[
  {
    "i": 0,
    "speaker": "Speaker 1",
    "text": "I want to be very clear. Young Americans hate you. And I say that because if you look at this,"
  },
  {
    "i": 1,
    "speaker": "Speaker 1",
    "text": "SoFi has opened more accounts over the last few years than all of the big four combined,"
  },
  {
    "i": 2,
    "speaker": "Speaker 1",
    "text": "right? They don't like you guys. They view you as a bunch of paternalistic dickheads who crashed"
  },
  {
    "i": 3,
    "speaker": "Speaker 1",
    "text": "the system in 2008. I'm quoting one of my students when I say that, right? Just to be clear."
  },
  {
    "i": 4,
    "speaker": "Speaker 1",
    "text": "Two, you're in a position where you're arguing things that are factually wrong. And the people"
  },
  {
    "i": 5,
    "speaker": "Speaker 1",
    "text": "who are informed on finance understand this. Anybody saying that US dollar stable coins"
  },
  {
    "i": 6,
    "speaker": "Speaker 1",
    "text": "cause deposits to leave the banking system in aggregate does not understand how bank deposits"
  },
  {
    "i": 7,
    "speaker": "Speaker 1",
    "text": "work. It is not mechanically possible for that to happen. Bank deposits are destroyed when you"
  },
  {
    "i": 8,
    "speaker": "Speaker 1",
    "text": "take money out of an ATM, when you repay a loan, when a bank sells an asset off the balance sheet,"
  },
  {
    "i": 9,
    "speaker": "Speaker 1",
    "text": "or a couple of things the treasury and the Fed can do. None of those involve a stable coin."
  },
  {
    "i": 10,
    "speaker": "Speaker 1",
    "text": "Unless you think buying a sandwich destroys a bank deposit, you don't think buying a stable"
  },
  {
    "i": 11,
    "speaker": "Speaker 1",
    "text": "coin or creating one destroys a bank deposit. We're in this regime now where IPOs happen much"
  },
  {
    "i": 12,
    "speaker": "Speaker 1",
    "text": "later in company cycles in the United States of America, right? Like imagine traveling back in"
  },
  {
    "i": 13,
    "speaker": "Speaker 1",
    "text": "time to the 90s and talking about a series H. People would have been incredibly confused."
  },
  {
    "i": 14,
    "speaker": "Speaker 1",
    "text": "And all of these to me are pointing to greater demand in public markets for companies to be"
  },
  {
    "i": 15,
    "speaker": "Speaker 1",
    "text": "going public earlier."
  },
  {
    "i": 16,
    "speaker": "Speaker 1",
    "text": "I think in some way, one of the things that we need to start considering in capital markets and"
  },
  {
    "i": 17,
    "speaker": "Speaker 1",
    "text": "maybe some unsolicited advice to the people in Silicon Valley, based on what I hear from my"
  },
  {
    "i": 18,
    "speaker": "Speaker 1",
    "text": "students, is if people don't feel like they're participants in these stocks and they instead"
  },
  {
    "i": 19,
    "speaker": "Speaker 1",
    "text": "feel like big company IPOs and extreme valuations are just dumping on retail and the price will just"
  },
  {
    "i": 20,
    "speaker": "Speaker 1",
    "text": "fall, fall, fall, you're going to have a pretty negative reaction to capital markets. Because"
  },
  {
    "i": 21,
    "speaker": "Speaker 1",
    "text": "if you look back at the"
  },
  {
    "i": 22,
    "speaker": "Speaker 1",
    "text": "last batch of call it mega IPOs, the price performance is pretty ugly across those blocks."
  },
  {
    "i": 23,
    "speaker": "Speaker 1",
    "text": "And notably, like they're changing index inclusion rules for SpaceX to get it in there. So one of the"
  },
  {
    "i": 24,
    "speaker": "Speaker 1",
    "text": "questions this is raising for me is on one hand, we have pre IPO price discovery. Interesting"
  },
  {
    "i": 25,
    "speaker": "Speaker 1",
    "text": "information is good for markets. I'm a big proponent of that. But on the other hand,"
  },
  {
    "i": 26,
    "speaker": "Speaker 1",
    "text": "we have much later IPO valuations, right? Like, put simply, I have a hard time seeing"
  },
  {
    "i": 27,
    "speaker": "Speaker 1",
    "text": "how somebody is getting a 10 bagger out of anthropic, or SpaceX, if they're IPO,"
  },
  {
    "i": 28,
    "speaker": "Speaker 1",
    "text": "I get a trillion dollar valuation, right out of the gate,"
  },
  {
    "i": 29,
    "speaker": "Speaker 2",
    "text": "the good thing at the time was that led to huge inflows, and obviously, price increases,"
  },
  {
    "i": 30,
    "speaker": "Speaker 2",
    "text": "bad news now is, to a certain extent, the crypto tourists, they can then say, you know,"
  },
  {
    "i": 31,
    "speaker": "Speaker 2",
    "text": "what, I bought insert name of crypto, ETF, or ATP, here, I bought this, it did well, for a while,"
  },
  {
    "i": 32,
    "speaker": "Speaker 2",
    "text": "and now it's not or i bought it at bahais and i mistimed it completely let me move to something"
  },
  {
    "i": 33,
    "speaker": "Speaker 2",
    "text": "else that if if these people if if it was bought by performance chasers in the first place it's"
  },
  {
    "i": 34,
    "speaker": "Speaker 2",
    "text": "going to be sold by performance chasers or something else outperforms it that's not me"
  },
  {
    "i": 35,
    "speaker": "Speaker 2",
    "text": "taking a view one way or the other on crypto as a long-term investment but that's just that i i do"
  },
  {
    "i": 36,
    "speaker": "Speaker 2",
    "text": "think that is a very important consideration you you can't discount you can't dismiss the importance"
  },
  {
    "i": 37,
    "speaker": "Speaker 2",
    "text": "of money flow and for better or worse um you know the the the the huge success of of crypto etfs was"
  },
  {
    "i": 38,
    "speaker": "Speaker 2",
    "text": "such a boon on the way up uh but now this is the you know the the the flip side of that trade i'm"
  },
  {
    "i": 39,
    "speaker": "Speaker 2",
    "text": "not attributing it specifically to that but it it to many investors now it's one more sector among"
  },
  {
    "i": 40,
    "speaker": "Speaker 2",
    "text": "their specificity and it's one more sector among their specificity and it's one more sector among"
  },
  {
    "i": 41,
    "speaker": "Speaker 2",
    "text": "their specificity and it's one more sector among their specificity and it's one more sector among"
  },
  {
    "i": 42,
    "speaker": "Speaker 2",
    "text": "speculative momentum based investments hi everyone welcome to another episode of bits and"
  },
  {
    "i": 43,
    "speaker": "Speaker 3",
    "text": "bips the interview my name is steve ehrlich i am the head of research at sharpling and also your"
  },
  {
    "i": 44,
    "speaker": "Speaker 3",
    "text": "host for today we've got another terrific episode but before we begin uh just a quick disclaimer"
  },
  {
    "i": 45,
    "speaker": "Speaker 3",
    "text": "nothing that you hear on the show should be construed as investment or financial advice"
  },
  {
    "i": 46,
    "speaker": "Speaker 3",
    "text": "for full disclosures we see unchainedcrypto.com backslash bits and bits and then finally before we"
  },
  {
    "i": 47,
    "speaker": "Speaker 3",
    "text": "get started"
  },
  {
    "i": 48,
    "speaker": "Speaker 3",
    "text": "let's take a brief moment to hear from some of the sponsors who make the show possible"
  },
  {
    "i": 49,
    "speaker": "Speaker 4",
    "text": "if you've been loving bits and bibs don't forget that the show is transitioning to its own feeds"
  },
  {
    "i": 50,
    "speaker": "Speaker 4",
    "text": "on x youtube and your favorite podcast player if you're not already subscribed to bits and"
  },
  {
    "i": 51,
    "speaker": "Speaker 4",
    "text": "bits on its own channels go there now and hit that subscribe button so you can keep up with"
  },
  {
    "i": 52,
    "speaker": "Speaker 4",
    "text": "our twice weekly live streams and macro meets crypto breakdowns bits and bits will only be"
  },
  {
    "i": 53,
    "speaker": "Speaker 4",
    "text": "on the unchained feed for a few more weeks so subscribe today to be ready for launch"
  },
  {
    "i": 54,
    "speaker": "Speaker 4",
    "text": "you can get all the links at unchainedcrypto.com bits and bits"
  },
  {
    "i": 55,
    "speaker": "Speaker 3",
    "text": "all right welcome back so today i have steve saznik the chief strategist at interactive brokers and"
  },
  {
    "i": 56,
    "speaker": "Speaker 3",
    "text": "a repeat guest on the show actually actually steve i think you were my first guest on on this show"
  },
  {
    "i": 57,
    "speaker": "Speaker 3",
    "text": "so yeah so really thrilled to have you back you're one of the best people i i know when it comes to"
  },
  {
    "i": 58,
    "speaker": "Speaker 3",
    "text": "reading the tape and understanding the dynamics between um tradfi crypto how"
  },
  {
    "i": 59,
    "speaker": "Speaker 3",
    "text": "macro forces are colliding with geopolitical uncertainty etc and we've got a lot to talk about"
  },
  {
    "i": 60,
    "speaker": "Speaker 3",
    "text": "today and we're going to talk about the crypto market and the crypto market and the crypto market"
  },
  {
    "i": 61,
    "speaker": "Speaker 3",
    "text": "as we are uh as we're sitting down uh there's new tension over the in iran straight up removes um"
  },
  {
    "i": 62,
    "speaker": "Speaker 3",
    "text": "skirmishes going on between us and and iran uh the fed's preferred uh inflation indicator is the"
  },
  {
    "i": 63,
    "speaker": "Speaker 3",
    "text": "highest in years gold is dropping equities are up uh yields are teetering so a lot to unpack thrilled"
  },
  {
    "i": 64,
    "speaker": "Speaker 2",
    "text": "to have you with us it's a pleasure to be here once again steve this is it's i always enjoy our"
  },
  {
    "i": 65,
    "speaker": "Speaker 4",
    "text": "discussions and looking forward to this and i hope you have a great day and i'll see you next time"
  },
  {
    "i": 66,
    "speaker": "Speaker 2",
    "text": "so thank you so much for joining usutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutzutz"
  },
  {
    "i": 67,
    "speaker": "Speaker 2",
    "text": "that in this past earnings season, we've seen a decent number, I would even say a significant"
  },
  {
    "i": 68,
    "speaker": "Speaker 2",
    "text": "number of EPS beats and more importantly, positive guidance to the case in some situations,"
  },
  {
    "i": 69,
    "speaker": "Speaker 2",
    "text": "in let's say semiconductor memory stocks, the guidance has been extreme. We can argue whether"
  },
  {
    "i": 70,
    "speaker": "Speaker 2",
    "text": "some of that guidance has been extrapolated maybe a bit more, maybe a bit further into the future"
  },
  {
    "i": 71,
    "speaker": "Speaker 2",
    "text": "than it ought to be. But I will stipulate that there is a solid base behind this rally."
  },
  {
    "i": 72,
    "speaker": "Speaker 2",
    "text": "But the magnitude of it, we can question. And to a certain extent, what we've noted over the past"
  },
  {
    "i": 73,
    "speaker": "Speaker 2",
    "text": "few weeks, let's say since the end of March,"
  },
  {
    "i": 74,
    "speaker": "Speaker 2",
    "text": "is we've been seeing a lot of negative feedback from the market. And I think that's a good thing."
  },
  {
    "i": 75,
    "speaker": "Speaker 2",
    "text": "I think that's what I've been calling the ratchet effect about news from Persian Gulf."
  },
  {
    "i": 76,
    "speaker": "Speaker 2",
    "text": "And by that, I mean, we seem to rally on each positive story about some sort of resolution"
  },
  {
    "i": 77,
    "speaker": "Speaker 2",
    "text": "to the situation, something that might reopen the straight. And so far, as we're taping this,"
  },
  {
    "i": 78,
    "speaker": "Speaker 2",
    "text": "yeah, there was another positive story this morning coming out of Axios."
  },
  {
    "i": 79,
    "speaker": "Speaker 2",
    "text": "But for the most part, basically, we're 0-4, however many,"
  },
  {
    "i": 80,
    "speaker": "Speaker 2",
    "text": "I lose count of how many there have been. And while oil and bonds tend to give back their"
  },
  {
    "i": 81,
    "speaker": "Speaker 2",
    "text": "decline, well, yields give back their declines and oil futures give back their declines, when the"
  },
  {
    "i": 82,
    "speaker": "Speaker 2",
    "text": "stories don't come to pass, stocks haven't really given back anything. So that's why I call it like"
  },
  {
    "i": 83,
    "speaker": "Speaker 2",
    "text": "a ratchet. You move in one direction. One direction, yeah."
  },
  {
    "i": 84,
    "speaker": "Speaker 2",
    "text": "And so that's been a big factor. And, you know, what I'm wrestling,"
  },
  {
    "i": 85,
    "speaker": "Speaker 2",
    "text": "right now, as we're speaking, is stocks are reacting positively. I literally stepped off"
  },
  {
    "i": 86,
    "speaker": "Speaker 2",
    "text": "the desk to go to the bathroom and boom, we went from up, you know, down to up very sharp. I'm like,"
  },
  {
    "i": 87,
    "speaker": "Speaker 2",
    "text": "what happened? Had to be a good story. We had a good story. But they're not ripping ahead,"
  },
  {
    "i": 88,
    "speaker": "Speaker 2",
    "text": "even though this is one of the more detailed and more substantial stories that we've gotten."
  },
  {
    "i": 89,
    "speaker": "Speaker 2",
    "text": "So I do have to wonder how much of this either A, is priced into the market, or B,"
  },
  {
    "i": 90,
    "speaker": "Speaker 2",
    "text": "is basically traders' exhaustion at saying, you know, another one of these stories,"
  },
  {
    "i": 91,
    "speaker": "Speaker 2",
    "text": "they're not mutually exclusive, but how the market interprets them can lead to very different"
  },
  {
    "i": 92,
    "speaker": "Speaker 2",
    "text": "outcomes. Because if it's largely priced in, you have to wonder if it's a sell the news type of"
  },
  {
    "i": 93,
    "speaker": "Speaker 2",
    "text": "event. If the market's not reaction, just because they're simply tired of reacting to these,"
  },
  {
    "i": 94,
    "speaker": "Speaker 2",
    "text": "that does leave room for further upside. So that's a huge unknown right now."
  },
  {
    "i": 95,
    "speaker": "Speaker 3",
    "text": "Yeah, it's hard to tell because, I mean, people like to think of good things happening. And at"
  },
  {
    "i": 96,
    "speaker": "Speaker 3",
    "text": "this point in time, it's not. It's not. It's not. It's not. It's not. It's not. It's not. It's not."
  },
  {
    "i": 97,
    "speaker": "Speaker 3",
    "text": "It's not. It's not. It's not. It's not. It's not. It's not. It's not. It's not. It's not. It's not."
  },
  {
    "i": 98,
    "speaker": "Speaker 3",
    "text": "It's not. It's not. It's not. It's not. It's not. It's not. It's not. It's not. It's not."
  },
  {
    "i": 99,
    "speaker": "Speaker 3",
    "text": "I get the sense from people I talk to that worst case scenario is that things stay ossified where"
  },
  {
    "i": 100,
    "speaker": "Speaker 3",
    "text": "they are right now. I don't see much appetite from the U.S. side to really renew hostilities in"
  },
  {
    "i": 101,
    "speaker": "Speaker 3",
    "text": "any major form, despite what President Trump says from time to time. And as much as he claims to"
  },
  {
    "i": 102,
    "speaker": "Speaker 3",
    "text": "not care about the electoral calendar, that is something that I'm sure is..."
  },
  {
    "i": 103,
    "speaker": "Speaker 5",
    "text": "Hey, everyone. I'm Cain Wark, and welcome to Uneasy Money, because what happens on-chain"
  },
  {
    "i": 104,
    "speaker": "Speaker 5",
    "text": "never stays on-chain. Before we begin, here is a word from the sponsors that make this show"
  },
  {
    "i": 105,
    "speaker": "Speaker 4",
    "text": "possible. Multi-Chain Advisors is an emerging technology growth firm that has helped create"
  },
  {
    "i": 106,
    "speaker": "Speaker 4",
    "text": "$50-plus billion in enterprise value for 80-plus clients and businesses."
  },
  {
    "i": 107,
    "speaker": "Speaker 4",
    "text": "Over the past four years, they're the partner to help navigate markets."
  },
  {
    "i": 108,
    "speaker": "Speaker 4",
    "text": "Build real traction today at multichainadv.com."
  },
  {
    "i": 109,
    "speaker": "Speaker 5",
    "text": "All right, everyone. I'm here with my co-host, Taylor Monaghan, weird hotel expert,"
  },
  {
    "i": 110,
    "speaker": "Speaker 5",
    "text": "and Luca Netz, CEO of Pudgy Penguins Igloo, Inc. We were trying to get a guest today, but"
  },
  {
    "i": 111,
    "speaker": "Speaker 5",
    "text": "after Ilya, everyone was too scared to come on."
  },
  {
    "i": 112,
    "speaker": "Speaker 5",
    "text": "Good job. So you have to go and check out that show."
  },
  {
    "i": 113,
    "speaker": "Speaker 5",
    "text": "All right. Here is our first segment of the week. And this is going to be fun,"
  },
  {
    "i": 114,
    "speaker": "Speaker 5",
    "text": "because I love putting my own bags, and I'm a Polymarket investor. So let's get into it."
  },
  {
    "i": 115,
    "speaker": "Speaker 5",
    "text": "The question is, did Polymark resolve the master market wrong, incorrectly? So this is"
  },
  {
    "i": 116,
    "speaker": "Speaker 5",
    "text": "a very interesting story."
  },
  {
    "i": 117,
    "speaker": "Speaker 5",
    "text": "I think it's a very interesting story. And it's a very interesting story for a bunch of reasons."
  },
  {
    "i": 118,
    "speaker": "Speaker 5",
    "text": "One, because why the fuck is MicroStrategy selling Bitcoin? That's the first thing. This"
  },
  {
    "i": 119,
    "speaker": "Speaker 5",
    "text": "should never have even gone close to yes. How did we allow this to happen? This motherfucker promised"
  },
  {
    "i": 120,
    "speaker": "Speaker 5",
    "text": "us that he was never, ever going to sell any Bitcoin, like it would never leave his cold dead"
  },
  {
    "i": 121,
    "speaker": "Speaker 5",
    "text": "hands. And then he's like, ah, like, well, let's just sell like 32 BTC to see what happens. And"
  },
  {
    "i": 122,
    "speaker": "Speaker 5",
    "text": "it's not going well."
  },
  {
    "i": 123,
    "speaker": "Speaker 5",
    "text": "Like why?"
  },
  {
    "i": 124,
    "speaker": "Speaker 5",
    "text": "I'd like that."
  },
  {
    "i": 125,
    "speaker": "Speaker 5",
    "text": "Why?"
  },
  {
    "i": 126,
    "speaker": "Speaker 6",
    "text": "I've been traveling, so I've been like half online. Why sell 32 Bitcoin? I don't understand."
  },
  {
    "i": 127,
    "speaker": "Speaker 6",
    "text": "Fucking crazy."
  },
  {
    "i": 128,
    "speaker": "Speaker 6",
    "text": "It's not that much. It's not. It's like, did they misuse some math? And like, I don't."
  },
  {
    "i": 129,
    "speaker": "Speaker 5",
    "text": "No, no, no, no. It was like a, it was a bit of like a shit test of the market, I think. Guy's an"
  },
  {
    "i": 130,
    "speaker": "Speaker 5",
    "text": "insane person. He's like, if there was any, if there's any question about whether the guy running"
  },
  {
    "i": 131,
    "speaker": "Speaker 5",
    "text": "the giant Bitcoin Ponzi was crazy."
  },
  {
    "i": 132,
    "speaker": "Speaker 5",
    "text": "We have answered that. Like there, there, there's a bunch of theories about why, like, you know,"
  },
  {
    "i": 133,
    "speaker": "Speaker 5",
    "text": "whatever. But basically my, my take is he was playing chicken with the market and the market"
  },
  {
    "i": 134,
    "speaker": "Speaker 5",
    "text": "has now skull fucked him. So congratulations. That was not a good idea. And I just think like"
  },
  {
    "i": 135,
    "speaker": "Speaker 5",
    "text": "that, like the idea that, you know, people somehow or would be reassured that he would sell Bitcoin"
  },
  {
    "i": 136,
    "speaker": "Speaker 5",
    "text": "to like cover, you know, Bitcoin."
