Rollup: market dump, EigenLayer FUD, friend.tech airdrops and CZ sentenced

Transcript

if you constantly find yourself getting disappointed in crypto whether that's because you didn't get a 100x or a million doll airdrop or whatever other story your brain tells yourself that you can get rich quick then this episode is for you perspective is everything and today we hope to get you back on track so you can manage the crypto markets appropriately welcome to milroad radio the easiest path to get smarter about crypto I'm K rehead along with a new co-host today and that is Carly Riley because Jay is once again on vacation he'll be back next week though but together we believe that onchain is the next online this is the opportunity and we're here to help you capitalize on it Carly welcome to the show what's going on thanks Kyle I feel like I'm I've been locked in an FTX bankruptcy Vortex that

is that is where I'm spending my time these days but it's fun to be on I've been on this show before but not actually I've never been on the milk Road Show before it's great to have you back I want to get a get into what you're up to these days but real quick what we're going to talk about in today's show is actually some FTX drama and CZ drama as that just continues on and Kari if you guys do not know yet she has been diving fully into the FTX case so we're going to talk a little bit about what's going on there we'll talk about the market watch why things are dumping although they appears as we started recording they're starting to go back up so that's good news Ian ler has some fud going on plus a bunch of other airdrop Mania that we're going to be

talking about some stuff going on with fantasy top or social F we talked about a bit last week as well and then we've got so much more but let's just take a quick second Carly you were once the host of the overpriced jpeg show you've now switch that over to the Carly P Riley show which is an amazing show as well walk us through what's going on in your world and why the switch yeah well I I really just wanted to Broad in what I was covering I love the nft world I still love the nft world but i' been doing it for two years was looking at the next hopefully 30 years of my career and was like okay well I don't necessarily want to explicitly only be talking about nfts for the next 30 Years and so I had started covering the S bman

free trial at the end of last year and had s new folks discovering me through that and I I actually really enjoyed covering that I mean it's always weird because you have like this person's life and all these people who lost money so I never want to be flippant about that but I um and so that really felt like the right moment to broaden expand what I was talking about looking into and so figured I'd name it the Karly P riy show because that gave me maximum latitude it's just your name on it you get to do whatever you want so and my initials are CPR which I felt like at some point I can do something really fun with that like bringing back to life something or like I don't know there's pun there I just haven't worked through them yet well it's amazing

congrats on the new show it's absolutely amazing and everything that you're up to we will actually for those listening that remember Carly from the overpriced jpeg show talking about nfts we will talk a little bit about nfts today too I forgot to mention that in the intro there there is some stuff going on the space not a lot but a little bit and so we brought back the expert Carly to give us her load out on the nft world but of course we'll get to that later on the show because to be honest it's a little bit less important than everything else going on so how dare you how dare you install my beloved jpegs you're the one that changed your name all right you literally told the market it was you when you changed your name everyone was like okay nfts are done it's the bottom

yeah no I joked I got in at the top so if I leave it's at the bottom and you know it's the bottom so I don't know probably was the right time to buy crypto will go up more than 100x in both users and value over the next decade if you're listening to this right now you're extremely early and have an incredible opportunity to capitalize at milk Road our mission is to make you smarter about crypto that's why we're doing today's podcast and why we send you a daily newsletter for free but if you're ready to level up as an investor then let me tell you about milroad Pro we crafted this resource for investors who are already smart enough about crypto and are looking for more actionable insights on how to invest successfully in one of the fastest growing Industries on Earth every week we break down the latest

trends dive into tokenomics of popular and upand cominging tokens and get into the nitty-gritty of market analysis all to help you invest smarter plus we have a private Discord Community for pro members it's like your backstage pass to the milk crew exclusive insights Hot Tips and live amas with our team now if you're looking to level up as an investor then click the link in the show notes below and sign up to Pro today don't let this bull market opportunity slip through your fingers let's get into the show as per usual we start with market watch guys Carly is going to host the show today she's going to be the one taking Jay's spot and so we'll let Carly kind of uh get things rolling but this the screen is shared for those that are listening and we're going to walk through the entire market watch yeah

well easy job for me here I just got to throw it back to you Kyle so Bitcoin talk to me about what's going on with Bitcoin what has the week looked like for it yeah so Bitcoin is currently sitting at 59,90 as we speak right now it is up 1.87% of the day and down 7.63% of the week it's actually had a pullback over the last 40 I think it's like 48 or 49 days now where we've just passed the pullback of 20% Which is quite typical in any bull market for for Bitcoin so it's pretty normal it's the fourth I believe it's fourth fourth or fifth pullback we've had of this magnitude so far in this let's call bull market at least since the bottom so it's been a tough few days or I guess few weeks for some but all is good I'm not too worried

but if we look at some of the numbers here I've got some charts up on the screen if we look at the weekly crypto asset flows it's our third straight week of outflows and it was a big one this last week I think up to $500 million of outflow so not so great in terms of just crypto flows in general and we just passed four weeks straight of red candles and we are working on our fifth one right now that has not happened in I think since like the bare Market of the last bare market so sometime in 2022 so it's been a minute hopefully we have a green week but let's see what happens we just had like seven green candle months in a row and so let's see what happens next year but if we look at the ETFs these are the real reason we're bleeding

they have had 563 million in outflows recently so it's been a bit of a struggle that was just yesterday I believe actually yeah that was yesterday one day the US Bitcoin outflow so it's been it's been a bit of a struggle everyone thought the Bitcoin ETFs were just going to be inflows inflows inflows now everyone's getting punched in the face and realizing okay you know black Rock's not going to do everything to get our bags go up up up and up there is some good news though one is that the Hong Kong spot Bitcoin ETFs went Live this past week a lot of people were expecting really big numbers here this is their first I think point that we talk about with expectations as I mentioned at the beginning of this show for whatever reason people thought well the Hong Kong Bitcoin ETFs are going to be as big if not bigger than

the US ones which like I mean just in terms of population size makes you know no zero sense and also there's some misperceptions I think in how people don't really understand how the Hong Kong ETFs work relative to the to like a US ETF isn't that part of part of the challenge here as well absolutely I mean one so smaller Market I guess the other thing is I think it was a holiday on Monday for in Hong Kong as well so a lot of banks just like take a few days off so that is one thing and then there is a weird way that it's set up in Hong Kong so let me show you some of the numbers here so first people were not so excited and thought it was actually really bad and things didn't go so well because there was only $12 million in volume in

