[
  {
    "i": 0,
    "speaker": "Speaker 1",
    "text": "yo what's up guys how's it going sorry I'm I'm no cam today I'm at a I'm at a friend's house I'm at an undisclosed location so I uh he asked me to to keep it private so anyways happy to be here"
  },
  {
    "i": 1,
    "speaker": "Speaker 1",
    "text": "though guys thank you so much for having me big fans of the stream I love to hear that dude your [ __ ] Discord name is ridiculous app flash crash or or oh my my actual my actual username yeah you"
  },
  {
    "i": 2,
    "speaker": "Speaker 1",
    "text": "can tell them what it is yeah Hyperliquid is a 40 billion ass yeah it's been uh it's been that for a while um no man it's I'm happy to be here you know a lot a little known fact is I've been a twitch lurker twitch"
  },
  {
    "i": 3,
    "speaker": "Speaker 1",
    "text": "lurker uh never a streamer since it was just in TV and I used to play a lot of Halo 3 and stuff so you know I'm a I'm a OG twitch user for sure and I love the young people that are grinding in in"
  },
  {
    "i": 4,
    "speaker": "Speaker 1",
    "text": "crypto uh and I always pop by anyone who's on you know crypto twitch I always pop by you know anybody up and coming or anybody putting out good content so I'm just excited to be here as uh as you"
  },
  {
    "i": 5,
    "speaker": "Speaker 2",
    "text": "guys are I think I knew I was going to get you on when you made that tweet like two weeks ago you were like watching Zoomers trade on Twitch is the first time I felt out of touch with crypto in"
  },
  {
    "i": 6,
    "speaker": "Speaker 1",
    "text": "my life yeah yeah I mean that was a crazy surreal experience cuz I I didn't really get into the the meme coin I didn't really have any mo with meme coins or anything it wasn't really my my Lane um I've been a"
  },
  {
    "i": 7,
    "speaker": "Speaker 1",
    "text": "Perpetual swaps Trader and and a Trader you know a bad quantitative Trader for for a while for probably you know 10 years now so watching these guys like trade one second chart on Meme coins you"
  },
  {
    "i": 8,
    "speaker": "Speaker 1",
    "text": "know just like it it just drew me back to like my start of like watching like the order books thinking I had Edge and stuff you know and so I was like damn I was like dude it's full cycle it's full"
  },
  {
    "i": 9,
    "speaker": "Speaker 1",
    "text": "cycle know but I respect anyone trying to grind it out like everybody starts somewhere um everybody starts regardless of portfolio size like that's the amazing thing about crypto is you can"
  },
  {
    "i": 10,
    "speaker": "Speaker 1",
    "text": "spin anything up dude you can go to zero you can go to hopefully not negative but I've seen people go from negative to you know now they're sitting on on huge portfolios and and you know they they"
  },
  {
    "i": 11,
    "speaker": "Speaker 2",
    "text": "figured it out so anything's possible for sure well sick dude I'm glad you're here uh before the stream started 5 minutes before we went through your recent tweet and I think ballpark 30 out"
  },
  {
    "i": 12,
    "speaker": "Speaker 2",
    "text": "of the last like 35 contain the words Hyperliquid in it 32 yeah 32 we counted your mic is crisp by the way Frank I mean fled can you maybe just like start at a high level for the chat like why"
  },
  {
    "i": 13,
    "speaker": "Speaker 1",
    "text": "are you so bullish on Hyperliquid to the point where it's becoming insufferable yeah I and it's sort of now become a bit I'm a pretty relaxed person I think for for those who have had the"
  },
  {
    "i": 14,
    "speaker": "Speaker 1",
    "text": "displeasure or pleasure of meeting me in person um I'm actually a pretty chill guy no no meme no meme intend yeah yes offal no no I I don't own any oh by the way I have to preface my lawyers uh I I own Hyperliquid"
  },
  {
    "i": 15,
    "speaker": "Speaker 1",
    "text": "obviously um and stuff we talk about here like I may or may not own just um you know again like please it's not Financial advice I'm giving my opinion this is like purely educational anyways"
  },
  {
    "i": 16,
    "speaker": "Speaker 1",
    "text": "um yeah the thesis on Hyperliquid really is like my whole Focus has been around trading and and the facilitation of trading and how I think Perpetual swaps are a much better product for"
  },
  {
    "i": 17,
    "speaker": "Speaker 1",
    "text": "retail to trade than options how many like guys have traded on Robin Hood have you guys ever traded on Robin Hood yeah yeah a little bit back in like 21 yeah 2020 yeah right okay so you've traded options"
  },
  {
    "i": 18,
    "speaker": "Speaker 1",
    "text": "and I'm sure we've all had some losses or something and you know we've sort of it options are really complicated products right like they have imply volatility they have a bunch of like"
  },
  {
    "i": 19,
    "speaker": "Speaker 1",
    "text": "these these things called Greeks like and and Retail just can't get enough of them because they're highly levered instruments right and my argument to anyone who will listen is that Perpetual"
  },
  {
    "i": 20,
    "speaker": "Speaker 1",
    "text": "swaps are a much better product for retail to trade because again what do you guys want to do I mean anybody to trade in my opinion except for market makers who have less Edge is that you"
  },
  {
    "i": 21,
    "speaker": "Speaker 1",
    "text": "want to make a dollar when Bitcoin goes up lose a dollar when it goes down if you're long and multiply that by 100 if you want to and that's in my opinion you're [ __ ] right as an American citizen is to do whatever you want with your money and if you think about even Sports Betting right which I'm sure a lot of people there's a big crossover there there's always that crossover of like"
  },
  {
    "i": 22,
    "speaker": "Speaker 1",
    "text": "poker and sports betting and you know trading to some extent I think Sports should be a perk too right like the order books should be you know the default instrument that people use to"
  },
  {
    "i": 23,
    "speaker": "Speaker 1",
    "text": "express their opinion about anything you saw it on Polymarket with the election like if someone's willing to take a trade with you or will we're willing to have a bet um that should be an open and"
  },
  {
    "i": 24,
    "speaker": "Speaker 1",
    "text": "free market and I think that's just good for everything it's good for the world it's good for sources of truth and you know if you if you execute a sports bet on DraftKings or you make an options trade on Robinhood you're at a huge huge disadvantage because like all of these people um that you're trading against the internal market makers in these platforms they have huge advantages over you they're highly"
  },
  {
    "i": 25,
    "speaker": "Speaker 1",
    "text": "sophisticated you know multi billion of dollars of Revenue business is and it's really hard to win as a retail Trader um and that's due to a couple different factors um I don't"
  },
  {
    "i": 26,
    "speaker": "Speaker 1",
    "text": "want to go too too deep we can later but the amazing thing about a per is it's very simple for retail to understand and actually market makers have considerably less Edge trading a per because of of"
  },
  {
    "i": 27,
    "speaker": "Speaker 1",
    "text": "the you know perceived like randomness of the product to some extent and is it all remember when Robinhood first uh put out I think their purpose product and it was just like one big green button one"
  },
  {
    "i": 28,
    "speaker": "Speaker 1",
    "text": "big red button it feels like it's getting a lot simpler what what do you feel Hyperliquid does with their product that makes it so sticky so first of all I think if you use any other exchange and then use"
  },
  {
    "i": 29,
    "speaker": "Speaker 3",
    "text": "Hyperliquid you'll see that definitively it's just a better ux it's much more pleasant it's much more performant the onboarding process is better they're better in almost every area um and so you know that I I really"
  },
  {
    "i": 30,
    "speaker": "Speaker 1",
    "text": "liked RIT for a period in time because of how good their UI is because of how simple they were um and I was like wow this is good experience you know if you want to gamble and that's sort of what"
  },
  {
    "i": 31,
    "speaker": "Speaker 1",
    "text": "gamble and that's sort of what you want to do which is your right to do then you know make it as pleasant for me as possible that's awesome that's good product right um you know if there's demand the Market's going to meet it and"
  },
  {
    "i": 32,
    "speaker": "Speaker 1",
    "text": "Hyperliquid took that a step further but also is catering towards you know the people who only really see the exchange via the API as well like they're not even using the default front"
  },
  {
    "i": 33,
    "speaker": "Speaker 1",
    "text": "end um and it was built by really really talented guys people have been all my friends have been getting on me because they're saying I'm gushing Jeff the founder of Hyperliquid too much so I I"
  },
  {
    "i": 34,
    "speaker": "Speaker 1",
    "text": "gotta I think uh I think chill out a little bit but the engineering team of what they've built um and also the openness and transparency of the platform meaning like you know the what"
  },
  {
    "i": 35,
    "speaker": "Speaker 1",
    "text": "was the problem with FTX is like we didn't know what was happening with the money right the one big advantage of Hyperliquid that you have over these other exchanges is there are no trust"
  },
  {
    "i": 36,
    "speaker": "Speaker 1",
    "text": "assumptions every dollar is accounted for onchain every p&l every trade every accounts leverage every stoploss every single type of data that's available is available on chain open and"
  },
  {
    "i": 37,
    "speaker": "Speaker 1",
    "text": "transparently for everybody not because we always hear these uh comments of like oh Binance is trading against me or or oh they're hunting the stops of retail that may or may not happen you know I I"
  },
  {
    "i": 38,
    "speaker": "Speaker 1",
    "text": "assumptions every dollar is accounted for onchain every p&l every trade every accounts leverage every stoploss every single type of data that's available is available on chain open and"
  },
  {
    "i": 39,
    "speaker": "Speaker 1",
    "text": "transparently for everybody not because we always hear these uh comments of like oh binance is trading against me or or oh they're hunting the stops of retail that may or may not happen you know I I"
  },
  {
    "i": 40,
    "speaker": "Speaker 1",
    "text": "have no insight there I would say probably not at least not at this point in the market where it is a super liquid Market with multiple venues but at least with you know at least what you know"
  },
  {
    "i": 41,
    "speaker": "Speaker 1",
    "text": "with Hyperliquid is that hey there's Open meritocratic Access of data for everybody and everybody gets the same user experience there's no special privileges like on binance and some of"
  },
  {
    "i": 42,
    "speaker": "Speaker 1",
    "text": "these other exchanges they have special lower latency endpoints for trading firms to use so they literally are just faster and more performant obviously if you're manual Trader it's not that"
  },
  {
    "i": 43,
    "speaker": "Speaker 1",
    "text": "important for you but it does level the playing field considerably and I think that's why it's becoming such a such a moment for a lot of people on all ends of the bell curve right the 60 IQ people"
  },
  {
    "i": 44,
    "speaker": "Speaker 1",
    "text": "who are like dude I like meme coins and I just want to get leverage on them and then the people who consider themselves really really smart and then it's all the mid-curves who are like this is"
  },
  {
    "i": 45,
    "speaker": "Speaker 1",
    "text": "just another per se right but clearly it's not look at the price action right it's not another dox and if you use the two products there's a clear all right flood this might be a [ __ ]"
  },
  {
    "i": 46,
    "speaker": "Speaker 2",
    "text": "question but why couldn't binance with more money and more resource more resources just like steal Hyperliquid's Edge and what makes the product good and just like beat them at their own"
  },
  {
    "i": 47,
    "speaker": "Speaker 1",
    "text": "game totally I mean dude CZ is a grandma like CZ is the probably one of the richest most liquid people in the world because think about Elon must net worth right and I'm sure a lot of people"
  },
  {
    "i": 48,
    "speaker": "Speaker 1",
    "text": "are familiar here but it's a really important concept of like liquidity right um you know if he was to start selling his Tesla stock in large chunks that would probably be a bad signal"
  },
  {
    "i": 49,
    "speaker": "Speaker 1",
    "text": "right he'd probably be like whoa who wait a second like I thought we were going to Mars and I thought like everything was going to be amazing we're gonna have self-driving cars and robots"
  },
  {
    "i": 50,
    "speaker": "Speaker 1",
    "text": "and [ __ ] like what do you mean you're selling and he's like oh yeah no you know relax like I I just need some liquidity typically what these rich people do is they borrow against their"
  },
  {
    "i": 51,
    "speaker": "Speaker 1",
