Telegram CEO Arrested! Our Privacy Is Under Attack!

Transcript

bankless, Nation, it, is, the, last, week, of August, it's, time, for, the, bankless, weekly rollup, telegram, founder, pav, DAV, was arrested, in, France, why, what, are, the charges, what, happened, and, what, does, it mean, for, the, future, of, privacy, with encrypted, me, messaging, apps, also, does the, ethereum, foundation, need, to, be, a little, bit, more, transparent, when, they send, $100, million, of, eth, to, Kraken, and why, does, vitalic, hate, defi, or, does, he maybe, not, we'll, shed, some, light, on, all of, this, drama, also, uh, another, week, nasty gram, from, our, friend, at, the, SEC, Gary gendler, uh, what, lucky, company, is, joining the, ranks, of, companies, that, are, in, the targets, of, Gary, Gensler, in, the SEC, um, somebody, got, a, Wells, notice, place your, bets, consider, which, uh, awesome

compliant, us-based, company, is, now receiving, a, Wells, notice, place, your, bets think, about, it, we'll, come, back, to, this later, in, the, show, also, consider, Gary gensler's, feelings, on, Pokemon, cards, in nfts, does, he, think, there's, Securities, uh and, speaking, of, nfts, you, know, Trump's got, a, nft, program, he's, rolling, out, it's like, the, fourth, edition, of, the, trump card, we'll, talk, about, that, and, the, maker Dow, Rebrand, into, Sky, is, underway, so, we will, give, our, takes, and, all, the information, uh, about, the, change, from, D to usds, and, mkr, to, Sky, also, Sony introducing, their, ethereum, layer, 2, built on, the, op, stack, where, did, this, come, from why, does, Sony, need, a, layer, two, uh, and also, really, bad, news, for, men, in, the crypto, dating, Department, uh, yikes, you

guys, you, guys, aren't, doing, so, hot, uh, but before, we, get, all, of, this, are, we, you guys, I'm, married, okay, are, you, talking to, I, don't, I, don't, want, to, I, don't, want to, talk, about, it, I, don't, want, to, talk about, it, moving, on, all, you, don't, want, to be, included, in, that, department, all, right we, got, before, we, begin, in, we, got, a message, from, our, friends, over, at, kelp Dow, what, are, they, up, to, yeah, kelow, is introducing, gain, a, brand, new, product, to maximize, your, rewards, if, you're, in, the business, of, points, farming, yield, farming across, all, of, these, different, apps, maybe just, let, kelp, do, that, for, you, with, their new, product, game, you, can, deposit, eth, RS eth, or, other, lsts, you, get, access, to rewards, from, multiple, different, layer, 2 networks, other, reaking, platforms, DFI opportunities, with, a, single, click, uh

maybe, you're, in, the, trenches, uh, and, you would, spend, like, to, be, a, little, bit, less in, the, in, the, trenches, uh, gain, from, kelp can, do, that, for, you, uh, there, is, a, link in, the, show, notes, uh, so, you, can, get started, it's, all, non-custodial, so, you have, full, control, over, your, assets, you can, withdraw, at, any, time, all, right, so, we get, into, prices, Ry, uh, heck, yeah, so, uh bitcoin, price, in, the, week, what, are, we looking, at, bitcoin, price, $6,700 up, a, half, a, percent, so, call, that, flat currently, at, 61,000, at, the, end, of, the week, uh, East, price, start, of, the, week 2,600, down, 1%, to 2590, was, lost, $10, flat, Call, It, Whatever Call, It, Whatever, flat, and, on, the, ETF inflows, or, outflows, we, are, actually, on inflows, as, of, the, last, yesterday, uh, so

for, the, first, day, in, two, weeks, we, got you're, celebrating, one, day, of, inflows net, inflows, we, are, on, a, one, day, streak okay, could, be, also, two, at, the, end, of today, could, be, two, the, day, of, recording on, Thursday, so, yesterday, the, 28th, we, had $5.9, million, of, net, inflows, uh, 8.4 million, into, black, rock, 3.8, million, out of, um, gray, scale, uh, Fidelity, got, 1.3, and everyone, else, is, basically, still, I, mean there's, no, way, to, suar, no, way, to sugarcoat, this, the, eth, inflows, haven't been, great, eth, ETF, inflows, have, not, been great, yet, so, we're, still, at, turn, around I'm, still, holding, that, PO, still, early under, mon, early, still, under, a, month, did you, check, out, Bitcoin, this, week, too, it

had, some, pretty, red, days, like, the, 28th 27th, wow, Bitcoin, is, at, a, zero, day, streak yeah, well, okay, so, four, the, last, four days, the, 23rd, 250, in, 26, 200, in, 27, 127 out, the, 28th, 105, million, out, yeah, so some, rough, days, uh, maybe, those, Diamond hand, institutional, buyers, aren't, so Diamond, hand, David, they're, getting, so all, turns, out, all, that, the, ETF, buyers are, just, us, in, our, retirement, accounts turns, out, that's, just, our, money, well thanks, to, Kraken, for, those, charts obviously, we, use, C, Kraken, Pro, uh, and, the Kraken, exchange, for, all, of, our, crypto trading, don't, we, and, thanks, to, Kraken for, sponsoring, Bank, list, for, as, long, as they, have, um, let's, turn, it, to, layer, Twos