  },
  {
    "i": 137,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 138,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 139,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 140,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 141,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 142,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 143,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 144,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 145,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 146,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 147,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 148,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 149,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 150,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 151,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 152,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 153,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 154,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 155,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 156,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 157,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 158,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 159,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 160,
    "speaker": "Speaker 5",
    "text": "And so, yeah, so, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah,"
  },
  {
    "i": 161,
    "speaker": "Speaker 5",
    "text": "like they might be forced sellers."
  },
  {
    "i": 162,
    "speaker": "Speaker 5",
    "text": "Like if something goes horribly wrong,"
  },
  {
    "i": 163,
    "speaker": "Speaker 5",
    "text": "maybe Saylor's forced to sell Bitcoin, right?"
  },
  {
    "i": 164,
    "speaker": "Speaker 5",
    "text": "I don't think anyone who was betting on this market"
  },
  {
    "i": 165,
    "speaker": "Speaker 5",
    "text": "necessarily thought that like he would do it as a joke,"
  },
  {
    "i": 166,
    "speaker": "Speaker 5",
    "text": "as some kind of weird joke or trick or something."
  },
  {
    "i": 167,
    "speaker": "Speaker 5",
    "text": "But anyway, here we are."
  },
  {
    "i": 168,
    "speaker": "Speaker 5",
    "text": "So he did."
  },
  {
    "i": 169,
    "speaker": "Speaker 5",
    "text": "And then we don't really know when"
  },
  {
    "i": 170,
    "speaker": "Speaker 5",
    "text": "because he doesn't tell us, right?"
  },
  {
    "i": 171,
    "speaker": "Speaker 5",
    "text": "The only way that MicroStrategy tells us"
  },
  {
    "i": 172,
    "speaker": "Speaker 5",
    "text": "when they bought Bitcoin is usually"
  },
  {
    "i": 173,
    "speaker": "Speaker 5",
    "text": "when he's top ticked it"
  },
  {
    "i": 174,
    "speaker": "Speaker 5",
    "text": "and the price of Bitcoin is like 85 grand."
  },
  {
    "i": 175,
    "speaker": "Speaker 5",
    "text": "And it's like, we just bought a billion dollars of Bitcoin"
  },
  {
    "i": 176,
    "speaker": "Speaker 5",
    "text": "at like 92 grand."
  },
  {
    "i": 177,
    "speaker": "Speaker 5",
    "text": "And you're like, wait, what?"
  },
  {
    "i": 178,
    "speaker": "Speaker 5",
    "text": "Like, how did you do that?"
  },
  {
    "i": 179,
    "speaker": "Speaker 5",
    "text": "It's like 10% above."
  },
  {
    "i": 180,
    "speaker": "Speaker 5",
    "text": "So usually he would top ticket."
  },
  {
    "i": 181,
    "speaker": "Speaker 5",
    "text": "But here they're like, oh, we sold some Bitcoin."
  },
  {
    "i": 182,
    "speaker": "Speaker 5",
    "text": "They sold 32 BTC, 2.5 mil,"
  },
  {
    "i": 183,
    "speaker": "Speaker 5",
    "text": "somewhere between the 26th and the 31st."
  },
  {
    "i": 184,
    "speaker": "Speaker 5",
    "text": "And the people who were betting yes,"
  },
  {
    "i": 185,
    "speaker": "Speaker 5",
    "text": "and this was like not a huge amount of money at first,"
  },
  {
    "i": 186,
    "speaker": "Speaker 5",
    "text": "if I understand it."
  },
  {
    "i": 187,
    "speaker": "Speaker 5",
    "text": "So basically,"
  },
  {
    "i": 188,
    "speaker": "Speaker 5",
    "text": "the market looked like it should resolve yes."
  },
  {
    "i": 189,
    "speaker": "Speaker 5",
    "text": "And then,"
  },
  {
    "i": 190,
    "speaker": "Speaker 5",
    "text": "it looked like it was not going to, right?"
  },
  {
    "i": 191,
    "speaker": "Speaker 5",
    "text": "And as soon as there's any-"
  },
  {
    "i": 192,
    "speaker": "Speaker 6",
    "text": "Hold on, Luke."
  },
  {
    "i": 193,
    "speaker": "Speaker 6",
    "text": "Is this the actual,"
  },
  {
    "i": 194,
    "speaker": "Speaker 6",
    "text": "this is the actual question, right?"
  },
  {
    "i": 195,
    "speaker": "Speaker 6",
    "text": "Will MicroStrategy sell any Bitcoin by May 31st, 2026?"
  },
  {
    "i": 196,
    "speaker": "Speaker 7",
    "text": "Yes."
  },
  {
    "i": 197,
    "speaker": "Speaker 7",
    "text": "Right?"
  },
  {
    "i": 198,
    "speaker": "Speaker 7",
    "text": "But it wasn't disclosed until June 2nd or June 1st."
  },
  {
    "i": 199,
    "speaker": "Speaker 6",
    "text": "Oh, dear."
  },
  {
    "i": 200,
    "speaker": "Speaker 5",
    "text": "Because it never is."
  },
  {
    "i": 201,
    "speaker": "Speaker 5",
    "text": "So like, this is like just a dumb,"
  },
  {
    "i": 202,
    "speaker": "Speaker 5",
    "text": "like, you know,"
  },
  {
    "i": 203,
    "speaker": "Speaker 5",
    "text": "and this is like classic Polymark."
  },
  {
    "i": 204,
    "speaker": "Speaker 5",
    "text": "Right?"
  },
  {
    "i": 205,
    "speaker": "Speaker 5",
    "text": "Like classic Polymarket having a poorly worded thing"
  },
  {
    "i": 206,
    "speaker": "Speaker 5",
    "text": "that wasn't thought through, right?"
  },
  {
    "i": 207,
    "speaker": "Speaker 5",
    "text": "Because if you're saying that we would only resolve this yes,"
  },
  {
    "i": 208,
    "speaker": "Speaker 5",
    "text": "if it was announced,"
  },
  {
    "i": 209,
    "speaker": "Speaker 5",
    "text": "then it should say,"
  },
  {
    "i": 210,
    "speaker": "Speaker 5",
    "text": "will MicroStrategy announce that they sold Bitcoin by the 31st?"
  },
  {
    "i": 211,
    "speaker": "Speaker 5",
    "text": "But it doesn't say that."
  },
  {
    "i": 212,
    "speaker": "Speaker 5",
    "text": "It says, well, they sell it."
  },
  {
    "i": 213,
    "speaker": "Speaker 5",
    "text": "And they did pretty clearly,"
  },
  {
    "i": 214,
    "speaker": "Speaker 5",
    "text": "but they didn't,"
  },
  {
    "i": 215,
    "speaker": "Speaker 5",
    "text": "they didn't announce it."
  },
  {
    "i": 216,
    "speaker": "Speaker 5",
    "text": "And so here we are."
  },
  {
    "i": 217,
    "speaker": "Speaker 5",
    "text": "So, so like the theory or,"
  },
  {
    "i": 218,
    "speaker": "Speaker 5",
    "text": "or the story, right?"
  },
  {
    "i": 219,
    "speaker": "Speaker 5",
    "text": "Is MicroStrategy,"
  },
  {
    "i": 220,
    "speaker": "Speaker 5",
    "text": "MicroStrategy created these preferred shares"
  },
  {
    "i": 221,
    "speaker": "Speaker 5",
    "text": "and they owe 1.7 billion in dividends, right?"
  },
  {
    "i": 222,
    "speaker": "Speaker 5",
    "text": "And so they got to pay off the debt by,"
  },
  {
    "i": 223,
    "speaker": "Speaker 5",
    "text": "what, 2029 or whatever."
  },
  {
    "i": 224,
    "speaker": "Speaker 5",
    "text": "So apparently he only has like five months of cash."
  },
  {
    "i": 225,
    "speaker": "Speaker 5",
    "text": "But my hot take, honestly,"
  },
  {
    "i": 226,
    "speaker": "Speaker 5",
    "text": "is like he can raise more money, right?"
  },
  {
    "i": 227,
    "speaker": "Speaker 5",
    "text": "Like he didn't have to sell Bitcoin to raise money."
  },
  {
    "i": 228,
    "speaker": "Speaker 5",
    "text": "Like that's the whole point of this Ponzi scheme,"
  },
  {
    "i": 229,
    "speaker": "Speaker 5",
    "text": "that he can raise money by like doing a bunch"
  },
  {
    "i": 230,
    "speaker": "Speaker 5",
    "text": "of other random stuff."
  },
  {
    "i": 231,
    "speaker": "Speaker 5",
    "text": "So it doesn't really track for me that like he was gonna have"
  },
  {
    "i": 232,
    "speaker": "Speaker 5",
    "text": "to sell the Bitcoin this quickly."
  },
  {
    "i": 233,
    "speaker": "Speaker 5",
    "text": "He's not on the hook to sell Bitcoin."
  },
  {
    "i": 234,
    "speaker": "Speaker 5",
    "text": "He just has to raise money."
  },
  {
    "i": 235,
    "speaker": "Speaker 5",
    "text": "So anyway, my, my."
  },
  {
    "i": 236,
    "speaker": "Speaker 6",
    "text": "Okay, but if he, like 32 Bitcoin,"
  },
  {
    "i": 237,
    "speaker": "Speaker 4",
    "text": "he's gonna have to sell Bitcoin."
  },
  {
    "i": 238,
    "speaker": "Speaker 4",
    "text": "Okay."
  },
  {
    "i": 239,
    "speaker": "Speaker 4",
    "text": "But if he, like 32 Bitcoin,"
  },
  {
    "i": 240,
    "speaker": "Speaker 6",
    "text": "he's gonna have to sell Bitcoin."
  },
  {
    "i": 241,
    "speaker": "Speaker 6",
    "text": "32 Bitcoin is not that much in the grand scheme of things."
  },
  {
    "i": 242,
    "speaker": "Speaker 6",
    "text": "This is the point, right?"
  },
  {
    "i": 243,
    "speaker": "Speaker 5",
    "text": "Like this is, this is what I say."
  },
  {
    "i": 244,
    "speaker": "Speaker 5",
    "text": "It was a bit of a shit test of the market, right?"
  },
  {
    "i": 245,
    "speaker": "Speaker 5",
    "text": "Like it's not gonna, 32 Bitcoin is not the point."
  },
  {
    "i": 246,
    "speaker": "Speaker 5",
    "text": "The point was maybe like test,"
  },
  {
    "i": 247,
    "speaker": "Speaker 5",
    "text": "how does the market react if I sell Bitcoin?"
  },
  {
    "i": 248,
    "speaker": "Speaker 5",
    "text": "And the answer's not well."
  },
  {
    "i": 249,
    "speaker": "Speaker 5",
    "text": "So, but anyway."
  },
  {
    "i": 250,
    "speaker": "Speaker 6",
    "text": "Okay, so this was, because ideally,"
  },
  {
    "i": 251,
    "speaker": "Speaker 6",
    "text": "he would want to sell more theoretically"
  },
  {
    "i": 252,
    "speaker": "Speaker 6",
    "text": "if the market would tolerate."
  },
  {
    "i": 253,
    "speaker": "Speaker 6",
    "text": "Well, it's currently constructed"
  },
  {
    "i": 254,
    "speaker": "Speaker 5",
    "text": "that he's gonna have to sell more pretty soon here."
  },
  {
    "i": 255,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 256,
    "speaker": "Speaker 5",
    "text": "But they have to raise money."
  },
  {
    "i": 257,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 258,
    "speaker": "Speaker 5",
    "text": "They have to raise money, right?"
  },
  {
    "i": 259,
    "speaker": "Speaker 5",
    "text": "And, you know, historically,"
  },
  {
    "i": 260,
    "speaker": "Speaker 5",
    "text": "he's been very good at raising money"
  },
  {
    "i": 261,
    "speaker": "Speaker 5",
    "text": "and finding ways to raise money without selling Bitcoin."
  },
  {
    "i": 262,
    "speaker": "Speaker 5",
    "text": "So I'm bullish on his ability to do that."
  },
  {
    "i": 263,
    "speaker": "Speaker 5",
    "text": "Although now, less so,"
  },
  {
    "i": 264,
    "speaker": "Speaker 5",
    "text": "because the price of market strategy is cratered."
  },
  {
    "i": 265,
    "speaker": "Speaker 5",
    "text": "So anyway, I think, I think like,"
  },
  {
    "i": 266,
    "speaker": "Speaker 5",
    "text": "it's hard to know exactly what he is thinking."
  },
  {
    "i": 267,
    "speaker": "Speaker 5",
    "text": "And, you know, again, he's historically said,"
  },
  {
    "i": 268,
    "speaker": "Speaker 5",
    "text": "I'm never gonna sell Bitcoin, whatever, but also,"
  },
  {
    "i": 269,
    "speaker": "Speaker 5",
    "text": "crypto has a way of like fucking you."
  },
  {
    "i": 270,
    "speaker": "Speaker 5",
    "text": "So here we are."
  },
  {
    "i": 271,
    "speaker": "Speaker 5",
    "text": "But that's all the point, right?"
  },
  {
    "i": 272,
    "speaker": "Speaker 5",
    "text": "Like it wasn't a question of like,"
  },
  {
    "i": 273,
    "speaker": "Speaker 5",
    "text": "why would he sell Bitcoin or whatever the question was,"
  },
  {
    "i": 274,
    "speaker": "Speaker 5",
    "text": "would he, would market strategy sell Bitcoin?"
  },
  {
    "i": 275,
    "speaker": "Speaker 5",
    "text": "And they did."
  },
  {
    "i": 276,
    "speaker": "Speaker 5",
    "text": "But this market, like many polymarket markets,"
  },
  {
    "i": 277,
    "speaker": "Speaker 5",
    "text": "was poorly worded."
  },
  {
    "i": 278,
    "speaker": "Speaker 5",
    "text": "Like just get some lawyers, bro, to write like the things,"
  },
  {
    "i": 279,
    "speaker": "Speaker 5",
    "text": "please."
  },
  {
    "i": 280,
    "speaker": "Speaker 5",
    "text": "Like we've been saying this for so long,"
  },
  {
    "i": 281,
    "speaker": "Speaker 5",
    "text": "like just think about how this is gonna play out."
  },
  {
    "i": 282,
    "speaker": "Speaker 5",
    "text": "It would have taken two seconds to be like,"
  },
  {
    "i": 283,
    "speaker": "Speaker 5",
    "text": "what if they sell it and don't tell anyone"
  },
  {
    "i": 284,
    "speaker": "Speaker 5",
    "text": "and then they tell them off,"
  },
  {
    "i": 285,
    "speaker": "Speaker 5",
    "text": "like literally 30 seconds of thought."
  },
  {
    "i": 286,
    "speaker": "Speaker 5",
    "text": "Also, we have AI agents."
  },
  {
    "i": 287,
    "speaker": "Speaker 5",
    "text": "You could write, you could get an agent that could be like,"
  },
  {
    "i": 288,
    "speaker": "Speaker 5",
    "text": "hey, are there any edge cases here in this thing?"
  },
  {
    "i": 289,
    "speaker": "Speaker 5",
    "text": "And the agent would be like, oh yeah, there's 10."
  },
  {
    "i": 290,
    "speaker": "Speaker 6",
    "text": "You're like, well, okay, let's-"
  },
  {
    "i": 291,
    "speaker": "Speaker 6",
    "text": "I feel like this is like your legal intern."
  },
  {
    "i": 292,
    "speaker": "Speaker 6",
    "text": "This is what they do in their sleep, right?"
  },
  {
    "i": 293,
    "speaker": "Speaker 6",
    "text": "It's just like, think about words and meanings"
  },
  {
    "i": 294,
    "speaker": "Speaker 6",
    "text": "and find the loopholes."
  },
  {
    "i": 295,
    "speaker": "Speaker 6",
    "text": "And then close those loopholes."
  },
  {
    "i": 296,
    "speaker": "Speaker 6",
    "text": "Like I don't-"
  },
  {
    "i": 297,
    "speaker": "Speaker 5",
    "text": "It's crazy."
  },
  {
    "i": 298,
    "speaker": "Speaker 5",
    "text": "It's crazy."
  },
  {
    "i": 299,
    "speaker": "Speaker 5",
    "text": "Anyway, they have a lot of markets and whatever,"
  },
  {
    "i": 300,
    "speaker": "Speaker 5",
    "text": "but like historically this has just been like a thing."
  },
  {
    "i": 301,
    "speaker": "Speaker 5",
    "text": "So it should have resolved to yes."
  },
  {
    "i": 302,
    "speaker": "Speaker 5",
    "text": "Then, and this is the thing, right?"
  },
  {
    "i": 303,
    "speaker": "Speaker 5",
    "text": "Like this always happens whenever there's like a weird"
  },
  {
    "i": 304,
    "speaker": "Speaker 5",
    "text": "dispute or whatever."
  },
  {
    "i": 305,
    "speaker": "Speaker 5",
    "text": "The volume goes up like 20X, right?"
  },
  {
    "i": 306,
    "speaker": "Speaker 5",
    "text": "Because now people are like, you know, betting on how the,"
  },
  {
    "i": 307,
    "speaker": "Speaker 5",
    "text": "how the thing will resolve."
  },
  {
    "i": 308,
    "speaker": "Speaker 5",
    "text": "And you know, there's UMA token holders, like UMA whales,"
  },
  {
    "i": 309,
    "speaker": "Speaker 5",
    "text": "they're getting involved because remember this is solved by like UMA, right?"
  },
  {
    "i": 310,
    "speaker": "Speaker 5",
    "text": "And, and you know, that's, that's the Oracle, right?"
  },
  {
    "i": 311,
    "speaker": "Speaker 5",
    "text": "I mean, we talked about this, I think last week or the week before,"
  },
  {
    "i": 312,
    "speaker": "Speaker 5",
    "text": "where they had these new markets that are going to be resolved by NASDAQ."
  },
  {
    "i": 313,
    "speaker": "Speaker 5",
    "text": "And I was like, thank fucking God, because this is so much better than UMA."
  },
  {
    "i": 314,
    "speaker": "Speaker 5",
    "text": "And again, like I love heart."
  },
  {
    "i": 315,
    "speaker": "Speaker 5",
    "text": "Like I love PolyMarket, but like the days of like resolving this by UMA is weird."
  },
  {
    "i": 316,
    "speaker": "Speaker 5",
    "text": "On-chain governance thing is just like, so like not it anymore."
  },
  {
    "i": 317,
    "speaker": "Speaker 5",
    "text": "So yeah, here we are."
  },
  {
    "i": 318,
    "speaker": "Speaker 5",
    "text": "So now there's, there's, you know, this has gotten far worse, right?"
  },
  {
    "i": 319,
    "speaker": "Speaker 5",
    "text": "The situation's gotten far worse because now there's a lot more volume."
  },
  {
    "i": 320,
    "speaker": "Speaker 5",
    "text": "And again, like, you know, PolyMarket's not like a random defund."
  },
  {
    "i": 321,
    "speaker": "Speaker 5",
    "text": "It's like a Shopify app that no one cares about anymore."
  },
  {
    "i": 322,
    "speaker": "Speaker 5",
    "text": "It's a $20 billion company."
  },
  {
    "i": 323,
    "speaker": "Speaker 5",
    "text": "And they just, they need to be more cognizant, I think, of like the impacts of these sorts"
  },
  {
    "i": 324,
    "speaker": "Speaker 5",
    "text": "of things."
  },
  {
    "i": 325,
    "speaker": "Speaker 5",
    "text": "And and yeah, so we'll see, I guess we'll see what happens, right?"
  },
  {
    "i": 326,
    "speaker": "Speaker 5",
    "text": "Like we're still in the limbo period of like, how will this resolve?"
  },
  {
    "i": 327,
    "speaker": "Speaker 5",
    "text": "And my understanding is even as of this morning, when I woke up that like the market was still,"
  },
  {
    "i": 328,
    "speaker": "Speaker 5",
    "text": "still open, which I also don't quite get, because we're like past, because it hasn't"
  },
  {
    "i": 329,
    "speaker": "Speaker 5",
    "text": "resolved, right?"
  },
  {
    "i": 330,
    "speaker": "Speaker 5",
    "text": "So like, you can still trade it."
  },
  {
    "i": 331,
    "speaker": "Speaker 5",
    "text": "But like last time I checked, it was like, fucking the third of June."
  },
  {
    "i": 332,
    "speaker": "Speaker 5",
    "text": "So like, this is, and again, this is, this is like, you know, how long does the market"
  },
  {
    "i": 333,
    "speaker": "Speaker 5",
    "text": "stay open?"
  },
  {
    "i": 334,
    "speaker": "Speaker 5",
    "text": "How long does it take for us to determine whether MicroStrategy sold Bitcoin?"