the first day the US was something like 600 million so like a massive massive massive yeah just a little bit of a difference but the difference here is that one people need to low their expectations obviously because it's just a way smaller Market but the second thing is that volume is not actually that true there was hundreds of millions that made its way into the spot ETFs the differen is is that they go into the ETF pre-launch whereas in the US everything was forced to come in the day like of the launch so all that volume of the inflows was counted in the inflows for that week or for that first day whereas in Hong Kong it was not it's like 200 million in in assets under management after the first day but it was like 12 million in volume which obviously

doesn't make any sense but it's just because the money was already there they preceded it basically it's not an Apples to Apples comparison to look at the first week inflows when you compare a Hong Kong market to the American Market yeah too so like the US market I don't know the exact numbers but it is I don't know 10 20 30X whatever it is it's way way way bigger so in relative numbers they actually did pretty well and fairly close to the US and in terms of the ETFs themselves the China AMC Bitcoin ETF which took in 123 million on day one it ranked sixth of 82 ETFs launched in the past three years in Hong Kong and it's top 20% in overall so like ever so these were actually a massive success yet everyone on crypto Twitter was like oh

this thing was useless it didn't do well and I think people just kind of missed some of the facts so I think overall pretty good news and by the way of those numbers eth took in like 15% of what Bitcoin did so actually not so bad people were expecting much lower so overall I would say the Hong Kong ETFs pretty good and then the other thing that um Eric balunis was mentioning and I think why people were so had such high expectations about these ETFs is it's not just Hong Kong that can access this Market it is eventually China mainland and potentially like the Middle East like Dubai they can also start to buy well and so there is more markets that could get access but I think those things take time just like the USS we talked about a ton where a bunch of the

organizations institutions they need to get like approval the same thing is true here in Hong Kong as well so it'll take time but hey it's another big pipeline opening up into Bitcoin and eth because don't forget it's not just the Bitcoin ETF and so in my opinion it's bullish news it's great news it's just going to take time for it to play out plus it's not going to beat the outflows that the US are having at the moment so either way markets down is what it is let's move on love it eth talk to me about eth want to hear the story there yeah so eth eth is sitting at 2,996 so just flirting with that 3,000 number it's up 1% on the day down 4.5% on the week so actually doing a little bit better than Bitcoin is over just the last few days here but we'll

sort of leave at that I want to talk a little bit about macro stuff in just a second but let's just first jump over to Soul before you tea up I'll just do it just to make things e easier Carly salana actually outperforming everything right now and uh currently sitting at a buck 40 almost up 4% on the day so that's nice salana looks like it's going to be the one that's going to jump back the fastest out of the three sort of Majors although it is down 5% in the week and was down I don't know close to like 45% over the last 50 days so it has struggled there but I mean it's had such a massive outperformance that uh a little breather is probably not a bad thing so what's going on in the world of markets why are we still in this bit of

a pullback well there's a few things and really most has to do with macro not really to do with like the crypto Market itself one there's just a lot of like confusion in markets first the Japanese yen is having some serious troubles and so it's sort of like inflating away and people are getting a little bit scared about the Japanese economy so obviously that shakes markets a little bit people don't really know what to do when such big economies are struggling people get spooked and tend to move out of risk assets the other thing is there was a lot of fear yester that the Fed was going to raise rates they did not raise rates it's funny a couple months ago everyone was like okay they're going to definitely lower rates oh yeah there were like two two rate cuts at least this year and now we're like happy if it

just you know stays the same I feel like yeah so people are getting so scared that they're gonna raise I don't think they're going to raise it all I don't think they even could and so it Remains the Same which I mean to me was probably expected what people kind of missed and I wonder if it's why today finally pric are starting to go back up at least this morning is although they're not raising rates or lowering rates they did say that they're going to begin slowing the pace of QT QT is is quantitative tightening and so come June so next month the committee will slow the pace of decline of its Securities Holdings by reducing the monthly Redemption cap on Treasury Securities from 60 billion to 25 billion basically that means that they are going to put less money into tightening right and so now this just

means they're basically easing they're doing the opposite of tightening and so money's be going to become a little bit more loose now they're not turning on the printing machine and money go bur like in 2021 and 2020 but this is what you need to do first they're not going to print money if they're also tightening so you start with tightening then you start to lower rates then you start to print money is typically how it goes maybe they'll keep rates high and print we'll see but either way this is the first step this is the sign that we're moving into another easing cycle where money's about to start flow flowing so this is actually super bullish but I don't know why not a ton of people are talking about it but to me when I looked at the FED meetings this is what I saw and was like all right

we're still on track I think the bull market continues we just need the markets to sort of figure it out take time y macro like macro geopolitics to not just like completely explode like that's the other like risk factor that hangs over everything all the time absolutely the Black Swan event although the answer to all of it no matter what if banks fail if we go into war if anything happens the answer is print money regardless so like it just might be a little delay there might be a bit of a pullback first because people get scared but either way we're going to print money so either way Bitcoin fixes this is what they say always the answer the answer is always Bitcoin all right that's a wrap on market watch let's jump into our top stories of the day or story of the week and the week has been filled

with aird drops tokens tokens tokens been non-stop but it's been a tough week for these aird drops partly because markets have just been struggling but in the last 24 hours or so Camino dropped so Cino Finance token which was on salana it went down 69% the moment that this token dropped so not great Rez which was from Renzo the reaking protocol on ethereum it also dropped same same day down 31% ien layer did not launch token but they announced that they launching I and holy damn did that ever get a lot of fud we got talk about that one yeah 100% we got to talk about that and then also friend is coming today we're recording right now on Thursday and it hasn't launched yet but we'll talk about what's going on in that world there hopefully they pick up the slack and save us all but yeah as Karly

just said aenir has been a wild one if you look on Twitter just people are not stopped talking about this to give you the Call's notes at least to get started Anan ler which this was way earlier than I thought they have announced ien Foundation that launching igen which is their new toen and they've done a snapshot I think it was like March 15th for anyone that has been reaking they're going to count up your points and you are going to get Ian tokens and then season two is already underway so if you've been reaking since March 15th then you are already collecting points for season two if you were staking before March 15 you will be getting this airdrop which is coming I think at some point in May but I don't know the exact date but there's been a lot of fun Carly