for, a, quick, update, Bas, is, absolutely running, away, with, layer, 2os, from, from this, metric, which, is, monthly, active, user addresses, so, this, blue, line, is, base, and it, is, just, climbing, uh, kind, the, only, one that's, going, up, yeah, hockey, stick, growth um, what, are, some, of, the, stats, here, let me, see, so, 13.4, monthly, million, active addresses, up, 20%, month, over, month, up 1300%, year, over-year, that, 13.4, million monthly, activ, is, compared, to, arbitrum 3.5, Lena's, 1.3, and, optimism's, one, there was, a, question, of, how, much, is, of, this, is like, Cil, so, Travis, clling, asked, uh, in this, chart, uh, isn't, this, skewed, by, Cil

farming, industrial, grade, Cil, farming airdrop, farming, what, if, I, told, you, 10 entities, controlled, uh, more, than, half the, wallets, and, token, turn, over, been, the entire, Paradigm, of, all, address, base metrics, you've, always, it's, all, been, like that, since, I've, ever, gotten, into, crypto we've, known, this, yes, yes, and, also, the data, that, we, just, quoted, is, from, token terminal, that, tries, to, screen, some, of that, noise, out, so, the, reply, here, is, I know, that, they, did, that, yeah, uh, good, old token, terminal, they're, building, behind the, scenes, the, above, chart, takes, into account, unique, fee, paying, addresses, does not, consider, whether, those, addresses, are controlled, by, one, or, many, IRL, entities so, they, do, unique, fee, paying, addresses but, like, I, guess, they, they, you, they don't, always, know, uh, oh, but, they, do, say

please, share, a, list, of, the, 10, entities and, uh, we'll, uh, disclude, them, so, they find, out, well, they're, calling, they're calling, Travis, out, so, he's, like, oh, so you, know, those, 10, address, send, them, our way, that's, what, they're, doing, oh, that that's, uh, monthly, user, addresses, which is, one, metric, another, though, is, total value, locked, and, here, arbitrum, still Reigns, Supreme, they, crushing, gargantuan yeah, $15, billion, in, arbitrum, followed, by bases, six, followed, by, optimism, is, five and, a, half, followed, by, blast 1.5, yeah, uh, so, you, know, another, metric to, look, at, of, course, where, where's, our friends, there, are, five, there, are, five layer, twos, with, a, billion, dollars Mantle's, the, next, one, at, $1.1, billion let's, talk, about, Trad, markets, for, a

second, Drome, Powell, is, signaling, that rate, cuts, are, all, but, inevitable, this kind, of, what, we, expected, but, he, made, a speech, this, week, uh, and, he, noted, a, few things, that, inflation, has, dropped, from, a peak, of 99.1%, in, mid, 2022, do, you, remember, it, was at, 99.1%, that, was, crazy, um, to, 2.9%, last month, and, both, are, edging, close, to, the 2%, Target, of, course, and, he, adds, this, we will, do, everything, we, can, to, support, a strong, labor, market, so, notice, that, the strong, labor, market, I, think, that indicates, that, they're, shifting, their focus, from, inflation, to, jobs, reports, and jobs, numbers, the, the, labor, market, he also, said, this, this, is, a, direct, quote with, an, appropriate, dialing, back, of

policy, restraint, there, is, good, reason, to think, that, the, economy, will, go, back, to 2%, inflation, while, maintaining, a, strong labor, market, he's, basically, saying, I'm going, to, dial, things, back, inflation's going, to, be, fine, and, also, jobs, will, be fine, so, that's, next, that's, going, to happen, in, September, it's, all, but inevitable, I, think, a, lot, of, macro, folks are, are, saying, inflation, is, no, longer the, thing, that, you, should, be, looking, at uh, with, respect, to, Fed, Poli, policy decisions, you, know, everyone's, trying, to Pro, prognosticate, and, try, to, predict what, Powell, and, the, FED, are, going, to, do next, uh, but, really, the, the, numbers, we should, be, looking, at, are, coming, out, of the, jobs, reports, so, jobs, numbers, are, now the, new, inflation, like, more, important, in determining, uh, the, the, fed's, next, move so, I, feel, like, we, might, need, to

incorporate, some, jobs, numbers, into, this uh, you, know, trafy, update, macro, section moving, forward, so, um, I, asked, like, you know, like, what, are, the, best, job, numbers to, track, so, maybe, we'll, include, some, of that, uh, moving, forward, so, that's, what's happening, on, the, Fed, looks, like, easy money, is, back, on, the, menu, also, this happened, towards, the, uh, beginning, of this, week, which, is, where, we, saw, like some, price, increases, across, the, board like, each, got, almost, up, to $2,800, uh, Bitcoin, got, up, to, like, six $65,000, so, we, had, we, saw, the, price action, respond, here, both, in, equities, and and, in, crypto, markets, but, uh, I, think people, are, like, my, suspicion, is, that they're, going, to, cut, slowly, it's, going to, be, a, slow, move, not, Whiplash, because they, learned, their, lesson, last, time, it's

going, to, be, a, slow, cut, uh, so, people, got really, excited, but, then, they, realized that, you, know, okay, this, it's, it's, going to, be, the, easy, rate, cut, cycle, era, but it's, going, to, not, happen, all, at, once that's, my, indication, of, the, market anyways, more, into, the, crypto, side, of markets, uh, stablecoin, stablecoin, Supply is, almost, almost, at, all-time, high, it almost, grew, a, whole, 1%, over, the, past week, to, $169, billion, almost, there, uh usdt, tether, has, grown, 28%, this, last, year from, 91.5, billion, to, 100, 117, billion usdc, grew, 44%, this, last, year, from, 23.8 to 34.4, uh, stable, coin, Supply, to, me, Paints the, floor, for, fundamentals, and, valuation