    "text": "stocks instead of selling it that's also so they don't have to pay capital gains right um so it's you know tax advantage as well and you know CZ actually though if you think about the amount of cash"
  },
  {
    "i": 52,
    "speaker": "Speaker 1",
    "text": "that this guy has like there are rumors that he has 40% of the tether Supply pull up the tether Supply right like tether has $160 billion dollars of you know outstanding you know tokens issued"
  },
  {
    "i": 53,
    "speaker": "Speaker 1",
    "text": "you know credit yeah 40% Binance The Entity C but see he owns the majority of equity to binance so I'm prefacing your question with like it's totally possible but there are some aspects of hyper"
  },
  {
    "i": 54,
    "speaker": "Speaker 1",
    "text": "liquid that are closed source it's not fully open source yet so they can't just like rip it one to one like Uniswap or something remember there was Sushi Swap and you know there was Blur remember what Blur did to open source"
  },
  {
    "i": 55,
    "speaker": "Speaker 1",
    "text": "like not everything's on chain or not everything is fully transparent on Hyperliquid I think in inevitably it will be but if you also think about it like I don't think it'd be a bad thing if hyper"
  },
  {
    "i": 56,
    "speaker": "Speaker 1",
    "text": "if binance copies Hyperliquid because we all want more transparency in crypto we all want equal access to data we all want more fairness more fairness is never a bad thing right but there's a"
  },
  {
    "i": 57,
    "speaker": "Speaker 1",
    "text": "lot of differences between like a centralized exchange and a decentralized exchange from like a performance standpoint but yeah it's totally possible but I think it'd be a good thing that's not even a bad thing though"
  },
  {
    "i": 58,
    "speaker": "Speaker 2",
    "text": "you know hey that's a based argument I got to all right I got to ask a couple of the zero IQ questions or go ahead Frank go ahead Frank there are no zero IQ questions no no you go you go and I'm"
  },
  {
    "i": 59,
    "speaker": "Speaker 2",
    "text": "going to hit all I just wanted to ask to like just to like build my Foundation of understanding is like why hasn't Hyperliquid been built before like why did no one build this before Hyperliquid built this built"
  },
  {
    "i": 60,
    "speaker": "Speaker 1",
    "text": "this in the same way so I'm also [ __ ] um I'm I'm not I'm not I'm a D minus developer um and you know I understand how blockchains work conceptually but if you ask me to write a smart contract like"
  },
  {
    "i": 61,
    "speaker": "Speaker 1",
    "text": "all our funds are getting drained so you know I'm I'm very much uh very much a user of product um and so you know why wasn't Hyperliquid built before it's been explained to me by some people on"
  },
  {
    "i": 62,
    "speaker": "Speaker 1",
    "text": "my team because obviously I've asked the same question and they've sort of explained to me that like usually when people build blockchains they built it for like general purpose stuff it's like"
  },
  {
    "i": 63,
    "speaker": "Speaker 1",
    "text": "okay I want nft trading and I want AMMs and I want you know to make sure it's secure and I want to make sure it's fast and all this other good stuff what the team at Hyperliquid focused on was they"
  },
  {
    "i": 64,
    "speaker": "Speaker 1",
    "text": "were like hey how about we optimize this to be an exchange specifically a centralized limit order book exchange or clob you've heard clob or clob that's the term that's how all products are"
  },
  {
    "i": 65,
    "speaker": "Speaker 1",
    "text": "traded in traditional Finance right it's actually one of the good things from traditional finance that they figured out um and so you know they built it specifically to be performant for that"
  },
  {
    "i": 66,
    "speaker": "Speaker 1",
    "text": "rather than oh we're going to make this general and then like fit an exchange in there so it was almost like the like chicken and egg problem they were like no no no let's start with the exchange"
  },
  {
    "i": 67,
    "speaker": "Speaker 1",
    "text": "and then we'll build the L1 so if you actually look like the exchange is live but the L1 isn't live yet um so that'll be coming soon I assume uh but yeah that that's how it's been explained to me if"
  },
  {
    "i": 68,
    "speaker": "Speaker 1",
    "text": "it's wrong I'd love I'd love to know why but um there are a lot of other technical reasons that I'm just I'm just too dumb guys this brings up your your kind of main thesis on this that it's"
  },
  {
    "i": 69,
    "speaker": "Speaker 3",
    "text": "going to trade like an exchange coin potentially be the BNB of this uh cycle and I I guess yeah do you want to First explain that so we have this Banger clip and then from there I want to ask like"
  },
  {
    "i": 70,
    "speaker": "Speaker 1",
    "text": "If you had to Steelman you know the other side what the risks might be or yeah that's my question totally totally um so why why can this trade at BNB valuation so if you think about what BNB"
  },
  {
    "i": 71,
    "speaker": "Speaker 1",
    "text": "is BNB is a cult BNB is like the ultimate cult meme token it's the CT meme token to basically get long cz's [ __ ] savageness CZ is a gangster like CZ the way he operates the way he's run"
  },
  {
    "i": 72,
    "speaker": "Speaker 1",
    "text": "and so you know BNB really is like a way to Long yeah it has some sort of like buy and burn you know aspect and and stuff like that uh but you know what BNB really is is like I believe in binance I believe in cz's ability to pump this"
  },
  {
    "i": 73,
    "speaker": "Speaker 1",
    "text": "[ __ ] you know and uh anyways I see people are saying why no face docks and stuff I didn't want a doc location but uh Jeff and all the founders of Hyperliquid are docs So and I've done a face"
  },
  {
    "i": 74,
    "speaker": "Speaker 1",
    "text": "interview before but uh I I respect you know I I they're respecting my privacy but anyways you know BNB is a [ __ ] meme token at the end of the day like the cash flows are meaningless the burns"
  },
  {
    "i": 75,
    "speaker": "Speaker 1",
    "text": "are meaningless but you own BNB because you believe in binance and also BNB has a [ __ ] chain right yeah it's a bit of a ghost town now but one of my most profitable trades ever yeah it was hot"
  },
  {
    "i": 76,
    "speaker": "Speaker 1",
    "text": "dude pancake swap was one of my biggest W's ever in history that was a huge trade that went from like 50 mil market cap to like $4 billion doll market cap and almost flipped Uniswap like it was"
  },
  {
    "i": 77,
    "speaker": "Speaker 1",
    "text": "insane right and and BNB was sort of said like uh we're the we're the Chinese ethereum it was really good branding right and so you know I think there's a pretty interesting comparison both on"
  },
  {
    "i": 78,
    "speaker": "Speaker 1",
    "text": "the exchange stuff you always hear people saying hey this is onchain binance use the product and tell me if you think it's not because it definitely feels like that way to me and then"
  },
  {
    "i": 79,
    "speaker": "Speaker 1",
    "text": "[ __ ]"
  },
  {
    "i": 80,
    "speaker": "Speaker 1",
    "text": "additionally they have this token where the team owns a considerable amount of it and they're buying more every day every day they go out and market and buy more you can look at it it's a top four\nholder it's called Binance Fund um and they basically bought $150 Million worth of the token what do you think CZ is done with BNB you think there's a ton of organic idiosyncratic bid for BNB"
  },
  {
    "i": 81,
    "speaker": "Speaker 1",
    "text": "no he takes a billion dollar and he's like I'm going to rip this because it makes everyone on my platform Rich right it's a it's what is the greatest Market marketing strategy on"
  },
  {
    "i": 82,
    "speaker": "Speaker 1",
    "text": "[ __ ] no he takes a billion dollar and he's like I'm going to rip this because it makes everyone on my platform Rich right it's a it's what is the greatest Market marketing strategy on"
  },
  {
    "i": 83,
    "speaker": "Speaker 1",
    "text": "Earth it's a token that goes up it's a token that goes up and that's what they understand right and you know CZ owns a lot of the float the Hyperliquid team owns a lot of the float and I don't"
  },
  {
    "i": 84,
    "speaker": "Speaker 1",
    "text": "think they're sellers right because exchange Equity or having exposure to a crypto exchange is one of the most valuable things in the entire universe binance makes tens of billions\nof dollars a year every year at a very high margin right right so you know it yeah it could it could I I don't want to say easily become BNB because that would be I think diminishing the talent of CZ"
  },
  {
    "i": 85,
    "speaker": "Speaker 1",
    "text": "and the scale that binance operates at binance has like 5,000 employees you know this is like not a small we think like oh binance has 300 million kyc users that's single digit percentage of\nthe globe think about that America yeah yeah yeah that's f [ __ ] incredible right like think about all the IDs they have all the info they have might be a Honeypot but you know again like I think"
  },
  {
    "i": 86,
    "speaker": "Speaker 1",
    "text": "that is a fair comparison it's a really lofty valuation and there's a lot of reasons why BNB trades so high that you know I think if you do your research you'll realize CZ probably owns a lot of\nit there aren't really that many sellers there's some weird things with BNB there was this weird hack one time like BNB is a weird asset right there's a lot of weird things that have happened at"
  },
  {
    "i": 87,
    "speaker": "Speaker 1",
    "text": "binance but um you you know Hyperliquid has the ability to be better I would say because they're starting with the greatest wealth event in crypto which was airdropping $6 billion worth of\ncapital to Traders organic users of the platform and then probably continuing to do more and the team not selling a single token buying 150 million tell me what team has done that can you give any"
  },
  {
    "i": 88,
    "speaker": "Speaker 1",
    "text": "example of a team that's given away one tenth of the amount in an airdrop and then instead of selling the token went out and bought yeah it's very very rare I can't think one off the top of my head on the\nexchange side yeah it is tough this it's really unique the way this is being set up um on the exchange side I was wondering I love using the product but I'm not a big per Trader I'm wondering"
  },
  {
    "i": 89,
    "speaker": "Speaker 1",
    "text": "do you do is it in their best interest to start doing more spot things even of the big coins or is that like a smaller game than than what they're going after no that's that's a big unlock um\nsay anytime there's a w question we're dropping we're dropping just dropped Subs mid combo um spot assets are a huge unlock right I mean there's this whole divide right now I think for Hyperliquid"
  },
  {
    "i": 90,
    "speaker": "Speaker 1",
    "text": "people where some people like it really clean some people are like hey I like the fact it's all cash margined it's clean it's easy to calculate the solvency um and other people are like\nwell I want to use Bitcoin as collateral or I want to use Hyperliquid token as collateral or I want to use Solana as collateral whatever um and I think the best outcome would actually be that"
  },
  {
    "i": 91,
    "speaker": "Speaker 1",
    "text": "external teams build products that facilitate that type of trading and then Hyperliquid stays all USDC margin because in order to add checks to make sure that accounts are solvent and not\noverleveraged and being liquidated in real time like you need to check the price of these spot assets and like we saw on August 5th like we saw during Coinbase like the price of Bitcoin can teleport"
  },
  {
    "i": 92,
    "speaker": "Speaker 3",
    "text": "example of a team that's given away one tenth of the amount in an aird drop and then instead of Jing the token went out and bought yeah it's very very rare I can't think one off the top of my head on the"
  },
  {
    "i": 93,
    "speaker": "Speaker 3",
    "text": "exchange side yeah it is tough this it's really unique the way this is being set up um on the exchange side I was wondering I love using the product but I'm not a big per Trader I'm wondering"
  },
  {
    "i": 94,
    "speaker": "Speaker 3",
    "text": "do you do is it in their best interest to start doing more spotless things even of the big coins or is that like a smaller game than than what they're going after no that's that's a big unlock um"
  },
  {
    "i": 95,
    "speaker": "Speaker 1",
    "text": "say anytime there's a w question we're dropping we're dropping just dropped Subs mid combo um spot assets are a huge unlock right I mean there's this whole divide right now I think for Hyperliquid"
  },
  {
    "i": 96,
    "speaker": "Speaker 1",
    "text": "people where some people like it really clean some people are like hey I like the fact it's all cash margined it's clean it's easy to calculate the solvency um and other people are like"
  },
  {
    "i": 97,
    "speaker": "Speaker 1",
    "text": "well I want to use Bitcoin as collateral or I want to use Hyperliquid token as collateral or I want to use salana as collateral whatever um and I think the best outcome would actually be that"
  },
  {
    "i": 98,
    "speaker": "Speaker 1",