  },
  {
    "i": 335,
    "speaker": "Speaker 5",
    "text": "Like all of these are things that should have been considered before this was started."
  },
  {
    "i": 336,
    "speaker": "Speaker 5",
    "text": "So I don't know."
  },
  {
    "i": 337,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 338,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 339,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 340,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 341,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 342,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 343,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 344,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 345,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 346,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 347,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 348,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 349,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 350,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 351,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 352,
    "speaker": "Speaker 5",
    "text": "And so, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah,"
  },
  {
    "i": 353,
    "speaker": "Speaker 5",
    "text": "yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah,"
  },
  {
    "i": 354,
    "speaker": "Speaker 5",
    "text": "yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah,"
  },
  {
    "i": 355,
    "speaker": "Speaker 7",
    "text": "yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah,"
  },
  {
    "i": 356,
    "speaker": "Speaker 7",
    "text": "yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah,"
  },
  {
    "i": 357,
    "speaker": "Speaker 7",
    "text": "trading this no i'm actually polymarkets not i put some money in there i've just been losing"
  },
  {
    "i": 358,
    "speaker": "Speaker 7",
    "text": "everything um it's not not a good polymark it's not your it's not your venue no hyperlake is"
  },
  {
    "i": 359,
    "speaker": "Speaker 7",
    "text": "definitely my venue but i um you know probably the solution here is having some sort of seal team six"
  },
  {
    "i": 360,
    "speaker": "Speaker 7",
    "text": "that like a department within polymarket that simply just addresses these cases um"
  },
  {
    "i": 361,
    "speaker": "Speaker 7",
    "text": "because it's definitely pretty obscure and i don't know how you would like automate the solution"
  },
  {
    "i": 362,
    "speaker": "Speaker 7",
    "text": "outside of having a department that specifically is built to solve these problems because again"
  },
  {
    "i": 363,
    "speaker": "Speaker 7",
    "text": "this isn't the first time it's interesting though because if i were to sorry is that is that like"
  },
  {
    "i": 364,
    "speaker": "Speaker 5",
    "text": "is that post talk or like is that off for the fact come in and and like oh we've got a fire"
  },
  {
    "i": 365,
    "speaker": "Speaker 5",
    "text": "here put it out or is this like before the market blows up in everyone's face yeah the problem is"
  },
  {
    "i": 366,
    "speaker": "Speaker 7",
    "text": "is like you can't really like with situations like this like i don't know how you would"
  },
  {
    "i": 367,
    "speaker": "Speaker 7",
    "text": "code or make like a product feature within polymarket to avoid this because"
  },
  {
    "i": 368,
    "speaker": "Speaker 7",
    "text": "like there's always been some sort of like vagueness around the wording of how these"
  },
  {
    "i": 369,
    "speaker": "Speaker 7",
    "text": "markets get resolved like meaning um you know like many such cases in this so like i don't know if it"
  },
  {
    "i": 370,
    "speaker": "Speaker 7",
    "text": "falls into a category where these type of specific markets in terms of like buy and sells by a"
  },
  {
    "i": 371,
    "speaker": "Speaker 7",
    "text": "certain type time like if there's some sort of grace period because there's obviously disclosures"
  },
  {
    "i": 372,
    "speaker": "Speaker 7",
    "text": "but like there's so many variables because some things require disclosure disclosures earlier than"
  },
  {
    "i": 373,
    "speaker": "Speaker 7",
    "text": "not like i would just probably think that the solution would be that there is a group within"
  },
  {
    "i": 374,
    "speaker": "Speaker 7",
    "text": "the polymarket organization that can usurp you know yuma stakeholders in the instance where right"
  },
  {
    "i": 375,
    "speaker": "Speaker 5",
    "text": "and just overrule them just at that point right yeah like at that point you just like have those"
  },
  {
    "i": 376,
    "speaker": "Speaker 6",
    "text": "guys resolve the market well i mean like but i mean you can you can limit it to like the"
  },
  {
    "i": 377,
    "speaker": "Speaker 6",
    "text": "controversial ones or like the ones that are getting"
  },
  {
    "i": 378,
    "speaker": "Speaker 6",
    "text": "a huge amount of attention."
  },
  {
    "i": 379,
    "speaker": "Speaker 6",
    "text": "And I wouldn't even necessarily say,"
  },
  {
    "i": 380,
    "speaker": "Speaker 6",
    "text": "I don't know if the need is to usurp the power."
  },
  {
    "i": 381,
    "speaker": "Speaker 6",
    "text": "I think the biggest issue here"
  },
  {
    "i": 382,
    "speaker": "Speaker 6",
    "text": "is the lack of trust, right?"
  },
  {
    "i": 383,
    "speaker": "Speaker 6",
    "text": "Why is this resolving this way?"
  },
  {
    "i": 384,
    "speaker": "Speaker 6",
    "text": "There's often markets with these dates, right?"
  },
  {
    "i": 385,
    "speaker": "Speaker 6",
    "text": "Is Polymarket going to learn?"
  },
  {
    "i": 386,
    "speaker": "Speaker 6",
    "text": "Or are we going to do this again"
  },
  {
    "i": 387,
    "speaker": "Speaker 6",
    "text": "in a week or two weeks?"
  },
  {
    "i": 388,
    "speaker": "Speaker 6",
    "text": "Are we doing this again right now?"
  },
  {
    "i": 389,
    "speaker": "Speaker 6",
    "text": "And I think it would be nice to have"
  },
  {
    "i": 390,
    "speaker": "Speaker 6",
    "text": "some sort of formal sort of transparency."
  },
  {
    "i": 391,
    "speaker": "Speaker 6",
    "text": "Like, this is why it resolved this way."
  },
  {
    "i": 392,
    "speaker": "Speaker 6",
    "text": "Maybe that's wrong."
  },
  {
    "i": 393,
    "speaker": "Speaker 6",
    "text": "But it is what it is."
  },
  {
    "i": 394,
    "speaker": "Speaker 6",
    "text": "Moving forward, we're going to do this."
  },
  {
    "i": 395,
    "speaker": "Speaker 6",
    "text": "Or at least here,"
  },
  {
    "i": 396,
    "speaker": "Speaker 6",
    "text": "let's lay out the facts of the situation."
  },
  {
    "i": 397,
    "speaker": "Speaker 6",
    "text": "Because there keep being these"
  },
  {
    "i": 398,
    "speaker": "Speaker 6",
    "text": "really dramatic markets."
  },
  {
    "i": 399,
    "speaker": "Speaker 6",
    "text": "And I feel like the drama overshadows"
  },
  {
    "i": 400,
    "speaker": "Speaker 6",
    "text": "and then overshadows."
  },
  {
    "i": 401,
    "speaker": "Speaker 6",
    "text": "And then erodes the trust of Polymarket."
  },
  {
    "i": 402,
    "speaker": "Speaker 6",
    "text": "I feel like that's really the biggest issue."
  },
  {
    "i": 403,
    "speaker": "Speaker 6",
    "text": "Because, yeah."
  },
  {
    "i": 404,
    "speaker": "Speaker 6",
    "text": "Let's not forget,"
  },
  {
    "i": 405,
    "speaker": "Speaker 5",
    "text": "there's also the"
  },
  {
    "i": 406,
    "speaker": "Speaker 5",
    "text": "Alshi factor as well, right?"
  },
  {
    "i": 407,
    "speaker": "Speaker 5",
    "text": "Where these guys"
  },
  {
    "i": 408,
    "speaker": "Speaker 5",
    "text": "are the dirtiest"
  },
  {
    "i": 409,
    "speaker": "Speaker 5",
    "text": "dirtbags who will"
  },
  {
    "i": 410,
    "speaker": "Speaker 5",
    "text": "come up with whatever they can"
  },
  {
    "i": 411,
    "speaker": "Speaker 5",
    "text": "come up with to undermine"
  },
  {
    "i": 412,
    "speaker": "Speaker 5",
    "text": "Polymarket."
  },
  {
    "i": 413,
    "speaker": "Speaker 5",
    "text": "They're running off of research and stuff."
  },
  {
    "i": 414,
    "speaker": "Speaker 5",
    "text": "Let's not hand them this on a silver platter."
  },
  {
    "i": 415,
    "speaker": "Speaker 5",
    "text": "Because,"
  },
  {
    "i": 416,
    "speaker": "Speaker 5",
    "text": "they're just going to turn it into FUD."
  },
  {
    "i": 417,
    "speaker": "Speaker 5",
    "text": "So, I think there's also just this element of"
  },
  {
    "i": 418,
    "speaker": "Speaker 5",
    "text": "don't fumble something like this"
  },
  {
    "i": 419,
    "speaker": "Speaker 5",
    "text": "that's so easy."
  },
  {
    "i": 420,
    "speaker": "Speaker 5",
    "text": "I mean, to your point, Luca,"
  },
  {
    "i": 421,
    "speaker": "Speaker 5",
    "text": "like, you know,"
  },
  {
    "i": 422,
    "speaker": "Speaker 5",
    "text": "the fix,"
  },
  {
    "i": 423,
    "speaker": "Speaker 5",
    "text": "like, of course, there's always going to be edge cases,"
  },
  {
    "i": 424,
    "speaker": "Speaker 5",
    "text": "for sure."
  },
  {
    "i": 425,
    "speaker": "Speaker 5",
    "text": "This is not"
  },
  {
    "i": 426,
    "speaker": "Speaker 5",
    "text": "an edge case that no one could have"
  },
  {
    "i": 427,
    "speaker": "Speaker 5",
    "text": "possibly foreseen, right?"
  },
  {
    "i": 428,
    "speaker": "Speaker 5",
    "text": "Like, this is like, if you took two seconds"
  },
  {
    "i": 429,
    "speaker": "Speaker 5",
    "text": "to think this market through,"
  },
  {
    "i": 430,
    "speaker": "Speaker 5",
    "text": "okay, will they do this thing"
  },
  {
    "i": 431,
    "speaker": "Speaker 5",
    "text": "before this period?"
  },
  {
    "i": 432,
    "speaker": "Speaker 5",
    "text": "How will we know?"
  },
  {
    "i": 433,
    "speaker": "Speaker 5",
    "text": "How will the market resolve?"
  },
  {
    "i": 434,
    "speaker": "Speaker 5",
    "text": "They will tell us."
  },
  {
    "i": 435,
    "speaker": "Speaker 5",
    "text": "Okay, when do they tell us?"
  },
  {
    "i": 436,
    "speaker": "Speaker 5",
    "text": "After the market resolves."
  },
  {
    "i": 437,
    "speaker": "Speaker 5",
    "text": "Hmm, seems like a problem."
  },
  {
    "i": 438,
    "speaker": "Speaker 5",
    "text": "Maybe we should make some, like, to your point,"
  },
  {
    "i": 439,
    "speaker": "Speaker 5",
    "text": "like there's a one week period where, you know,"
  },
  {
    "i": 440,
    "speaker": "Speaker 5",
    "text": "they have to tell us whether they sold any."
  },
  {
    "i": 441,
    "speaker": "Speaker 5",
    "text": "And if they don't tell us by then,"
  },
  {
    "i": 442,
    "speaker": "Speaker 5",
    "text": "even if they did sell it, which is what happened,"
  },
  {
    "i": 443,
    "speaker": "Speaker 5",
    "text": "they came in and changed the market afterwards."
  },
  {
    "i": 444,
    "speaker": "Speaker 5",
    "text": "And they're like, oops, let's just fix this up"
  },
  {
    "i": 445,
    "speaker": "Speaker 5",
    "text": "and clarify this, right?"
  },
  {
    "i": 446,
    "speaker": "Speaker 5",
    "text": "But at that point, people,"
  },
  {
    "i": 447,
    "speaker": "Speaker 5",
    "text": "they'd already traded like tens of millions of dollars"
  },
  {
    "i": 448,
    "speaker": "Speaker 5",
    "text": "because again, people love to run towards"
  },
  {
    "i": 449,
    "speaker": "Speaker 5",
    "text": "fire like this."
  },
  {
    "i": 450,
    "speaker": "Speaker 5",
    "text": "And they're like, this will be fun to trade."
  },
  {
    "i": 451,
    "speaker": "Speaker 5",
    "text": "So yeah, like, I agree with you, Luca,"
  },
  {
    "i": 452,
    "speaker": "Speaker 5",
    "text": "that like they need a team that is dedicated to this."
  },
  {
    "i": 453,
    "speaker": "Speaker 5",
    "text": "I think they have a team."
  },
  {
    "i": 454,
    "speaker": "Speaker 5",
    "text": "It's like the market listing team."
  },
  {
    "i": 455,
    "speaker": "Speaker 5",
    "text": "That team just needs to be like slightly less retarded"
  },
  {
    "i": 456,
    "speaker": "Speaker 5",
    "text": "when they're listing markets is the real solution."
  },
  {
    "i": 457,
    "speaker": "Speaker 7",
    "text": "You know, the interesting part"
  },
  {
    "i": 458,
    "speaker": "Speaker 7",
    "text": "about this is,"
  },
  {
    "i": 459,
    "speaker": "Speaker 7",
    "text": "this is something that I'd probably,"
  },
  {
    "i": 460,
    "speaker": "Speaker 7",
    "text": "like, if I try to put myself in, like,"
  },
  {
    "i": 461,
    "speaker": "Speaker 7",
    "text": "coming up with Polymarket,"
  },
  {
    "i": 462,
    "speaker": "Speaker 7",
    "text": "and just underwriting, starting that business,"
  },
  {
    "i": 463,
    "speaker": "Speaker 7",
    "text": "this is one of those thoughts that I would have,"
  },
  {
    "i": 464,
    "speaker": "Speaker 7",
    "text": "like, you, you, you, you know,"
  },
  {
    "i": 465,
    "speaker": "Speaker 7",
    "text": "I'm sure Shane has thought about this a hundred times,"
  },
  {
    "i": 466,
    "speaker": "Speaker 7",
    "text": "it's actually just pretty impressive"
  },
  {
    "i": 467,
    "speaker": "Speaker 7",
    "text": "because like, when you think about the business"
  },
  {
    "i": 468,
    "speaker": "Speaker 7",
    "text": "that is Polymarket,"
  },
  {
    "i": 469,
    "speaker": "Speaker 7",
    "text": "and starting a business like that up,"
  },
  {
    "i": 470,
    "speaker": "Speaker 7",
    "text": "there would have been so many objections"
  },
  {
    "i": 471,
    "speaker": "Speaker 7",
    "text": "I would have gave myself"
  },
  {
    "i": 472,
    "speaker": "Speaker 7",
    "text": "as to like,"
  },
  {
    "i": 473,
    "speaker": "Speaker 7",
    "text": "why I should not go and build this business,"
  },
  {
    "i": 474,
    "speaker": "Speaker 4",
    "text": "And this would be like, yeah, that's, that's, that's, that's,"
  },
  {
    "i": 475,
    "speaker": "Speaker 7",
    "text": "not go and build this business. And this would be like one, you know, like, how can you actually"
  },
  {
    "i": 476,
    "speaker": "Speaker 7",
    "text": "like solve all these problems and all of these edge, because there's, there's tons of edge cases"
  },
  {
    "i": 477,
    "speaker": "Speaker 7",
    "text": "in this, in polymarket, right? Like there's so many outcomes like this, that you could think"
  },
  {
    "i": 478,
    "speaker": "Speaker 7",
    "text": "about. I just think, I just think about it. Like if I was Shane in the early days, I probably would"
  },
  {
    "i": 479,
    "speaker": "Speaker 7",
    "text": "have thought about this. And I would have probably ruminated on all the edge cases and been like,"
  },
  {
    "i": 480,
    "speaker": "Speaker 5",
    "text": "this is just not possible. Dude, then that's why Shane is the biggest fucking crackhead that I"
  },
  {
    "i": 481,
    "speaker": "Speaker 5",
    "text": "know. And he was just so certain of himself and so certain that this was solvable, right? Like,"
  },
  {
    "i": 482,
    "speaker": "Speaker 5",
    "text": "not just that, not just the like, from first principles, what are all the ways this could go"
  },
  {
    "i": 483,
    "speaker": "Speaker 5",
    "text": "wrong? We had empirical evidence, like Augur, there were, there were a bunch of super smart team,"
  },
  {
    "i": 484,
    "speaker": "Speaker 5",
    "text": "like Joey is one of the smartest guys in crypto and Augur, like tied themselves into not trying to"
  },
  {
    "i": 485,
    "speaker": "Speaker 5",
    "text": "like handle these edge cases. And I think, you know, timing was good. Like,"
  },
  {
    "i": 486,
    "speaker": "Speaker 5",
    "text": "they were able to, to, you know, offload the Oracle stuff to UMA. They, they popped up like"
  },
  {
    "i": 487,
    "speaker": "Speaker 5",
    "text": "that year, they were, they were getting a lot of traction, whatever. So being able to like,"
  },
  {
    "i": 488,
    "speaker": "Speaker 5",
    "text": "just hand this off to an external party, but that worked for like three years where UMA was"
  },
  {
    "i": 489,
    "speaker": "Speaker 5",
    "text": "probably bigger, I think, than, than polymarket in terms of like exposure to the market, you know,"
  },
  {
    "i": 490,
    "speaker": "Speaker 5",
    "text": "they were doing a bunch of stuff. And so it's like, ah, blame them if something goes wrong,"
  },
  {
    "i": 491,
    "speaker": "Speaker 5",
    "text": "it's on them. Now polymarket is like 8 trillion times,"
  },
  {
    "i": 492,
    "speaker": "Speaker 5",
    "text": "larger than UMA. And it's just this gigantic risk that's sitting there and like a huge, like,"
  },
  {
    "i": 493,
    "speaker": "Speaker 5",
    "text": "you know, liability for them. Right. And, and I mean, they are obviously not unaware of this."
  },
  {
    "i": 494,
    "speaker": "Speaker 5",
    "text": "That's why they were like, ah, let's find someone bigger than us, the NASDAQ, let them resolve the"
  },
  {
    "i": 495,
    "speaker": "Speaker 5",
    "text": "problem. Right. So, um, I think that they will eventually in themselves off this, but like in"
  },
  {
    "i": 496,
    "speaker": "Speaker 5",
    "text": "the interim, there are ways you could make this less problematic. And it's like just being a bit"
  },
  {
    "i": 497,
    "speaker": "Speaker 5",
    "text": "more thoughtful about the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the,"
  },
  {
    "i": 498,
    "speaker": "Speaker 5",
    "text": "the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the,"
  },
  {
    "i": 499,
    "speaker": "Speaker 5",
    "text": "the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the,"
  },
  {
    "i": 500,
    "speaker": "Speaker 5",
    "text": "the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the,"
  },
  {
    "i": 501,
    "speaker": "Speaker 5",
    "text": "things through um so yeah anyway um and i mean i think the it's interestingly there there was a guy"
  },
  {
    "i": 502,
    "speaker": "Speaker 5",
    "text": "on on twitter uh which i think is kind of this is like the the crux of all prediction market right"
  },
  {
    "i": 503,
    "speaker": "Speaker 5",
    "text": "it's like the the prediction market problem right the oracle problem it always comes back to oracles"
  },
  {
    "i": 504,
    "speaker": "Speaker 5",
    "text": "uh professor cornell um was like sdc form ak filed on june 1 so technically a poly market is right"
  },
  {
    "i": 505,
    "speaker": "Speaker 5",
    "text": "the deeper read you're never just betting on the event you're betting on who scores it"
  },
  {
    "i": 506,
    "speaker": "Speaker 5",
    "text": "there's also uh an m dash in there which a little concerning never like to see an m dash in uh in a"
  },
  {
    "i": 507,
    "speaker": "Speaker 5",
    "text": "tweet um but here we are he's a professor maybe it's okay maybe it wasn't ai um anyway uh i i"
  },
  {
    "i": 508,
    "speaker": "Speaker 5",
    "text": "think we'll see how this plays out over uh over the next couple of days but like yeah i mean i"
  },
  {
    "i": 509,
    "speaker": "Speaker 5",
    "text": "can't see a world where poly market doesn't need to just come in and like refund everyone who"
  },
  {
    "i": 510,
    "speaker": "Speaker 5",
    "text": "this market but but"
  },
  {
    "i": 511,
    "speaker": "Speaker 5",
    "text": "it's"
  },
  {
    "i": 512,
    "speaker": "Speaker 5",
    "text": "pretty wild"
  },
  {
    "i": 513,
    "speaker": "Speaker 5",
    "text": "great all right uh let's go to our next topic so um solana's soul burn fight luca hopefully you got"
  },
  {
    "i": 514,
    "speaker": "Speaker 5",
    "text": "some aches on here this is the if i'm if i'm not mistaken this is like the second or third uh"
  },
  {
    "i": 515,
    "speaker": "Speaker 5",
    "text": "the third proposal that like messes with uh solana tokenomics right"
  },
  {
    "i": 516,
    "speaker": "Speaker 5",
    "text": "yep so yeah give us give us the download here"
  },
  {
    "i": 517,
    "speaker": "Speaker 7",
    "text": "what's what's going on what's totally cooking yeah the download is is that there's been now three"
  },
  {
    "i": 518,
    "speaker": "Speaker 7",
    "text": "proposals to go and cut alana inflation for those of you guys don't know you can stake your solana"
  },
  {
    "i": 519,
    "speaker": "Speaker 7",
    "text": "on your local phantom or coinbase or wherever you custody your soul and earn a pretty good yield"
  },
  {
    "i": 520,
    "speaker": "Speaker 7",
    "text": "about six percent seven percent some places i think in solana inflates about seven eight or"
  },
  {
    "i": 521,
    "speaker": "Speaker 7",
    "text": "eight percent ish a year something like that so you know you're getting that yield from"
  },
  {
    "i": 522,
    "speaker": "Speaker 7",
    "text": "the inflation"
  },
  {
    "i": 523,
    "speaker": "Speaker 7",
    "text": "and uh the elephant in the room is you know a token that inflates is obviously bad for price i"
  },
  {
    "i": 524,
    "speaker": "Speaker 5",
    "text": "think um solana yeah i got some empirical evidence on that one as well but yeah yeah solana solana"
  },
  {
    "i": 525,
    "speaker": "Speaker 7",
    "text": "i think the the big story is and i encourage people specifically who trade in crypto the alpha"
  },
  {
    "i": 526,
    "speaker": "Speaker 7",
    "text": "is to look at market cap especially in things when you're like charting and understanding value and"
  },
  {
    "i": 527,
    "speaker": "Speaker 7",
    "text": "i learned a couple years ago to start looking at coins in their market cap if i was really bullish"
  },
  {
    "i": 528,
    "speaker": "Speaker 7",
    "text": "on something like i wouldn't underwrite it just simply on what the price was"
  },
  {
    "i": 529,
    "speaker": "Speaker 7",
    "text": "and you can see that a lot of coins will have you know relative market caps to their all-time"
  },
  {
    "i": 530,
    "speaker": "Speaker 7",
    "text": "highs but price will be 50 less and the reason for that is because of token inflation or token"
  },
  {
    "i": 531,
    "speaker": "Speaker 7",
    "text": "unlocks right which is also inflation in its own respect so"
  },
  {
    "i": 532,
    "speaker": "Speaker 7",
    "text": "So interesting thing to look at."