for, all, our, other, crypto, assets, as, this number, goes, up, in, price, to, me, the, floor price, of, crypto, assets, also, goes, up, in price, uh, so, just, really, strong, growth out, of, stable, coins, yeah, that's, good, for defi, David, you, want, to, hear, a, fun fact, always, so, okay, laen, Buffett, he, just you, know, he's, been, selling, his, stocks and, stacking, uh, you, know, uh, dollars basically, he, sold, more, BFA, stock, Bank, of America, stock, yesterday, he, has, now, now he, has, about, two, stable, coin, market, caps worth, of, cash, sitting, on, the, war, fun fact, balance, she, that, is, not, a, fun, fact that's, not, a, fun, factoy, 3300, billion doll, Warren, Buffett, has, and, uh, I, thought you, were, going, to, tell, me, he, was, GNA, he had, just, started, buying, stable, coins, for

some, reason, I, was, like, that, is, a, fun fact, he, could, he, could, convert, all, of that, to, stable, coins, and, like, and tokenized, treasuries, and, bidle, fund, he could, could, Corner, the, stable, coin Market, okay, here, here's, what, an, actual fun, fact, is, okay, PayPal's, py, USD, hit, $1 billion, in, market, cap, congratulations, to PayPal's, py, USC, well, done, what, if, people don't, know, what, py, USC, is, it's, a, stable coin, right, from, PayPal, yeah, PayPal, yeah PayPal, stable, coin, uh, it, has, doubled, its Supply, since, June, uh, monthly, active wallet, addresses, of, py, USC, was, at, 25,000 in, July, uh, and, that, has, been, up, from 9,400, May, so, getting, some, some, traction actually, mostly, on, salana, uh, it, went

from, uh, zero, to, $650, million, of, stable coin, Supply, on, salana, in, the, last, three months, which, is, closing, in, on, Tether Supply, on, salana, mostly, uh, apparently allegedly, caused, by, incentives, commo drift, and, margin, fi, uh, introduce, boosted rewards, for, PUSD, so, uh, when, you incentivize, things, uh, it, happens, uh, but yeah, uh, PayPal, py, USD, cornering, part, of the, stable, coin, Salon, Market, David, I I've, heard, say, why, are, you, laughing, oh um, just, because, you, said, when, you, said devis, things, they, happen, and, I, I, just thought, you, know, that, that, that's brilliant [Laughter] um, also, also, I, was, gonna, bring, up, the fact, so, um, Nick, Carter, has, told, us, and so, did, Austin, Campbell, when, we, had, him

on, the, podcast, by, the, way, that, that episode's, going, to, come, out, later, with Austin, Campbell, was, a, great, episode super, good, episode, more, than, STS, like about, uh, yeah, how, to, talk, to, the, roots yeah, how, to, talk, to, sort, of, like, the, the Normy, on, the, street, in, the, US, and, you like, explain, why, crypto, is, actually, good anyway, that, aside, they, both, have, said things, like, py, uh, py, USD, PayPal's, stable coin, is, actually, better, in, some, ways than, usdc, certainly, not, from, a, liquidity better, from, like, an, investor, protections consumer, protections, uh, point, of, view yeah, and, they, can, explain, this, better but, what, it's, because, it's, like segmented, in, a, trust, and, so, like, it's it's, it's, it, has, the, settlement guarantees, almost, like, cash, in, your pocket, it's, like, a, true, be, uh, instrument

and, if, PayPal, goes, bankrupt, or, anything else, going, like, bankrupt, unless, the, US government, literally, goes, bankrupt, and then, we're, all, screwed, uh, it's redeemable, right, so, which, is, maybe, it's not, as, clear, what, would, happen, in, the case, of, like, a, circle, bankruptcy, or something, crazy, of, what, would, happen, to usdc, I, think, that's, some, of, the additional, settlement, guarantees, that you, get, with, um, PayPal, stable, coin, yeah to, to, further, illustrate, that, point, like you're, dollars, in, your, Wells, Fargo, or your, dollars, in, fintech, PayPal, are, an IOU, this, is, how, banking, works, we, know this, uh, stable, coins, are, better, than, the those, banking, in, terms, of, a, bankless life, like, using, bankless, tools, pure, like USC, tether, stable, coins, are, better because, they're, onetoone, backed, right

like, there's, not, risky, lending, going, on in, the, background, but, py, USD, is, even better, than, the, typical, stable, coin because, of, an, additional, like, legal protection, wrapper, in, how, it, becomes tokenized, in, the, first, place, yeah, it's even, better, according, to, them, than, FDIC insured, Dollar, in, your, bank, it's, like the, most, Bank, minimized, stable, coin, on existence, other, than, D, which, D, this, week actually, became, a, little, bit, less bankless, we'll, talk, about, that, later yeah, uh, all, right, so, people, are, getting this, point, of, the, episode, and, they're like, another, flat, week, you, know, another bank, list, roll, up, when, pomp, David, okay another, bank, with, roll, up, here's, here's some, uh, optimism, for, you, hunt, for, green October, oober, so, historically, I, guess, we

got, to, skip, all, the, bankless, rollups, in September, but, historically, you, come, back in, OCT, October, we're, going, to, be, up, all right, we're, going, up, in, October, because historically, the, most, bullish, month, for Bitcoin, has, been, uh, October, average price, performance, second, half, of, the year, uh, 20%, for, October, it's, negative, 6% in, September, and, then, plus, 6%, in November, and, then, plus, six, uh, 10%, in December, so, really, where, you, want, to, be is, the, back, court, of, the, year, the, last three, months, of, the, year, is, going, to, be good, for, crypto, you, believe this, uh, I, mean, I, I, think, so, this, isn't like, my, kind, of, like, charting, but, like I'm, not, going, to, disagree, with, the, facts here, why, would, you, ever, disagree, with