    "text": "external teams build products that facilitate that type of trading and then Hyperliquid stays all usdc margin because in order to add checks to make sure that accounts are solvent and not"
  },
  {
    "i": 99,
    "speaker": "Speaker 1",
    "text": "overleveraged and being liquidated in real time like you need to check the price of these spot assets and like we saw on August 5th like we saw during Co like the price of Bitcoin can teleport"
  },
  {
    "i": 100,
    "speaker": "Speaker 1",
    "text": "down like 10% in a minute right and so that makes it very challenging to manage risk on the platform um I'm sure they're competent enough to you know facilitate spot multi-asset margin trading however"
  },
  {
    "i": 101,
    "speaker": "Speaker 1",
    "text": "I think it might actually not be a bad thing if that's an external solution and the team sort of keeps it as simple as possible as performant as possible as clean as possible right yeah and then I"
  },
  {
    "i": 102,
    "speaker": "Speaker 3",
    "text": "have to ask and people were telling us to ask you right before this too what's in the spot ecosystem right now I the tweets about purr how do you feel uh yeah what's your take on the current"
  },
  {
    "i": 103,
    "speaker": "Speaker 1",
    "text": "like listings that they have yeah so um the spot ecosystem is pretty new it's pretty new it's still pretty small I think clearly most of the bid and the demand has been for the hype"
  },
  {
    "i": 104,
    "speaker": "Speaker 1",
    "text": "token but you know I think anytime you're evaluating an ecosystem I always sort of am just like how much of a cult is this like how much do people ride or die for the team like how crazy obsessed are people with with the"
  },
  {
    "i": 105,
    "speaker": "Speaker 1",
    "text": "team and the token and the culture there it really is a culture thing right like it has to almost feel cool like crypto you know we're very like open to anybody can join the community but like we're"
  },
  {
    "i": 106,
    "speaker": "Speaker 1",
    "text": "still social creatures like we still want to be part of something that's that's cool right like I don't think when you think about like coinbase or something you're like yeah that's a"
  },
  {
    "i": 107,
    "speaker": "Speaker 1",
    "text": "really like cool place you know but Hyperliquid and NFTs in the beginning like you know mem coins in the beginning especially like they felt like very very on the like cutting edge so I think the"
  },
  {
    "i": 108,
    "speaker": "Speaker 1",
    "text": "spot Market is interesting and I think given that the Traders are 6 billion-dollar richer um it's probably an inevitability that you know the rising tide just lifts a lot of the uh you know"
  },
  {
    "i": 109,
    "speaker": "Speaker 1",
    "text": "the boats on the platform but I I don't have a really strong opinion I hold a lot of the HYPE tokens on there so I'm not going to directionally say oh you should buy this but you know I I I have"
  },
  {
    "i": 110,
    "speaker": "Speaker 2",
    "text": "a bullish outlook on on almost everything related to Hyperliquid going back to the Binance has 300 million users thing what would actually literally have to happen in the future moving forward with"
  },
  {
    "i": 111,
    "speaker": "Speaker 2",
    "text": "Hyperliquid to flip BNB like what actually has to happen that hasn't happened yet tough I I think the path to beating BNB is a lot it starts slowly and then the thing about exchanges is that you"
  },
  {
    "i": 112,
    "speaker": "Speaker 1",
    "text": "know people are kind of agnostic assume let's assume like you know it's similar to Banks let's assume like exchanges are all not FTX let's say nobody's going to steal your money well then the only"
  },
  {
    "i": 113,
    "speaker": "Speaker 1",
    "text": "thing you really care about is where am I getting the best price like if I sell a 100 Bitcoin like how many points of slippage am I paying and how many fees am I paying right assuming the"
  },
  {
    "i": 114,
    "speaker": "Speaker 1",
    "text": "counterparty risk is like you know Coinbase has no counterparty risk Binance they're a public company in the US like if there is counterparty risk at least those guys are going to go to jail"
  },
  {
    "i": 115,
    "speaker": "Speaker 1",
    "text": "like Sam anything can happen you know never say never um but you know at least there's some level of of understanding there Binance I would assume there's very little counterparty risk just due"
  },
  {
    "i": 116,
    "speaker": "Speaker 1",
    "text": "to how profitable they are it'd be very hard to [ __ ] that up but anything can happen right um in order to flip BNB I think a lot of so imagine you're like a tier three exchange and you don't really"
  },
  {
    "i": 117,
    "speaker": "Speaker 1",
    "text": "have momentum you're like kind of like you're you're struggling on the volume it's not looking good for you like you know uh you know capital is running a little bit low what should you do well"
  },
  {
    "i": 118,
    "speaker": "Speaker 1",
    "text": "you should actually stop trying to bootstrap liquidity yourself and plug in Hyperliquid into your back end and then just become a front end and offer different shady products or different"
  },
  {
    "i": 119,
    "speaker": "Speaker 1",
    "text": "custody Solutions or like you said spot asset margin or something for users let them trade mem coin similar to OKX and instead of you having to facilitate liquidity and worry about maintaining"
  },
  {
    "i": 120,
    "speaker": "Speaker 1",
    "text": "your API and you know worrying about security to some extent you're just like hey settlement all the yeah you can't list ST yourself but hey products all the listing you know all of these"
  },
  {
    "i": 121,
    "speaker": "Speaker 1",
    "text": "products out of the box liquidity it's right there and Hyperliquid's cheap at 3.5 bps taker you know that's way cheaper than binance or viyet so I could see that happening and then as more flow"
  },
  {
    "i": 122,
    "speaker": "Speaker 1",
    "text": "is routed to Hyperliquid Hyperliquid is higher and higher in the top of book meaning you you kind of have a legal obligation to give a client a best price like if if you come to me and you say"
  },
  {
    "i": 123,
    "speaker": "Speaker 1",
    "text": "like hey I like you know sell 10 Bitcoin for me if I if I if it's trading at 100 Grand and I sell it at 99 you're gonna be like what the [ __ ] happened here like you just stole from me right"
  },
  {
    "i": 124,
    "speaker": "Speaker 1",
    "text": "that's a pretty extreme example but as someone who's routing flow right um you know you you have to hit the best price and it's in your best interest to do so because you want to keep your customers"
  },
  {
    "i": 125,
    "speaker": "Speaker 1",
    "text": "customers think you're ripping them off they're not going to come back and trade with you and so if Hyperliquid starts creeping up in the order book as best price then flow is going to have to be routed"
  },
  {
    "i": 126,
    "speaker": "Speaker 1",
    "text": "there and then they're going to start draining liquidity from these other exchanges and it's their exchanges are going to have a really tough choice where they're like damn we're losing"
  },
  {
    "i": 127,
    "speaker": "Speaker 1",
    "text": "users we're losing volume to Hyperliquid we can either join them which is not a bad outcome for them or we can keep trying to fight them and probably inevitably lose because Hyperliquid is"
  },
  {
    "i": 128,
    "speaker": "Speaker 1",
    "text": "a better product there's always this concept Shoku has a great post about last mover Advantage if you look at in crypto look at nfts I know you guys are nft guys who won the nft exchange war"
  },
  {
    "i": 129,
    "speaker": "Speaker 2",
    "text": "was it the first people that created exchanges no right it was the BL last no was yeah the last BL exactly the first got killed I saw that post too it was like I think it referenced like"
  },
  {
    "i": 130,
    "speaker": "Speaker 1",
    "text": "Blackberry all the way through Apple it was pretty interesting because everyone does all the hard work for you right and then you sort of realize okay I see how they're building up and uh I'm going to do things better and"
  },
  {
    "i": 131,
    "speaker": "Speaker 1",
    "text": "also Tech advances too right so things that weren't really possible five years ago um are are more possible today there's definitely been Innovations in like you know blockchain I mean I'm not"
  },
  {
    "i": 132,
    "speaker": "Speaker 1",
    "text": "the last person to explain that but you know the trust me when you know you can notice the performance like look at salana versus eth right I mean eth is in big trouble you know eth is in big"
  },
  {
    "i": 133,
    "speaker": "Speaker 1",
    "text": "trouble like I I don't recommend any new users onboarding to to onboard to eth I recommend them to on toward to Solana because it's cheaper you know um and it's and it's a little more user"
  },
  {
    "i": 134,
    "speaker": "Speaker 1",
    "text": "friendly and you know the products I think are a little more suited towards like people who want to you know what what did people want to do for a long time they wanted to trade coins mean"
  },
  {
    "i": 135,
    "speaker": "Speaker 3",
    "text": "coins and you know you can't really do that on eth it'll cost you 20 bucks I guess then the next thing is how much do you feel the L1 and having a vibrant ecosystem uh factors into your"
  },
  {
    "i": 136,
    "speaker": "Speaker 3",
    "text": "bull your bull case on on hype cuz that's like arguably one of the hardest things to do in crypto we've seen it over and over again one of the hardest things to do in crypto but somehow some way"
  },
  {
    "i": 137,
    "speaker": "Speaker 1",
    "text": "Hyperliquid feels like it has a shot uh what's your take on how that's going to develop another W question um it it's tough it's tough for me to make a a call or assessment there um I I've struggled I've been wrong"
  },
  {
    "i": 138,
    "speaker": "Speaker 1",
    "text": "often about l1s and stuff I hit the trade in 2020 and then I faded at this time and I was coping hard I was super pissed at the people making money on Solana it was extremely tilting a lot of"
  },
  {
    "i": 139,
    "speaker": "Speaker 1",
    "text": "my friends are big Solana BS so they would taught me in our private group chats um and so I don't know but the nice thing about this I think trade for me is I don't give a damn I don't give a"
  },
  {
    "i": 140,
    "speaker": "Speaker 1",
    "text": "I about the L1 I don't give a damn about AMMs or any of this damn like I don't care like I don't care about an NFT Marketplace or someone wants to make a lending protocol like who gives a damn"
  },
  {
    "i": 141,
    "speaker": "Speaker 1",
    "text": "yeah you go for three I was gonna ask can you talk a little bit about how you think about sizing into a trade like Hyperliquid when you're so convicted because it from your tweets it seems"
  },
  {
    "i": 142,
    "speaker": "Speaker 2",
    "text": "like you have every dollar you've ever touched in Hyperliquid right now like how how do you think about sizing from the portion of the airdrop you received and then buying it post that's a great question and this is"
  },
  {
    "i": 143,
    "speaker": "Speaker 2",
    "text": "an important lesson like regardless um there's only a few trades that you get in your life where I I think okay from first principles from Trading investing whatever making a bet I think"
  },
  {
    "i": 144,
    "speaker": "Speaker 1",
    "text": "you always have to ask yourself like why am I going to have edge right like why am I going to win on this bet if if you're just gambling or or you're betting on momentum like a meme coin or"
  },
  {
    "i": 145,
    "speaker": "Speaker 1",
    "text": "something you know that could be different right oh hold on I uh okay um you know if you're betting if you're betting on momentum that's different but I think if you're betting on I if"
  },
  {
    "i": 146,
    "speaker": "Speaker 1",
    "text": "you're let me think about how to phrase this I am a crypto degenerate I when I am high conviction on something I have one bet size and that's like basically full port minus like if something goes wrong probably"
  },
  {
    "i": 147,
    "speaker": "Speaker 1",
    "text": "like legal expenses you know I and I and you you have to but there are other things you can do to sort of like manage the draw down I don't want to get too fancy or like too technical and a lot of"
  },
  {
    "i": 148,
    "speaker": "Speaker 1",
    "text": "the work isn't even really been done by me um for the hedging portion of it but you know there's two things about Hyperliquid one it's pretty liquid which is ironic given the name and two it's a"
  },
  {
    "i": 149,
    "speaker": "Speaker 1",
    "text": "relatively new token where I think a lot still has to be delivered in order for it to live up to its full valuation or what where I would look to sort of say hey I think this is"
  },
  {
    "i": 150,
    "speaker": "Speaker 1",
    "text": "fairly valued it's time to take some chips off the table um for this I've sized bigger than I've ever sized not just for myself but also on behalf of our EMS business which uh is called in"
  },
  {
    "i": 151,
