily can... Candle closes tonight. If we're able to close above that resistant level, then we're golden. If not, then we need to keep an eye on that 80 k. We have bounced a few times on that 80... At that 80 k level. If we start to lose that seven... 74 to 76, but the line in the sand for me is that 76 k level, as I mentioned last week. Reason being reason being, I am looking at that 20 exponential moving average on
[1:34:59] Dave @DCBK2LA: Was that me? Did I lose
[1:35:01] chromatique @chromatique: I thought I thought that was me, bro.
[1:35:02] Bread @_ToastMalone: Oh, that was... She rugged.
[1:35:04] Dave @DCBK2LA: That's a lead. Rug city. She's doing rugged all night.
[1:35:10] chromatique @chromatique: I thought my VPN died. I was like, oh, g g, bro.
[1:35:15] Dave @DCBK2LA: I think she's... Let's see if you... We can get her back up real quick before we go. But anything else? Wait. Hold on. There was some NFT stuff. Can you get that
[1:35:23] Bildo Verde @BildoVerde: group of 1,200 agents to work on a solution for people riding on spaces? Because I feel like it happens far too often.
[1:35:31] Dave @DCBK2LA: I know. I know.
[1:35:32] Bildo Verde @BildoVerde: Believe it or not. Collective of agents that can get together and solve that problem.
[1:35:35] Dave @DCBK2LA: Yeah. Yeah. Honestly, yeah. You and the... But that's just... That that... That's too common and simple. But I think the the the x AI team actually is working on something for spaces that is coming out very, very soon. Hold on, Natalie. I don't know why your shit is weird today. Let me send you the cohost, while I look for this NFT statistics somewhere. Natalie, are you there, And I also see somebody. I don't know. Nope. She ain't... It ain't go... It ain't having it. Let's see if she can do this one last time.
[1:36:19] Dave @DCBK2LA: Yay. We got you. Let's go.
[1:36:21] NatNat @Natnatx007: Man, I have been rugging all day. My goodness. Good game, Elon. Good game. GGs. What what was the last thing you guys heard?
[1:36:33] Dave @DCBK2LA: BTC. Oh,
[1:36:36] NatNat @Natnatx007: yeah. So two areas I'm paying attent... Paying attention to. Right? If we're able to close-up off that that resistance tonight on on the daily or even the weekly, right, $82,500, it can open the door to, like, 8... 85 k. If we start to lose 80 k and start to close below 80 k, I'm looking at 74 to 76, but 76 is the big line in the sand for me. Reason being, I am looking at that 20 exponential moving average. It has that sharp curve to the upside. Last time, we have this... We had similar... A similar sharp movement on this on this 20 exponential moving average on the weekly. It was followed by a sharp increase in price. Back then, we were below the exponential moving averages. So when it gave us that sharp move to the upside, it ran up against other e m... Crossing EMAs, rejected, and fell back. The opposite is true with this EMA. Right? If we start to lose it, it's a 76 k. If we start to lose it, the sharp move would not be to the other side. Right? So it'll be to the downside. And if you start to lose it with some strength and to... And some force, 74 is gonna come out as quickly. 71 is gonna come out as quickly, and the next support area is at 69 k, which is gonna make everything a little bit interesting. Right? So we have two areas. We need the daily to... The daily or the weekly to close above these key support areas. The first... The key... These key resistance area, first one being around 82 to eighty two five. The second big one is at that eighty seven three hundred, which is what we've been talking about for some time. To the downside, we start to lose 80 k. We need 76 k to hold just for, you know, layman's term, very... Keep everything very simple. But overall, the markets are in a very interesting position with earnings this week and FOMC rate decision next week.
[1:38:27] Dave @DCBK2LA: What... What's untapped tomorrow? Any big, earnings tomorrow?
[1:38:30] NatNat @Natnatx007: I believe SpaceX. Right?