something, bullish, right, for, that, I'm just, looking, I'm, looking, back, at, 2017 dude, when, I, got, into, crypto, I, got, into crypto, in, June, July, of, 2017, in, June, July it, was, 9%, and, 15%, so, pretty, green, months that's, where, I, like, got, into, it, uh, in October, October, it, was, up, 50%, 53%, in November, it, was, up, 51%, and, in, December it, was, up, 45%, 53, 50%, months, in, a, row, I just, remember, that, time, and, I, was, like so, euphoric, and, just, like, high, on, crypto learning, about, crypto, like, smart contracts, and, blockchain, I, remember, the very, distinct, time, in, my, life, you, think you'll, ever, feel, that, Euphoria, again, no that's, a, one, that's, like, you, only, get, to

do, college, once, you, only, you, only, get, to play, Dark, Souls, for, the, first, time, once and, you, only, get, to, get, in, crypto, for the, first, time, oh, yeah, there's, only, for me, it's, only, one, view, the, first, viewing of, Lord, of, the, Rings, you, know, uh, and then, after, that, you, only, get, to, do, it for, the, first, time, second, and, third viewings, uh, annually, of, course, in, my case, uh, David, we, got, a, lot, more, coming up, so, France, has, accused, the, tegram founder, of, helping, with, organized, crimes and, arrested, pavl, durov, so, what, does this, mean, for, digital, privacy, what, does this, mean, for, digital, rights, also there's, some, drama, around, the, EF Foundation, selling, 100, million, ether, you were, talking, about, it, in, the, intro, um and, there's, this, rumor, there's, this, idea that, suddenly, vitalic, hates, defi, we'll get, into, all, that, more, suddenly, yeah, it

just, happened, out, of nowhere, uh, all, that, and, more, but, before we, do, we, want, to, thank, the, sponsors, that made, this, episode, possible, including, our recommended, exchange, and, the, place, to get, prepared, for, a, Q4, of, 2024, that's going, to, be, absolutely, explosive, that, is Kraken, if, you, don't, have, an, account, go get, yourself, an, account, if, you, want, a crypto, trading, experience, backed, by worldclass, security, and, awardwinning support, teams, then, head, over, to, Kraken one, of, the, longest, standing, and, most secure, crypto, Platforms, in, the, world Kraken, is, on, a, journey, to, build, a, more accessible, inclusive, and, fair, Financial system, making, it, simple, and, secure, for everyone, everywhere, to, trade, crypto kraken's, intuitive, trading, tools, are designed, to, grow, with, you, empowering, you to, make, your, first, or, your, H, hundredth

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projects, working, to, scale, ethereum's foundation, for, future, growth, visit ob.org, banlist, to, get, started, that's ob.org, banlist, the, Unis, swap, extension is, here, the, self-, custody, wallet, created by, the, most, trusted, team, in, defa, Unis swap, Labs, designed, to, make, swapping field, effortless, this, extension, lives, in your, browser's, sidebar, letting, you, swap sign, transactions, and, send, or, receive crypto, without, ever, losing, your, place, on the, internet, plus, with, human, readable transaction, messages, you'll, always, know exactly, what, you're, signing, navigate, a multi-chain, world, effortlessly, with support, for, 11, chains, like, ethereum, main net, base, arbitrum, and, optimism, no, more chain, switching, or, token, importing, all your, assets, are, right, where, you, need them, to, be, the, unop, extension, is designed, to, level, up, your, swapping

experience, with, other, Unis, swap, Labs products, as, well, easily, on, board, to, the EXT, ition, using, the, uniswap, mobile wallet, to, begin, managing, your, assets across, platforms, and, take, advantage, of smooth, seamless, synergies, with, the uniswap, web, app, so, go, and, download, the Unis, swap, extension, today, by, clicking the, link, in, the, show, notes, just, another way, Unis, swap, is, helping, you, swap smarter, telegram, founder, Pavo, DAV arrested, in, France, this, week, Monday, this week, Pavo, was, placed, in, custody, by agents, of, France, national, antifraud office, according, to, French, news, this, tf1 he, was, arrested, at, the, airport, and, was subject, of, a, search, warrant, from, ofm sounds, like, uh, some, France, you, know alphabet, agency, it's, an, investigative agency, which, combats, child, exploitation in, France, uh, okay, so, what, are, the charges, uh, the, French, judge, put, DAV

under, formal, investigation, in, a, probe into, his, uh, into, organized, crime, on, the messaging, app, telegram, uh, he, was, granted bail, which, he, used, on, the, condition, that he, pays, 5, million, euro, reports, twice, a week, to, police, and, does, not, leave, French territory, the, chares, uh, out, of, jail, on bail, right, now, I'm, sh, that, on, screen, it looks, like, he's, he, can, totally, afford, $5 million, that, is, not, a, concern, for, him was, it, like, $15, billion, net, worth, anyway go, on, yeah, yeah, he's, he's, doing, great, uh the, charges, uh, complicity, in, selling child, sex, abuse, material, drug trafficking, fraud, abetting, organized crime, transactions, refusing, to, share information, or, documents, with investigators, when, required, to, by, law the, French, judge, said, in, the, statement