yeah I was kind of surprised by all the F but the big points of controversy you know this tweet lays it out well you've got the that it's it's non-transferable out the gate you're going to get it but you're not going to be able to transfer it immediately at least I think it's going to be a couple months this person Flags most tokens are going to VCS we can talk about that vesting starts immediately for VCS I think this is an interesting one that's worth explaining for folks who missed it small airdrop allocation points trading encouraged but Traders get rugged I spend a lot of time a lot of effort Banning vpns I think people are are annoyed because they're actually enforcing their Geo fening as opposed to what we're used to in crypto which is like the very like Le Fair approach like oh yeah like we Geo fence

but like use a VPN and also here's like a thing on our website about how to use a VPN so we are actually going to help you get around Geo fencing and then this one as well insiders knew the precise block number of the snapshot I would categorize this around you know the most tokens go to VC investing starts immediately for VCS I think there was just um a frustration with how The Insider everything was handled which I think is is maybe worth talking about I don't know what did you think of the fud like did you feel like it was warranted uh I mean I don't but I guess and I like to manage my expectations which I think a lot of this community does not but let's just start here people were not happy and you can see it in this chart here there has been 5,000 plus

withdrawals from reaking from igen lair in the last like 24 hours now this is somewhat normal when an airdrop ends typically people leave and they go elsewhere now there is another season so the the hope is that um people will stay but I mean the tvl has not been impacted that much this isn't that big of a deal but we'll see so far that doesn't look great but it's not the biggest worry in my books anyway let get started I'll go through the expectation side of things but let me do that second why don't you start Carly on the idea of I think big funds being able to get their money out quickly can you talk about that a little bit yeah yeah this tweet that we have up I think explains this really well folks obviously went on chain started to take a look at things you had this one wallet

in particular that deposited nearly like $13 million into igen layer in January and then racked up 30 you know three million three and a half million basically in igen points and then the day after it turned turns out the snapshot was taken all of that was withdrawn that obviously reeks of insider trading and Insider behavior and is it's so strange to me frankly like if you had Insider information like why make it this damn obvious by behaving in this way you know but it's crypto and this is what we know happens and So that obviously got folks really frustrated for for I think valid reasons obviously the idea that that there were folks who just knew exactly how this whole thing was going to play out the other piece should I talk about the other piece I

think that's kind of valid about folks ation with um with the Insiders you know The Insider vesting schedule begins now as opposed to when transferability is enabled and I think folks felt frustrated about that too is like the vesting should start when we the regular folks are also able to start transferring things and doing what we want with our tokens and I thought that was actually of all the complaints I felt like that was was a pretty valid one to me like I don't mind the nontransferability immediately it's sort of like well they could have air dropped it to you in two months with transferability immediately or give you a heads up early and not make a non transferable like I I kind of get that argument but some of the frustration about insiders I thought was was valid yeah completely agree look there's a

reason that these are non- transferable they didn't just do it just to like I don't know CA some fun and get bunch of people pissed off they did it because igen is a very different token than anything that I think people are used to most of these other tokens that launch are just governance tokens there's no need to make them non-transferable igen actually serves a purpose so I'm not getting into all the details partly because I don't fully understand all the details uh there are some very very smart people that have been tweeting about it and there's a bunch of people debating on like is this necessary is it not uh and I don't think we have like a clear yes or no answer yet uh but basically what this is is Anan is a universal inter subjective work token oh my go now what the heck does that mean

I'm not gonna get into it sounds like something like gender studies PhD thesis you know what I mean just like a bunch of words like none of that means anything right so basically restak eth exists or staked eth exists for validators do something wrong they can stake that eth and there is a penalty the same is true for abss and others that are using this reaking protocol using IG layer Ian now becomes instead of staking or slashing sorry more of eth which could be a problem for security purposes they're now taking Ian using this as kind of like a security protocol or sorry security token for its protocol and so when it needs to slash others for certain things they're doing which are inter subjective and again I'm not going to get into what that means they're

going to use this token for and so it serves a purpose in the entire igen ecosystem it's something very new it is a thing I think a lot of people are going to take some time to understand wrap their heads around yeah so I think when this these kind of things happen we need to like take a second and just be like okay why are they doing it this way instead of flipping out and getting so angry it's just like well what's happening here and look Ian layer is really on the Forefront they're building something that is really important for this industry and something completely new they're not just going to like try to screw everyone over but this is the take that people get look at listen to this one so this this is a I don't know someone named Axel says it looks like IG

is another project that's left me feeling milked which is kind of funny considering we're on milk Road uh but it's just further proof of the harsh reality we're dealing with when it comes to aird drops lately I Stak 17 eth for months and while 785 EG Ian tokens isn't the worst which by the way that's about10 to 15,000 worth of an airdrop the way they're Distributing the air drop is really disappointing according to their model we'll be able to claim 90% on May 10th okay so that's pretty good 90% And the remaining 10% a full month later I mean that's not that bad for 10 to 15K and then he's just he's upset well he can't he can't sell them and it's just like I don't know like why people to me are just a little bit too entitled with this stuff like oh you're

telling me crypto Twitter is entitled what they're having temper tantrums about like a first gut reaction to something without actually digging into it it's so wild to me I mean this Market has just warped everyone's brains in traditional Finance like the kinds of returns that you get excited about are like l a fraction of what we get regularly on airdrops in crypto and people want to have a little like hissy fit about it honestly I get that people are risking their Capital yeah right but but you're getting a like it's not you're risking you're this is good good and also you're not you're not forced to risk your Capital you don't have to do this you are choosing to do it right and I don't understand the expectations that people have it's a bit

weird for me but yeah can I say the funny thing of the Geo fening thing too that's the Third Kind of category here is again people's frustrations and I I do totally get this like that you can't I think Canada's also wrapped up in that US and Canada both I'm in Brazil right now so I'm not affected whatever it doesn't matter what what what country I'm a citizen of I'm a citizen of the world but you know what's so what's hilarious to me is like I have mixed feelings about this because you know we're going to talk about CZ a little bit later but one of the things that binance got caught on were like hilarious text messages between insiders like people who worked with the company I think somebody who had the they had the the job title like money laundering reporting officer and there's a a chat a