  },
  {
    "i": 533,
    "speaker": "Speaker 7",
    "text": "I obviously am keen and advocate for anything that is deflationary."
  },
  {
    "i": 534,
    "speaker": "Speaker 7",
    "text": "I think if you can create a product that continues to get better and then also create a tokenomics"
  },
  {
    "i": 535,
    "speaker": "Speaker 7",
    "text": "scheme where the token inflates very little or hopefully deflates, then you have a recipe"
  },
  {
    "i": 536,
    "speaker": "Speaker 7",
    "text": "for success."
  },
  {
    "i": 537,
    "speaker": "Speaker 7",
    "text": "And as a big Solana holder and advocate, I hope this passes."
  },
  {
    "i": 538,
    "speaker": "Speaker 5",
    "text": "Nice."
  },
  {
    "i": 539,
    "speaker": "Speaker 5",
    "text": "So back in the day, we had this thing."
  },
  {
    "i": 540,
    "speaker": "Speaker 5",
    "text": "Hey, you know where I'm going with this, right?"
  },
  {
    "i": 541,
    "speaker": "Speaker 5",
    "text": "Ultrasound money."
  },
  {
    "i": 542,
    "speaker": "Speaker 5",
    "text": "Everyone was rocking like a bat and speaker emoji on their Twitter."
  },
  {
    "i": 543,
    "speaker": "Speaker 5",
    "text": "And I think this came, I'm going to blame Bankless."
  },
  {
    "i": 544,
    "speaker": "Speaker 5",
    "text": "Might not be Hoffman's fault directly, but I'm pretty sure it's a Bankless thing."
  },
  {
    "i": 545,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 546,
    "speaker": "Speaker 5",
    "text": "They started this."
  },
  {
    "i": 547,
    "speaker": "Speaker 6",
    "text": "I don't know if they started it, but they were definitely leading the charge."
  },
  {
    "i": 548,
    "speaker": "Speaker 5",
    "text": "They blew it up."
  },
  {
    "i": 549,
    "speaker": "Speaker 5",
    "text": "They blew it up if they didn't start it."
  },
  {
    "i": 550,
    "speaker": "Speaker 5",
    "text": "Because I think Eric Conner maybe was like, there was a whole crew of people."
  },
  {
    "i": 551,
    "speaker": "Speaker 5",
    "text": "And the reason why, to your point, Luca, is everyone was super excited because EIP-1559,"
  },
  {
    "i": 552,
    "speaker": "Speaker 5",
    "text": "Vitalik accidentally stumbled into this deflationary thing, which wasn't supposed to be the way"
  },
  {
    "i": 553,
    "speaker": "Speaker 5",
    "text": "that it went."
  },
  {
    "i": 554,
    "speaker": "Speaker 5",
    "text": "But just things have a way of happening that you don't, unintended consequences, right?"
  },
  {
    "i": 555,
    "speaker": "Speaker 5",
    "text": "And so EIP-1559 was Vitalik's solution to gas market price volatility, right?"
  },
  {
    "i": 556,
    "speaker": "Speaker 5",
    "text": "And we all know Vitalik hates volatility."
  },
  {
    "i": 557,
    "speaker": "Speaker 5",
    "text": "And so he came up with this scheme to basically stop the gas market from being so volatile,"
  },
  {
    "i": 558,
    "speaker": "Speaker 5",
    "text": "right?"
  },
  {
    "i": 559,
    "speaker": "Speaker 5",
    "text": "Which was a very good idea."
  },
  {
    "i": 560,
    "speaker": "Speaker 5",
    "text": "But it had this one small, unintended consequence, which was that when it was proposed, it took"
  },
  {
    "i": 561,
    "speaker": "Speaker 5",
    "text": "about two and a half years because Ethereum was even more of a basket case, if you can"
  },
  {
    "i": 562,
    "speaker": "Speaker 5",
    "text": "believe it, 2019 than it is today."
  },
  {
    "i": 563,
    "speaker": "Speaker 5",
    "text": "And literally, we couldn't get it funded."
  },
  {
    "i": 564,
    "speaker": "Speaker 5",
    "text": "I remember running around at ETH Berlin trying to raise some money because it was going to"
  },
  {
    "i": 565,
    "speaker": "Speaker 5",
    "text": "cost like 200 grand or whatever to fund the business."
  },
  {
    "i": 566,
    "speaker": "Speaker 5",
    "text": "And we were like, okay, we're going to fund the build of this thing."
  },
  {
    "i": 567,
    "speaker": "Speaker 5",
    "text": "And everyone was poor."
  },
  {
    "i": 568,
    "speaker": "Speaker 5",
    "text": "And so we couldn't afford to build this."
  },
  {
    "i": 569,
    "speaker": "Speaker 5",
    "text": "And then eventually, like two years later, it was built."
  },
  {
    "i": 570,
    "speaker": "Speaker 5",
    "text": "By then, the whole market had changed."
  },
  {
    "i": 571,
    "speaker": "Speaker 5",
    "text": "We're back in a bull market, whatever."
  },
  {
    "i": 572,
    "speaker": "Speaker 5",
    "text": "And so EIP-1559 switches on and somehow ETH is deflationary."
  },
  {
    "i": 573,
    "speaker": "Speaker 5",
    "text": "And that was the story."
  },
  {
    "i": 574,
    "speaker": "Speaker 5",
    "text": "Not that the fee market was now suddenly non-volatile because no one gave a fuck about that in the first place."
  },
  {
    "i": 575,
    "speaker": "Speaker 5",
    "text": "And this ultrasound money."
  },
  {
    "i": 576,
    "speaker": "Speaker 5",
    "text": "Meme was born."
  },
  {
    "i": 577,
    "speaker": "Speaker 5",
    "text": "And I would argue like there was a period of time where like it definitely had an impact on ETH price and people were very excited about it."
  },
  {
    "i": 578,
    "speaker": "Speaker 6",
    "text": "And yeah, right."
  },
  {
    "i": 579,
    "speaker": "Speaker 5",
    "text": "So what was it?"
  },
  {
    "i": 580,
    "speaker": "Speaker 6",
    "text": "The activity, whatever."
  },
  {
    "i": 581,
    "speaker": "Speaker 6",
    "text": "Anyways, the activity would go one way."
  },
  {
    "i": 582,
    "speaker": "Speaker 6",
    "text": "The price of ETH would go one way."
  },
  {
    "i": 583,
    "speaker": "Speaker 6",
    "text": "And then that would impact how deflationary it was."
  },
  {
    "i": 584,
    "speaker": "Speaker 6",
    "text": "Exactly."
  },
  {
    "i": 585,
    "speaker": "Speaker 5",
    "text": "There was this chart of like how much burn, you know, the burn, right?"
  },
  {
    "i": 586,
    "speaker": "Speaker 5",
    "text": "The burn chart."
  },
  {
    "i": 587,
    "speaker": "Speaker 5",
    "text": "So my hope is here."
  },
  {
    "i": 588,
    "speaker": "Speaker 5",
    "text": "That Hoffman having sold all his ETH replays that for salt."
  },
  {
    "i": 589,
    "speaker": "Speaker 5",
    "text": "Luca."
  },
  {
    "i": 590,
    "speaker": "Speaker 5",
    "text": "So I hope that's in your future."
  },
  {
    "i": 591,
    "speaker": "Speaker 5",
    "text": "You get Hoffman doing a salt burn chart and we need to come up with something other than a bat."
  },
  {
    "i": 592,
    "speaker": "Speaker 5",
    "text": "He'd like a different emoji."
  },
  {
    "i": 593,
    "speaker": "Speaker 5",
    "text": "That would be a bit on the nose."
  },
  {
    "i": 594,
    "speaker": "Speaker 5",
    "text": "But like some animal that uses echolocation and a speaker."
  },
  {
    "i": 595,
    "speaker": "Speaker 5",
    "text": "So I'll leave that up to you, Luca, to figure that one."
  },
  {
    "i": 596,
    "speaker": "Speaker 5",
    "text": "You can start, you can start the salt ultrasound money."
  },
  {
    "i": 597,
    "speaker": "Speaker 5",
    "text": "It was, it was good."
  },
  {
    "i": 598,
    "speaker": "Speaker 5",
    "text": "It was, the going was good for a while while, while it was there."
  },
  {
    "i": 599,
    "speaker": "Speaker 6",
    "text": "It was so much, it was so much."
  },
  {
    "i": 600,
    "speaker": "Speaker 6",
    "text": "And it was always a little bit, it took a long time to, I think, catch up, but it was always a bit of a fragile narrative."
  },
  {
    "i": 601,
    "speaker": "Speaker 5",
    "text": "Like you were like, you don't say, yeah, sorry."
  },
  {
    "i": 602,
    "speaker": "Speaker 6",
    "text": "This gas fee market."
  },
  {
    "i": 603,
    "speaker": "Speaker 6",
    "text": "UX thing is actually."
  },
  {
    "i": 604,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 605,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 606,
    "speaker": "Speaker 6",
    "text": "And so, yeah, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's,"
  },
  {
    "i": 607,
    "speaker": "Speaker 6",
    "text": "and it was like a fragile narrative and then people really piled onto it."
  },
  {
    "i": 608,
    "speaker": "Speaker 7",
    "text": "MIKE GREEN I don't think the proposal is actually and"
  },
  {
    "i": 609,
    "speaker": "Speaker 7",
    "text": "maybe I'm wrong, but I don't think the proposal is actually to make it deflationary."
  },
  {
    "i": 610,
    "speaker": "Speaker 7",
    "text": "I think it's to take it from like 8% yield to like 3% and some change."
  },
  {
    "i": 611,
    "speaker": "Speaker 5",
    "text": "MIKE GREEN Right."
  },
  {
    "i": 612,
    "speaker": "Speaker 5",
    "text": "I'm just looking at the numbers here and it's like 10,000 to 64,000 daily burn and then"
  },
  {
    "i": 613,
    "speaker": "Speaker 5",
    "text": "the inflation is like approximately 60,000."
  },
  {
    "i": 614,
    "speaker": "Speaker 5",
    "text": "I'm just saying if it hit 60,000 and one, some lunatic on the timeline is going to do"
  },
  {
    "i": 615,
    "speaker": "Speaker 5",
    "text": "the day when there's like, this was the thing, right?"
  },
  {
    "i": 616,
    "speaker": "Speaker 5",
    "text": "No one was expecting this and then there was like one day where someone looked at the ETH"
  },
  {
    "i": 617,
    "speaker": "Speaker 5",
    "text": "inflation to like burn chart and they're like, wait a second, it's going down."
  },
  {
    "i": 618,
    "speaker": "Speaker 5",
    "text": "This is crazy."
  },
  {
    "i": 619,
    "speaker": "Speaker 5",
    "text": "Then it spiraled out of control, which was fun."
  },
  {
    "i": 620,
    "speaker": "Speaker 5",
    "text": "I think to your point, I think it's a good thing."
  },
  {
    "i": 621,
    "speaker": "Speaker 5",
    "text": "I think it's a good point though, Luca, like anything, especially in a bear market, anything"
  },
  {
    "i": 622,
    "speaker": "Speaker 5",
    "text": "inflation in a bear market when like there's no bid for it, it's just, it's grim, right?"
  },
  {
    "i": 623,
    "speaker": "Speaker 5",
    "text": "So yeah, like having some deflation during a bear market, probably not the worst thing."
  },
  {
    "i": 624,
    "speaker": "Speaker 5",
    "text": "That versus the staking yield, there's two things here, right?"
  },
  {
    "i": 625,
    "speaker": "Speaker 5",
    "text": "Like there's a lot of things all and you do need token sinks."
  },
  {
    "i": 626,
    "speaker": "Speaker 5",
    "text": "And so there is a danger that if the yield goes to zero, that that token sink that currently"
  },
  {
    "i": 627,
    "speaker": "Speaker 5",
    "text": "exists disappears and people are..."
  },
  {
    "i": 628,
    "speaker": "Speaker 5",
    "text": "But the thing that I think Solana has going for it that ETH didn't and where the narrative"
  },
  {
    "i": 629,
    "speaker": "Speaker 5",
    "text": "kind of got poisoned is when like fees started becoming so insane, right?"
  },
  {
    "i": 630,
    "speaker": "Speaker 5",
    "text": "And people were like rallying around it, right?"
  },
  {
    "i": 631,
    "speaker": "Speaker 5",
    "text": "Like this was the like pre L2 era, right?"
  },
  {
    "i": 632,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 633,
    "speaker": "Speaker 5",
    "text": "And this was like the Suzu thing."
  },
  {
    "i": 634,
    "speaker": "Speaker 5",
    "text": "Like my fight with Suzu came out of this whole thing as well, where it was like all of you"
  },
  {
    "i": 635,
    "speaker": "Speaker 5",
    "text": "like jackasses basically, this is Suzu, right?"
  },
  {
    "i": 636,
    "speaker": "Speaker 5",
    "text": "Like sitting around, right?"
  },
  {
    "i": 637,
    "speaker": "Speaker 5",
    "text": "Jacking yourself off over the burn."
  },
  {
    "i": 638,
    "speaker": "Speaker 5",
    "text": "Meanwhile, no one can afford to use your chain, which was actually like on the money, like"
  },
  {
    "i": 639,
    "speaker": "Speaker 5",
    "text": "100% of the money."
  },
  {
    "i": 640,
    "speaker": "Speaker 5",
    "text": "It costs like $500 to do a synthetic staking contract."
  },
  {
    "i": 641,
    "speaker": "Speaker 5",
    "text": "And you took the other side of that?"
  },
  {
    "i": 642,
    "speaker": "Speaker 5",
    "text": "Yeah, it's a long story."
  },
  {
    "i": 643,
    "speaker": "Speaker 5",
    "text": "It's a long story."
  },
  {
    "i": 644,
    "speaker": "Speaker 5",
    "text": "I was like, I was sub tweeting him for like a week, like getting in his head and I knew"
  },
  {
    "i": 645,
    "speaker": "Speaker 5",
    "text": "he knew."
  },
  {
    "i": 646,
    "speaker": "Speaker 5",
    "text": "And eventually, he lost his mind because I'm a very good troll if I want to be."
  },
  {
    "i": 647,
    "speaker": "Speaker 5",
    "text": "And he, he like, added me directly."
  },
  {
    "i": 648,
    "speaker": "Speaker 5",
    "text": "And I was like, Whoa, whoa, I don't know what you're talking about."
  },
  {
    "i": 649,
    "speaker": "Speaker 5",
    "text": "This has nothing to do with me."
  },
  {
    "i": 650,
    "speaker": "Speaker 5",
    "text": "Why are you freaking out?"
  },
  {
    "i": 651,
    "speaker": "Speaker 5",
    "text": "And meanwhile, I had this like PSYOP campaign for like weeks, just like prodding him, prodding"
  },
  {
    "i": 652,
    "speaker": "Speaker 5",
    "text": "him, prodding him and he lost his mind."
  },
  {
    "i": 653,
    "speaker": "Speaker 5",
    "text": "And, and that's it."
  },
  {
    "i": 654,
    "speaker": "Speaker 5",
    "text": "And so, but he was right, like, we were sitting around jacking ourselves off over the burn."
  },
  {
    "i": 655,
    "speaker": "Speaker 5",
    "text": "And it costs like, you know, point one of an ETH or something like that to do a complex"
  },
  {
    "i": 656,
    "speaker": "Speaker 5",
    "text": "transaction."
  },
  {
    "i": 657,
    "speaker": "Speaker 5",
    "text": "And no one except for ETH whales could afford to use the chain."
  },
  {
    "i": 658,
    "speaker": "Speaker 5",
    "text": "And he was like, this is not sustainable, guys, like, this is not going to work, right."
  },
  {
    "i": 659,
    "speaker": "Speaker 5",
    "text": "So the difference here, I think, in fairness, is that Solana's fee burn comes from like,"
  },
  {
    "i": 660,
    "speaker": "Speaker 5",
    "text": "massive transaction volume, not massively expensive transactions."
  },
  {
    "i": 661,
    "speaker": "Speaker 5",
    "text": "So in terms of like sustainability, it feels a little bit more sustainable to be doing"
  },
  {
    "i": 662,
    "speaker": "Speaker 5",
    "text": "like 10s of millions of two cent transactions and point 001 of a cent is burned."
  },
  {
    "i": 663,
    "speaker": "Speaker 5",
    "text": "Whereas we were doing like, a few hundred $5,000 transactions and burning like $2,000"
  },
  {
    "i": 664,
    "speaker": "Speaker 5",
    "text": "per transaction."
  },
  {
    "i": 665,
    "speaker": "Speaker 5",
    "text": "Again, maybe not sustainable."
  },
  {
    "i": 666,
    "speaker": "Speaker 5",
    "text": "So."
  },
  {
    "i": 667,
    "speaker": "Speaker 5",
    "text": "All right, let's see."
  },
  {
    "i": 668,
    "speaker": "Speaker 5",
    "text": "Let's see if this if this passes, this will be interesting to watch."
  },
  {
    "i": 669,
    "speaker": "Speaker 5",
    "text": "Before we continue, though, let's take a quick commercial break."
  },
  {
    "i": 670,
    "speaker": "Speaker 5",
    "text": "And we'll come back talking about USDC waking up and starting to freeze USDC, which is exciting."
  },
  {
    "i": 671,
    "speaker": "Speaker 4",
    "text": "Multi Chain Advisors is an emerging technology growth firm that has helped create over $50"
  },
  {
    "i": 672,
    "speaker": "Speaker 4",
    "text": "billion in enterprise value for more than 80 clients like Pith, Moonpay Commerce and"
  },
  {
    "i": 673,
    "speaker": "Speaker 4",
    "text": "Wormhole."
  },
  {
    "i": 674,
    "speaker": "Speaker 4",
    "text": "They've worked with some of the largest and most impactful companies in the space."
  },
  {
    "i": 675,
    "speaker": "Speaker 4",
    "text": "They're the partner you want when you're navigating markets and trying to break out"
  },
  {
    "i": 676,
    "speaker": "Speaker 4",
    "text": "from the noise."