that, telegram, has, been, used, in, various criminal, cases, but, almost, entirely ignored, judicial, requisitions, other French, Investigation, Services, and, public prosecutor, offices, like, the, Belgian, ones shared, the, a, very, similar, observation this, prompted, the, Paris, Prosecutor's organized, crime, office, to, open, a, probe into, possible, criminal, liability, of, the managers, of, this, messaging, service, in the, commission, of, these, offenses, this probe, began, in, February, okay, so, what does, it, mean, for, DAV, now, he, is, being placed, under, formal, investigation, in France, it, does, not, imply, guilt, uh, or does, it, necessarily, lead, to, a, trial, the only, thing, that, we, know, is, that, the judge, has, considered, that, there, is enough, evidence, to, proceed, with, a, probe so, the, probe, shall, go, on, uh, this investigation, could, perhaps, last, years or, sent, to, trial, or, sheld, uh, but, that's

kind, of, uh, where, we, are, this, this, really surprised, me, I, was, shocked, I, think, a, lot of, people, were, shocked, by, this, um, we actually, had, uh, reached, out, and, tried, to get, pavl, on, the, on, the, podcast, not, too long, ago, um, yeah, you, know, apparently he's, a, very, difficult, person, to, to contact, I, think, because, he, has, these types, of, security, uh, yeah, when, you're getting, probed, yeah, you, don't, want, to, go on, a, podcast, uh, did, you, read, so, this, is the, um, uh, English, translation, of, the actual, uh, letter, for, for, the, prosecution of, pavl, so, I, don't, know, how, many, there's like, I, don't, know, 13, or, so, charges, here Le, complicity, charges, um, like, complici fraud, in, an, organized, group, but, some, of these, last, ones, like, um, you, know, you mentioned, the, the, child, sex, trafficking

uh, child, pornography, type, things, illegal drugs, uh, all, of, the, the, sales, complicity in, those, things, not, him, actively, doing it, but, because, telegram, hosts, rooms where, people, were, allegedly, doing, these things, then, he, is, uh, culpable, according to, these, charges, and, also, just, generic things, like, this, David, providing cryptographic, Services, designed, to ensure, confidentiality, functions, without proper, declaration, in, accordance, with the, laws, what, the, hell, does, that, mean you're, just, provide, sounds, like, they're trying, to, regulate, math, is, what, that sounds, like, it, sounds, like, a, Gary Gensler, just, come, in, uh, and, like register, your, encryption, service, what what, does, sir, do, you, have, a, license, for that, math, seriously, providing, cryptog, uh cryptographic, Services, ensuring, only

authentication, functions, or, Integrity control, functions, without, prior declaration, in, accordance, with, the, law to, use, encryption, what, is, this, another charge, importing, cryptographic, Services ensuring, only, authentication, functions or, Integrity, control, functions, without prior, declaration, and, accordance, with the, law, I, mean, this, seems, like, it's, more than, just, like, um, you, know, drugs, and, you like, money, La, laundering, charges, of people, people, by, the, way, not, Pavo, but people, using, his, app, doing, these, things and, the, charge, is, basically, that telegram, should, be, present, in, monitoring all, of, the, telegram, uh, users, or, cost, a billion, different, users, in, all, of, the groups, and, making, sure, that, this, stuff doesn't, happen, it's, also, seems, like, some of, these, charges, are, specifically, about

telegram, using, some, encryption, type services, and, it, it, should, be, told, that telegram, does, not, use, endtoend encryption, on, um, all, of, its, chat not, perfect, secrecy, it's, not, perfect encryption, yes, and, this, has, been, a criticism, ofam, I, think, is, like, um, pretty valid, and, and, um, like, pretty, warranted like, signal, for, for, instance, does provide, endtoend, encryption, so, this means, that, does, not, know, what, you're saying, inside, of, signal, they, don't, know right, so, this, is, a, criticism, but, yet, but yet, when, I, read, those, generic, charges right, the, concern, here, is, that, um, this seems, to, be, a, throw, everything, at, them and, see, what, sticks, and, these, same charges, could, be, applied, to, like, any messenger, app, like, a, signal, for, instance

anything, anything, with, encryption, yeah yeah, I, mean, did, signal, come, in, and, like register, provide, uh, cryptographic Services, designed, to, ensure confidentiality, like, did, they, do, that, in France, providing, cryptographic assurances, to, uh, services, to, provide confidentiality, if, that, was, like, listed in, like, this, IOS, app, like, feature, button I'd, be, like, oh, sick, download, like, use, it it's, it's, scary, it's, I, think, it's, scary I, think, that, this, is, a, like, a, major, sort of, War, on, encryption, uh, prong, and, a, lot of, people, um, see, it, as, such, just, a little, bit, more, about, uh, the architecture, of, uh, telegram, uh, for, those that, don't, use, it, much, of, much, of, the crypto, industry, runs, on, telegram, like there, I, have, so, many, telegram, groups, I

use, it, every, single, day, uh, it, allows, for onetoone, conversations, it, also, allows for, group, chats, that, lets, uh, it, also allows, for, chats, that, have, channels, for one, to, many, broadcasting, up, to, 200,000 people, uh, compared, to, the, maximum, of, a th, for, WhatsApp, uh, and, so, there, have been, some, concerns, that, you, can, spread Mis, information, this, way, uh, end, to, end encryption, is, not, available, for, group chats, and, channels, endtoend, encryption there, is, a, privacy, mode, in, telegram where, you, can, start, a, uh, an, encrypted chat, a, private, chat, with, you, and whoever's, on, the, you, we, could, do, that private, DMS, yeah, not, not, endtoend encrypted, uh, uh, uh, but, uh, that, it, is, it is, possible, but, then, the, default, mode, of telegram, is, uh, I, think, I'm, the, way, I