message from him to other employees all caps I has no faith in R Geo fencing just like the most crypto thing of all time you've got this like moneya laundering reporting officer saying has with a Z all cap like completely unofficial and you know CZ is getting four months in prison and a$ four billion dollar fine because you know like the US is cracking down on things so I could understand being a company looking at that being like we don't want to mess around with this at this point it we're not in cowboy land the way we've been in the past like every us regulatory body is trying to basically Crush crypto like we don't want to we don't want to risk it I I have sympathy for that though I totally understand the frustration as an American well and they're an American company like we're

and so like they need to take I'm pretty sure a is American company so they need to take this stuff seriously right totally yeah like on the spil that could arrest them they're not like cowboying it over in you know the Caribbean or whatever yeah right and just to put things into perspective the ion drop is actually pretty big so right now on Avo which is like the predictions market for for pre-launch tokens the implied valuation is 18 billion so it's pretty high valuation but that means 93 million will be given to 280,000 addresses for season 1 and then there's another don't forget this is just season 1 there's another 1.8 billion so far that's set aside for season two and season three air drop so there's a lot more money to come for perspective the arbitrum airdrop was 1.5 billion to 625,000

addresses so at 900 milli ion to 280 you're pretty much I mean it's even better actually the igen one ens was 1.07 billion to 138,000 addresses that was pretty good and dyx 247 million to 64,000 addresses so I don't know overall it's going to be a big airdrop and if you got it be happy I don't know it's all good although poly Market the other predictions Market yeah put out the best tweet I think of the day which was there's now a predictions marking you can actually bet on this and see what you think but will igen or CZ be transferable first 60 absolutely love that I don't know 60% chance of what is that yes or no what does that mean I've never used this so I don't actually know I transferable before CZ gets out of 60% chance that

Ian is transferable before CZ gets out of so that means in the next four months that means in the next four months people believe that IG is going to be transformable by the way if you don't know what's going on CZ we'll talk about that in just a second don't you worry okay let's move on to someone who might be doing things right for in terms of air drops that's frch frch has been around for a while obviously they had a their moment I guess last year in like Q2 Q3 and uh frch V2 is coming this week and they're launching a token with it called friend what's interesting about this one and this one should get all the fuds Sayers I guess to just shut up because they're giving a 100% of all of their tokens to the community nothing is going to investors nothing is going to

the team it is 100% to the community so let's see how that does I don't think this has ever happened before wild isn't it I mean I don't mind when things go to employees though I guess you know there's maybe a good argument to be made of like if you're an employee here you should love this product enough that you're using it and you'll therefore get air drops because you also a Community member and like incentivizing employees to just be a user like others I don't know I mean they also probably well they did raise quite a bit privately as well so maybe the employees which I don't think there's many employees there probably just all have Equity so they're like whatever just give the give the tokens away but obviously frenck is much more of kind of a de genish experiment and so I think they can just play around

this kind of stuff and see what happens but it's kind of funny this person's tweeting out to saying anyone receiving the Ft air drop should try their best to help make it a huge success because this is the first time we're seeing 100% allocation to the community and so maybe if it works other protocols will replicate it so people begging I'm assuming this guy's getting a bunch of tokens he's like hey guys don't sell yeah exactly exactly it's basically what he's trying to say fro has probably the best Twitter account I think in crypto Twitter right now they have just been playing around with all all the users of frch and playing around with like will they actually launch today they actually pushed it back it was supposed to be I think on Tuesday they said they're going to push it back and then they tweet at

yesterday said we might need another day to implement some of the tokenomics suggestions we just got from the igen layer team so they nailed it there and then they posted the meme of all the white old guys laughing having a drink and just said and then we said it'll launch on Thursday so we'll see if they actually do I love I love brand Twitter accounts that are just irreverent and like don't give a you know what I like I just think it's great and I I really appreciate any brand that's able to like effectively pull that off completely frch and paully poly Market are the two best I think these guys just they know what they're doing and they're so funny to watch but interestingly as we rack up wrap up the airdrop section here there have been so many tokens that have launched in the last few months

there's a list that I have up here that someone tweeted out and there is I think 20 different tokens on this list that have market caps of over hundreds of millions to billions ftvs of literally multiple billions some even tens of billions Jupiter Athena Wormhole Stark net dim alt ethery pixels like the list goes on and on and we just named three that are this week alone and there's gonna be a bunch more I mean Ian coming up in May blast is also coming up so one thing that people need to be aware of is like guys this is a lot of Supply coming to the market and we have to like someone needs to buy up that Supply otherwise these tokens are going to drop and so you wonder why Camino is going down 69% in day one and Rez is dropping too it's like there's not enough demand

for this right now especially since we've been in a bit of a pullback for the last 45 days it's tough there I if I were slated to drop a token I'd push it I'd be like you know what looking at the conditions here you know make couple funny go to the front Tech route and be like sorry people would be mad on the short term and in the long term it'll probably that people will be happy because it'll probably vote better for you yeah I actually Wonder fch was going to launch on Tuesday and then Market's dumped on Tuesday and so then they said oh we got to figure some things out and so they pushed it two days I think they were hoping for a bounce didn't happen now I wonder if they actually do it we'll see it's going to be funny those listening you guys will already

know because it should be today as we're recording anyway let's move up here and uh we'll move on to FTX so interesting story going on here so FTX has obviously been selling a lot of their estate so a lot of the assets that they hold they just finished up their big trunch that they have of locked salana I don't think finished it necessar I'm not sure that's 100% true if it's finished or not I I don't think we have clear reporting on it if I'm being honest but but they have started their last bit of selling of salana right okay what's interesting is that if you bought some of it right now you can buy it for a 100 bucks there are some bids that were 95 I think the lowest they accepted was $85 yeah and I mean currently son is at what 140 I said

at the top of this show yeah and was I mean just a few days ago or a few weeks ago was over 200 and so anyone getting it for 85 bucks that's pretty good now I think they have to hold it for a certain amount of time so here's the thing it's locked salana is what's being sold so my understanding and but I'm not 100 on this is because these are Insider tokens basically that Alam Sam FTX had because they were early investors in salana it's basically like investor tokens you're getting so they're locked now what's interesting is these have been selling up crazy discounts these are actually not so bad right now this trunch that we're talking about these are selling for 95 100 whatever it is and salana at 130 whatever it is the last Tron they sold and bear in mind also that this