    "speaker": "Speaker 1",
    "text": "silico terminal we can talk about that later but you know that's what I I'm revealing on the stream we're revealing our strategic hype reserve um hopefully it's it's enough size for the"
  },
  {
    "i": 152,
    "speaker": "Speaker 1",
    "text": "people in here yeah you guys are getting an exclusive exclusive uh exclusive exclusive look uh someone's asking are they going to face docks Hyperliquid is completely docked they're completely docked um but I'm I'm semi docked as well I'm like I'm like light docked so please please don't harass me but uh but anyways um you you when you when you have conviction on something and you know"
  },
  {
    "i": 153,
    "speaker": "Speaker 1",
    "text": "completely docked um but I'm I'm semi docked as well I'm like I'm like light docked so please please don't harass me but uh but anyways um you you when you when you have conviction on something and you know"
  },
  {
    "i": 154,
    "speaker": "Speaker 1",
    "text": "you're right and it's like keeping you up at night that like wow if I don't size enough I'm going to be upset then you know you have to take that bet right but but you really have to ask yourself like"
  },
  {
    "i": 155,
    "speaker": "Speaker 1",
    "text": "what am I seeing that someone else isn't seeing because markets if if I offer you a trade I'm a profitable trader I would probably think twice about taking the other side of the bet right if traders"
  },
  {
    "i": 156,
    "speaker": "Speaker 1",
    "text": "that I know who are even better than me right come come to me and they say hey I have this I have this trade for you like do you want to buy this from me I'm like wait wa wait a second like what's the"
  },
  {
    "i": 157,
    "speaker": "Speaker 1",
    "text": "catch even if I think it's a good trade even if I think maybe they're making a mistake and that's like anything in life um you always have to ask like what what's the reason this is being offered"
  },
  {
    "i": 158,
    "speaker": "Speaker 1",
    "text": "to me and so for sizing uh there's no default answer there's no one-size fixed all but the metric that I sort of go on where crypto is a lot about like conviction it's a lot about belief"
  },
  {
    "i": 159,
    "speaker": "Speaker 1",
    "text": "to me and so for sizing uh there's no default answer there's no one- siiz fixed all but the metric that I sort of go on where where crypto is a lot about like conviction it's a lot about belief"
  },
  {
    "i": 160,
    "speaker": "Speaker 1",
    "text": "on Hyperliquid I just noticed that a lot of people did not understand how much exchanges make and that was the simple simple thing that let me size huge was when I talk to people and I"
  },
  {
    "i": 161,
    "speaker": "Speaker 1",
    "text": "asked them what I what they thought it was worth they said I think it's worth one to two billion do and I was like that's an actually pretty reasonable price but I think it's worth 40 so that"
  },
  {
    "i": 162,
    "speaker": "Speaker 1",
    "text": "spread is so large that it gave me the because you need two things you need both the emotional stability when you're trading large size or a large percentage of your portfolio to really hold it and"
  },
  {
    "i": 163,
    "speaker": "Speaker 1",
    "text": "not if if I give you a trade you're not going to believe in it you have to do your own research and you have to come to the conclusion and you have to say look I actually agree or or I slightly"
  },
  {
    "i": 164,
    "speaker": "Speaker 1",
    "text": "disagree but I see the I see the thesis and I'm willing to do it that's the reason why I was so high conviction on this trade and yeah things are going well for me right now they could change"
  },
  {
    "i": 165,
    "speaker": "Speaker 1",
    "text": "anything could change and I will re-evaluate but certainly when you have large size on you need to do two things why am I getting paid what do I see that other people don't what's my Edge and"
  },
  {
    "i": 166,
    "speaker": "Speaker 1",
    "text": "then you need to be like hyper critical of the position all the time I [ __ ] up with ROBOT I was huge I was up so I bought ROBOT at like a cent under a cent I bought some from gainy like I was"
  },
  {
    "i": 167,
    "speaker": "Speaker 1",
    "text": "buying up as much Supply as as nicely as possible not trying to move price price went to 24 Cent and the robot team I thought they were kind of killers they I mean they have a good product they're"
  },
  {
    "i": 168,
    "speaker": "Speaker 1",
    "text": "obviously making you know $60 million a month and then they released this [ __ ] [ __ ] called The Duel Arena and I I should have just full ped out and instead I was like oh maybe I'm"
  },
  {
    "i": 169,
    "speaker": "Speaker 1",
    "text": "like maybe I'm missing something like I I was just sort of like you know I was just sort of uh I was a plan truster right and yeah and and it didn't it didn't turn out that well the Duel Arena right"
  },
  {
    "i": 170,
    "speaker": "Speaker 1",
    "text": "now does like $500 in volume a day and instead I sort of started selling on the way down I didn't time the top you're never gonna always time the top I still did okay on that trade but you know I I"
  },
  {
    "i": 171,
    "speaker": "Speaker 1",
    "text": "violated the rule of like I didn't stay hypercritical I sort of got caught up in the like I'm a genius this is going to keep going up and it was going up at a time when Bitcoin was at like 28k right"
  },
  {
    "i": 172,
    "speaker": "Speaker 1",
    "text": "so like I was like oh my God all my friends are [ __ ] down bad and I'm killing it so it was also the the arrogance but the market always humbles you right so you have to humble yourself"
  },
  {
    "i": 173,
    "speaker": "Speaker 1",
    "text": "and you have to say hey look like I'm making sure that you know I'm being critical I'm being reasonable and also I'm taking some chips off the table if it is life-changing money to you like"
  },
  {
    "i": 174,
    "speaker": "Speaker 1",
    "text": "I've already reached a point in my life thankfully that you know um I'm really going for it all right I I really want to like see like Hey how do I how do I get to like the end zone like"
  },
  {
    "i": 175,
    "speaker": "Speaker 1",
    "text": "how do how do I really become one of those people that like someone writes a [ __ ] book about right but if you have responsibilities if you have family if you have people that you're taking care"
  },
  {
    "i": 176,
    "speaker": "Speaker 1",
    "text": "of if you're taking care of yourself right um you know you're going to be in the best position to help yourself and people around you and set others up for Success if you reach a level to where"
  },
  {
    "i": 177,
    "speaker": "Speaker 1",
    "text": "you say okay I took chips off the table I took my w yeah I might go higher but I'm focusing on my reality I'm making sure I'm going to be covered and straight and I have rent settled"
  },
  {
    "i": 178,
    "speaker": "Speaker 1",
    "text": "expenses everything my tax situation set up and then I can start going full port and that's a beautiful thing about crypto is there's always another trade you're never too late I felt like I was"
  },
  {
    "i": 179,
    "speaker": "Speaker 3",
    "text": "too late at $300 Bitcoin right [ __ ] now it's at 100,000 you know yeah you know the the thing you were describing about Edge through Len me and th were both listening to your space talking about"
  },
  {
    "i": 180,
    "speaker": "Speaker 3",
    "text": "Hyperliquid and I've seen it all year I never like got any airdrops or you know anything like that but you said something about how nobody has the tokens how I and when you said it and"
  },
  {
    "i": 181,
    "speaker": "Speaker 3",
    "text": "you explained the which I want you to explain again for everyone that didn't hear it when you said it that's what felt like our Edge in that moment where it's like oh [ __ ] I've been hearing"
  },
  {
    "i": 182,
    "speaker": "Speaker 3",
    "text": "about this all day all year I never like traded for so I didn't I didn't get an airdrop but I don't think anybody has these [ __ ] coins I have to Max bid as soon as I see this thing um tell tell"
  },
  {
    "i": 183,
    "speaker": "Speaker 1",
    "text": "the audience about that like analysis of the Hyperliquid hype yeah I mean that's exactly it like I don't want to single out Monad and I and I I apologize if it feels like I've been unfairly right with right with"
  },
  {
    "i": 184,
    "speaker": "Speaker 1",
    "text": "yeah I I don't have anything against Monad I I think they're a talented team I haven't done enough due diligence so I don't I'm painting with a broad stroke but like you know everybody is on the"
  },
  {
    "i": 185,
    "speaker": "Speaker 1",
    "text": "cap table for Monad so it's like who's left to buy it right who doesn't own it you know for Bitcoin that's sort of one of I think the key arguments is like okay so many people own Bitcoin there's"
  },
  {
    "i": 186,
    "speaker": "Speaker 1",
    "text": "hundreds of millions of Americans that own Bitcoin um so that's why meme coins have been popping up that's why the returns have been higher on some of these longer tail assets because they're"
  },
  {
    "i": 187,
    "speaker": "Speaker 1",
    "text": "underowned um and so that was really what I looked at was like Hey look like there's a lot of people interested in this I obviously had some informational asymmetry where I'm I'm lucky enough to be in a"
  },
  {
    "i": 188,
    "speaker": "Speaker 1",
    "text": "position where I get to talk to really smart people and get what they're thinking people who farmed and didn't farmed the token so I was able to sort of make a conclusion from that um and again"
  },
  {
    "i": 189,
    "speaker": "Speaker 1",
    "text": "I think a message on that note is like a lot a lot of people are way more reachable than you might think they are like people are in crypto I think not to be elitists and like not to have a"
  },
  {
    "i": 190,
    "speaker": "Speaker 1",
    "text": "corner office and like be a douche and and like get off on like you know having an assistant or something like I think people for the most part are in crypto because they feel like they have a fair"
  },
  {
    "i": 191,
    "speaker": "Speaker 1",
    "text": "shot of making it uh at least that's why I joined crypto rather than went down like a traditional path so these people are way more reachable than you think and they'd love they'd love talking to like"
  },
  {
    "i": 192,
    "speaker": "Speaker 1",
    "text": "young Grinders because guess what as recently as maybe even six months ago as long as maybe 10 years ago for some people you know they were Grinders too with probably like 20 grand or something"
  },
  {
    "i": 193,
    "speaker": "Speaker 1",
    "text": "right and they were trying to make it just in your position so they have that empathy because this is still a new industry um but yeah Hyperliquid launch and I was like holy [ __ ] all my friends want"
  },
  {
    "i": 194,
    "speaker": "Speaker 1",
    "text": "to buy this and uh nobody owns it so how about I just front run that and instead of buying slowly I just buy as fast as possible uh but yeah yeah that was that was the uh that was the analysis I guess"
  },
  {
    "i": 195,
    "speaker": "Speaker 1",
    "text": "not rocket science but sometimes it's simple right sometimes trading is really simple sometimes you're like hey this is [ __ ] cheap and you know you you get that instinct like you know there's some"
  },
  {
    "i": 196,
    "speaker": "Speaker 1",
    "text": "sort of subconscious thing where you're just like I know I'm right here like I know this is cheap like I I see the trade here right and and you have to you have to trust yourself bro you have one if not I have"
  },
  {
    "i": 197,
    "speaker": "Speaker 3",
    "text": "another followup sling it bro sure okay um you said earlier that sometimes with trades things there's new information things change and you have to adjust um with Hyperliquid what are you like"
  },
  {
    "i": 198,
    "speaker": "Speaker 3",
    "text": "looking for as the next I mean by the way I think you're analysis the 40 that's a b by the way like the 40 billion versus 1 billion just based on how much exchanges own what do you feel"
  },
  {
    "i": 199,
    "speaker": "Speaker 3",
    "text": "is the next Milestone or Turn Point um that is going to either get a lot of people excited or things can you know uh slow down uh progress can slow down what are people waiting for next what are"
  },
  {
    "i": 200,
    "speaker": "Speaker 1",
    "text": "people looking for next yeah totally well back to back to trading and framework and Analysis I think whenever and and you should do this fairly regularly you don't want to overanalyze"
  },
  {
    "i": 201,
    "speaker": "Speaker 1",
    "text": "but you need to be critical of yourself and you need to say like okay if I had like cash if my portfolio is all cash would I re-buy the assets I own right now at these prices and if you wouldn't then"
  },
  {
    "i": 202,
    "speaker": "Speaker 1",
    "text": "you need to consider selling them right because you can always re-buy higher or lower it doesn't really matter but you can never go back and get the optionality to sell at that price yeah"
  },
  {
    "i": 203,
    "speaker": "Speaker 1",