think, this, works, is, like, default, mode, is actually, like, they, do, are, able, to, see the, contents, like, they, review, so telegram, the, company, can, or, any government, agency, that's, spying, on Telegram, and, like, requesting, their, data set, and, telegram, submits, it, to, them, can like, see, all, of, the, chats, in, telegram basically, that's, not, you, know, like encrypted, so, generally, my, rule, of, thumb when, it, comes, to, subjects, like, this, is that, if, it, can, be, regulated, or controlled, then, it, should, be, regulated or, controlled, uh, and, this, is, what differs, from, signal, in, my, mind, where signal, has, has, built, a, structure, where they, literally, cannot, see, what, is, going on, there, on, the, inside, of, the conversation, and, so, in, my, mind, signal and, Signal, Founders, are, not, at, at beholden, to, like, the, activity, of, the

people, using, their, Tech, platform, if, you as, a, organization, can, see, conversations and, like, see, V, like, image, files, being sent, around, and, then, like, it's, child porn, like, that's, a, that's, to, me, that's, a different, story, how, do, how, do, you, feel about, that, take, okay, so, I, think, part, of that, take, is, reasonable, and, part, of, it's not, all, right, so, here's, the, part, that's not, reasonable, from, my, perspective, is like, okay, so, the, answer, is, just, they, y the, guy, and, just, like, go, directly, to jail, and, here's, all, of, these, charges like, that's, a, piece, like, no, I'm, not, not agreeing, with, that, at, all, and, and, now they're, also, saying, like, he, hasn't, been cooperative, and, all, of, these, things, so it's, just, like, I, don't, know, maybe, that this, is, the, last, escalation, so, you, could kind, of, defend, that, but, also, look, look

at, the, charges, David, look, some, of, these are, just, some, of, these, charges, could, be directly, applicable, to, what, you, just said, which, is, uh, the, use, case, of, signal uh, right, and, also, there's, there's, sort of, the, broader, there's, the, broader context, of, this, if, you, like, um, you, step back, and, look, at, like, the, components, of a, of, a, free, Society, right, we, need, some sort, of, chat, function, between, citizens that, allows, us, to, share, information there's, all, sorts, of, uh, like, ignoring the, illegal, activity, there's, all, sorts of, information, that's, being, shared, front lines, of, the, war, for, instance, things that, get, censored, in, other, places, things that, maybe, the, state, doesn't, want, you, to say, I, mean, in, any, free, Society, you, need cloysters, that, are, um, like, uh, hidden

from, the, eyes, of, uh, the, government, like I, I, think, that, that's, uh, an, important function, and, so, I, don't, know, if, not telegram, then, where, I, mean, a, billion basically, the, inverse, of, this, basically the, government, saying, no, um, pavl, should have, had, Bas, a, watcher, spies, inside, of every, private, telegram, group, inside, of its, app, reporting, illegal, activity, to, us that's, kind, of, the, inverse, of, that, when you, say, it, like, that, I, mean, that, doesn't sound, like, a, good, equilibrium, either does, it, so, I, hear, what, you're, saying, and I, hear, that, argument, and, also, I, don't like, where, this, is, going, is, what, I, would say, yeah, the, Tren, the, trend, is, not, is

not, healthy, for, sure, let's, get, to, some comments, so, this, is, um, the, president, of France, uh, Marron, uh, he, says, um, I, have seen, false, information, regarding, France following, the, rest, of, pavl, durov, so, a lot, of, bad, press, um, he, says, in, a, state governed, by, the, rule, of, law, freedoms, are upheld, within, a, legal, framework, both, on social, media, and, real, life, to, protect citizens, respect, their, fundamental rights, he, says, basically, this, is, uh, the Judiciary, fully, independent, this, is, not political, this, is, not, driven, by, France for, for, some, sort, of, you, know, like political, means, uh, to, to, arrest, him here's, a, funny, tweet, that, we, read, uh imagine, you, own, a, large, apartment apartment, complex, France, says, is, a, legal requirement, for, you, to, put, microphones in, every, room, and, let, us, listen, and, you say, no, people, should, be, able, to, have

private, conversations, and, then, you become, arrested, uh, that, is, the, digital equivalent, to, what, just, happened, to pavle, durov, uh, vitalic, uh, who, says, I've criticized, telegram, for, before, for, not being, serious, about, encryption, but, given the, info, available, so, far, the, charge seems, to, be, just, being, unmoderated, and not, giving, up, people's, data, this, looks very, bad, and, worrying, for, the, future software, and, comms, freedom, in, Europe this, is, Gary, Kasparov, with, an alternative, take, he, says, there's, much, to learn, about, durov's, arrest, but, my, first thought, is, not, dependent, on, supposition or, motivations, as, admitted, by, Kremlin propagandist, telegram, is, widely, used, by the, Russian, bureaucracy, and, Military, so it, has, been, used, for, acts, of, war, and, war crimes, in, Ukraine, he, he, goes, on, and, says

a, full, thread, but, it's, basically, um, DAV is, not, the, person, you, think, he, is, don't hold, him, up, as, a, martyr, or, a, hero, and, by the, way, we, don't, know, maybe, he, was working, with, like, the, Russians, maybe he's, a, KGB, agent, right, there's, some, of that, that's, being, injected, did, here, as well, in, the, conversation, like, who, knows at, this, point, an, interesting, tweet, from Noel, aters, says, this, is, not, about telegram, censorship, it's, worse, it's about, privacy, dav's, arrest, is, the, latest and, perhaps, most, blatant, example, today of, the, role, role, of, layers, in, narrative misdirection, and, she, makes, a, couple points, here, authorities, want, to, suppress certain, channels, and, contributors, but reports, suggest, that, the, investigation was, focused, on, the, lack, of, moderators this, suggest, that, the, issue, is, not, about censorship, but, responsibility, and, also second, authorities, insist, on, having