what they're selling now is open to an auction so you do have more everyday investors getting in on it whereas the last round was basically just sold to insiders Galaxy digital and others that was sold at at about $64 this was back in March when Solana was trading for 180 200 wow so you know folks I think very rightfully saying this feels like the FTX estate and solivan and Cromwell and folks kind of throwing a bone to their to their friends essentially and letting them Buy in at these sort of crazy discounted prices now look it's lock salana so it is going to trade at a discount because obviously it's not like you can turn around and Arbitrage it right away and and just sell it on the open market um but some of the reporting here that I think has been wrong you've

got reports saying oh it's it's locked for four years the salana is locked for four years at which point it becomes very hard to know what is the right price right if something locked up for four years you can maybe justify that kind of discount but it's actually unlocked over the course of four years so the last bit of it will unlock in 2028 but you have a of these Sal tokens unlocking within the next year and they basically unlock monthly at particular distributions over the next four years my feeling is like $64 again this was happened back in March for tokens that were selling on the market for 180 is is too steep a discount for what these tokens are but they're course correcting a little bit here in May with the selling that they're doing but this is frankly and last thing I'll say on this

is also just frustration with there's not a lot of transparency like when the bankruptcy estate reports on what they've sold they lump a lot of coins together so they say hey from the Alam stash we sold all of these tokens and they'll give you one lumpsum number right 1.8 billion was sold of all of these tokens and you're sort of left to try and parse out what was Solana what was what were other things there's not a lot of incentive on the on behalf of the FDX bankruptcy team to provide a lot of transparency here which always gets my hackles up a little bit so you've been living breathing FTX in this whole situation which is still continuing I think most of us have kind of forgot about at this point now that SPF is gone but there's still a lot going on Karly why are you still in it what are you

noticing is there anything that like you want to why am I obsessed with the price they're selling was like stop talking please nobody cares actually this much about the sale yes I I've been tracking this really closely I think the first thing that caught my attention was after the trial I was sort of still following things a little bit I I reported on the sand bagman free trial pretty closely and the first thing that sort of caught my attention is the fact that solivan and Cromwell big american-based Law Firm top whatever five I don't know exactly what they are big Law Firm here they were attorneys for FTX us back in its Heyday and in fact the general Council for FTX us was a former solivan and Cromwell partner so really deep ties between the two companies and solivan and Cromwell then has remained on and is

the law firm running the FTX bankruptcy post collapse it is incredibly strange I don't know of another example of that and I've talked to other bankruptcy you know bankruptcy experts bankruptcy attorneys Enron when the when Enron went down the lawyers went to jail right like it's very unusual that you are the law firm a law firm representing one of the highest profile frauds of all time and you basically get a pay raise and a promotion at the end of that at the end of that situation now there's a crazy amount of nuance here you know solivan and Cromwell would claim they really weren't primary attorneys for FTX us that's very disputed and I could give you their fee structure and be like that really doesn't make sense given how much they were paid when they did work for for FTX during its prime so that was

strange to me and and The more I've dug into it and I don't want to get over my skis here or say anything but like the more you look into it the stranger this bankruptcy becomes and bankruptcies are always weird I will say that bankruptcies are always weird there's always Shenanigans there's always Insider dealing right the salana token piece that I just spoke about it's somewhat par for the course there's a bigger picture here of things that go beyond just normal strangeness with a bankruptcy and again I'm talking to bankruptcy attorneys who are law professors who have nothing to do with crypto who have been looking at this bankruptcy going this is weird even for bankruptcy and so without you know putting up pictures on a wall and going full A Beautiful Mind on you here and like laying out everything that I think is strange about this whole situation

I've stayed on it because my feeling is the collapse of FTX and Sam bankman freed is makes for very sexy headlines you have the boy Genius the effective altruist who turns out he was robbing people of their money like that's a very easy story to follow and an easy story to make sexy headlines about but it's not really uh representative I think of the way in which people are screwed on a regular basis it it's kind of an anomaly the Sam bman Freeds of the world are are an anomaly but the subtle Arcane boring document oriented ways that these kind of wealthy big powerful law firms that are very interconnected with the government and and very interconnected with everybody the way they bend the rules or change the rules to fit them at

the expense of creditors in this case or customers in this case that actually feels very indicative of ways in which the system is flawed and a problem and it's it's a lot less sexy because again it's a lot more like here's this line in this document agreement that you violated but the result of that violation is that you've made aund million doar and customers didn't get that money back and customers frankly are you know there's a lot of headlines around customers are getting their money back they're not again it get this is where you can get you can get deeper on this but that's really for me what's been motivating essentially you're saying it's not just about FTX in his scandal there is a scandal underlying here with potentially the law firm that was involved with FTX it's still happening right now and that's why

you're kind of fighting the good fight for us out here yeah yeah it's why I'm I'm staying on the story I think I cover this a lot on the Karly P Riley show my my show on YouTube so I keep kind of drip feeding things out but at some point here and I'm talking to a number of folks we want to in as simple a way as possible give this bigger perspective because yeah exactly as you said I think there's a bigger story here that's being missed because it's more complicated and it lacks the like high-profile sex appeal of like the 30-year old billionaire I don't get scared about many things but you're trying to take on like a behemoth like law firm in the US I feel like that's like risky business if if car all a sudden just disappears we know we know who did it and this is

why I'm trying to actually be very responsible about what I said like you know I don't want to go to I don't want to get over my skis because I think way somebody put it like if you're gonna shoot at the king don't miss you know what I mean like you know I want to be responsible but anyway I appreciate you letting me talk about it here 100% it's so interesting and speaking of someone who's also going to be disappearing CZ the former the founder of binance who um they had to pay $4 billion in fees and now he actually is going to be sentenced for four months he's going to go to jail in a US prison and it's quite funny I guess not the fact that he's going to prison but if you guys remember over the last year where there was all

this fud around binance CZ kept posting the number four he just kept saying four I have a picture up on the screen of him holding up his four fingers every time there's fud he's like I'm just going to use the number four and then just how does this play out this way he goes to jail for what four months he pays a fine for what $4 billion what on the world oh in the fourth month of the year in 2024 as well if you want to add more to the story which is just like I don't know just so weird but this is how it always works out it was the same thing with SP SPF do you remember what was that it was like 25 you know when he had that long thread one what and then what happened and it was like one two three so 25 on