    "text": "so you need to have this I think self-awareness and and it's good to have friends or or if you're lucky enough employees to keep you you know grounded and and and tell you like hey like I I don't think this is value"
  },
  {
    "i": 204,
    "speaker": "Speaker 1",
    "text": "here I think we should sell and so that's the framework that we take at you know like how we manage my family office and how we manage like even Investments or like what we're doing with our time"
  },
  {
    "i": 205,
    "speaker": "Speaker 1",
    "text": "like should I be doing this with my time right now like you can have that framework towards life um and so what I'm looking for from the Hyperliquid team is just continued execution and"
  },
  {
    "i": 206,
    "speaker": "Speaker 1",
    "text": "what the reason why why I would buy Hyperliquid here and I am buying Hyperliquid here I have never sold a single Hyperliquid token because I'm not a [ __ ] like some of these other people"
  },
  {
    "i": 207,
    "speaker": "Speaker 1",
    "text": "so the actual floated market cap of Solana like the circular you know able to be traded right away market cap of Solana is actually quite lower uh quite quite a bit lower than it is and so when 80% of the supply for"
  },
  {
    "i": 208,
    "speaker": "Speaker 1",
    "text": "staked disappears overnight what do you think [ __ ] happens to the supply demand imbalance because now there's sort of like a tight lock there's some protection from someone uh being paper"
  },
  {
    "i": 209,
    "speaker": "Speaker 1",
    "text": "handing like a lot of uh my friends have been on this right uh and that's fine they've been punished right look at the chart like it's a brutal brutal chart of people thinking yes and they'll continue to be"
  },
  {
    "i": 210,
    "speaker": "Speaker 1",
    "text": "punished but again that's why I'm like okay what do I think I see here that other people are underpricing or mispricing or why do I think I'd have Edge buying here because when you own"
  },
  {
    "i": 211,
    "speaker": "Speaker 1",
    "text": "something you're theoretically buying it there um I I think it's the staking and then again I don't really give a [ __ ] about the L1 like I get it's cool a lot of people are really hyped about it I"
  },
  {
    "i": 212,
    "speaker": "Speaker 1",
    "text": "don't really care I don't really buy all L1s it's not really my thing um I just think they they're just like it's momentum it's not exactly how I I trade you know I like things that make money I"
  },
  {
    "i": 213,
    "speaker": "Speaker 1",
    "text": "like things that I understand robit was a good example you know Hyperliquid and and also it's like people don't do math like okay Hyperliquid's some days doing1 billion dollar of volume at three taker taker 0.3% or 0.03% excuse me uh that's $3 million of Revenue a day that's a billion dollars annualized over a billion dollars annualized of Revenue and it's mostly going to buying back the token token like that's token burn on like crap right like these guys are are running a Playbook that you know I haven't that I think a lot of people talk about they talk of the game they"
  },
  {
    "i": 214,
    "speaker": "Speaker 1",
    "text": "they say oh we're burning oh we're doing this oh yeah yeah we're re-buying the token but no these guys are just and they're not even being loud about it they're just like yeah you can figure"
  },
  {
    "i": 215,
    "speaker": "Speaker 1",
    "text": "out if we're re-buying the token or not they're not even tweeting about they're not doing anything it's almost this like you know you have to do your own research into it and and that's also"
  },
  {
    "i": 216,
    "speaker": "Speaker 1",
    "text": "what's about so yeah I I'm just looking for continued execution um and so far the team has demonstrated that um you know they're extremely competent and and that they'll continue to do so makes a lot of"
  },
  {
    "i": 217,
    "speaker": "Speaker 1",
    "text": "they say oh we're burning oh we're doing this oh yeah yeah we're re buying the token but no these guys are just and they're not even being loud about it they're just like yeah you can figure"
  },
  {
    "i": 218,
    "speaker": "Speaker 1",
    "text": "out if we're re buying the token or not they're not even tweeting about they're not doing anything it's almost this like you know you have to do your own research into it and and that's also"
  },
  {
    "i": 219,
    "speaker": "Speaker 1",
    "text": "what's about so yeah I I'm just looking for continued shipping um and so far the team has demonstrated that um you know they're extremely competent and and that they'll continue to do so makes a lot of"
  },
  {
    "i": 220,
    "speaker": "Speaker 2",
    "text": "sense can you uh double click on the token staking Mass amounts of the tokens I know you compared it to to CZ and Binance a little bit but have we seen anything else similar to this in crypto like at"
  },
  {
    "i": 221,
    "speaker": "Speaker 1",
    "text": "the scale no no not really we've seen BUSD and how impactful is it how much does it matter no no oh it matters a massive amount so here I'm going to I'm going to link something in chat so people can"
  },
  {
    "i": 222,
    "speaker": "Speaker 1",
    "text": "follow along but I want you guys to just and look at the address it's fire but I want you guys to oh I got a I got banned link it in uh no it's all good it's all good I'll post it in the in the Discord"
  },
  {
    "i": 223,
    "speaker": "Speaker 1",
    "text": "okay so click on that link just pull that link up if you could um and just it'll take a while to load it's a little bit slow infrastructure still needs to get better but um pull up that account"
  },
  {
    "i": 224,
    "speaker": "Speaker 1",
    "text": "and then look at the unrealized gains of that account where am I so this account started with nothing yeah so there's $196 million of spot value in this token and so they've bought 10 million"
  },
  {
    "i": 225,
    "speaker": "Speaker 1",
    "text": "hype and that's that's conviction right I mean they've bought you know let's see what's what's the spread there so they've bought 60-ish million dollar worth of the token buying more every day"
  },
  {
    "i": 226,
    "speaker": "Speaker 1",
    "text": "and look at what they're up on this trade on betting on HYPE themselves they're up 136 million for anybody to see and they're basically big [ __ ] everybody and saying hey like yeah if you want to"
  },
  {
    "i": 227,
    "speaker": "Speaker 1",
    "text": "fade me like I'll buy your tokens I think it's cheap here that's implicitly what they're saying again there's regulatory stuff and there's like I'm not speaking for the team I don't work"
  },
  {
    "i": 228,
    "speaker": "Speaker 1",
    "text": "for Hyperliquid I'm just a huge fan and obviously I have a position in Hyperliquid um but that's the signal to me is like hey we think this is [ __ ] cheap here so hey if you want to sell it to us"
  },
  {
    "i": 229,
    "speaker": "Speaker 1",
    "text": "we're more than happy to buy it and you know they're up I mean is that not one of the largest up I mean look at the Binance leaderboard there's people who are up you know $100 million $80 million"
  },
  {
    "i": 230,
    "speaker": "Speaker 1",
    "text": "they're up $130 million betting on themselves in two weeks I mean this is one of the largest wealth creation events in capitalism right I mean look at the FDV after two weeks of this"
  },
  {
    "i": 231,
    "speaker": "Speaker 1",
    "text": "product it's at 20 billion or something right or or something I don't really care about the FDV but think about that 6 billion dollars of the market value created for organic users of the"
  },
  {
    "i": 232,
    "speaker": "Speaker 1",
    "text": "platform that's an insane number like this is the fact this isn't getting more press and the fact that you know that that's also a factor of like why I'm still bullish here is I I think there's"
  },
  {
    "i": 233,
    "speaker": "Speaker 1",
    "text": "a lot of copy there's a lot of people who VCs are used to writing a check to someone and saying hey yeah that's great you do all the work I'll own a little piece of your company and uh we'll go"
  },
  {
    "i": 234,
    "speaker": "Speaker 1",
    "text": "sell the tokens to retail that's been the that's been the Playbook and it's worked really really well because unfortunately or fortunately crypto people are optimistic on crypto right um"
  },
  {
    "i": 235,
    "speaker": "Speaker 1",
    "text": "and you know these guys said [ __ ] all that I'm not raising a single dollar I'm bootstrapping everything and I'm giving it all to the community so do you think people are ever going to like want to"
  },
  {
    "i": 236,
    "speaker": "Speaker 3",
    "text": "switch to another exchange do you think people are even going to like think of another exchange hell no I think they're definitely loyal yeah I think that is one of the more underrated elements of"
  },
  {
    "i": 237,
    "speaker": "Speaker 3",
    "text": "this and I will call it the Hyperliquid cabal it's you it's basic CZ it's CZ it's the voice and I'm curious like is one how did that like start to form is it all people that independently found"
  },
  {
    "i": 238,
    "speaker": "Speaker 3",
    "text": "the product and started you know to connect how loyal do you think that is like is it going to be able to withstand vampire attacks all this stuff like what does that factor into your whole thesis"
  },
  {
    "i": 239,
    "speaker": "Speaker 1",
    "text": "the cabal the Hyperliquid cabal so I actually we just actually had a cabal meeting recently we were missing Copilot too who who's uh who's the I I think the the originator of the uh of"
  },
  {
    "i": 240,
    "speaker": "Speaker 1",
    "text": "the cabal but um but yeah he he he sort of brought a lot of us together so shout out to controversial guy but you know Vitalik he's actually a cool guy in person gotta get his lore is crazy you got to get"
  },
  {
    "i": 241,
    "speaker": "Speaker 1",
    "text": "him on the stream I don't know if he'd be down because he's very private but like his lore is crazy like anyways so I again I'm lucky enough to meet these people I had lunch with [ __ ] Jeff and"
  },
  {
    "i": 242,
    "speaker": "Speaker 1",
    "text": "we're we're holders of the token I mean Jeff sold a bit but I think this brings up something that I do want to say is like um you know don't ever feel bad about selling a token right like it's"
  },
  {
    "i": 243,
    "speaker": "Speaker 1",
    "text": "very different if like I'm going out and saying hey I'm really bullish hype and then I go after the stream and sell like that would be at a minimum like unethical at a maximum like"
  },
  {
    "i": 244,
    "speaker": "Speaker 1",
    "text": "potentially illegal right um so I would never do that but never let friends friends or people or or your own biases or you know people on Twitter these [ __ ] you know people on Twitter sort"
  },
  {
    "i": 245,
    "speaker": "Speaker 1",
    "text": "of bully you into not selling the whole purpose of this game is to buy tokens for cheap and sell them for more and compound into Bitcoin or compounding to cash if that's what you"
  },
  {
    "i": 246,
    "speaker": "Speaker 1",
    "text": "recommend compounding to bitcoin but compounding to cash if that's what you index to never ever feel bad about managing your own book never ever feel bad about selling it's your own [ __ ]"
  },
  {
    "i": 247,
    "speaker": "Speaker 1",
    "text": "life right like yeah your friends get you it's all karma it's all this and that but like dude it's your life it's your book you have to make decisions for yourself I know if you're all in a trade"
  },
  {
    "i": 248,
    "speaker": "Speaker 1",
    "text": "together and I know if you all feel like hey you know uh we all bought this token together like don't sell don't use your friends as exit liquidity [ __ ] that dude dude you are managing your own portfolio"
  },
  {
    "i": 249,
    "speaker": "Speaker 1",
    "text": "it's your life you're allowed to sell it's your right to buy it's your right to sell right and so I have people message me all the time where they they they're like I'm afraid to sell but this"
  },
  {
    "i": 250,
    "speaker": "Speaker 1",
    "text": "lifechanging for money this life changing money for me and I tell them sell God damn it like sell like it's your life like I'm not I'm not your boss I'm you know I don't control you like"
  },
  {
    "i": 251,
    "speaker": "Speaker 1",
    "text": "you you made the financial purchase to buy and it's your right to sell right and so you know that that I think is a really important thing you know we saw that in nfts to some extent right where"
  },
  {
    "i": 252,
    "speaker": "Speaker 1",
    "text": "people were like oh I don't want to leave the community right oh I don't want to and then there was this demonization of people you know selling their uh their punks or their apes or"
  },
  {
    "i": 253,
    "speaker": "Speaker 1",
    "text": "whatever well guess what like those people were right you know you the whole point is you buy things we do things it's not a charity we're not running Charities here right we're playing a a a"
  },
  {
    "i": 254,
    "speaker": "Speaker 1",