  },
  {
    "i": 677,
    "speaker": "Speaker 4",
    "text": "They help navigate TGEs, go to market, BD and partnerships, capital markets advisory,"
  },
  {
    "i": 678,
    "speaker": "Speaker 4",
    "text": "PR, media placements, KOL activations and more, driving execution from launch to scale."
  },
  {
    "i": 679,
    "speaker": "Speaker 4",
    "text": "Their results are measurable."
  },
  {
    "i": 680,
    "speaker": "Speaker 4",
    "text": "To learn more and start building real traction today, visit multichainadv.com."
  },
  {
    "i": 681,
    "speaker": "Speaker 4",
    "text": "Okay, so."
  },
  {
    "i": 682,
    "speaker": "Speaker 4",
    "text": "So."
  },
  {
    "i": 683,
    "speaker": "Speaker 5",
    "text": "So."
  },
  {
    "i": 684,
    "speaker": "Speaker 5",
    "text": "So this is an interesting story."
  },
  {
    "i": 685,
    "speaker": "Speaker 5",
    "text": "So Circle, who like historically are very bad at freezing USDC when we need them, decided"
  },
  {
    "i": 686,
    "speaker": "Speaker 5",
    "text": "that they were going to freeze USDC when we didn't need them to."
  },
  {
    "i": 687,
    "speaker": "Speaker 5",
    "text": "So Tay, walk us through what happened here."
  },
  {
    "i": 688,
    "speaker": "Speaker 6",
    "text": "Okay, so."
  },
  {
    "i": 689,
    "speaker": "Speaker 6",
    "text": "These guys, you guys will have to fill in if you know anything about the whatever this"
  },
  {
    "i": 690,
    "speaker": "Speaker 6",
    "text": "overnight."
  },
  {
    "i": 691,
    "speaker": "Speaker 6",
    "text": "Overnight finance."
  },
  {
    "i": 692,
    "speaker": "Speaker 6",
    "text": "Overnight finance."
  },
  {
    "i": 693,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 694,
    "speaker": "Speaker 6",
    "text": "So basically, there's a thing, overnight finance, I guess it's been around for a bit, it kind"
  },
  {
    "i": 695,
    "speaker": "Speaker 6",
    "text": "of seems like a dead project to me, but I guess there was some amount of activity."
  },
  {
    "i": 696,
    "speaker": "Speaker 6",
    "text": "And then these other guys came in and bought a bunch of the token, but then the person"
  },
  {
    "i": 697,
    "speaker": "Speaker 6",
    "text": "who actually controls the protocol, because the token obviously the one that actually"
  },
  {
    "i": 698,
    "speaker": "Speaker 6",
    "text": "controlled the protocol, like."
  },
  {
    "i": 699,
    "speaker": "Speaker 5",
    "text": "Come on, Tay, of course, what are you talking about?"
  },
  {
    "i": 700,
    "speaker": "Speaker 6",
    "text": "What?"
  },
  {
    "i": 701,
    "speaker": "Speaker 6",
    "text": "actually controls the protocol. So all the guys, all these other guys come in, they're like, we're"
  },
  {
    "i": 702,
    "speaker": "Speaker 6",
    "text": "gonna buy up all the tokens. And then we're gonna try to take the whole treasury because there's"
  },
  {
    "i": 703,
    "speaker": "Speaker 6",
    "text": "like a treasury that is left. And then the guy that actually controls the protocol was like,"
  },
  {
    "i": 704,
    "speaker": "Speaker 6",
    "text": "I don't like that plan. And so he took all of the treasury for himself. It's a bit unclear"
  },
  {
    "i": 705,
    "speaker": "Speaker 6",
    "text": "what exactly his plan was. Like, was he rugging them? Were they rugging him? I think my read on"
  },
  {
    "i": 706,
    "speaker": "Speaker 6",
    "text": "it is like, they're all trying to scale. They're all bad actors. That's just the reality of these"
  },
  {
    "i": 707,
    "speaker": "Speaker 5",
    "text": "situations. It's like, these like guys who come in who are like, you know, crypto raiders, they"
  },
  {
    "i": 708,
    "speaker": "Speaker 5",
    "text": "try and like raid treasuries. They're like, you're doing a bad job. And it's like, no, he's not doing"
  },
  {
    "i": 709,
    "speaker": "Speaker 6",
    "text": "any job. He's like slow rugging. Yeah. So that's like step one or whatever. Step two is the raider"
  },
  {
    "i": 710,
    "speaker": "Speaker 6",
    "text": "guys have lawyers, apparently. And the lawyers,"
  },
  {
    "i": 711,
    "speaker": "Speaker 6",
    "text": "basically, like they followed the money. And so the treasury that the raiders were trying to grab"
  },
  {
    "i": 712,
    "speaker": "Speaker 6",
    "text": "the treasury moved to a new address. And then from the new address, it went into this privacy"
  },
  {
    "i": 713,
    "speaker": "Speaker 6",
    "text": "protocol called Zama. And it's not a very, at least the USDC Zama pool is not very widely used."
  },
  {
    "i": 714,
    "speaker": "Speaker 6",
    "text": "It's also kind of a weird one, because it's not exactly tornado cash. It gives you certain"
  },
  {
    "i": 715,
    "speaker": "Speaker 6",
    "text": "privacy, but not full privacy. It's not"
  },
  {
    "i": 716,
    "speaker": "Speaker 6",
    "text": "really a mixer, I guess, which was weird. But anyway, so yeah, so now there's like $12 million"
  },
  {
    "i": 717,
    "speaker": "Speaker 6",
    "text": "in this pool. And the raider guys call their lawyers and the lawyers go to court and the court,"
  },
  {
    "i": 718,
    "speaker": "Speaker 6",
    "text": "they get a, like a temporary restraining order. They basically get, they just share their side"
  },
  {
    "i": 719,
    "speaker": "Speaker 6",
    "text": "of the story, right? Because this happens very fast. So they go to court. And they're like,"
  },
  {
    "i": 720,
    "speaker": "Speaker 6",
    "text": "they make it this big thing, this guy's getting away. And they you can stop, you can stop the bad"
  },
  {
    "i": 721,
    "speaker": "Speaker 6",
    "text": "guy."
  },
  {
    "i": 722,
    "speaker": "Speaker 6",
    "text": "You freeze this money, you can stop the bad guy. And the judge like kind of looked at it and was"
  },
  {
    "i": 723,
    "speaker": "Speaker 6",
    "text": "like, sure, that's fine. We'll figure it out. Like that was on Friday, we'll figure it out on"
  },
  {
    "i": 724,
    "speaker": "Speaker 6",
    "text": "Monday, but freeze it for now. So we can't get away. So like Friday night, Saturday, all of a"
  },
  {
    "i": 725,
    "speaker": "Speaker 6",
    "text": "sudden, the smart contract protocol, which is like a commingled pool of assets is frozen by circle."
  },
  {
    "i": 726,
    "speaker": "Speaker 6",
    "text": "And no one knows why, including the Zama guys. The people who run the Zama protocol are like,"
  },
  {
    "i": 727,
    "speaker": "Speaker 8",
    "text": "yeah, that's typical, typical, typical, typical, typical, typical, typical, typical, typical, typical,"
  },
  {
    "i": 728,
    "speaker": "Speaker 5",
    "text": "typical, typical, typical, typical, typical, typical, typical, typical, typical, typical, typical,"
  },
  {
    "i": 729,
    "speaker": "Speaker 5",
    "text": "Because this is like a fielded pool, right?"
  },
  {
    "i": 730,
    "speaker": "Speaker 5",
    "text": "It uses fully homomorphic encryption to shield the pool."
  },
  {
    "i": 731,
    "speaker": "Speaker 5",
    "text": "But you can see the addresses, but not balances."
  },
  {
    "i": 732,
    "speaker": "Speaker 5",
    "text": "So there's some balance obfuscation thing."
  },
  {
    "i": 733,
    "speaker": "Speaker 5",
    "text": "But the pool is not all of this money, right?"
  },
  {
    "i": 734,
    "speaker": "Speaker 5",
    "text": "It's just weird that this guy decided to use SAMR as the exit strategy here."
  },
  {
    "i": 735,
    "speaker": "Speaker 5",
    "text": "It's very weird."
  },
  {
    "i": 736,
    "speaker": "Speaker 5",
    "text": "That's weird."
  },
  {
    "i": 737,
    "speaker": "Speaker 5",
    "text": "I don't get that."
  },
  {
    "i": 738,
    "speaker": "Speaker 5",
    "text": "But then Circle just came over the top and was like,"
  },
  {
    "i": 739,
    "speaker": "Speaker 5",
    "text": "freeze all of SAMR."
  },
  {
    "i": 740,
    "speaker": "Speaker 5",
    "text": "All of the USDC in this pool is frozen."
  },
  {
    "i": 741,
    "speaker": "Speaker 6",
    "text": "And because he had deposited such a large amount,"
  },
  {
    "i": 742,
    "speaker": "Speaker 6",
    "text": "it was like $12 million out of $13 million."
  },
  {
    "i": 743,
    "speaker": "Speaker 6",
    "text": "And that's being quite generous."
  },
  {
    "i": 744,
    "speaker": "Speaker 6",
    "text": "I think it was like $12.2 out of $12.9 or something."
  },
  {
    "i": 745,
    "speaker": "Speaker 6",
    "text": "It was just this one guy."
  },
  {
    "i": 746,
    "speaker": "Speaker 6",
    "text": "It was just like a completely overwhelming number."
  },
  {
    "i": 747,
    "speaker": "Speaker 6",
    "text": "And then also the way that the Raider guys,"
  },
  {
    "i": 748,
    "speaker": "Speaker 6",
    "text": "sort of their lawyers framed everything up."
  },
  {
    "i": 749,
    "speaker": "Speaker 6",
    "text": "It just didn't seem like a big deal to freeze this smart contract protocol."
  },
  {
    "i": 750,
    "speaker": "Speaker 6",
    "text": "But it's worth noting there were other people that had deposited funds there"
  },
  {
    "i": 751,
    "speaker": "Speaker 6",
    "text": "and suddenly their funds were frozen."
  },
  {
    "i": 752,
    "speaker": "Speaker 6",
    "text": "On top of it, Zama, who is running this protocol,"
  },
  {
    "i": 753,
    "speaker": "Speaker 6",
    "text": "is trying to build and trying to get activity and do useful things,"
  },
  {
    "i": 754,
    "speaker": "Speaker 6",
    "text": "wakes up and is like, wait, what?"
  },
  {
    "i": 755,
    "speaker": "Speaker 6",
    "text": "It's like, why didn't anyone tell us about this?"
  },
  {
    "i": 756,
    "speaker": "Speaker 6",
    "text": "And then the Raider guys are obviously taking to Twitter"
  },
  {
    "i": 757,
    "speaker": "Speaker 6",
    "text": "and they're defending their actions."
  },
  {
    "i": 758,
    "speaker": "Speaker 6",
    "text": "They're saying, they're just kind of taking it for granted"
  },
  {
    "i": 759,
    "speaker": "Speaker 6",
    "text": "that everyone's going to accept that, one, this was an okay thing to do."
  },
  {
    "i": 760,
    "speaker": "Speaker 6",
    "text": "And two, that the guy that they were trying to raid is definitely evil."
  },
  {
    "i": 761,
    "speaker": "Speaker 6",
    "text": "Which I think some people accept because he did, I guess,"
  },
  {
    "i": 762,
    "speaker": "Speaker 6",
    "text": "run away with money and then put it in a privacy thing."
  },
  {
    "i": 763,
    "speaker": "Speaker 6",
    "text": "But I'm not..."
  },
  {
    "i": 764,
    "speaker": "Speaker 6",
    "text": "You said it earlier."
  },
  {
    "i": 765,
    "speaker": "Speaker 6",
    "text": "It's just protecting the loot, bro."
  },
  {
    "i": 766,
    "speaker": "Speaker 6",
    "text": "It's protecting the loot."
  },
  {
    "i": 767,
    "speaker": "Speaker 5",
    "text": "You didn't want these guys to steal it from the token."
  },
  {
    "i": 768,
    "speaker": "Speaker 6",
    "text": "And I don't blame him."
  },
  {
    "i": 769,
    "speaker": "Speaker 6",
    "text": "I don't blame him."
  },
  {
    "i": 770,
    "speaker": "Speaker 6",
    "text": "Why would you want the Raiders to raid you?"
  },
  {
    "i": 771,
    "speaker": "Speaker 6",
    "text": "But obviously it opens up a huge conversation about,"
  },
  {
    "i": 772,
    "speaker": "Speaker 6",
    "text": "like, there's a lot of pools in crypto."
  },
  {
    "i": 773,
    "speaker": "Speaker 6",
    "text": "Like a lot of pool."
  },
  {
    "i": 774,
    "speaker": "Speaker 6",
    "text": "Like a lot of pool."
  },
  {
    "i": 775,
    "speaker": "Speaker 6",
    "text": "And how big..."
  },
  {
    "i": 776,
    "speaker": "Speaker 6",
    "text": "Like,"
  },
  {
    "i": 777,
    "speaker": "Speaker 6",
    "text": "How much are your deposits?"
  },
  {
    "i": 778,
    "speaker": "Speaker 5",
    "text": "This is why, like, the Circle,"
  },
  {
    "i": 779,
    "speaker": "Speaker 5",
    "text": "we only do things when we get a court order."
  },
  {
    "i": 780,
    "speaker": "Speaker 5",
    "text": "As if courts are somehow going to be the best arbiter"
  },
  {
    "i": 781,
    "speaker": "Speaker 5",
    "text": "of the impact on a stable coin."
  },
  {
    "i": 782,
    "speaker": "Speaker 5",
    "text": "Like, it's just so dumb."
  },
  {
    "i": 783,
    "speaker": "Speaker 5",
    "text": "Like, every aspect of this policy of Circle is so dumb."
  },
  {
    "i": 784,
    "speaker": "Speaker 5",
    "text": "Like, we will only freeze pools if we have a court order."
  },
  {
    "i": 785,
    "speaker": "Speaker 5",
    "text": "And we will freeze them if there's..."
  },
  {
    "i": 786,
    "speaker": "Speaker 5",
    "text": "If there's a court order."
  },
  {
    "i": 787,
    "speaker": "Speaker 5",
    "text": "Without even thinking about it."
  },
  {
    "i": 788,
    "speaker": "Speaker 5",
    "text": "Without, like, with no scrutiny whatsoever."
  },
  {
    "i": 789,
    "speaker": "Speaker 5",
    "text": "And it's like, you can keep doing this for a while,"
  },
  {
    "i": 790,
    "speaker": "Speaker 5",
    "text": "but this is one of those things where, like, there are alternatives, guys."
  },
  {
    "i": 791,
    "speaker": "Speaker 5",
    "text": "Like, people will eventually go, eh."
  },
  {
    "i": 792,
    "speaker": "Speaker 5",
    "text": "Like, it doesn't take that many cases of things."
  },
  {
    "i": 793,
    "speaker": "Speaker 5",
    "text": "And this one resolved fine."
  },
  {
    "i": 794,
    "speaker": "Speaker 5",
    "text": "But, like, it could easily have not resolved fine, right?"
  },
  {
    "i": 795,
    "speaker": "Speaker 5",
    "text": "Like, if it were a different type of pool, it's an LP token."
  },
  {
    "i": 796,
    "speaker": "Speaker 5",
    "text": "Now the stable point's de-pegged because you can't get the other side out."
  },
  {
    "i": 797,
    "speaker": "Speaker 5",
    "text": "Like, there's just so many ways that this works."
  },
  {
    "i": 798,
    "speaker": "Speaker 5",
    "text": "There's just so many ways that this could go wrong."
  },
  {
    "i": 799,
    "speaker": "Speaker 5",
    "text": "Especially once people realize that you can do these, like, Friday afternoon attacks."
  },
  {
    "i": 800,
    "speaker": "Speaker 5",
    "text": "Like, this is, you know, crypto is so adversarial."
  },
  {
    "i": 801,
    "speaker": "Speaker 5",
    "text": "Like, people will take advantage of the poor judge who doesn't understand the implications of what they're doing."
  },
  {
    "i": 802,
    "speaker": "Speaker 5",
    "text": "And they turn up and say, this..."
  },
  {
    "i": 803,
    "speaker": "Speaker 5",
    "text": "There's a bad guy doing something."
  },
  {
    "i": 804,
    "speaker": "Speaker 5",
    "text": "And, like, he's going to get away with it."
  },
  {
    "i": 805,
    "speaker": "Speaker 5",
    "text": "Like, a judge is going to be somewhat kind of, you know, open to that argument, right?"
  },
  {
    "i": 806,
    "speaker": "Speaker 5",
    "text": "Like, okay, let's..."
  },
  {
    "i": 807,
    "speaker": "Speaker 5",
    "text": "Like, courts do this all the time."
  },
  {
    "i": 808,
    "speaker": "Speaker 5",
    "text": "They're like, freeze the thing and we'll figure it out on a Monday, right?"
  },
  {
    "i": 809,
    "speaker": "Speaker 5",
    "text": "Like, but in crypto, freeze the thing and we'll figure it out on a Monday."
  },
  {
    "i": 810,
    "speaker": "Speaker 5",
    "text": "Not always..."
  },
  {
    "i": 811,
    "speaker": "Speaker 5",
    "text": "It was like..."
  },
  {
    "i": 812,
    "speaker": "Speaker 6",
    "text": "It was so long."
  },
  {
    "i": 813,
    "speaker": "Speaker 6",
    "text": "It was so long."
  },
  {
    "i": 814,
    "speaker": "Speaker 6",
    "text": "And, like, again, this specific pool was not the most used."
  },
  {
    "i": 815,
    "speaker": "Speaker 6",
    "text": "There was a pretty new pool."
  },
  {
    "i": 816,
    "speaker": "Speaker 6",
    "text": "Most of the money was this other guy, whatever, the overnight guy."
  },
  {
    "i": 817,
    "speaker": "Speaker 6",
    "text": "But you can imagine..."
  },
  {
    "i": 818,
    "speaker": "Speaker 6",
    "text": "I think you remember overnight finance."
  },
  {
    "i": 819,
    "speaker": "Speaker 5",
    "text": "I feel like I..."
  },
  {
    "i": 820,
    "speaker": "Speaker 5",
    "text": "I feel like I was in this for a while."
  },
  {
    "i": 821,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 822,
    "speaker": "Speaker 5",
    "text": "I might still be..."
  },
  {
    "i": 823,
    "speaker": "Speaker 6",
    "text": "I had never..."
  },
  {
    "i": 824,
    "speaker": "Speaker 6",
    "text": "I had never heard of it."
  },
  {
    "i": 825,
    "speaker": "Speaker 6",
    "text": "It was a weird one."
  },
  {
    "i": 826,
    "speaker": "Speaker 6",
    "text": "And I'm still not sure what they were ever doing."
  },
  {
    "i": 827,
    "speaker": "Speaker 6",
    "text": "I'm certainly not sure what they were doing at this point."
  },
  {
    "i": 828,
    "speaker": "Speaker 6",
    "text": "But apparently, they made it..."
  },
  {
    "i": 829,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 830,
    "speaker": "Speaker 5",
    "text": "I mean, there's a lot of protocols that are just like treasuries floating around, right?"
  },
  {
    "i": 831,
    "speaker": "Speaker 6",
    "text": "So..."
  },
  {
    "i": 832,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 833,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 834,
    "speaker": "Speaker 6",
    "text": "So I think the biggest issue that I have is..."
  },
  {
    "i": 835,
    "speaker": "Speaker 6",
    "text": "I mean, we've talked about this before."
  },
  {
    "i": 836,
    "speaker": "Speaker 6",
    "text": "Circle has fully dedicated this decision to a US judge."
  },
  {
    "i": 837,
    "speaker": "Speaker 6",
    "text": "And there's..."
  },
  {
    "i": 838,
    "speaker": "Speaker 6",
    "text": "On the one hand, it absolves you of all responsibility."
  },
  {
    "i": 839,
    "speaker": "Speaker 6",
    "text": "On the other hand, there's a lot of judges."
  },
  {
    "i": 840,
    "speaker": "Speaker 6",
    "text": "And especially when you're doing the ex parte TROs, which means basically I just go in under"
  },
  {
    "i": 841,
    "speaker": "Speaker 6",
    "text": "emergency circumstances and tell my side of the story."
  },
  {
    "i": 842,
    "speaker": "Speaker 6",
    "text": "And there's no one else."
  },
  {
    "i": 843,
    "speaker": "Speaker 6",
    "text": "There's no one else."
  },
  {
    "i": 844,
    "speaker": "Speaker 8",
    "text": "Not people."
  },
  {
    "i": 845,
    "speaker": "Speaker 6",
    "text": "Not the hacker."