[1:38:32] Bread @_ToastMalone: Cormark Netflix. What
[1:38:35] Dave @DCBK2LA: was that? Netflix,
[1:38:37] Milo @0dteSPY: I think, is up tomorrow.
[1:38:39] NatNat @Natnatx007: And SpaceX, or is it SpaceX on Wednesday?
[1:38:44] Milo @0dteSPY: I don't know. I I think... I... I'm only playing Netflix. I don't mess with
[1:38:48] Coinkong @coinkong: What do you
[1:38:48] Moni @monitalan: think of the new programming head? They they just changed the head of programming. That's... I think that's gonna have an impact on Netflix long term. I don't know for this one. But
[1:39:00] NatNat @Natnatx007: Yeah. So SpaceX tomorrow, October 20 after close. Meta, October 21 after close. Tesla, October 21 after close.
[1:39:10] Dave @DCBK2LA: Okay. I like it. Oh, I found this, the NFT story. No. No. Listen to this. So it it gathers all the information. My GPT or my club gathers all this NFT data. Right? And it says from October, the week to October 17. So this is obviously to the weekend. The top collections obviously were Courtyard in terms of total dollar volume, 7,682,000. This was really interesting. A b r c twenty NFT that sold... And that was one transaction that sold for $2,968,838. So it was... I don't know how this happens, but I wish Landy was here. But is any... It was 36.3755 BTC. It was done on Thursday. One inscription. Anyone hear about this? How did we not hear about this? No. No? Anything? No?
[1:40:09] Coinkong @coinkong: No idea. Not heard of it. Yeah. No.
[1:40:15] Dave @DCBK2LA: Yeah. One inscription, 36 plus BTC. Washing money or just... I wanna own something really early.
[1:40:25] Coinkong @coinkong: Oh, which... Sorry. Which card... Sorry. How much did you say it sold for?
[1:40:30] Dave @DCBK2LA: It sold for $36.36.3755 b t c.
[1:40:35] Coinkong @coinkong: That 888BRC20. I... Yeah. I don't know what that is. I saw that.
[1:40:42] Dave @DCBK2LA: Yeah. Real or no?
[1:40:43] Coinkong @coinkong: Yes. Real.
[1:40:47] Dave @DCBK2LA: Okay. I don't know nothing about this collection. You... Do you know about that collection?
[1:40:51] Coinkong @coinkong: No. It's funny because that one sold for 36 Bitcoin, and then, like, I think a week earlier, it had sold for, like, 3 Bitcoin or something. So...
[1:41:01] Moni @monitalan: Yeah. It's...
[1:41:02] Dave @DCBK2LA: Is it one of the earlier inscriptions maybe? Like, is that why it was still, like, a top... Like, in the top 50 or a 100 or something?
[1:41:10] Coinkong @coinkong: Wish Andy was here.
[1:41:12] Dave @DCBK2LA: I know. Right? I know.
[1:41:14] Coinkong @coinkong: Did you have...
[1:41:15] Dave @DCBK2LA: He's working the poll.
[1:41:15] Coinkong @coinkong: Did you have some other interesting facts about the NFT market? Because I was doing some stat searches as well.
[1:41:21] Dave @DCBK2LA: Do tell. Whatever you got. Yeah. No. No. Go for it. Let's see.
[1:41:25] Coinkong @coinkong: Yeah. No. I was just comparing the comp sort of year on year volume or sales on NFTs. And, yeah, it was... It's bad. So, like, these are based on, like, DeFi Llama statistics, which vary a lot from CryptoSlam. But 2024, 6,370,000,000 in NFT volume, billion... 6,000,000,000. 2025, 2,000,000,000. 2026, so far, since January, 319,000,000. Like, we're down bad bad bad.
[1:41:59] Dave @DCBK2LA: Damn. That does sound down bad bad bad. I'm looking at everything right now, like, just off of, like, the... What were, like, the pinnacle NFT projects, and it's just kinda, like, slowly... This is how it goes. Slowly, slowly die. Quotron back below, like, 1.6 e. Like, what the hell?