that thread it was like 25 and then it was like and then we get back to building or something like that and he's going away for 25 years what and you know what I'm about you missed this yeah I I didn't see that I did not unbelievable irony of like his sentence corresponding with something he had tweeted where in his long thread it was like 25 and then we get back to building it's like 25 years when it was verbiage wasn't exactly right on that but roughly correct well wild all right well let's talk about nfts our nfts back we've got the expert overpriced jpegs expert here who from the beginning said that they were overpriced and obviously I think we all learned our lesson over the last two years but there's still some things happening in the space Moon Birds which um as everyone knows Jay bought a

moonbird actually fairly early on rode it to the top and then um rode it all the way to the bottom still owns it today and that thing is not doing so hot but Moon Birds was acquired by yugal laabs and so there was a little bit of hope that maybe they could bring them back to life and now we've just had an announcement that Moon Birds is building the moon Birds universe yeah Carly you want to walk us through what's going on here yeah yeah I I don't think that nfts are back but I do think that that I do think e nfds will have a Resurgence at some point at least a couple of them have good odds but yeah you know it's so interesting so they came out with this announcement obviously as you said ulabs now owner of moonbird the announcement had a couple of components that I think

are worth highlighting first okay they're building a moonbird universe for for the moon Birds Community I have some question marks around this we'll get to that in a minute the second part of this announcement that I thought was really interesting is I'm gonna say this one way and then I'm goingon to explain it more reversing the ccz decision so if folks did not follow this don't remember this at moonbird launched and they had I forget what their original Ip rights were but you as a holder of a moonbird had certain IP rights over your individual moonbird then in was a very controversial move and frankly I would almost pinpoint as like the beginning of the end for moonbird was Kevin Rose came out and said hey we're actually making the moon Birds collection cc0 which means that the intellectual property would be put into the public domain and

wasn't like individually ownable now there's again nuances there people don't I think totally understand how cc0 works you can still trademark something if you're using a moonbird in a business or whatever but people felt very blindsided by that I think for good reason and felt like you basically sold me something that had a set of Rights alongside it and then you unilaterally decided to take those rights away from me without consulting the community like what a strange move okay so now you have in this latest Announcement by the Yuga team running Moon birds that actually we're giving rights back CC Z doesn't actually work that way you can't undo cc0 once something has been put into the public domain but what they're actually getting at here is I think they're basically la launching a an additional collection of moonbird for each holder that will have essentially what the

original ipu rights were so this has just been kind of a I don't know case study in a bit of a show in IP management but I appreciate that this is a brand that has pushed boundaries and allowed us to kind of learn in real time what the the bounds of all of this are so that's the first announcement that I think is interesting generally people were excited about that it was my feeling and I think you actually did have some the price go up a bit which to me was actually more based on the the rights than it was even on This Promise of a universe and then the second part as I said is you have this moonbird universe coming out here's my big question it is unclear to me if this is a part of other side or independent from other side yeah I couldn't figure that

out either all I know is you can use your moonbird inside well they're going to allow you to use your moonbird inside of some sort of metaverse so they're kind of making the pixelated jpeg into some sort of 3D avatar which I mean every nft I feel like has made this game plan no one has succeeded in it and it's just weird to me they're already building other side which they're very behind on and like much much smaller teams are doing way better than than they are and now ugab is launching another metaverse which it doesn't say that it's part of other side it says that you can use these new like Moon Birds inside of other side but like I mean building a metaverse is not easy we know this we've seen this I don't know how they're going to now try and build

another one it just seems to me like they're just repeating the same over and over again I told Jay to sell his moonbird months and months ago probably a year ago at this point I feel bad he still still just hold you know I actually would like to and and you know you and I are just going off of the the post that they have they did do a longer space which I listened to part of but I I didn't really get clarification on my my big questions having listened to it to be clear they've announced they're building the moonbird universe which I don't know the not a metaverse correct that's it might not be so Colin hesterly who's been on their team now for a while and did the mythics drawings really actually very talented director and and Creator he has been promoted as part of

this to sort of oversee this project which almost makes me think oh no we're building a place where you can take that character so you're right it must be more of a metaverse yeah Valaria but I wonder if there's going to be more of a storytelling almost component to it like I'm picturing like a Choose Your Own Adventure I don't know we're all still I'm just I'm still just like do people care I don't know it just it doesn't make sense to me another say I think and that's why I say I think the price action has been more reflection of people liking the reversal of CC Z to put it yeah yeah I agree with that yeah another nft that actually has had a jump in price and continues to sustain that since the announcement is isuki we talked about this where they were going

to launch a um basically like a TV show an anime show and they've done it they've launched their first episode I think it's like nine minutes long Carly you watched it what do you think I am into it I'm into it I think look I think this is the right direction for isuki to go and I think that is probably the generally the the sentiment they always had an IP that lent itself really beautifully to anime I mean it is Anime right but to like an actual anime show and I think the show delivered in terms of being beautiful and well done in my opinion you know the storyline is kind of shrugg to me so far you know a woman keeps going to a vending machine and there's a strange guy next to the vending machine and then he whisks her away to a different world after she eats

a red bean and I was like sure like I'm not like oh I need to see the next episode I'm also not necessarily the biggest Anime Watcher though I love Studio gibli films so you know I think more to be revealed I think one episode it's hard to but they didn't to me they didn't like fumble the bag with the first episode right yeah I mean so people are liking in terms of price it's up to 5.3 eth although like it's way down from previous it hit its all-time high up at 25 eth at one point so that's pretty wild but either way like I guess people are are happy about it I just like to see nft projects actually build something and actually launch and not just say we're GNA launch something and not do it so it's good to see them I don't watch anime either so like I can't

really comment on it but uh in terms of nfts are back Carly says maybe maybe some e i and when I talk about nfts like you know I left over by sh pegs right before I feel like everything really moved bigger to ordinals and even to salana and things like this kind of era of like Ethan FS are dead is a totally an era in which I have not been doing my show so I still have a soft spot for Ethan fds I still think that in many ways those will always be seen as like the ogs the ogs of eth nfts are sort of the ogs of nfts and so I think there will always be power to eth nfts and and these things will be cyclical but we you those of us who have been in this space long enough have always obviously known