  },
  {
    "i": 846,
    "speaker": "Speaker 6",
    "text": "I don't have to name anyone else."
  },
  {
    "i": 847,
    "speaker": "Speaker 6",
    "text": "You know what I mean?"
  },
  {
    "i": 848,
    "speaker": "Speaker 6",
    "text": "I can..."
  },
  {
    "i": 849,
    "speaker": "Speaker 6",
    "text": "I mean, there's a lot of things that I can say that are like, let's say, skirting the"
  },
  {
    "i": 850,
    "speaker": "Speaker 6",
    "text": "line on truth, right?"
  },
  {
    "i": 851,
    "speaker": "Speaker 6",
    "text": "Like they downplayed the potential impact of third parties."
  },
  {
    "i": 852,
    "speaker": "Speaker 6",
    "text": "They sort of like just like threw in a line to make the..."
  },
  {
    "i": 853,
    "speaker": "Speaker 6",
    "text": "I guess they've done this before, but they threw a line and saying like, and if third"
  },
  {
    "i": 854,
    "speaker": "Speaker 6",
    "text": "parties are impacted, like we'll cover it or whatever."
  },
  {
    "i": 855,
    "speaker": "Speaker 6",
    "text": "And so the judge is looking at this and is like, well, I don't know."
  },
  {
    "i": 856,
    "speaker": "Speaker 6",
    "text": "I don't know."
  },
  {
    "i": 857,
    "speaker": "Speaker 6",
    "text": "I don't know what to do with this."
  },
  {
    "i": 858,
    "speaker": "Speaker 6",
    "text": "And it's like, hey, it's a boatload of money."
  },
  {
    "i": 859,
    "speaker": "Speaker 6",
    "text": "You're telling me if I order them to freeze it, then the money can't go anywhere."
  },
  {
    "i": 860,
    "speaker": "Speaker 6",
    "text": "You're telling me there's like not really any harm."
  },
  {
    "i": 861,
    "speaker": "Speaker 6",
    "text": "Like, okay, cool."
  },
  {
    "i": 862,
    "speaker": "Speaker 6",
    "text": "But the reality is..."
  },
  {
    "i": 863,
    "speaker": "Speaker 6",
    "text": "There are a lot of judges."
  },
  {
    "i": 864,
    "speaker": "Speaker 5",
    "text": "You can like shop judges and find..."
  },
  {
    "i": 865,
    "speaker": "Speaker 5",
    "text": "There are so many judges."
  },
  {
    "i": 866,
    "speaker": "Speaker 5",
    "text": "There are so many judges."
  },
  {
    "i": 867,
    "speaker": "Speaker 5",
    "text": "Just like find a judge who's like..."
  },
  {
    "i": 868,
    "speaker": "Speaker 5",
    "text": "There's probably some judges who are just like, hey, yeah, fuck these crypto guys."
  },
  {
    "i": 869,
    "speaker": "Speaker 5",
    "text": "Like..."
  },
  {
    "i": 870,
    "speaker": "Speaker 6",
    "text": "A hundred percent."
  },
  {
    "i": 871,
    "speaker": "Speaker 6",
    "text": "And especially you can imagine there are..."
  },
  {
    "i": 872,
    "speaker": "Speaker 6",
    "text": "There are a lot of crypto guys."
  },
  {
    "i": 873,
    "speaker": "Speaker 6",
    "text": "There are a lot of crypto guys."
  },
  {
    "i": 874,
    "speaker": "Speaker 6",
    "text": "There are a lot of crypto guys."
  },
  {
    "i": 875,
    "speaker": "Speaker 6",
    "text": "There are..."
  },
  {
    "i": 876,
    "speaker": "Speaker 6",
    "text": "Yeah, there's a lot of circumstances where like a pool of commingled assets should absolutely"
  },
  {
    "i": 877,
    "speaker": "Speaker 6",
    "text": "not be frozen."
  },
  {
    "i": 878,
    "speaker": "Speaker 6",
    "text": "But if you frame the facts and circumstances in a certain way, you can absolutely get it"
  },
  {
    "i": 879,
    "speaker": "Speaker 6",
    "text": "frozen for at least a few days."
  },
  {
    "i": 880,
    "speaker": "Speaker 6",
    "text": "Right?"
  },
  {
    "i": 881,
    "speaker": "Speaker 6",
    "text": "And I think it's just bad on..."
  },
  {
    "i": 882,
    "speaker": "Speaker 6",
    "text": "I think Circle has to at some point realize that this decision to push all responsibility..."
  },
  {
    "i": 883,
    "speaker": "Speaker 8",
    "text": "It's not sustainable."
  },
  {
    "i": 884,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 885,
    "speaker": "Speaker 6",
    "text": "You can't do it."
  },
  {
    "i": 886,
    "speaker": "Speaker 6",
    "text": "It's not sustainable."
  },
  {
    "i": 887,
    "speaker": "Speaker 6",
    "text": "It's not..."
  },
  {
    "i": 888,
    "speaker": "Speaker 6",
    "text": "Because again, once you push all that responsibility to the courts, you can't say no to the courts."
  },
  {
    "i": 889,
    "speaker": "Speaker 6",
    "text": "And this is like one thing that Tether does very well is they have a lot of sort of thresholds"
  },
  {
    "i": 890,
    "speaker": "Speaker 6",
    "text": "and sort of things that have to happen depending on the facts and circumstances, but they sort"
  },
  {
    "i": 891,
    "speaker": "Speaker 6",
    "text": "of always retain that final say."
  },
  {
    "i": 892,
    "speaker": "Speaker 6",
    "text": "And even when they do get like an order, they say like, we're just..."
  },
  {
    "i": 893,
    "speaker": "Speaker 6",
    "text": "We just happened to voluntarily freeze this."
  },
  {
    "i": 894,
    "speaker": "Speaker 6",
    "text": "Like, yeah, you served us, but like we froze it all on our own."
  },
  {
    "i": 895,
    "speaker": "Speaker 6",
    "text": "It's just a coincidence, man."
  },
  {
    "i": 896,
    "speaker": "Speaker 5",
    "text": "I don't know."
  },
  {
    "i": 897,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 898,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 899,
    "speaker": "Speaker 6",
    "text": "But it's to maintain this, the control, because if the court does order a bad freeze, they"
  },
  {
    "i": 900,
    "speaker": "Speaker 6",
    "text": "want to be able to say no."
  },
  {
    "i": 901,
    "speaker": "Speaker 6",
    "text": "But if you've completely delegated responsibility and said your entire policy, Circle's entire"
  },
  {
    "i": 902,
    "speaker": "Speaker 6",
    "text": "policy is if a judge orders us to do it, we will do it."
  },
  {
    "i": 903,
    "speaker": "Speaker 6",
    "text": "That's it."
  },
  {
    "i": 904,
    "speaker": "Speaker 6",
    "text": "If they don't, we won't."
  },
  {
    "i": 905,
    "speaker": "Speaker 6",
    "text": "If they do, we will."
  },
  {
    "i": 906,
    "speaker": "Speaker 6",
    "text": "And I think that can be abused."
  },
  {
    "i": 907,
    "speaker": "Speaker 6",
    "text": "And I think people are realizing that."
  },
  {
    "i": 908,
    "speaker": "Speaker 5",
    "text": "I mean, it's just like all it takes is a few examples as a that like crypto is so adversarial."
  },
  {
    "i": 909,
    "speaker": "Speaker 5",
    "text": "There's so much USCC floating around in weird places that people can attack."
  },
  {
    "i": 910,
    "speaker": "Speaker 5",
    "text": "This could be completely unrelated."
  },
  {
    "i": 911,
    "speaker": "Speaker 5",
    "text": "And you're like, if we can freeze this pool, then we can go and do this other thing and"
  },
  {
    "i": 912,
    "speaker": "Speaker 5",
    "text": "exploit this protocol."
  },
  {
    "i": 913,
    "speaker": "Speaker 5",
    "text": "So let's like figure out some like trumped up thing of this guy is trying to like, say,"
  },
  {
    "i": 914,
    "speaker": "Speaker 5",
    "text": "you know, you're going to do this."
  },
  {
    "i": 915,
    "speaker": "Speaker 5",
    "text": "You're going to do this."
  },
  {
    "i": 916,
    "speaker": "Speaker 5",
    "text": "You're going to do this."
  },
  {
    "i": 917,
    "speaker": "Speaker 5",
    "text": "You're going to do this."
  },
  {
    "i": 918,
    "speaker": "Speaker 5",
    "text": "You're going to do this."
  },
  {
    "i": 919,
    "speaker": "Speaker 5",
    "text": "And that's like, yeah, that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 920,
    "speaker": "Speaker 5",
    "text": "that's that's that's that's that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 921,
    "speaker": "Speaker 5",
    "text": "that's that's that's that's that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 922,
    "speaker": "Speaker 5",
    "text": "that's that's that's that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 923,
    "speaker": "Speaker 5",
    "text": "that's that's that's that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 924,
    "speaker": "Speaker 5",
    "text": "that's that's that's that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 925,
    "speaker": "Speaker 5",
    "text": "that's that's that's that's that's that's that's that's that's that's that's that's"
  },
  {
    "i": 926,
    "speaker": "Speaker 5",
    "text": "by monday this smoking crater there um so yeah circle has to get this um all right uh well i"
  },
  {
    "i": 927,
    "speaker": "Speaker 8",
    "text": "just want to say like i don't know i think that i just i feel for xamarin in this situation like"
  },
  {
    "i": 928,
    "speaker": "Speaker 6",
    "text": "these guys are just trying to build a freaking protocol and then they wake up and they got frozen"
  },
  {
    "i": 929,
    "speaker": "Speaker 6",
    "text": "and it's not even because they were building a privacy protocol it wasn't you know what i mean"
  },
  {
    "i": 930,
    "speaker": "Speaker 6",
    "text": "so i think people who are building d5 should probably consider this risk i guess and maybe"
  },
  {
    "i": 931,
    "speaker": "Speaker 5",
    "text": "think about ways to mitigate it i mean you know the funniest the funniest thing is like back in"
  },
  {
    "i": 932,
    "speaker": "Speaker 5",
    "text": "the day when i was uh still like drinking the decentralization kool-aid right like we were like"
  },
  {
    "i": 933,
    "speaker": "Speaker 5",
    "text": "we delisted die out of synthetics because die was like 58 usdc and we're like we can't trust these"
  },
  {
    "i": 934,
    "speaker": "Speaker 5",
    "text": "guys this is when usdc was a lot smaller but we're like we can't trust these guys"
  },
  {
    "i": 935,
    "speaker": "Speaker 5",
    "text": "like their their policy is insane they could freeze the whole protocol just because someone turns up griefs us whatever um anyway uh here we are now usdc all the way down so congratulations um all right uh let's move on to our next segment um this is an interesting one so uh the uh this guy jeff sprecker"
  },
  {
    "i": 936,
    "speaker": "Speaker 5",
    "text": "um uh who is the ceo of ice new york city"
  },
  {
    "i": 937,
    "speaker": "Speaker 5",
    "text": "stock exchange um and i don't know"
  },
  {
    "i": 938,
    "speaker": "Speaker 5",
    "text": "stratify well enough to know if there's like beef between like new york stock exchange and nasdaq i"
  },
  {
    "i": 939,
    "speaker": "Speaker 5",
    "text": "have to feel like there is like i know they compete for like ipos and stuff but like um i don't know"
  },
  {
    "i": 940,
    "speaker": "Speaker 5",
    "text": "if this guy is is uh like this you know throwing shade on the nasdaq uh no different than finance"
  },
  {
    "i": 941,
    "speaker": "Speaker 5",
    "text": "and coinbase just right okay great so it definitely is right so basically this guy this uh this"
  },
  {
    "i": 942,
    "speaker": "Speaker 5",
    "text": "stratify guy who's the ceo of new york stock exchange"
  },
  {
    "i": 943,
    "speaker": "Speaker 5",
    "text": "is like hey did you know there are these like 11 kids in like bolivia or whatever uh that are bigger"
  },
  {
    "i": 944,
    "speaker": "Speaker 5",
    "text": "than the nasdaq which feels like a very good burn i just like that to me is uh is awesome um so"
  },
  {
    "i": 945,
    "speaker": "Speaker 5",
    "text": "apparently he said this is Hyperliquid that we're talking if you haven't heard about it it's bigger"
  },
  {
    "i": 946,
    "speaker": "Speaker 5",
    "text": "than the nasdaq okay it's 11 people you look at it you're like wow that's pretty something"
  },
  {
    "i": 947,
    "speaker": "Speaker 5",
    "text": "like i love that quote it's amazing um and then"
  },
  {
    "i": 948,
    "speaker": "Speaker 5",
    "text": "and this has been a while because kyle samani was supposed to be like not even in the area so"
  },
  {
    "i": 949,
    "speaker": "Speaker 5",
    "text": "i don't know how this happened but there was a 100k bet arthur hayes challenged kyle samani"
  },
  {
    "i": 950,
    "speaker": "Speaker 5",
    "text": "that i've outperformed every top 10 coin from and look at this okay arthur hayes and kyle samani's"
  },
  {
    "i": 951,
    "speaker": "Speaker 5",
    "text": "prop bet that they're setting up has clear specifications than your average polymarket mark"
  },
  {
    "i": 952,
    "speaker": "Speaker 5",
    "text": "so"
  },
  {
    "i": 953,
    "speaker": "Speaker 5",
    "text": "maybe we should get arthur hayes to write the polymarket markets for"
  },
  {
    "i": 954,
    "speaker": "Speaker 5",
    "text": "so the bet is from midnight utc june 2nd to january 1st 2027 no time stamp on that one though so"
  },
  {
    "i": 955,
    "speaker": "Speaker 5",
    "text": "i don't know maybe we assume it's midnight um uh priced versus usdt on vibing they like specify"
  },
  {
    "i": 956,
    "speaker": "Speaker 5",
    "text": "the venue and samani accepted i hope he loses i really do i like arthur and wow so uh so kyle"
  },
  {
    "i": 957,
    "speaker": "Speaker 6",
    "text": "is betting basically soul is that right anything basically anything the funniest the most entertaining"
  },
  {
    "i": 958,
    "speaker": "Speaker 5",
    "text": "outcome would be if eath outperforms hype and kyle wins that would be the best you know if that"
  },
  {
    "i": 959,
    "speaker": "Speaker 6",
    "text": "happens if that happens i win and you guys can all go cry in the corner"
  },
  {
    "i": 960,
    "speaker": "Speaker 5",
    "text": "uh but yeah anyway so uh so yeah samani's knock Hyperliquid is finance 2.0 without a mark"
  },
  {
    "i": 961,
    "speaker": "Speaker 5",
    "text": "in team not fully open source permission validators token i love someone test um so"
  },
  {
    "i": 962,
    "speaker": "Speaker 5",
    "text": "uh yeah there's a bunch of sorry does it matter does it matter because i can literally go with my"
  },
  {
    "i": 963,
    "speaker": "Speaker 7",
    "text": "internet connection and have the best trading experience ever like what are we what are we doing"
  },
  {
    "i": 964,
    "speaker": "Speaker 5",
    "text": "here just nothing that kyle says matters it's old style uh everything that he says is some kind of"
  },
  {
    "i": 965,
    "speaker": "Speaker 5",
    "text": "style for that so um yeah i i think like yeah yeah yeah yeah yeah yeah yeah yeah yeah yeah yeah yeah"
  },
  {
    "i": 966,
    "speaker": "Speaker 5",
    "text": "Yeah, I think like, you know, the reality is that in a bear market, we're now in this situation where we didn't have the kind of blow off pop in alt that everyone was expecting."
  },
  {
    "i": 967,
    "speaker": "Speaker 5",
    "text": "And so you had these assets and not many of them, but like there are definitely some out there, right?"
  },
  {
    "i": 968,
    "speaker": "Speaker 5",
    "text": "Like Zcash, even near, you know, hype that were coiled for the blow off and it didn't come."
  },
  {
    "i": 969,
    "speaker": "Speaker 5",
    "text": "And now we're in this weird thing where like there's always in bear markets assets that outperform, right?"
  },
  {
    "i": 970,
    "speaker": "Speaker 5",
    "text": "Like you go back to like any bear market, there'll be some assets that like start to get some momentum and it looks like the only investable thing, everything else is going down, whatever."
  },
  {
    "i": 971,
    "speaker": "Speaker 5",
    "text": "And it's pretty nice if you can, it's good if you can get into that position."
  },
  {
    "i": 972,
    "speaker": "Speaker 5",
    "text": "But yeah."
  },
  {
    "i": 973,
    "speaker": "Speaker 5",
    "text": "But this feels like it could be even crazier because usually it's like come off the back of the blow off top, everything crashes and then it's like rebuilding from zero."
  },
  {
    "i": 974,
    "speaker": "Speaker 5",
    "text": "And so they kind of grind back up."
  },
  {
    "i": 975,
    "speaker": "Speaker 5",
    "text": "But Hyperliquid, you know, I think it went down to like $20, right?"
  },
  {
    "i": 976,
    "speaker": "Speaker 5",
    "text": "Like from 50."
  },
  {
    "i": 977,
    "speaker": "Speaker 5",
    "text": "So it was down 60%."
  },
  {
    "i": 978,
    "speaker": "Speaker 5",
    "text": "Usually with alts, it's like they're down 98% and then, you know, a few will like show signs of life and grind back up."
  },
  {
    "i": 979,
    "speaker": "Speaker 5",
    "text": "Whereas Hyperliquid is like grinding back up off, you know, $20 and now it's at all time high."
  },
  {
    "i": 980,
    "speaker": "Speaker 5",
    "text": "And it just, it feels like through the whole bull market, it was one of the few things that was investable."
  },
  {
    "i": 981,
    "speaker": "Speaker 5",
    "text": "And now in a bear market, it's like 10 times, 10 times more concentrated in terms of, you know, what's investable."
  },
  {
    "i": 982,
    "speaker": "Speaker 5",
    "text": "So yeah, I think Arthur probably has the right side of this bet, but you never know."
  },
  {
    "i": 983,
    "speaker": "Speaker 5",
    "text": "2027 is a long way away."
  },
  {
    "i": 984,
    "speaker": "Speaker 5",
    "text": "And again, I would love to see Kyle."
  },
  {
    "i": 985,
    "speaker": "Speaker 5",
    "text": "There's a prop bet."
  },
  {
    "i": 986,
    "speaker": "Speaker 7",
    "text": "Does that mean if Zcash is in the top 10 that it's not applicable?"
  },
  {
    "i": 987,
    "speaker": "Speaker 7",
    "text": "Because that would be the only thing that I think could give."
  },
  {
    "i": 988,
    "speaker": "Speaker 5",
    "text": "They could actually blow."
  },
  {
    "i": 989,
    "speaker": "Speaker 5",
    "text": "Yeah, I think it was based on the top 10 at the time."
  },
  {
    "i": 990,
    "speaker": "Speaker 7",
    "text": "He'll win that bet."
  },
  {
    "i": 991,
    "speaker": "Speaker 7",
    "text": "That's like a very easy bet to win."
  },
  {
    "i": 992,
    "speaker": "Speaker 7",
    "text": "I don't even know why Kyle would make that bet."
  },
  {
    "i": 993,
    "speaker": "Speaker 5",
    "text": "I mean, if you're a founder out there and you can't figure out what you should build,"
  },
  {
    "i": 994,
    "speaker": "Speaker 5",
    "text": "KylePropBets.com."
  },
  {
    "i": 995,
    "speaker": "Speaker 5",
    "text": "Good business."
  },
  {
    "i": 996,
    "speaker": "Speaker 7",
    "text": "The thing is, is people have hype really misunderstood because on the FDV side,"
  },
  {
    "i": 997,
    "speaker": "Speaker 7",
    "text": "like the remove FDV from the equation, like where is the rest of that diluted value going?"
  },
  {
    "i": 998,
    "speaker": "Speaker 7",
    "text": "Potentially another airdrop, which like I feel like Jeff would do that really strategically"
  },
  {
    "i": 999,
    "speaker": "Speaker 7",
    "text": "and at the right time."
  },
  {
    "i": 1000,
    "speaker": "Speaker 7",
    "text": "And then like what the 11 insiders, like those guys don't read to me like huge,"
  },
  {
    "i": 1001,
    "speaker": "Speaker 7",
    "text": "ginormous net sellers."
  },
  {
    "i": 1002,
    "speaker": "Speaker 7",
    "text": "Like once you have your millions, you know, you could sell."
  },
  {
    "i": 1003,
    "speaker": "Speaker 7",
    "text": "You could sell into the hype TWAP and it wouldn't even do anything."