access, to, chats, of, political, activists and, Military, groups, so, that, their intentions, can, be, known, ahead, of, time and, their, actions, diverted, uh, what's more, it's, starting, to, feel, blatant, the authorities, don't, seem, bothered, by, how this, looks, they're, counting, on, the majority, not, caring, as, much, as, long, as they, feel, safe, so, kind, of, call, calling out, the, French, like, leadership, saying like, this, is, you, like, this, is you, guys, are, doing, this, for, your, own political, like, motives, yeah, and, before by, the, way, we, throw, France, to, under, the bus, um, there, was, also, speculation, that some, of, this, could, be, motivated, by, the US, us, basically, saying, hey, like, go, like go, do, this, like, who, knows, what, goes, on uh, behind, closed, doors, but, but, the, the broader, Point, here, is, like, sometimes when, you, hear, um, moderation, right, that can, just, be, State, speak, for, censorship

and, it's, like, some, of, these, things, are like, used, one, in, the, same, telegram, has, a blockchain, they, have, a, layer, one blockchain, called, ton, what, what, was, uh the, telegram, Chain's, reaction, to, this what, happened, so, the, ton, uh, Community rallied, of, course, uh, there, is, a, ton Society, Twitter, account, which, is, like call, it, the, telegram, blockchain Community, we've, updated, the, ton, coins logo, and, profile, picture, across, the, ton Community, channels, to, the, global, symbol of, the, digital, resistance, the, resistance dog, why, a, dog, in, 2011, paavo, DAV, was ordered, to, eradicate, the, post, of, liberal thinkers, and, dissidents, at, uh, his previous, company, which, was, a, social media, platform, in, Russia, I, can't pronounce, the, name, it's, called, it's

basically, the, Facebook, of, Russia, uh, in response, to, this, PA, posted, a, picture, of his, dog, refusing, to, silence, anyone, on his, platform, uh, they, the, TA, Society announced, an, open, letter, mini, app, they issued, a, open, letter, to, French authorities, requesting, the, immediate release, of, pav, DAV, uh, anyone, can, sign, it on, the, telegram, app, and, has, accured, 1.48 million, signatures, so, far, so, that's, kind of, cool, when, you, have, the, distribution to, do, that, I, mean, that's, a, good, point earlier, like, um, Pav's, history, my impression, was, always, that, the, Russians were, kind, of, out, to, get, him, I, me, that's why, he, had, this, sort, of, like, free, Russ he, became, a, citizen, of, of, France, he, made a, social, media, platform, in, in, Russia, he made, a, social, media, platform, had, to leave, Russia, in, 2011, because, if, you, if

you, get, too, much, power, in, Russia, and you're, not, part, of, like, the, Inner, Circle yeah, if, you're, not, censoring, things, like that's, a, problem, for, the, Russian oligarchy, yeah, like, to, capture, power, in Russia, you, need, to, have, that, like approved, by, the, oligarchs, uh, and, so, I think, he, was, like, more, or, less, an outsider, not, kind, of, playing, by, these rules, and, so, he, had, to, leave, uh, he, now is, based, in, Dubai, part, of, the, story, was that, he, was, traveling, to, France, with this, like, model, that, was, like, bab catfished, posting, location, kind, of, thing I, saw, this, well, that's, the, the conspiracy, was, that, she, was, posting, like you, know, pictures, of, them, and, it, had, all the, geolocation, data, and, so, like, she, was just, like, allowing, him, to, be, traced, all around, France, he, was, arrested, at, the

airport, so, like, they, were, going, to, get him, there, anyways, uh, but, yeah, the, joke is, like, he, just, fell, in, love, with, his like, who, was, like, babe, let's, go, to France, and, then, he, gets, arrested, in France, and, there's, also, conspiracies wrapped, in, the, conspiracy, like, maybe, he intended, to, get, arrested, for, some, reason I, have, not, heard, of, those, you've, not heard, that, okay, like, you, got, to, go deeper, David, there's, always, a, level deeper, so, we, we, don't, know, yet, but, we, do know, back, to, the, the, ton, community, and the, ton, chain, uh, unfortunately, the, ton Network, stopped, producing, blocks, a couple, of, times, this, probably, probably completely, unrelated, I'm, pretty, sure this, is, completely, unrelated, yeah, this was, result, well, maybe, was, related, in, a way, this, was, the, result, of, network overload, caused, by, high, number, of, dog

transactions, maybe, the, dog, transactions were, related, to, the, the, new, um, like, dog insign, and, a, meme, coin, launched, on, Tong called, dogs, as, a, result, of, the, founder getting, arrested, the, ton, validators, were over, causing, them, to, to, L, consensus, took the, chain, down, so, I, guess, it, is, related it, is, not, coming, from, like, this, is, not, a state, sponsored, ATT, tegram, this, is, just how, do, brand, new, brand, new, blockchain with, you, know, like, not, perfect, consensus are, you, sure, doesn't, have, much, Lindy, we could, go, deeper, in, the, conspiracy, I, I'm the, conspiracy, one, I, lead, us, I, lead, us down, the, holes, you, don't, lead, me, down the, conspiracy, holes, I, lead, you, down, the conspiracy, holes, I, think, mcon, uh, like decided, to, launch, this, meme, coin, at, just this, time, to, take, down, the, T, Network