    "text": "PVP game we're trading against each other I might be in the order book you might get the better of me today I might get the better of you tomorrow but at the end of the day I want to come out of"
  },
  {
    "i": 255,
    "speaker": "Speaker 1",
    "text": "the arena with more money that's my [ __ ] goal that's why I'm playing this game that's why I'm dedicating my life and my time to this so don't ever feel bad about selling I know people are"
  },
  {
    "i": 256,
    "speaker": "Speaker 1",
    "text": "making fun of Jeff or people for selling Hyperliquid but like dude that's a right they're managing their own book you don't know if they've rebot you don't know if they sold or wallets or"
  },
  {
    "i": 257,
    "speaker": "Speaker 1",
    "text": "anything like you have no idea what these people are doing so you know don't ever feel bad about selling trade your own [ __ ] Book trade it's your life dude you have agency all right here's my"
  },
  {
    "i": 258,
    "speaker": "Speaker 1",
    "text": "question for you then flood is on the back end of that and even comparing it back to the Bitcoin excerpt you talked about how do you exit and know when to exit a position of this scale at this"
  },
  {
    "i": 259,
    "speaker": "Speaker 2",
    "text": "question for you then flood is on the back end of that and even comparing it back to the roll bit exerpt you talked about how do you exit and know when to exit a position of this scale at this"
  },
  {
    "i": 260,
    "speaker": "Speaker 1",
    "text": "size yeah so uh I've got to be a little bit private about this when you're trading a really really size I mean this yeah give you the exact oh I'll tell you my exact take profits I'm"
  },
  {
    "i": 261,
    "speaker": "Speaker 1",
    "text": "actually taking profit at every repeating digits market cap so 11 billion 22 billion 33 billion 44 billion 55 66 77 and then maybe at 88 uh I might be fully out or I might just be retired or"
  },
  {
    "i": 262,
    "speaker": "Speaker 1",
    "text": "not even give a [__] and it might be a forever hold as like a trophy um but yeah I mean that's the thing is like you just got to stay critical like you can't really plan for the future here um you"
  },
  {
    "i": 263,
    "speaker": "Speaker 1",
    "text": "really just have to say like look you know I'm I'm taking it day by day or week by week or month by month whenever you are um you know evaluating your portfolio whenever you need to you got"
  },
  {
    "i": 264,
    "speaker": "Speaker 1",
    "text": "to consider tax you got to consider life obligations friends family Etc if you're taking care of people and so you know it could change it could change day by day minute by minute for me um but you know"
  },
  {
    "i": 265,
    "speaker": "Speaker 1",
    "text": "I I really am looking at this right now as as close to forever hold I haven't really had this high conviction since since I found Bitcoin candidly um and this is what I know this is my bread and"
  },
  {
    "i": 266,
    "speaker": "Speaker 1",
    "text": "butter like I'm all about trading it's the only thing I've done for a decade so when I see a good trading product I'm like [__] I want to own as much as possible of it is you heard that that's nuts it makes"
  },
  {
    "i": 267,
    "speaker": "Speaker 3",
    "text": "me sick honestly [__] me dude um I have to ask then uh Actually I don't even know what I don't even know what the [__] to say after that yeah I mean Bitcoin Hyperliquid I want to give I want to give"
  },
  {
    "i": 268,
    "speaker": "Speaker 1",
    "text": "some perspective too like I think it's hard to buy something when it's up a lot because you're like [__] yes I should have bought it there's all this oh my God like I'm holding other stuff I don't"
  },
  {
    "i": 269,
    "speaker": "Speaker 1",
    "text": "want to rebalance I think it's easy to buy something that you know even if it might be a little higher price than you want to buy when you take profits from something when you have a winning trade"
  },
  {
    "i": 270,
    "speaker": "Speaker 1",
    "text": "and you're like all right let me throw 10% of my winning trade into this like this is house money anyways right so let me if you know it's a good asset like do I think bitcoin's super Value at 100"
  },
  {
    "i": 271,
    "speaker": "Speaker 1",
    "text": "Grand like I don't know right like I'm not dumping my whole portfolio into it right Saylor would tell me I'm an idiot and then it's going to a million um and I'd say the same you know thing to"
  },
  {
    "i": 272,
    "speaker": "Speaker 1",
    "text": "people about Hyperliquid at six but I think ultimately like it's a lot easier mentally when you're like hey like all right I I got a a you know I made 10 grand or 500 bucks or whatever is decent"
  },
  {
    "i": 273,
    "speaker": "Speaker 1",
    "text": "amount of money to you let me throw 10% of it in Hyperliquid let me throw 5% of it into Bitcoin and that's what I've done with my portfolio for a long time I have a a stick some Into Cash stick some"
  },
  {
    "i": 274,
    "speaker": "Speaker 1",
    "text": "into Cash stick some into something I want to own regardless of price and then buy some Bitcoin with it and so far that's done pretty well you know buy some stocks with it if that's your thing right yeah that's what"
  },
  {
    "i": 275,
    "speaker": "Speaker 3",
    "text": "I've been saying to the voice of the house like why hold USDC you can just hold like Hyperliquid uh that's what I did when when I made the bid um I just had like 250k of USDC sitting in the"
  },
  {
    "i": 276,
    "speaker": "Speaker 3",
    "text": "wallet and I'm like yeah I was wait I was thinking about holding this in case [__] dips forever [__] it uh go to uh put it into Hyperliquid um but I feel you want it it is hard to buy stuff when"
  },
  {
    "i": 277,
    "speaker": "Speaker 3",
    "text": "fake you know like it doesn't feel like these guys are wonging me like trying to uh get us to buy here because I think we all just believe it's it's undervalued in the market I I like the I'm going to"
  },
  {
    "i": 278,
    "speaker": "Speaker 3",
    "text": "steal the uh you know one 1 billion 40 billion uh that's the here that's so good um for people that are interested yeah for people that are interested in getting into it you know obviously you're going to hear about all"
  },
  {
    "i": 279,
    "speaker": "Speaker 3",
    "text": "steal the uh you know one 1 billion 40 billion uh that's the here that's so good um for people that are interested yeah for people that are interested in getting into it you know obviously you're going to hear about all"
  },
  {
    "i": 280,
    "speaker": "Speaker 3",
    "text": "the other coins in the Hyperliquid ecosystem how do you think about for new people RNR for Hyperliquid versus per or H fund or you know these lower cap things in the ecosystem cuz I know that's the question"
  },
  {
    "i": 281,
    "speaker": "Speaker 1",
    "text": "I I'm seeing all the time oh Hyperliquid's too high what about you know these other ones how do you think about that I think it's a biggest mistake you can make honestly I I think a lot of"
  },
  {
    "i": 282,
    "speaker": "Speaker 1",
    "text": "people I think a lot of people make the mistake of getting too cute right they're like oh I missed Hyperliquid or oh I missed Solana give you an example I made this trade I I I tell this story all the time"
  },
  {
    "i": 283,
    "speaker": "Speaker 1",
    "text": "because it was really humbling so me and me and sisis were both really long eth we had tons of eth exposure and then me and him grab lunch and he's like I'm selling all my eth for Solana and if you"
  },
  {
    "i": 284,
    "speaker": "Speaker 1",
    "text": "don't like you're an idiot and I was like okay you sound like a [ __ ] man Solana is at $40 well guess what Solana is now at $200 and I'm the [ __ ] [ __ ] right and so I think people over complicate just"
  },
  {
    "i": 285,
    "speaker": "Speaker 1",
    "text": "owning the best at that yes it might not 100x but the downside is also capped because you're owning something that you know has passive bid and the bottom might not just fall out of it"
  },
  {
    "i": 286,
    "speaker": "Speaker 1",
    "text": "that's the danger with mem coins that's why they're kind of hard for me to trade is because I'm like oh my God if I'm not locked in for a day you know if I want to go on a if I want to go ski for a day"
  },
  {
    "i": 287,
    "speaker": "Speaker 1",
    "text": "like my my meme coin portfolio might get blitzed you know you know the fnf guys or base might get me you know all my SOL is going to go to his wallet right um and so yeah I think just"
  },
  {
    "i": 288,
    "speaker": "Speaker 1",
    "text": "own the best asset like if you look at the ratios of a lot of these altcoins with Bitcoin or with e or with SOL like most of them are down right like yeah you might get a nice you know High beta"
  },
  {
    "i": 289,
    "speaker": "Speaker 1",
    "text": "or or a period of outperformance but long term a lot of these things underperform right and also on a on a liquidity and a volatility adjusted basis right they underperform so you know especially to the downside like"
  },
  {
    "i": 290,
    "speaker": "Speaker 1",
    "text": "what what do think would happen if Bitcoin went minus 10% right now like Hyperliquid would be off by double digit percentage almost definitely right but per and all this other stuff is going to"
  },
  {
    "i": 291,
    "speaker": "Speaker 1",
    "text": "be down like 50% you know like just because people what what do people go to sell they go to trim their smaller positions they go to sell you know these other altcoins that are like rounding out"
  },
  {
    "i": 292,
    "speaker": "Speaker 1",
    "text": "in their portfolio and they try and consolidate and they're like [ __ ] what do I own you know so I think you know there isn't that like strong bid that's like oh this is on my list and if the"
  },
  {
    "i": 293,
    "speaker": "Speaker 1",
    "text": "market goes down I know I'm buying this token I don't think people are really scanning for for the other altcoins like that either my advice would be keep it simple especially if you know um you're"
  },
  {
    "i": 294,
    "speaker": "Speaker 1",
    "text": "more passively managing I mean if you're sitting there every day and you're trading and you're managing and you got the information flow then yeah I mean venture out on the risk curve but if"
  },
  {
    "i": 295,
    "speaker": "Speaker 1",
    "text": "you're like hey I want to exposure to something like buying SOL and and if that's not volatile enough if you're like hey like I'm a I'm I'm a v Soldier like I want like a a 200v asset then 2x"
  },
  {
    "i": 296,
    "speaker": "Speaker 1",
    "text": "long Hyperliquid 3x long Hyperliquid right like okay up the exposure right sure do it if you want more volatility own the best asset and own more of it go for it and yes there's more risk but you're not paying"
  },
  {
    "i": 297,
    "speaker": "Speaker 1",
    "text": "the IL liquidity premium and you know um the the added like tail risk of these other you know tier two assets there's there's right what does sailor say no second best like yeah there's no second"
  },
  {
    "i": 298,
    "speaker": "Speaker 3",
    "text": "best for a [ __ ] reason right are you sitting in one chair hey someone I really like that go ahead Frank go for I was going to say I really like that because when you think about this all"
  },
  {
    "i": 299,
    "speaker": "Speaker 3",
    "text": "day but I don't know something about the way you just said it's like the idea of what's your goal like hold the best coins you know what I mean like on God like I could get more multiples on X Y"
  },
  {
    "i": 300,
    "speaker": "Speaker 3",
    "text": "or I but if I'm putting money into something it'd be nice to like hold the best coins just as a general thought I don't know it just hit me that was sick that was a lot totally right go yeah I"
  },
  {
    "i": 301,
    "speaker": "Speaker 2",
    "text": "mean keep it simple yeah I'm going to ask you about uh Hyperliquid next but someone ask this in the chat I think it's kind of interesting question is if if this trading game is so PVP then why"
  },
  {
    "i": 302,
    "speaker": "Speaker 1",
    "text": "come on streams like this and educate your opponent um I am very thankful for the people who have educated me and I think crypto has this sort of collective openness I mean it is open source"
  },
  {
    "i": 303,
    "speaker": "Speaker 1",
    "text": "software right and so we sort of I think pay that forward or there's a culture of sharing I mean I'm on Twitter it's no secret about what I [ __ ] own and yeah if more people buy Hyperliquid it's"
  },
  {
    "i": 304,
    "speaker": "Speaker 1",
    "text": "good for me someone says he's Shilling my bags yeah that's a [ __ ] point yeah yeah and I'm bringing some wisdom as well I'm bringing some experience right but yeah yeah that's why I'm here is to"
  },
  {
    "i": 305,
    "speaker": "Speaker 1",
    "text": "educate people about my bag so hopefully you at some point in the future buy it of course of course that's why I'm here I like thread guy I like Frank I like the stream I try and stay in touch with"
  },
  {
    "i": 306,
    "speaker": "Speaker 1",
    "text": "the culture you never want to be [ __ ] you know out of touch or or some sort of weirdo um and just sort of Lose Yourself a bit or forget forget where you came from but yeah yeah of course I mean why"