  },
  {
    "i": 1004,
    "speaker": "Speaker 7",
    "text": "So, you know, if you just look at Hyperliquid objectively and call it, round it up at a"
  },
  {
    "i": 1005,
    "speaker": "Speaker 7",
    "text": "$20 billion asset, like it is definitely worth more than 20 billion bucks."
  },
  {
    "i": 1006,
    "speaker": "Speaker 7",
    "text": "I mean, you know, I think the FDV is a big sign up for a lot of people, but like, let's"
  },
  {
    "i": 1007,
    "speaker": "Speaker 7",
    "text": "understand where those tokens are being distributed."
  },
  {
    "i": 1008,
    "speaker": "Speaker 7",
    "text": "You know, it's 11 guys, Jeff, probably the big, by far the biggest stakeholder."
  },
  {
    "i": 1009,
    "speaker": "Speaker 7",
    "text": "He's been rich, right?"
  },
  {
    "i": 1010,
    "speaker": "Speaker 7",
    "text": "He's not hungry."
  },
  {
    "i": 1011,
    "speaker": "Speaker 7",
    "text": "He's a, you know, be a ginormous net seller and then some future airdrop, but no, that's,"
  },
  {
    "i": 1012,
    "speaker": "Speaker 7",
    "text": "that's probably a ways away."
  },
  {
    "i": 1013,
    "speaker": "Speaker 5",
    "text": "All right."
  },
  {
    "i": 1014,
    "speaker": "Speaker 5",
    "text": "Let's see."
  },
  {
    "i": 1015,
    "speaker": "Speaker 5",
    "text": "Let's see."
  },
  {
    "i": 1016,
    "speaker": "Speaker 5",
    "text": "Okay."
  },
  {
    "i": 1017,
    "speaker": "Speaker 5",
    "text": "I'll find a final, a final, a segment for today."
  },
  {
    "i": 1018,
    "speaker": "Speaker 5",
    "text": "Um, we're actually on time, weirdly quite bizarre."
  },
  {
    "i": 1019,
    "speaker": "Speaker 5",
    "text": "Um, but maybe we can, we can blow ourselves out with this one."
  },
  {
    "i": 1020,
    "speaker": "Speaker 5",
    "text": "So, um, apps are fleeing mega ETH for Monat."
  },
  {
    "i": 1021,
    "speaker": "Speaker 5",
    "text": "Um."
  },
  {
    "i": 1022,
    "speaker": "Speaker 5",
    "text": "So I, this is an interesting one to me because I'm an investor in both mega ETH and Monat,"
  },
  {
    "i": 1023,
    "speaker": "Speaker 5",
    "text": "right?"
  },
  {
    "i": 1024,
    "speaker": "Speaker 5",
    "text": "So, so, you know, I like Shuyiao, I like Keoni, um, uh, and, um, and I think that, you know,"
  },
  {
    "i": 1025,
    "speaker": "Speaker 5",
    "text": "they're building, um, different, different approaches to these networks, right?"
  },
  {
    "i": 1026,
    "speaker": "Speaker 5",
    "text": "Like optimizing for different things."
  },
  {
    "i": 1027,
    "speaker": "Speaker 5",
    "text": "Um, but the thing that's been interesting to me throughout this entire thing, you know,"
  },
  {
    "i": 1028,
    "speaker": "Speaker 5",
    "text": "especially Monat, it's been like four years now, right?"
  },
  {
    "i": 1029,
    "speaker": "Speaker 5",
    "text": "Um."
  },
  {
    "i": 1030,
    "speaker": "Speaker 5",
    "text": "And, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah,"
  },
  {
    "i": 1031,
    "speaker": "Speaker 5",
    "text": "so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah,"
  },
  {
    "i": 1032,
    "speaker": "Speaker 5",
    "text": "so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah,"
  },
  {
    "i": 1033,
    "speaker": "Speaker 5",
    "text": "so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah,"
  },
  {
    "i": 1034,
    "speaker": "Speaker 5",
    "text": "so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah, so, yeah,"
  },
  {
    "i": 1035,
    "speaker": "Speaker 5",
    "text": "on your chain that will make or break it right you have to have the apps um you know i mean luca"
  },
  {
    "i": 1036,
    "speaker": "Speaker 5",
    "text": "you've talked about this right like you've got to have the d5 apps even if you don't have rv you've"
  },
  {
    "i": 1037,
    "speaker": "Speaker 5",
    "text": "got to have something like rv right like you got to go out there and get that um because that's"
  },
  {
    "i": 1038,
    "speaker": "Speaker 5",
    "text": "the spine of your network right if you don't have the that d5 activity um what's interesting though"
  },
  {
    "i": 1039,
    "speaker": "Speaker 5",
    "text": "is monad seemed to focus on like fundamentals based apps if if that makes any sense right like"
  },
  {
    "i": 1040,
    "speaker": "Speaker 5",
    "text": "they were like um apps that were not controversial or like super novel or whatever it was just like"
  },
  {
    "i": 1041,
    "speaker": "Speaker 5",
    "text": "our take on this thing and in fairness like monad you know the the selling proposition of monad"
  },
  {
    "i": 1042,
    "speaker": "Speaker 5",
    "text": "um was like another evm based l1"
  },
  {
    "i": 1043,
    "speaker": "Speaker 5",
    "text": "with like a few different trade-offs but it wasn't like oh we're going you know way out on"
  },
  {
    "i": 1044,
    "speaker": "Speaker 5",
    "text": "the risk curve of like a real-time blockchain in the way that megaeth did um megaeth though went"
  },
  {
    "i": 1045,
    "speaker": "Speaker 5",
    "text": "with this uh very cultivated like small group you know five ten teams right this mega mafia approach"
  },
  {
    "i": 1046,
    "speaker": "Speaker 5",
    "text": "um and they uh they quartered these like cracked zoomer teams that were very clearly"
  },
  {
    "i": 1047,
    "speaker": "Speaker 5",
    "text": "trying to build apps that did not feel like they were crypto that was the goal right they"
  },
  {
    "i": 1048,
    "speaker": "Speaker 5",
    "text": "were like and and every single one i remember i went to one of these mega mafia events and like"
  },
  {
    "i": 1049,
    "speaker": "Speaker 5",
    "text": "every single one of the the uh founders was like we want the crypto to like fade into the background"
  },
  {
    "i": 1050,
    "speaker": "Speaker 5",
    "text": "and and we really want this to be an app right like an app that on the app store or a web app"
  },
  {
    "i": 1051,
    "speaker": "Speaker 5",
    "text": "that you would use and you just don't feel any of this stuff and i was always a little bit concerned"
  },
  {
    "i": 1052,
    "speaker": "Speaker 5",
    "text": "about this because it felt like kind of adverse selection like if you're if you're courting a"
  },
  {
    "i": 1053,
    "speaker": "Speaker 5",
    "text": "bunch of teams that don't care about the blockchain aspect of the thing and and want to uh you know"
  },
  {
    "i": 1054,
    "speaker": "Speaker 5",
    "text": "make the the blockchain disappear what possible loyalty are they going to have to your blockchain"
  },
  {
    "i": 1055,
    "speaker": "Speaker 5",
    "text": "like if it turns out that your blockchain can't do the thing that they want to do then"
  },
  {
    "i": 1056,
    "speaker": "Speaker 5",
    "text": "they're not like there's nothing really holding them there and and i think we're sort of seeing"
  },
  {
    "i": 1057,
    "speaker": "Speaker 5",
    "text": "this play out right like there's a bunch of teams uh that that were you know um in this mega mafia"
  },
  {
    "i": 1058,
    "speaker": "Speaker 5",
    "text": "program that as soon as there was you know uh some incentive to go somewhere else or you know"
  },
  {
    "i": 1059,
    "speaker": "Speaker 5",
    "text": "any issues or whatever they were like oh we'll go over to this network and you know like monad"
  },
  {
    "i": 1060,
    "speaker": "Speaker 5",
    "text": "raised a lot of money"
  },
  {
    "i": 1061,
    "speaker": "Speaker 5",
    "text": "they've got a massive war chest um and yeah that like you know it's a bear market teams are looking"
  },
  {
    "i": 1062,
    "speaker": "Speaker 5",
    "text": "for funding and uh and incentives from chains is one of the best places to get funding um and so"
  },
  {
    "i": 1063,
    "speaker": "Speaker 5",
    "text": "this this just doesn't feel that i don't know um it doesn't feel that surprising to me given"
  },
  {
    "i": 1064,
    "speaker": "Speaker 5",
    "text": "given the teams that that meg ETH uh you know was was courting i mean luca what's what's your"
  },
  {
    "i": 1065,
    "speaker": "Speaker 5",
    "text": "take on this"
  },
  {
    "i": 1066,
    "speaker": "Speaker 5",
    "text": "right like from an abstract perspective how have you thought about the teams that you have"
  },
  {
    "i": 1067,
    "speaker": "Speaker 5",
    "text": "courted incentivized supported incubated like how are you what's your strategy there"
  },
  {
    "i": 1068,
    "speaker": "Speaker 7",
    "text": "yeah i've got an answer that's going to get me in trouble and i i just"
  },
  {
    "i": 1069,
    "speaker": "Speaker 7",
    "text": "amazing let's go no i'm not gonna i can't give that answer i don't wanna i don't wanna start"
  },
  {
    "i": 1070,
    "speaker": "Speaker 7",
    "text": "some stuff um but uh i mean look i will tell you this i think that the blockchain business"
  },
  {
    "i": 1071,
    "speaker": "Speaker 7",
    "text": "is an incredibly"
  },
  {
    "i": 1072,
    "speaker": "Speaker 7",
    "text": "hard business to do right i think it's really easy to sell a story i think it's really hard"
  },
  {
    "i": 1073,
    "speaker": "Speaker 7",
    "text": "to actually be performant i think what apps want above all else and if they look for anything other"
  },
  {
    "i": 1074,
    "speaker": "Speaker 7",
    "text": "than this then i think they're they're they're mercenaries and so like optimizing for mercenary"
  },
  {
    "i": 1075,
    "speaker": "Speaker 7",
    "text": "apps is not advantageous so like i've been anti-grant anti-money what i am what i am what"
  },
  {
    "i": 1076,
    "speaker": "Speaker 7",
    "text": "i think a chain's job and an ecosystem's job is to provide distribution for applications"
  },
  {
    "i": 1077,
    "speaker": "Speaker 7",
    "text": "that is the compelling reason why i think an app would go on a chain i think if you're looking to"
  },
  {
    "i": 1078,
    "speaker": "Speaker 7",
    "text": "build your you know look at it look at a chain as an ecosystem and in our world like ecosystems"
  },
  {
    "i": 1079,
    "speaker": "Speaker 7",
    "text": "are like cities right like if i have a city with a lot of foot traffic then my promenades"
  },
  {
    "i": 1080,
    "speaker": "Speaker 7",
    "text": "and my boardwalks are going to have a lot of good stores that pay a lot of good rent"
  },
  {
    "i": 1081,
    "speaker": "Speaker 7",
    "text": "and i think that is really the business model that they are in i have since maybe disagreed"
  },
  {
    "i": 1082,
    "speaker": "Speaker 7",
    "text": "in terms of let's just through the lens of token value i don't think token value"
  },
  {
    "i": 1083,
    "speaker": "Speaker 7",
    "text": "is derived anymore by the apps that are built on your chain which is unfortunate"
  },
  {
    "i": 1084,
    "speaker": "Speaker 7",
    "text": "obviously a chain success and ability to become self-sustaining is right like"
  },
  {
    "i": 1085,
    "speaker": "Speaker 7",
    "text": "the chain business is such a bad business that unless you're making real fees right a lot of"
  },
  {
    "i": 1086,
    "speaker": "Speaker 7",
    "text": "chains just sell token to go and subsidize the infra and the spend that is running a blockchain"
  },
  {
    "i": 1087,
    "speaker": "Speaker 7",
    "text": "um and so for that reason i think you have to have a chain that has good apps on it but as"
  },
  {
    "i": 1088,
    "speaker": "Speaker 7",
    "text": "oligon showed us right i don't think apps on your chain accrue value to the token"
  },
  {
    "i": 1089,
    "speaker": "Speaker 7",
    "text": "um unless for some reason you know activity then ties in but the activity you can have the most"
  },
  {
    "i": 1090,
    "speaker": "Speaker 7",
    "text": "activity in the world and salon has proven this but what it actually does a token supply"
  },
  {
    "i": 1091,
    "speaker": "Speaker 7",
    "text": "in an efficient manner is relatively nominal um and i think i think it's really going to be hard"
  },
  {
    "i": 1092,
    "speaker": "Speaker 7",
    "text": "to compete with chains moving forward i think it's a"
  },
  {
    "i": 1093,
    "speaker": "Speaker 7",
    "text": "it's it's an incredibly difficult business um and i think if you look at the landscape today"
  },
  {
    "i": 1094,
    "speaker": "Speaker 7",
    "text": "i think if you look at the future of blockchains i think they're going to be very purpose built"
  },
  {
    "i": 1095,
    "speaker": "Speaker 7",
    "text": "around certain enterprises i actually think near has a one of the few cases to actually become a"
  },
  {
    "i": 1096,
    "speaker": "Speaker 7",
    "text": "top blockchain because of its privacy element and what i think you can do there because intense is"
  },
  {
    "i": 1097,
    "speaker": "Speaker 7",
    "text": "such an amazing product um but you know i think i think that's that's that's that's that's that's"
  },
  {
    "i": 1098,
    "speaker": "Speaker 7",
    "text": "But, you know, I think Monad built really great infrastructure."
  },
  {
    "i": 1099,
    "speaker": "Speaker 7",
    "text": "But, you know, to the spirit of me not getting myself in trouble,"
  },
  {
    "i": 1100,
    "speaker": "Speaker 7",
    "text": "I won't give you my true honest thoughts on what I think is inspiring"
  },
  {
    "i": 1101,
    "speaker": "Speaker 7",
    "text": "across that entire landscape."
  },
  {
    "i": 1102,
    "speaker": "Speaker 5",
    "text": "Awesome."
  },
  {
    "i": 1103,
    "speaker": "Speaker 5",
    "text": "Well, I think one thing that's interesting, we saw this in base, right?"
  },
  {
    "i": 1104,
    "speaker": "Speaker 5",
    "text": "Like I was really close to a bunch of teams who went from Optimism to base,"
  },
  {
    "i": 1105,
    "speaker": "Speaker 5",
    "text": "the Super Chain, you know, some teams I wasn't close to like Belladrome,"
  },
  {
    "i": 1106,
    "speaker": "Speaker 5",
    "text": "Aerodrome, you know, whatever."
  },
  {
    "i": 1107,
    "speaker": "Speaker 5",
    "text": "And my experience being in those groups, like the base DeFi groups"
  },
  {
    "i": 1108,
    "speaker": "Speaker 5",
    "text": "and some of these other like base mafia groups,"
  },
  {
    "i": 1109,
    "speaker": "Speaker 5",
    "text": "was always that there was this sense from everyone,"
  },
  {
    "i": 1110,
    "speaker": "Speaker 5",
    "text": "right, that base doesn't care about us."
  },
  {
    "i": 1111,
    "speaker": "Speaker 5",
    "text": "You know, they play favorite, they care about these guys."
  },
  {
    "i": 1112,
    "speaker": "Speaker 5",
    "text": "Now, the good thing about Ethereum, right, like if you think about it,"
  },
  {
    "i": 1113,
    "speaker": "Speaker 5",
    "text": "is when everyone is like Vitalik doesn't care about us,"
  },
  {
    "i": 1114,
    "speaker": "Speaker 5",
    "text": "all of the DeFi builders, there's no favorite,"
  },
  {
    "i": 1115,
    "speaker": "Speaker 5",
    "text": "like there was no one you could point to and be like, but he loves Stani."
  },
  {
    "i": 1116,
    "speaker": "Speaker 5",
    "text": "No, he doesn't give a fuck about Stani either, right?"
  },
  {
    "i": 1117,
    "speaker": "Speaker 5",
    "text": "Like, so there was at least an equal playing field in the Ethereum DeFi community."
  },
  {
    "i": 1118,
    "speaker": "Speaker 5",
    "text": "Where like, no one felt like anyone cared."
  },
  {
    "i": 1119,
    "speaker": "Speaker 5",
    "text": "And you just have to like survive on your own, right?"
  },
  {
    "i": 1120,
    "speaker": "Speaker 5",
    "text": "And it is an interesting place where like these ecosystems,"
  },
  {
    "i": 1121,
    "speaker": "Speaker 5",
    "text": "where they do play favorites and there's a mega mafia,"
  },
  {
    "i": 1122,
    "speaker": "Speaker 5",
    "text": "like base has like their anointed teams."
  },
  {
    "i": 1123,
    "speaker": "Speaker 5",
    "text": "And, you know, I remember base being like..."
  },
  {
    "i": 1124,
    "speaker": "Speaker 5",
    "text": "But how can you not, Kane, is the thing, right?"
  },
  {
    "i": 1125,
    "speaker": "Speaker 7",
    "text": "How can you not?"
  },
  {
    "i": 1126,
    "speaker": "Speaker 7",
    "text": "Because if you own a boardwalk, right?"
  },
  {
    "i": 1127,
    "speaker": "Speaker 7",
    "text": "And there's three places on the boardwalk that are bringing everyone there."
  },
  {
    "i": 1128,
    "speaker": "Speaker 7",
    "text": "Are you supposed to go to the..."
  },
  {
    "i": 1129,
    "speaker": "Speaker 7",
    "text": "the local crevice of that boardwalk and treat that person in the crevice"
  },
  {
    "i": 1130,
    "speaker": "Speaker 7",
    "text": "with the same care and attention as your main attractions?"
  },
  {
    "i": 1131,
    "speaker": "Speaker 7",
    "text": "It's just not economical."
  },
  {
    "i": 1132,
    "speaker": "Speaker 7",
    "text": "Well, Vitalik wouldn't tell you, shut the boardwalk down."
  },
  {
    "i": 1133,
    "speaker": "Speaker 7",
    "text": "Boardwalks, we don't want boardwalks, right?"
  },
  {
    "i": 1134,
    "speaker": "Speaker 7",
    "text": "Get rid of boardwalks."
  },
  {
    "i": 1135,
    "speaker": "Speaker 7",
    "text": "But it's not ergonomic."
  },
  {
    "i": 1136,
    "speaker": "Speaker 7",
    "text": "It's not efficient."
  },
  {
    "i": 1137,
    "speaker": "Speaker 7",
    "text": "The quality of builders, like at the end of the day,"
  },
  {
    "i": 1138,
    "speaker": "Speaker 7",
    "text": "you know, I can just tell, I'll just be honest."
  },
  {
    "i": 1139,
    "speaker": "Speaker 7",
    "text": "When I was delineating builders, right?"
  },
  {
    "i": 1140,
    "speaker": "Speaker 7",
    "text": "There were some builders that I would talk to and spend time with."
  },
  {
    "i": 1141,
    "speaker": "Speaker 7",
    "text": "And then I got the same."
  },
  {
    "i": 1142,
    "speaker": "Speaker 7",
    "text": "I got the same."
  },
  {
    "i": 1143,
    "speaker": "Speaker 7",
    "text": "A response from other guys and the unfortunate reality to the best of my ability."
  },
  {
    "i": 1144,
    "speaker": "Speaker 7",
    "text": "I try to avoid saying this because I don't want to hurt their feelings today."
  },
  {
    "i": 1145,
    "speaker": "Speaker 7",
    "text": "I care less is you are just not the same talent as the other guy."
  },
  {
    "i": 1146,
    "speaker": "Speaker 7",
    "text": "I hate to break it to you."
  },
  {
    "i": 1147,
    "speaker": "Speaker 7",
    "text": "And I don't think you have what it takes as the other guy that I'm"
  },
  {
    "i": 1148,
    "speaker": "Speaker 7",
    "text": "spending time and attention with."
  },
  {
    "i": 1149,
    "speaker": "Speaker 7",
    "text": "And frankly, right."
  },
  {
    "i": 1150,
    "speaker": "Speaker 7",
    "text": "I, you know, if you treat it like a startup mode, you have to give somebody"
  },
  {
    "i": 1151,
    "speaker": "Speaker 7",
    "text": "attention because again, you're, you're pronged on so many people, other"
  },
  {
    "i": 1152,
    "speaker": "Speaker 7",
    "text": "people's success, but frankly, building abstract gave me a little more."
  },
  {
    "i": 1153,
    "speaker": "Speaker 7",
    "text": "Empathy for, I think, or a little more understanding for how Vitalik went about it."
  },
  {
    "i": 1154,
    "speaker": "Speaker 7",
    "text": "Now, Vitalik was interesting because he was put in a position where post success."