that the vast majority of nfts wouldn't be worth anything in the long term for sure again if you manage your expectations which again is the theme of the show and most people I think did not uh but maybe the Catalyst to bring this all back is blur is launching on blast so blur a lot of people blame is the thing that kind of ruined the NFC Market but it's only existed on ethereum L1 it is now on blast L2 which has been a beast it's got a lot of capital it's got a lot of users and then interestingly they are doing a massive massive airdrop or sort of points Farm they call it gold on blast and so for those that are Bid listing and trading nfts on blast which is we never really have a lot of um nft action on l2s and so maybe this is the

thing that can bring it back like you don't really want to trade a ton on on eel1 it's quite expensive so maybe bringing them onto L2 is going to be useful I don't know let's see but interesting nonetheless to see that happen but I'm still not super bullish on in general it feels everything with blur you'll see like immediate price action as a result of this but will it have any sort of longterm effect like feels dubious to me honestly yeah we'll see I mean blast is is a beast this Pac-Man is crushing it like he is an absolute beast but we'll see what this means sustainably for the long term all right last big piece of news is around fantasy top we talked about this last week when we had Tyler D on the show and fantasy top launched their new platform last week this is basically like a

fantasy football but for influencers on Twitter so we we explained it all last week if you haven't listened that show go check it out but interestingly now that it's live we should have expected this to happen but so people are going they're buying their influencers on fantasy top they're setting their teams the way that they earn points from this and how they win is if those influencers get more engagement right if they get more likes and comments Etc then that means that their players are doing better it's like if they score goals in in hockey or they get a touchdown in football so what's happening is people are buying up influencers and then they're going and and creating Bots and botting up their engagement so that they get ridiculous amount of Engagement so zenica who we've had on the show a few times all he did was tweet out GM it's

raining in Dubai again and he gets 641 th000 views on his tweet so only in crypto does this I love this so much it's so stupid and in a way that just brings me tremendous amounts of Joy like I just I cannot believe the uselessness that people put their attent like their their energy on in the space and it right but it's just it's hilarious and then we have Ox jpeg who tweets out he goes by the way if you're an oxj Peg fantasy top holder it's now your fiduciary duty to like and retweet and bookmark all of my posts absolutely love it people are just so so ridiculous but here's what happened fantasy top tweets out and goes hello at blast and a warm welcome to the 19,1 159 newly onboarded addresses

basically they're saying they've had a pretty good launch and so a bunch of new people because fantasy top is on blast are now using blast but what's funny is it's just a bunch of people that were already on blast to use fantasy have to create a new wallet and so a bunch of people created a wallet to do this had to move their eth over there and now it counts as a new holder on blast and so like did this actually bring 20,000 new people in a day no probably not it's just all people that were already there they to bridge over but these are the games we play of course in crypto land well wild times all right that's it for the top stories Carly now we're going to move to our last two sections which is in case you missed it and then we'll get

into our agree disagrees which I'll let you run for me but let's rip through these in case you miss it first just some top uh highlights of things going on the first one this is massive actually tether put out their attestation for q1 2024 just yesterday and as of March 31st in 2024 they have brought in$ 4.52 billion dollar in profit in one damn quarter CRA this is actually unbelievable to put this into perspective tether has made about 45 okay so $45.2 million per employee they have just made because they have about a hundred staff although I've heard things that are actually even less than that

that's in one quarter that is actually probably the most profitable company in the world and if we compare them to other Banks so first of all tether made the third most of the big American banks at 4.52 only JP Morgan with 13 what is is 13 billion in Bank of America was 6 billion they were ahead of Goldman Sachs and Morgan Stanley but in terms of Prof per employee so Goldman Sachs was $93,000 per employee which was actually double the next behind them which is JP Morgan at 43,000 tether 45 million it it's staggering it's almost B's belief it's like how is this real a Beggar's belief it's like it's crazy it's literally wild speaking of someone who's got a lot of money and likes to do something with it that's Michael sailor

micro strategy he's just bought another 122 Bitcoin in April so they hold 24,400 Bitcoin which is obviously pretty massive but 122 feels a bit small I wonder if he's running out of money can't find a little any more change between his couch cisions or something because I mean happy he's buying 122 but that's pretty small for his uh typical purchases next up in case you missed it jto Soul you guys thought re reaking was an ethereum thing well it's coming to salana I don't know if this is a rumor I don't think this has been fully confirmed yet but um we're told that jto which is the the liquid staking protocol the biggest one in salana they are going to be building and launching a restake protocol for soul uh at some point soon we don't know when but it is coming so

that's going to be pretty cool I imagine next up coinbase rolls out lightning Network support uh and collaboration collaboration with light spark this was a big thing for a while the bitcoiners were getting mad that coinbase will only use ethereum and salana and wasn't integrating payments and stuff with Bitcoin so coinbase decided to do it I don't really know why because lightning is not that great to be honest but I feel like they just had to do what they had to do and last thing back on the Bitcoin world and this was with micro strategy they are actually building something on top of Bitcoin and I think it's using ordinal and basically what they're doing is trying to build decentralized identity on bitcoin so I'm not going to get into all the details quite interesting we'll see if they actually do it but sailor wants instead

of a blue check like you get on Twitter he wants an orange check and that is verified by the Bitcoin blockchain so things are happening over in the Bitcoin world yeah we'll see if you can do it or if it makes sense a lot of the things they're building on bitcoin don't really make a Tenon of sense so like super bull a lot of it but I don't know I imagine they're not micr strategy and and michos they're pretty smart people so like I think they're gonna do something good here but we'll see yeah all right let's move over to our gree disagrees to wrap up the session I'll take over here okay you have this tweet from Wolf of all streets Bitcoin has been utterly and indisputably indisputably dominating since late 2022 beating Bitcoin is exceptionally hard agree disagree Kyle I think um at certain times I agree and at

certain times I completely disagree so in a bare Market it's it's extremely hard and actually for most people if you're not like 24/7 in the space all the time reading milk road every single day listening to milk Road Radio podcast every single day it's probably pretty hard mainly because people get the shiny new toy syndrome and they start buying every different token whereas like you can just hold Bitcoin and you can do pretty damn well especially if you buy it early on in the in the bare Market but Bitcoin dominance just continues to go up and up and up so I completely understand what he's saying for most people it is definitely much easier to just hold Bitcoin but I mean you could also just hold salana and you you'd smash Bitcoin so I don't I know that seem to me seems pretty easy too yeah