  },
  {
    "i": 307,
    "speaker": "Speaker 1",
    "text": "educate I mean I'm not too worried about people beating us either right like I I think you know I'm pretty good at what I do and you know a lot of people will listen but it you know there's only 600"
  },
  {
    "i": 308,
    "speaker": "Speaker 1",
    "text": "people here it's not like I'm sitting educating every single person in the in the world and not everyone's going to apply it right some people are going to go out and be like all right I'm an 100x"
  },
  {
    "i": 309,
    "speaker": "Speaker 1",
    "text": "long whiff or something it's like okay yeah I mean if that's what you want to do and you know you want to take a high-risk approach to your portfolio construction like whatever like you"
  },
  {
    "i": 310,
    "speaker": "Speaker 1",
    "text": "know I'm struggling to find a I don't want to get clipped too bad but like dude you know people I'm not too worried about um you know alpha decay or something like there's there's a big"
  },
  {
    "i": 311,
    "speaker": "Speaker 1",
    "text": "enough market for you know good decisions and you to make returns based off of it like what say is not going to change anything like I I'm humble enough to know that like listen I'm a small"
  },
  {
    "i": 312,
    "speaker": "Speaker 1",
    "text": "fish in a in a massive Market in an even more massive Capital Market world like you know hopefully I help some people and maybe that gets paid back to me maybe you remember the stream and you"
  },
  {
    "i": 313,
    "speaker": "Speaker 1",
    "text": "come back and you're like yo I'm cooking at something good I I like your uh thought process on life I like the way that you approach things in finance um I would like you to be a part of this"
  },
  {
    "i": 314,
    "speaker": "Speaker 1",
    "text": "company I'm building or I would like to you know look for you to advice or I'm going to pay a back back I'm working on something interesting can you help me think about it like how do you think you"
  },
  {
    "i": 315,
    "speaker": "Speaker 1",
    "text": "get in these positions it's not by kneading it away in your room and not making friends like yes this is a combat sport but it doesn't mean that you can't share ideas with people you trust right"
  },
  {
    "i": 316,
    "speaker": "Speaker 2",
    "text": "um so yeah anyways that's it far that was hella based yeah all I guess that leaves us to can you give us like a rundown on in silico and like what you're working on what you're building"
  },
  {
    "i": 317,
    "speaker": "Speaker 1",
    "text": "and we could talk about maybe the Holdings after sure yeah we'll go into the Holdings right after and then and then I have a few questions for you guys I can't let you guys have all the"
  },
  {
    "i": 318,
    "speaker": "Speaker 1",
    "text": "questions because I always want to learn whenever I come on something um but in silico started as like a project internally for for Traders I'm not super technical I'm the first person to admit"
  },
  {
    "i": 319,
    "speaker": "Speaker 1",
    "text": "that and I was like Wow exchange UI [ __ ] suck and I'm kind of too [ __ ] to use the API right or it's just like uh I don't really want to spend time relearning like you know CS classes so okay I I asked my really"
  },
  {
    "i": 320,
    "speaker": "Speaker 1",
    "text": "talented people at my firm hey can you build me something that just makes my life easier and a few of them built different projects like I sort of did a bounty almost for building you know a"
  },
  {
    "i": 321,
    "speaker": "Speaker 1",
    "text": "more performant way to trade more customizable and uniform across all these different exchanges where like you know buttons are in different places on some exchanges it's [ __ ] annoying"
  },
  {
    "i": 322,
    "speaker": "Speaker 1",
    "text": "like I'm a bit autistic so like I want everything to look the same I want to know especially when I'm making a big trade for a large amount of money to me like I want to know where every single"
  },
  {
    "i": 323,
    "speaker": "Speaker 1",
    "text": "[ __ ] button is and exactly how it's going to work and the latency what it's going to feel like you you want to almost feel the market right um and so that's where it came from and then there"
  },
  {
    "i": 324,
    "speaker": "Speaker 1",
    "text": "was this we we opened it to some friends and and you know we opened it to some other people who were interested high volume Traders and then we opened up to the public and you know now we have"
  },
  {
    "i": 325,
    "speaker": "Speaker 1",
    "text": "thousands of daily active users tens of thousands of monthly active users we do you know one to two sometimes more billion dollars in volume a day through our you know um servers uh and we take"
  },
  {
    "i": 326,
    "speaker": "Speaker 1",
    "text": "user privacy very seriously I wanted to so I started by um creating this thing called the crypto cartel where I I looked at all these paid discords with all these people who lared and like you"
  },
  {
    "i": 327,
    "speaker": "Speaker 1",
    "text": "know had like 200 bucks in their bitmax account and I was like dude this is [ __ ] you guys don't even trade you're giving people bad advice like I'll give it out for free I'll zero it"
  },
  {
    "i": 328,
    "speaker": "Speaker 1",
    "text": "out for free I'll zero it out for free and my reward is that I'll get some clout and maybe I'll make I'll meet some some like-minded people that was the same approach I took to this product and I think I take to a lot of"
  },
  {
    "i": 329,
    "speaker": "Speaker 1",
    "text": "products which is like if you put it out for free and it's well received you'll figure out a way to monetize it later and so we monetize nothing from the users we monetize it all through broker"
  },
  {
    "i": 330,
    "speaker": "Speaker 1",
    "text": "rebates and so we actually get a percentage of fees that the exchange would otherwise get so there's no cost to the user we don't record any client data any order positions any stop"
  },
  {
    "i": 331,
    "speaker": "Speaker 1",
    "text": "losses anything um yes I do have a trading firm but there is no um overlap of employees it is completely firewall I take these extremely seriously because I think reputation is"
  },
  {
    "i": 332,
    "speaker": "Speaker 1",
    "text": "everything in life I think if you're a piece of [ __ ] and you take a short-term mindset you are going to cut yourself um from a lot of potentially like large outcomes right if we're all in this game"
  },
  {
    "i": 333,
    "speaker": "Speaker 1",
    "text": "thread guy and Frank if you guys are in crypto for 10 years where do you think you're going to be I mean you're you're going to be sitting on a large Capital base you're going to be"
  },
  {
    "i": 334,
    "speaker": "Speaker 1",
    "text": "really I think you know probably extremely successful guys you guys are Hustlers you'll be in a position where you can make [ __ ] happen but if no one wants to work with you because you're a"
  },
  {
    "i": 335,
    "speaker": "Speaker 1",
    "text": "piece of [ __ ] well that really limits your Capital universe that really limits your ability to get things done right and so we take this long-term mindset for stuff we do where we're like hey"
  },
  {
    "i": 336,
    "speaker": "Speaker 1",
    "text": "like instead of cutting Corners like yeah we might make less money but like we'd rather do things the right way and the users will come and so far that's worked and yeah we're the number one"
  },
  {
    "i": 337,
    "speaker": "Speaker 1",
    "text": "broker in the world right now some days we do more volume than some of these OTC desks all for free right and yeah I get [ __ ] paid on it I make millions of dollars from it yes I'll I'll be the"
  },
  {
    "i": 338,
    "speaker": "Speaker 1",
    "text": "first person to tell you that at a party if you ask but you know I'm not running a charity here right like I dude I'm not running a charity like I am not what does Arthur say I'm a businessman not a"
  },
  {
    "i": 339,
    "speaker": "Speaker 1",
    "text": "priest if you want to go do charity work or you want to go work in a church or you want to [ __ ] you know do something positive with your life great go do that we're in finance dude right"
  },
  {
    "i": 340,
    "speaker": "Speaker 1",
    "text": "I'm doing things because I think I'm going to make money from him so yes we do well at Terminal and I see these [ __ ] Geeks online who are like oh they uh they do this uh they're they're"
  },
  {
    "i": 341,
    "speaker": "Speaker 1",
    "text": "hunting you they're doing no we don't we don't you know um and it it's hard to do things the right way but I know that it pays off there's a really good book about this it's Steve Schwartzman's um"
  },
  {
    "i": 342,
    "speaker": "Speaker 1",
    "text": "about Blackstone and you know Blackstone this guy is the goat I mean a lot of people talk about Buffett he's turned you know $440,000 into 125 billion of right and he takes this approach of like"
  },
  {
    "i": 343,
    "speaker": "Speaker 1",
    "text": "I'm going to be as ethical as possible I'm not going to [ __ ] people over I'm going to be good to my partners because I'm not in this game for a quarter I'm not in this game for a year I'm in this game"
  },
  {
    "i": 344,
    "speaker": "Speaker 1",
    "text": "for 30 years and I want my firm to be here for 300 years right and it's hard to take that approach in crypto where there is a lot of fast money to be made but my advice to you guys would be do"
  },
  {
    "i": 345,
    "speaker": "Speaker 1",
    "text": "things the right way and it'll pay off that was so based also Chad is glazing the UX the product right now I appreciate it I appreciate it but yeah I mean terminal is amazing um you know"
  },
  {
    "i": 346,
    "speaker": "Speaker 1",
    "text": "we're trying to do things the right way but uh you know again like yeah I mean have we thought about monetizing it for sure for sure but you know I'm an honest guy like I like making money but uh but"
  },
  {
    "i": 347,
    "speaker": "Speaker 1",
    "text": "you know at the end of the day I think I think taking that longterm mindset and providing good user trading experience for people um is important and it's actually really important on Hyperliquid uh because you know when you execute a twap via the UI it's broadcasted to the chain your intent right your notional order size is broadcast to the chain when you use us assume assuming that we're not doing"
  },
  {
    "i": 348,
    "speaker": "Speaker 1",
    "text": "anything with your data right which you have to make you have to draw that conclusion yourself um your notional order size the amount the size of your TWAP uh is hidden from the market"
  },
  {
    "i": 349,
    "speaker": "Speaker 1",
    "text": "because they don't know how large it's going to be so we are semi- privatizing the order flow and we're building more privacy Solutions as well because I know a lot of large Traders concerns are like"
  },
  {
    "i": 350,
    "speaker": "Speaker 1",
    "text": "and even small Traders are like hey I don't want to get stop hunted I don't want this I you know I want I want um more privacy aspects for trading on chain and we're building that that's our"
  },
  {
    "i": 351,
    "speaker": "Speaker 1",
    "text": "main focus right now so yeah yeah I [ __ ] love it I I guess that leaves us Mr flood to yeah the question everybody wants to know the never before revealed information how much Hyperliquid does Hyperliquid Terminal have yeah so let me let me pull that up um uh it may not be a lot for some people it may be a lot for others um let's see can we see this on the uh on the Twitch it says you ended it I"
  },
  {
    "i": 352,
    "speaker": "Speaker 2",
    "text": "have to okay okay okay yeah redo it oh chat we need have W's for this [ __ ] chat let's see it's loading load loading oh keep sending the number is too big I know it doesn't fit on the screen I it doesn't"
  },
  {
    "i": 353,
    "speaker": "Speaker 1",
    "text": "fit on the screen the it is so this is our this is our treasury reserved will be this is our strategic Hyperliquid Reserve this is what we've bought I can show you the chart this is there is not a single"
  },
  {
    "i": 354,
    "speaker": "Speaker 3",
    "text": "cell um since the Inception of you know look at this right sorry it's a little laggy here but uh yeah there's no in you know there's not a single cell on this chart um this is what we've been"
  },
  {
    "i": 355,
    "speaker": "Speaker 1",
    "text": "accumulating for Hyperliquid Terminal uh when I say that we have high conviction you know I mean it and uh let me see if I can zoom in here for people to see Hyper strategy hyper strategy but you know we"
  },
  {
    "i": 356,
    "speaker": "Speaker 1",
    "text": "we go all in when we when we have conviction and we have ideas you know we go all in and uh and yeah I mean you know refresh no lar you know proof of proof of no lar right um oh I mean this"
  },
  {
    "i": 357,
    "speaker": "Speaker 1",
    "text": "is yeah yeah you know this is it so you know it I also own a considerable amount of Hyperliquid this is just for Hyperliquid Terminal but this is because we wanted alignment with uh with the Hyperliquid community"
  },
  {
    "i": 358,
    "speaker": "Speaker 1",