  },
  {
    "i": 1155,
    "speaker": "Speaker 7",
    "text": "I think it's super important that you have that rapport, especially with guys who have"
  },
  {
    "i": 1156,
    "speaker": "Speaker 7",
    "text": "like hundreds of 50, a hundred billion dollars of assets."
  },
  {
    "i": 1157,
    "speaker": "Speaker 7",
    "text": "I mean, it's almost like fiscal, fiscally irresponsible not to, but when you're in"
  },
  {
    "i": 1158,
    "speaker": "Speaker 7",
    "text": "the startup mindset, he was obviously first mover kind of created the whole"
  },
  {
    "i": 1159,
    "speaker": "Speaker 7",
    "text": "blockchain ecosystem and, you know, a lot of power to him for kind of capturing a"
  },
  {
    "i": 1160,
    "speaker": "Speaker 7",
    "text": "lot of that value and that momentum early on."
  },
  {
    "i": 1161,
    "speaker": "Speaker 7",
    "text": "But if you're treating a blockchain the day net new, and you have to treat it like"
  },
  {
    "i": 1162,
    "speaker": "Speaker 7",
    "text": "a startup, and if you know, your startup is dependent on other parties finding"
  },
  {
    "i": 1163,
    "speaker": "Speaker 7",
    "text": "success, you can't go and give all those other parties the success that you want."
  },
  {
    "i": 1164,
    "speaker": "Speaker 7",
    "text": "And so you have that dynamic, but the truth of the matter is, is you are picking"
  },
  {
    "i": 1165,
    "speaker": "Speaker 7",
    "text": "guys who clearly have some semblance of what it takes."
  },
  {
    "i": 1166,
    "speaker": "Speaker 7",
    "text": "To go and build, you know, good properties and good attractions on your boardwalk to"
  },
  {
    "i": 1167,
    "speaker": "Speaker 7",
    "text": "make your, to make a successful boardwalk versus you're not going to go to every Joe"
  },
  {
    "i": 1168,
    "speaker": "Speaker 7",
    "text": "Schmo wants to inquire for a lease and King make them and bring them the same value that"
  },
  {
    "i": 1169,
    "speaker": "Speaker 7",
    "text": "you're giving the guy that is, you know, developed multiple properties in the past and"
  },
  {
    "i": 1170,
    "speaker": "Speaker 7",
    "text": "has multiple successes under his belt."
  },
  {
    "i": 1171,
    "speaker": "Speaker 7",
    "text": "Right. And it's just like, it's like common sense."
  },
  {
    "i": 1172,
    "speaker": "Speaker 7",
    "text": "The problem is this crypto is not the land of common sense the way, the way I wish it"
  },
  {
    "i": 1173,
    "speaker": "Speaker 7",
    "text": "would be. And so you're, you're dealing with this dynamic that."
  },
  {
    "i": 1174,
    "speaker": "Speaker 7",
    "text": "Yeah."
  },
  {
    "i": 1175,
    "speaker": "Speaker 7",
    "text": "Yeah."
  },
  {
    "i": 1176,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1177,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1178,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1179,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1180,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1181,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1182,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1183,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1184,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1185,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1186,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1187,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1188,
    "speaker": "Speaker 4",
    "text": "Yeah."
  },
  {
    "i": 1189,
    "speaker": "Speaker 7",
    "text": "And so, yeah, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's,"
  },
  {
    "i": 1190,
    "speaker": "Speaker 7",
    "text": "that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's,"
  },
  {
    "i": 1191,
    "speaker": "Speaker 7",
    "text": "that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's,"
  },
  {
    "i": 1192,
    "speaker": "Speaker 7",
    "text": "You know, it's really a catch-22."
  },
  {
    "i": 1193,
    "speaker": "Speaker 7",
    "text": "And frankly, it is almost impossible to manage, if I'm being honest."
  },
  {
    "i": 1194,
    "speaker": "Speaker 5",
    "text": "Well, inspiring thought from Luke."
  },
  {
    "i": 1195,
    "speaker": "Speaker 5",
    "text": "Shut the whole thing down."
  },
  {
    "i": 1196,
    "speaker": "Speaker 5",
    "text": "But I get you."
  },
  {
    "i": 1197,
    "speaker": "Speaker 6",
    "text": "100%."
  },
  {
    "i": 1198,
    "speaker": "Speaker 6",
    "text": "And then I think on top of it all, okay, so regardless, every project right now, if they haven't gotten traction, they're struggling."
  },
  {
    "i": 1199,
    "speaker": "Speaker 6",
    "text": "This isn't about a chain thing, right?"
  },
  {
    "i": 1200,
    "speaker": "Speaker 6",
    "text": "These are projects."
  },
  {
    "i": 1201,
    "speaker": "Speaker 6",
    "text": "These are people that are trying to build stuff."
  },
  {
    "i": 1202,
    "speaker": "Speaker 6",
    "text": "It's just rough right now."
  },
  {
    "i": 1203,
    "speaker": "Speaker 5",
    "text": "And it's existential, right?"
  },
  {
    "i": 1204,
    "speaker": "Speaker 5",
    "text": "Like, if you raised, you know, I saw a team, like, a couple months ago that raised, like, 10 mil."
  },
  {
    "i": 1205,
    "speaker": "Speaker 5",
    "text": "Legend."
  },
  {
    "i": 1206,
    "speaker": "Speaker 5",
    "text": "Legend."
  },
  {
    "i": 1207,
    "speaker": "Speaker 5",
    "text": "Like, they raised."
  },
  {
    "i": 1208,
    "speaker": "Speaker 5",
    "text": "Like, 15 mil or something, right?"
  },
  {
    "i": 1209,
    "speaker": "Speaker 5",
    "text": "They were like, DeFi super app, one of our competitors."
  },
  {
    "i": 1210,
    "speaker": "Speaker 5",
    "text": "And they burned through enough that they were like, we're down to whatever, months of runway, right?"
  },
  {
    "i": 1211,
    "speaker": "Speaker 5",
    "text": "Over the course of two years."
  },
  {
    "i": 1212,
    "speaker": "Speaker 5",
    "text": "And they're like, we've got to shut this thing down and sell off the assets, right?"
  },
  {
    "i": 1213,
    "speaker": "Speaker 5",
    "text": "Like, and, you know, the problem, this is the funny thing, right?"
  },
  {
    "i": 1214,
    "speaker": "Speaker 5",
    "text": "Like, trying to build an app or like, you know, a consumer-facing app or whatever that is like, somewhat chain agnostic."
  },
  {
    "i": 1215,
    "speaker": "Speaker 5",
    "text": "Like, you've got no hope."
  },
  {
    "i": 1216,
    "speaker": "Speaker 5",
    "text": "No one's going to come and save you, right?"
  },
  {
    "i": 1217,
    "speaker": "Speaker 5",
    "text": "You know, because you're not tied to any ecosystem, right?"
  },
  {
    "i": 1218,
    "speaker": "Speaker 5",
    "text": "Whereas at least if you were in the mega mafia, you're still grinding."
  },
  {
    "i": 1219,
    "speaker": "Speaker 5",
    "text": "Like, you know, Meg ETH probably can help you, like, help you raise some more money, help you survive because it's existential for them that their apps survive, right?"
  },
  {
    "i": 1220,
    "speaker": "Speaker 5",
    "text": "So, yeah, it's just a hard time."
  },
  {
    "i": 1221,
    "speaker": "Speaker 5",
    "text": "Bear markets are hard."
  },
  {
    "i": 1222,
    "speaker": "Speaker 5",
    "text": "People run out of cash really quickly."
  },
  {
    "i": 1223,
    "speaker": "Speaker 5",
    "text": "They think."
  },
  {
    "i": 1224,
    "speaker": "Speaker 5",
    "text": "I thought there was going to be more time, et cetera, et cetera."
  },
  {
    "i": 1225,
    "speaker": "Speaker 5",
    "text": "And there isn't."
  },
  {
    "i": 1226,
    "speaker": "Speaker 7",
    "text": "But, you know, there's a self-accountability here too, right?"
  },
  {
    "i": 1227,
    "speaker": "Speaker 7",
    "text": "And so at the end of the day, like, if I'm building a product, right, it's nice that a chain or something can bring me value."
  },
  {
    "i": 1228,
    "speaker": "Speaker 7",
    "text": "And I've always, my qualms with Ethereum was never I needed them to king make me."
  },
  {
    "i": 1229,
    "speaker": "Speaker 7",
    "text": "I think I needed them to show me some acknowledgement, like a stepson to their dad, right?"
  },
  {
    "i": 1230,
    "speaker": "Speaker 7",
    "text": "Yeah."
  },
  {
    "i": 1231,
    "speaker": "Speaker 7",
    "text": "Show me."
  },
  {
    "i": 1232,
    "speaker": "Speaker 7",
    "text": "I like that."
  },
  {
    "i": 1233,
    "speaker": "Speaker 7",
    "text": "I'm so sorry, Taz."
  },
  {
    "i": 1234,
    "speaker": "Speaker 7",
    "text": "Show me a little bit of love, right, was I think always my qualm because I worked really hard for so long."
  },
  {
    "i": 1235,
    "speaker": "Speaker 7",
    "text": "But I think my thing is if you're building a business and you are dependent, right, on somebody else bringing you a user base, right, it's not a chain."
  },
  {
    "i": 1236,
    "speaker": "Speaker 7",
    "text": "A chain ecosystem, it's quite literally the business."
  },
  {
    "i": 1237,
    "speaker": "Speaker 7",
    "text": "But if I'm an app and I think I'm failing because of a chain, right?"
  },
  {
    "i": 1238,
    "speaker": "Speaker 7",
    "text": "And so, yeah, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's,"
  },
  {
    "i": 1239,
    "speaker": "Speaker 7",
    "text": "I had no money for 18 months."
  },
  {
    "i": 1240,
    "speaker": "Speaker 7",
    "text": "I didn't take a salary for 18 months, right?"
  },
  {
    "i": 1241,
    "speaker": "Speaker 7",
    "text": "I actually put millions of dollars of my own money into it."
  },
  {
    "i": 1242,
    "speaker": "Speaker 7",
    "text": "And we found success and we persevered and we did everything physically possible to go"
  },
  {
    "i": 1243,
    "speaker": "Speaker 7",
    "text": "and succeed."
  },
  {
    "i": 1244,
    "speaker": "Speaker 7",
    "text": "I mean, quite literally, I try to run down what were the 20 things that would make a"
  },
  {
    "i": 1245,
    "speaker": "Speaker 7",
    "text": "thing successful."
  },
  {
    "i": 1246,
    "speaker": "Speaker 7",
    "text": "And I did every single one of them."
  },
  {
    "i": 1247,
    "speaker": "Speaker 7",
    "text": "And at no point in that early process did I blame Ethereum for not giving me and bringing"
  },
  {
    "i": 1248,
    "speaker": "Speaker 7",
    "text": "me success."
  },
  {
    "i": 1249,
    "speaker": "Speaker 7",
    "text": "It wasn't until after we had won and done so much in such a bad time was I like, oh,"
  },
  {
    "i": 1250,
    "speaker": "Speaker 7",
    "text": "maybe Vitalik, you want to?"
  },
  {
    "i": 1251,
    "speaker": "Speaker 7",
    "text": "We're propping this bad boy up."
  },
  {
    "i": 1252,
    "speaker": "Speaker 7",
    "text": "Can you buy me lunch maybe one day?"
  },
  {
    "i": 1253,
    "speaker": "Speaker 7",
    "text": "You know, maybe a nice comment."
  },
  {
    "i": 1254,
    "speaker": "Speaker 7",
    "text": "I didn't even need to be in public."
  },
  {
    "i": 1255,
    "speaker": "Speaker 7",
    "text": "It was just some sort of acknowledgement from my staff."
  },
  {
    "i": 1256,
    "speaker": "Speaker 6",
    "text": "Just literally just acknowledge that you exist and that you did a thing."
  },
  {
    "i": 1257,
    "speaker": "Speaker 7",
    "text": "I never expected them to save my business, right?"
  },
  {
    "i": 1258,
    "speaker": "Speaker 7",
    "text": "Or to create value."
  },
  {
    "i": 1259,
    "speaker": "Speaker 7",
    "text": "No, no."
  },
  {
    "i": 1260,
    "speaker": "Speaker 6",
    "text": "And I agree."
  },
  {
    "i": 1261,
    "speaker": "Speaker 7",
    "text": "I agree with that."
  },
  {
    "i": 1262,
    "speaker": "Speaker 6",
    "text": "Yeah."
  },
  {
    "i": 1263,
    "speaker": "Speaker 7",
    "text": "100% agree."
  },
  {
    "i": 1264,
    "speaker": "Speaker 6",
    "text": "I do."
  },
  {
    "i": 1265,
    "speaker": "Speaker 6",
    "text": "I think, Luca, I think you have hit the nail on the head a bit where if you're building"
  },
  {
    "i": 1266,
    "speaker": "Speaker 6",
    "text": "on Megate, if you're building on Mona, frankly, if you're building on a lot of chains right"
  },
  {
    "i": 1267,
    "speaker": "Speaker 6",
    "text": "now and you are not, you have not got that traction, you've not found that product market"
  },
  {
    "i": 1268,
    "speaker": "Speaker 6",
    "text": "fit."
  },
  {
    "i": 1269,
    "speaker": "Speaker 6",
    "text": "I think there is a certain class of builder who's sitting there right now saying it's"
  },
  {
    "i": 1270,
    "speaker": "Speaker 6",
    "text": "the chain's fault."
  },
  {
    "i": 1271,
    "speaker": "Speaker 5",
    "text": "Or I mean, the chains are struggling."
  },
  {
    "i": 1272,
    "speaker": "Speaker 5",
    "text": "The chains are struggling."
  },
  {
    "i": 1273,
    "speaker": "Speaker 5",
    "text": "RIM for chains, right?"
  },
  {
    "i": 1274,
    "speaker": "Speaker 5",
    "text": "Imagine if you built your business."
  },
  {
    "i": 1275,
    "speaker": "Speaker 6",
    "text": "You can't tell me that these guys that are going to move from Megate to Monad or Mona"
  },
  {
    "i": 1276,
    "speaker": "Speaker 6",
    "text": "to Megate or Bases."
  },
  {
    "i": 1277,
    "speaker": "Speaker 5",
    "text": "It's not going to do shit."
  },
  {
    "i": 1278,
    "speaker": "Speaker 5",
    "text": "It won't help."
  },
  {
    "i": 1279,
    "speaker": "Speaker 6",
    "text": "The only thing it will help is you get a $2 million grant that lets you survive for another"
  },
  {
    "i": 1280,
    "speaker": "Speaker 5",
    "text": "six months."
  },
  {
    "i": 1281,
    "speaker": "Speaker 6",
    "text": "Right."
  },
  {
    "i": 1282,
    "speaker": "Speaker 5",
    "text": "That's the only thing."
  },
  {
    "i": 1283,
    "speaker": "Speaker 5",
    "text": "It will not change your outlook as a business, as a protocol, as the team, as a project,"
  },
  {
    "i": 1284,
    "speaker": "Speaker 5",
    "text": "right?"
  },
  {
    "i": 1285,
    "speaker": "Speaker 5",
    "text": "But it will give you cash."
  },
  {
    "i": 1286,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1287,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1288,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1289,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1290,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1291,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1292,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1293,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1294,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1295,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1296,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1297,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1298,
    "speaker": "Speaker 5",
    "text": "Yeah."
  },
  {
    "i": 1299,
    "speaker": "Speaker 5",
    "text": "like you know if"
  },
  {
    "i": 1300,
    "speaker": "Speaker 5",
    "text": "Solana had turned up in"
  },
  {
    "i": 1301,
    "speaker": "Speaker 5",
    "text": "in I don't know Luca like"
  },
  {
    "i": 1302,
    "speaker": "Speaker 5",
    "text": "2022 and been like"
  },
  {
    "i": 1303,
    "speaker": "Speaker 5",
    "text": "hey move"
  },
  {
    "i": 1304,
    "speaker": "Speaker 5",
    "text": "Pudgies to Solana and we'll give you"
  },
  {
    "i": 1305,
    "speaker": "Speaker 5",
    "text": "a 20 million dollar check"
  },
  {
    "i": 1306,
    "speaker": "Speaker 5",
    "text": "you probably would have to consider that"
  },
  {
    "i": 1307,
    "speaker": "Speaker 5",
    "text": "right like"
  },
  {
    "i": 1308,
    "speaker": "Speaker 6",
    "text": "oh yeah 100%"
  },
  {
    "i": 1309,
    "speaker": "Speaker 6",
    "text": "especially during COVID yeah you're done"
  },
  {
    "i": 1310,
    "speaker": "Speaker 5",
    "text": "that's a missed opportunity totally"
  },
  {
    "i": 1311,
    "speaker": "Speaker 5",
    "text": "anyway you got there"
  },
  {
    "i": 1312,
    "speaker": "Speaker 6",
    "text": "but you'll see I don't"
  },
  {
    "i": 1313,
    "speaker": "Speaker 6",
    "text": "have"
  },
  {
    "i": 1314,
    "speaker": "Speaker 6",
    "text": "I don't know I think"
  },
  {
    "i": 1315,
    "speaker": "Speaker 6",
    "text": "like you said everyone's struggling because it's not just"
  },
  {
    "i": 1316,
    "speaker": "Speaker 6",
    "text": "this is it"
  },
  {
    "i": 1317,
    "speaker": "Speaker 5",
    "text": "fair markets are hard running a chain"
  },
  {
    "i": 1318,
    "speaker": "Speaker 5",
    "text": "is hard running a project is hard"
  },
  {
    "i": 1319,
    "speaker": "Speaker 5",
    "text": "there's not many on chain users right now"
  },
  {
    "i": 1320,
    "speaker": "Speaker 5",
    "text": "it's hard so"
  },
  {
    "i": 1321,
    "speaker": "Speaker 5",
    "text": "people are going to have to do what they have to do to survive"
  },
  {
    "i": 1322,
    "speaker": "Speaker 5",
    "text": "which I think is"
  },
  {
    "i": 1323,
    "speaker": "Speaker 5",
    "text": "you know as Luca said like as a"
  },
  {
    "i": 1324,
    "speaker": "Speaker 5",
    "text": "founder that's your job you got to survive"
  },
  {
    "i": 1325,
    "speaker": "Speaker 5",
    "text": "you got to play the board in front"
  },
  {
    "i": 1326,
    "speaker": "Speaker 5",
    "text": "of you"
  },
  {
    "i": 1327,
    "speaker": "Speaker 5",
    "text": "and I think you know"
  },
  {
    "i": 1328,
    "speaker": "Speaker 5",
    "text": "that's the"
  },
  {
    "i": 1329,
    "speaker": "Speaker 5",
    "text": "the reality but"
  },
  {
    "i": 1330,
    "speaker": "Speaker 5",
    "text": "but yeah it's definitely tough out there"
  },
  {
    "i": 1331,
    "speaker": "Speaker 5",
    "text": "so yeah keep grinding I guess"
  },
  {
    "i": 1332,
    "speaker": "Speaker 5",
    "text": "the only the only advice keep grinding"
  },
  {
    "i": 1333,
    "speaker": "Speaker 5",
    "text": "all right I think that is it for us"
  },
  {
    "i": 1334,
    "speaker": "Speaker 5",
    "text": "we were on time we're now a little bit over"
  },
  {
    "i": 1335,
    "speaker": "Speaker 5",
    "text": "we did it basically"
  },
  {
    "i": 1336,
    "speaker": "Speaker 6",
    "text": "we almost did it"
  },
  {
    "i": 1337,
    "speaker": "Speaker 5",
    "text": "all right thank you so much for joining us"
  },
  {
    "i": 1338,
    "speaker": "Speaker 5",
    "text": "for this episode of Uneasy Money"
  },
  {
    "i": 1339,
    "speaker": "Speaker 5",
    "text": "we'll see you next time"
  },
  {
    "i": 1340,
    "speaker": "Speaker 5",
    "text": "for more fun stories until then do your own research for aping in"
  },
  {
    "i": 1341,
    "speaker": "Speaker 5",
    "text": "nothing you hear on uneasy money is financial advice"
  },
  {
    "i": 1342,
    "speaker": "Speaker 5",
    "text": "we're just three builders talking about what's happening on chain"
  },
  {
    "i": 1343,
    "speaker": "Speaker 5",
    "text": "and we want you to always do your own research before aping in"
  },
  {
    "i": 1344,
    "speaker": "Speaker 5",
    "text": "you can find all our disclosures at"
  },
  {
    "i": 1345,
    "speaker": "Speaker 5",
    "text": "unchainedcrypto.com"
  },
  {
    "i": 1346,
    "speaker": "Speaker 5",
    "text": "uneasy money"
  }
]