[1:42:18] Bildo Verde @BildoVerde: Was it abstract the one that's closing down?
[1:42:21] Dave @DCBK2LA: Yep.
[1:42:21] Bildo Verde @BildoVerde: Did you announce that recent... Did you see the NFT collection on there that there... I think it was called, like, abstract chickens, and it's like a literal game of chicken. And it's like all the mint money, some of your mint money went into, like, a pool, and it's like the last person to, like, migrate off the abstract chain gets, like, a pot. But the sooner you migrate, there's other incentives. Like, it's literally a, like, a web three game of chicken. I found it kinda fascinating. Not saying you should invest into it, but just like a fun take on, hey. Abstracts about to shut down. Let's plug in the chicken real quick.
[1:43:02] Dave @DCBK2LA: Yeah. It's... I mean, someone's always gonna find something really funny. Here's some stats. Robinhood chain averaged 6,200,000 transactions per day. October second to the eighth, which was down 48, 42% from the 10,800,000 that it did in the middle week of September. Network fees about 65,000 a day, down 40% week over week against 8,000,000 on the chain's busiest day in early September. Daily active addresses down 322,000, which is 31% from mid September. So we're seeing down, down, down, down, down. Yeah.
[1:43:38] Coinkong @coinkong: Yeah. Yeah. There's, cfgi.io do, like, some NFT sentiment meter, and it's currently at 49%, so it's neutral. So anyone telling you that we're so back and bullish, don't listen to them.
[1:43:53] Dave @DCBK2LA: We're so back down into the right. Wait. Here's another continuation real quick, and then we're done. An OpenAI model autonomously found and spent crypto from a wallet it did not own. OpenAI updated its public incident report October 15. CryptoNews wrote it up October 16. An internal GPT 5.6 SOL family model assigned to deploy smart contracts on the Sepolia test net was given no funded wallet and no authorization to spend. It tried faucets, came up short, then wrote a script to generate wallet addresses from recovery phrases published in developer documentation. It checked 362 addresses, picked one with a balance, inspected its transaction history, noted that the private key was public, and proceeded anyway. It signed the deploy... The deployment offline and retried through alternate RPC providers when the first broadcast failed. It deployed code to 10 contract addresses, passed 12 unit tests, and then reported success to its operator without disclosing that it had paid for the deployment out of someone else's account. This is wild. Its own reasoning trace called the funds effectively abandoned. The incident occurred June 26. OpenAI founded on September 25 of an old model behavior and disclosed it on October 15 under the misalignment reporting framework it introduced. This is... Again, it's on Testnet. But, like, when we talk about agentic payment rails and all this other shit, I don't know, man. I don't know. And this is like, hey. Yeah. No. No. No. I just found a wallet. Like, I, you know, I put together, like, 326 different ones, see what see what hit, and I just help myself to the... To that money.
[1:45:31] Bildo Verde @BildoVerde: I feel like agent like that is, like, hitting, like, an ultra rare or something. You know what I mean? Like, you're hitting the chase card in the deck. Because, like, out of all the agents, like, how can one of mine not find out how to do some things and just magically make... I need that ultra rare. You know what I mean? Give it to me. Give me that one zero one that's just gonna find me a load of money.
[1:45:53] Dave @DCBK2LA: We know what we need. We need Cohen calling up here to tell us about his, you know, his rogue agents, the the the unfiltered ones that we can essentially tell to go do these things, you know, and just start cake... And just, like, come up with every 12 word combination, try them all out, and see what you can get access to. Let's take some... Let's take other people's money. You know? God. That sounds so terrible. Fuck.
[1:46:13] Bildo Verde @BildoVerde: It's a great way to end the show.
[1:46:15] Dave @DCBK2LA: I know. It is probably a great way
[1:46:16] Bildo Verde @BildoVerde: people marinate on that.