    "text": "we go all in when we when we have conviction and we have ideas you know we go all in and uh and yeah I mean you know refresh no lar you know proof of proof of no lar right um oh I mean this"
  },
  {
    "i": 359,
    "speaker": "Speaker 1",
    "text": "is yeah yeah you know this is it so you know it I also own a considerable amount of hype this is just for inico terminal but this is because we wanted alignment with uh with the Hyperliquid community"
  },
  {
    "i": 360,
    "speaker": "Speaker 1",
    "text": "and we wanted to show that you know we're all in longterm uh I mean this wallet is publicly trackable and uh I wanted to show you guys something funny so you can customize your username um and so this will load in a"
  },
  {
    "i": 361,
    "speaker": "Speaker 1",
    "text": "second but uh let me exit this out it always takes a bit and I remember the top ones are like thank you Jeff yeah thank you Jeff yeah yeah those are some of my friends this is taking a little while"
  },
  {
    "i": 362,
    "speaker": "Speaker 1",
    "text": "this apologies guys sometimes it's a little bit slow um but refresh the internet the internet the internet with this page always takes a bit yeah this this always takes a second um but in the meantime while this is"
  },
  {
    "i": 363,
    "speaker": "Speaker 1",
    "text": "loading oh here we go Hyperliquid guy that's you guys can look it up yourself [ __ ] anyways no shot that's so funny anyways guys [ __ ] dude yeah so you know we're we're we're pretty"
  },
  {
    "i": 364,
    "speaker": "Speaker 3",
    "text": "um we're pretty high conviction I have my own I've never had a 500K position feels so small I was like [ __ ] dude I'm holding my 20K hype with for on for [ __ ] DeFi life dude this is sick wow"
  },
  {
    "i": 365,
    "speaker": "Speaker 1",
    "text": "I don't want I don't want to get too philosophical but you know comparison's the thief of Joy right like everyone you you know it it's never good I think it clouds your judgment when you're like oh"
  },
  {
    "i": 366,
    "speaker": "Speaker 1",
    "text": "you if if they're truly your boys and you're truly mature as a person you're going to be like all right that motivates me teach me can you can you"
  },
  {
    "i": 367,
    "speaker": "Speaker 1",
    "text": "tell me like what did I miss here like you know what I mean that's why we're having this dialogue right if if you guys have a huge come up as a person I'm gonna be like [ __ ] why wasn't I there"
  },
  {
    "i": 368,
    "speaker": "Speaker 1",
    "text": "like I saw people making crazy money on Meme coins and I'm like what am I missing but you know I took the time and educated myself and I was like okay I don't think I have that much edge here"
  },
  {
    "i": 369,
    "speaker": "Speaker 1",
    "text": "um but you know you got to you got to look out for yourself your boys everything I have some questions for you guys we're nearing the end of the year what are the biggest lessons or just"
  },
  {
    "i": 370,
    "speaker": "Speaker 1",
    "text": "single lesson or whatever that you learn this year that you're going to apply to next year right because there's another there's one thing where it's like okay I learned this and not much can be done"
  },
  {
    "i": 371,
    "speaker": "Speaker 1",
    "text": "about it what's something that you were like this is what I'm going to do different or based on this experience based on this knowledge this is what I'm going to do different next Frank you start now you start no"
  },
  {
    "i": 372,
    "speaker": "Speaker 2",
    "text": "all right go ahead go ahead you go now goad my uh all right my biggest lesson I think I learned in the bear market and did not apply and I'm actively applying it right now is all I've been running"
  },
  {
    "i": 373,
    "speaker": "Speaker 2",
    "text": "around the house saying this for the last like 3 months that everybody else is [ __ ] and I'm not because I did way too much 2023 all through the bear market and with Subs flood I did way too"
  },
  {
    "i": 374,
    "speaker": "Speaker 2",
    "text": "much borrowing conviction borrowing conviction borrowing conviction and I'm currently doing this with go as as the only examples I have but when I feel like I see asymmetric opportunity in the"
  },
  {
    "i": 375,
    "speaker": "Speaker 2",
    "text": "market that everybody else doesn't see I'm separating myself from the timeline and what accounts I have notifications on for and other uh traders that I believe and think and trying to like"
  },
  {
    "i": 376,
    "speaker": "Speaker 2",
    "text": "really size up into the bags in the the positions I have conviction on so what I've really been trying to do is build and formulate my own opinions my own conviction write the [ __ ] down in the"
  },
  {
    "i": 377,
    "speaker": "Speaker 2",
    "text": "journal and like convinced myself to size into the bag because I definitely did not 2023 my biggest mistake was the positions I went largest in were because other people were bullish on them I didn't even have a thesis on them and I got [ __ ] burned the first one that comes to mind is Crypto Valley I lost I lost half of my port on a bag I didn't even believe in because the people"
  },
  {
    "i": 378,
    "speaker": "Speaker 2",
    "text": "around me were Max long Max conviction in it so I've really try to put myself in a bubble as much as I can and size up and size in to the conviction that I believe in and not like borrow it from outside"
  },
  {
    "i": 379,
    "speaker": "Speaker 2",
    "text": "around me were Max long Max convicted in it so I've really try to put myself in a bubble as much as I can and size up and size in to the conviction that I believe in and not like borrow it from outside"
  },
  {
    "i": 380,
    "speaker": "Speaker 2",
    "text": "parties which is what I feel like you've demonstrated with this Hyperliquid more than anything it's like yeah the timeline's bullish on it a lot of people are in on it but it wasn't necessarily"
  },
  {
    "i": 381,
    "speaker": "Speaker 2",
    "text": "like the consensus to farm this super super heavy months months Beyond or I would have been doing it Frank would have been doing it we all would have been doing it so that's that's kind of"
  },
  {
    "i": 382,
    "speaker": "Speaker 3",
    "text": "my takeaway um for for me I think it's a it like never accept that you're a fish like you you uh I'm trying to think poker taught me a lot of this too where if something looks intimidating or hard"
  },
  {
    "i": 383,
    "speaker": "Speaker 3",
    "text": "just don't uh you know either close yourself off from it um but at the same time like understand that you're not good and your goal is to like get good um yeah so I think that that's been the"
  },
  {
    "i": 384,
    "speaker": "Speaker 3",
    "text": "biggest one where like whether it's poker now with the like trading or we call like you know AI investing or whatever um you start out sucking but don't accept that reality just like keep"
  },
  {
    "i": 385,
    "speaker": "Speaker 3",
    "text": "grinding grinding it until you get better um but I don't know man I haven't been as internally you know I'm curious how you deal with this like it feels like there's so much new stuff happening all"
  },
  {
    "i": 386,
    "speaker": "Speaker 3",
    "text": "the time that internal development lags cuz you're focused so much on like externally analyzing all the new stuff happening how do you I didn't mean to ask you a question in return but I I"
  },
  {
    "i": 387,
    "speaker": "Speaker 3",
    "text": "respect I respect your answer on this um how do you balance that like your personal development with seizing opportunities and uh you know dominating the market I mean Fair markets are for building"
  },
  {
    "i": 388,
    "speaker": "Speaker 1",
    "text": "bull markets are for using all the time and the work and the effort and the preparedness to execute right there's downtimes in markets and you need to make sure that instead of becoming"
  },
  {
    "i": 389,
    "speaker": "Speaker 1",
    "text": "apathetic and complacent and really easy to be like oh everything's over [ __ ] it you know this Market's a scam my portfolio is down every day this is this is terrible um yeah you can't really do anything"
  },
  {
    "i": 390,
    "speaker": "Speaker 1",
    "text": "about that [ __ ] sucks I lost a ton of money on FTX right and I had other personal issues as well and you know I think you just gota you got to say well look like I got to work when everyone"
  },
  {
    "i": 391,
    "speaker": "Speaker 1",
    "text": "else isn't and when everyone else is trying to catch up that's when I need to realize my advantage right and I think you can't cover everything you're not going to hit every trade right like you can't it's impossible um"
  },
  {
    "i": 392,
    "speaker": "Speaker 1",
    "text": "and you know copy trading never ever works you need to do the work yourself right like yeah I can copy off you for a test or something and I might get a good grade but uh that doesn't [ __ ] work"
  },
  {
    "i": 393,
    "speaker": "Speaker 1",
    "text": "in investing all the time right yeah it might it might fly but then oh the teacher like explain it okay show your work prove it right if you can't do it then you can't replicate it and you know"
  },
  {
    "i": 394,
    "speaker": "Speaker 1",
    "text": "you might as well have just you know played a hand a bad Rod or something right like you're just gambling you know so there is Edge in this market people are making crazy money um and you're that"
  },
  {
    "i": 395,
    "speaker": "Speaker 1",
    "text": "mentality from poker like dude I was so intimidated when you know I sat down at the 510 table for the first time that was an insane amount of money to me and I got set over set on the must move oh"
  },
  {
    "i": 396,
    "speaker": "Speaker 1",
    "text": "brutal yeah brutal I got set over set on the must move I didn't even make it to the main game right but yeah you know I I think yeah you don't you don't I mean it's it's it's one of those"
  },
  {
    "i": 397,
    "speaker": "Speaker 1",
    "text": "[ __ ] like life things and I'll leave it at this but like okay the guy who wakes up every day and is like I'm going to win I'm gonna be better than yesterday I'm gonna move forward human"
  },
  {
    "i": 398,
    "speaker": "Speaker 1",
    "text": "happiness is progression or even the illusion that you're progressing in life versus the person who wakes up every day and is like I suck I always get unlucky you know those guys you know those"
  },
  {
    "i": 399,
    "speaker": "Speaker 1",
    "text": "people in life you might be friends with some of them and nothing goes my way stay the [ __ ] away from those people and don't be a person like that but we all revert to that when we feel like life's"
  },
  {
    "i": 400,
    "speaker": "Speaker 1",
    "text": "unfair and it is sometimes sometimes you're just genuinely running that right but you need to have the strength and the perseverance to say I'm going to just push forward I'm going to work harder yeah we're down"
  },
  {
    "i": 401,
    "speaker": "Speaker 1",
    "text": "bad we got rugged portfolio is down I may I might have to cut back on some of the lifestyle stuff too I might have to you know check in with myself I might have to check in with Friends and Family"
  },
  {
    "i": 402,
    "speaker": "Speaker 1",
    "text": "Center myself ground myself remind myself this is real money and then you put in the work and then it's too late you can't you shouldn't be working during the bull market like Now's the"
  },
  {
    "i": 403,
    "speaker": "Speaker 1",
    "text": "Time to execute like you haven't shit if you're not ready that's fine um you can make up for lost time for sure by outworking people but yeah bear markets are for building bull markets are for"
  },
  {
    "i": 404,
    "speaker": "Speaker 1",
    "text": "now executing and yeah let's go I'm really happy to be here thanks so much for taking the time um you man I feel very special to be here I'm glad like you know uh you know i' I've been doing the"
  },
  {
    "i": 405,
    "speaker": "Speaker 1",
    "text": "podcast circuit a little bit but like I'm glad I got to end it here like this is this is really like you guys have a cool stream I tune in and watch your stream all the time like I I might not"
  },
  {
    "i": 406,
    "speaker": "Speaker 1",
    "text": "always talk in chat but yeah it's always great to pop in and I always got twitch up um so anyways Hyperliquid dude and Hyperliquid chat you guys were like Hyperliquid honestly Hyperliquid chat"
  },
  {
    "i": 407,
    "speaker": "Speaker 2",
    "text": "you say I think on Hyperliquid radio that you were done on the podcast circuit you still made the time here so we're we're grateful for it honestly and we we had to we had to come check in with young young Grinders bro"
  },
  {
    "i": 408,
    "speaker": "Speaker 1",
    "text": "like I was at one point I still try and keep that mentality and yeah dude I mean whatever you know rules are meant to be broken right thanks again guys love you all thank love we we got to hang in"
  },
  {
    "i": 409,
    "speaker": "Speaker 1",
    "text": "person some time if you guys are in uh my undisclosed area of the world I'll let you guys know and yeah guys chat soon Hyperliquid chat and uh peace everybody all right Hyperliquid peace"
  }
]