sure all right next up memes dump the fastest but also recover the fastest this is from zenica yeah I mean it's obvious right now this is the case we've talked a bit about what we think with memes in a lot of my market watch episodes and um at least this cycle this is what's happening with memes they're obviously the still it thing I think even with this pullback they've been hit really really hard but I don't think they're going away I think this Cycle's still pretty early days and so I imagine that when prices start to go back markets turn mem coins are going to be the fastest horse in the race without a doubt doesn't mean all of them will I'm not saying you should hold meme coins through each pullback most of these things just blow up and go to zero but some of them Geo Bowden is one of them

which is a blue chip meme coin I guess we call it these days is going up like crazy went up 51% in the last 24 hours so obviously there is some Alpha in the meme coin space so I agree with zenica all right from PayPal president David Marcus says well this is from Bitcoin magazine but PayPal president David Marcus says bit Bitcoin is quote going to be the native currency of AI that's a spicy one I like it yeah I mean look I'm super bullish on bitcoin I don't necessarily think it's going to be the currency of AI I'm just not sure the the Bitcoin blockchain can handle that I think more people think that something like Soul or eth is probably going to be that or maybe a stablecoin on top of of these like I'm not sure it's going to be Bitcoin I think Bitcoin is going to be

has its place as a store of value digital gold and um I know we're building a lot on there but it's so clunky a lot of it is actually centralized even though the bitcoiners hate that but that's Michael sailor buys up 215,000 Bitcoin to a crew yeah so I just like the l2s and things like I'm interested in I just don't know that it is going to be the future of smart contract platforms which is what AI is going to need to use currencies so I probably disagree on this one though it doesn't mean I'm bearish on bitcoin which is what a lot of people will take from this all right we're going to do one more but car throw this one on you and I'm going to do that because this is about the US and you are an American citizen I am not

I'm Canadian default export expert on America yeah exactly now a lot of Americans listen to this uh to this podcast so you are speaking on behalf of all the Americans so let me know what you think I like it how I like it million us yeah yeah this is Eric Vorhees and he says the number of services that now say not available to residents of North Korea Cuba Iran and the United States of America is proof that America on the road to prosperity and greatness so this is confusing because I assume he's being sarcastic with this tweet and he means that what he's actually trying to say is like it's proof that we're not on the road to prosperity and greatness since we're being lumped in with North Korea Cuba and Iran so regularly so I don't know if I'm supposed to agree or

disagree with the sarcastic sentiment I I guess I I'll put it this way I do think America is an empire in Decline but I don't think decline happens quickly like I'm not I don't think that we're like done in the next decade you know I think this is something that plays out over many many many decades I'm not optimistic that we make the right choices and kind of regain I don't know World dominant sounds bad right but like like the kind of un unop poity or like whatever the word like hegemony in the in the world we have it now again but I think we're an empire in Decline so I guess I agree with him that America's not in the best shape and it is funny to laugh at the fact that it's often like us and then like Theocratic you know it is very weird to see but hey

I let you comment on that I w't even say anything about the interesting thing that I think he said is look it it is definitely in Decline I think that's I guess it's not definitely in Decline but I think it's pretty apparent and at least in my opinion that that is in some form of decline but the problem with crypto people this goes back to expectations we keep going back to this is people go okay the Fiat system is going to fall apart the US is gonna not be the leader anymore it's gonna fall apart but everyone goes thinks that that's going to happen like tomorrow yeah the time Horizons are really off I think yeah and the time horiz are so far so like yes we are going to have like Bitcoin and crypto are going to take over the world without a doubt but like

it's not tomorrow it's not next year it's not five years it's much longer than that yeah and same with when Empires fall it takes decades for Empires to fall this has happened time and time again there's a bunch of books you can read about this that are that are really good the fourth turning is one of them but it takes so long for these things to play out and I'm sure maybe they're a bit faster now just because the world moves a bit quicker but it's still not weeks month it's not remotely the time Horizon that people are thinking and like we still I think are really dominant like our VC markets are and our our culture you know so much culture comes from the US though I guess Tik Tok is sort of decentralizing that to a degree right not not that Tik Tok

is decentralized but but I do think we still have like areas in which we really are incredibly dominant obviously I mean our military too but I actually think that's part of our plan so in any case we I think we we largely agree but yeah people need to totally rethink their time Horizons on like you think about like the network State biology stuff I love everything he says I just think like that we're talk like it could be a hundred years you know if the world doesn't implode before then I honestly think like get a network state in like 75 years which is really cool and exciting but like it might not even be in my lifetime you know so right right well that's a wrap that was amazing Karly where can our listeners find you if they want to learn more about everything you're doing with FTX and on

the Karly P Riley show love it Karly P Riley show I'm only posting on YouTube or I've only been posting on YouTube lately though I will be Reviving the podcast at sometime some point here I'm trying to want to make sure both experiences are good you know I don't want to build something for YouTube and then put it on the podcast and have it be a bad audio experience so go follow me on YouTube the Karly P riy show CPR show I think you can also put in there but you know the podcast will be Reviving soon if you're more of an audio only person nice well it's good to have you back in the crypto world I'm sure everyone misses you and missed your podcast I know I miss you I I am still tracking and following along I just am not uh not posting the way I once was

and I have to say it's actually a little nice it's kind of nice to like be a little bit more at an arms length distance from it all awesome well thanks for joining us in taking place of Jay everyone he'll be back next week he's been off for two weeks in an RV traveling through the US actually with his um with his son and his wife and so I just talked to him yesterday and he's excited to get back so we'll see him next week but otherwise thanks everyone for listening in we will see you next week take this weekend manage your expectations don't get mad over aird drops if you don't get a million dollars we got to learn to manage your expectations it's going to make your life a lot easier otherwise have a great weekend everyone and take care thanks so much thank you for listening to milk

Road radio the easiest path to get smarter about crypto if you like this episode share it and hit subscribe or follow so you don't miss out on the next one there's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game then we'll leave a link to milk Road Pro as well your number one resource to help you invest successfully in crypto one final note this podcast is for educational purposes only and nothing we say is financial advice crypto is risky so you should never invest more than you're willing to lose thank you friends and we'll see you in the next one a