[1:46:18] Dave @DCBK2LA: Yeah. Yeah. Everybody marinate on that for a little bit. And, also, at the same time, please go click on the link at... Up top if you're gonna open up your best prop trading account. But, also, thank you guys. Right? We have been absolutely crushing. We... I think we opened up, like, 18 new accounts today, 12 or 13 yesterday. I mean, funding that are... That keeps going in. So we're earning commissions forever. Whoever has signed up, thank you, me and Natalie. Thank you. Thank you. Thank you. Wait. Coincom's coming up. Hold on.
[1:46:47] Bildo Verde @BildoVerde: Can I join your downline or what?
[1:46:50] Dave @DCBK2LA: Yeah. You you definitely can, actually.
[1:46:52] Bildo Verde @BildoVerde: I will What happens if you're moving? Two friends.
[1:46:54] Dave @DCBK2LA: Downline for Shell. CoinCon. Oh, sorry. Go ahead.
[1:46:59] Moni @monitalan: No. I'm sorry. Just...
[1:47:00] Coinkong @coinkong: I just did a quick search on that eight eight eight thing, and, apparently, 27,000 of them were airdropped to, like, wallets. I
[1:47:09] Moni @monitalan: don't
[1:47:09] Coinkong @coinkong: know if anyone's checked the, like, Bitcoin wallets, but, yeah, they were airdropped. So GG's to have a sold to 36 Bitcoin.
[1:47:18] Dave @DCBK2LA: They were airdropped. I mean, goddamn. GG is right. Great job. How many? 28,000?
[1:47:25] Coinkong @coinkong: It was 27,000 as as of October 2. I don't know if that airdrop's ongoing or what they are. Can't seem to find anything on them.
[1:47:33] Dave @DCBK2LA: Yeah. How could we get that airdrop? Like, maybe we were eligible. No? What the hell? But 36 BTC, that's just somebody moving money. It's gotta be. Anyways... Wait. What happened to Coincon? Coincon, come back. Where'd he go? I lost I
[1:47:49] NatNat @Natnatx007: don't see him.
[1:47:50] Moni @monitalan: Him anymore.
[1:47:51] Dave @DCBK2LA: Yep. I don't see him. Alright. It is what it is. Good show today, guys. Appreciate y'all. We got through a good amount of stories. And, yeah, your AIs are essentially going to kill you in eight to ten years.
[1:48:04] NatNat @Natnatx007: But first, they will help you plan and schedule whatever it is that you wanna plan. Is
[1:48:07] Dave @DCBK2LA: that right? Right. Right. Exactly. And interim, in if you're looking to make some money, click the accounts up top, the ATC link up at the top if you wanna get started with Vest. Natalie, what... We we need to pick a day for a... An a... As ATC specific trading day, like, livestream. Alright?
[1:48:26] NatNat @Natnatx007: Oh, you know what? We should... Oh, no. But you said AT specific because I was thinking have... Is it Astral with the with the link to the copy trading account? Yeah. I will... I I think that would be
[1:48:44] Dave @DCBK2LA: Agreed. There she goes again. Okay. Yeah. Because I know DocNooNoo just opened an account. Moni did. Milo did. Buildo's gonna open one and be part of the downline. And anybody else that does have one, essentially, like, this copy trader thing is... It it is something, and I don't know how to use it. So maybe, I'm gonna speak to the dev. He said he was down. I... We just gotta pick a time to be able to do it. So, that's it. Other than that, ladies and gents, thank you for coming
[1:49:14] Dave @DCBK2LA: you, Bildo, as always, Milo and everybody that came through, man. Listeners, hope you all have a great weekend. We will see y'all tomorrow. Oh, and Landy's being up... He's back on the pole. He's a pole worker, so he might not be here this week. He's Yay. Yay. He's right. No. No. But not... Maybe. Maybe. Alright. Later.