stop, it, producing, blocks, I, one, Learning lesson, from, this, is, like, hey, layer, ones are, hard, keeping, them, up, is, very difficult, right, I, mean, so, um, you, like especially, if, you, don't, have, a, spec, or, a single, or, a, single, client hey, now's, not, the, time, David, I'll, say that, for, another, week, um, let's, let's talk, about, the, importance, of, multic client, blockchains, is, always, the, time, to talk, about, multic, client designs, talk, about, that, ton, price, is down, as, well, on, the, week, as, you'd, expect I, mean, like, not, a, massive, cut, I, mean we're, back, to, 25%, yeah, okay, I, mean that's, just, like, one, it's, one, bad, day seen, worse, I've, seen, worse, one, bad, day we're, back, to, April, that's, where, we're back, to, from, a, price, perspective, um, I think, something, that's, related, to, this

is, the, question, of, like, who's, next, so, I tweeted, this, out, when, just, it, was, on, my mind, uh, resting, pavl, is, just, a, step, or two, removed, from, arresting, Elon, Musk, or Mark, Zuckerberg, or, Sam, Alman, or, italic butan, I, said, a, step, or, two, removed before, you, think, I'm, going, to, hyperbole because, there, are, still, some, steps, that need, to, be, completed, there, but, um, I we're, getting, closer, we're, getting, into that, vicinity, and, uh, you, can, you, can Elon, on, X, is, like, blatantly, Pro, like, Pro right, Pro, Maga, Pro, Trump, antia anti-democrats, and, then, like, something like, this, happens, I'm, like, oh, I, that makes, sense, look, at, the, look, at, the charges, right, so, like, you, could, say, I'm sure, there's, somebody, in, some, dark

corner, of, Twitter, it, probably, wouldn't take, long, to, find, that, is, doing, like quote, unquote, illegal, stuff, right, maybe sharing, like, images, they, shouldn't, maybe doing, like, drug, deals, I'm, sure, are, on Twitter, right, okay, but, like, there, could be, stuff, that, elon's, not, monitoring right, and, if, it, just, takes I, me, have a, made, this, he's, like, uh, emuel, mcon, has a, you, like, population, of, France, of, what I, don't, know, population, of, France, we could, look, this, up, I'm, going, to, say, 70 million, people, something, like, this, does he, know, what's, go, going, on, in, the, dark corners, of, like, Paris, streets, is, he monitoring, that, or, is, there, illegal activity, going, on, you, know, it's, kind, of like, a, network, State, thing, of, is, it unreasonable, to, expect, uh, the, the

monitoring, the, continuous, monitoring, of every, single, chat, every, single, tweet that's, going, on, inside, the, platform, I think, that's, a, that's, a, question, for like, that, all, open, societies, need, to, go um, like, think, about, and, consider, anyway related, but, unrelated, to, this, maybe, Mark Zuckerberg, sent, a, Zinger, to, the, Biden Harris, Administration, my, God, this, was, so good, okay, so, did, you, read, this, letter, um this, is, to, Jim, Jordan, the, chairman, uh yeah, why, don't, you, summarize, this, for, us this, is, from, Mark, Zuckerberg, yeah, so, he was, talking, he, was, uh, reflecting, on, some decisions, that, he, made, in, 2020, and 2021, uh, about, uh, Facebook, and, the pandemic, and, covid, like, well, into, the pandemic, after, it, had, started, to, become

very, politicized, uh, he, said, in, 2021 senior, officials, from, the, Biden Administration, including, the, White, House repeatedly, pressured, our, teams, for months, to, censor, certain, covid-19 content, including, humor, and, satire, and express, a, lot, of, frustration, with, our teams, when, we, didn't, agree, ultimately, it was, our, decision, whether, or, not, to, take content, down, and, we, own, our, decisions including, covid-19, related, changes, we made, to, our, enforcement, in, the, wake, of the, pressure, I, believe, the, government pressure, was, wrong, and, I, regret, that, we were, not, more, outspoken, about, it, I, also think, that, we, made, some, choices, that with, the, benefit, of, hindsight, and, new information, we, wouldn't, make, today, like I, said, to, our, teams, at, the, time, I strongly, feel, that, we, should, not compromise, our, content, standards, due, to pressure, from, any, Administration, in

either, direction, we, are, ready, to, push back, if, something, like, this, ever, happens again, wow, and, then, he, he, also, cited, in, a separate, situation, the, FBI, warned, us about, a, potential, Russian, information operation, about, the, Biden, family, in, the leadup, to, the, 2020, elections, that, fall when, we, saw, a, New, York, Post, story reporting, on, corruption, allegations involving, then, Democratic, Presidential nominee, Joe, Biden's, family, we, sent, that story, to, fact, Checkers, for, review, and temporarily, demoted, it, while, waiting, for a, reply, it, has, since, been, made, clear that, the, reporting, was, not, Russian disinformation, and, in, retrospect, we should, not, have, demoted, the, story, we've changed, our, policies, and, processes, to make, sure, that, this, doesn't, happen, again for, instance, we, are, no, longer, temp temporarily, demoting, things, in, the United, States, while, we, wait, for, fact

Checkers, wow, I, mean, this, is, hard, right, B basically, like, that, word, that, you, used earlier, like, misinformation, right, that's another, like, um, statee, type, word, which is, like, if, they, don't, like, something, it could, be, misinformation, basically, right yeah, uh, and, so, when, you, start, having, the nation, state, and, white, house, uh officials, telling, social, media, companies what, should, be, censored, or, like, demoted and, like, uh, and, and, what, shouldn't, be, I mean, that's, a, yikes, bro, y, bro, and, it's it's, one, thing, for, the, United, States, to have, that, happen, inside, the, United States, because, I, believe, in, our, court system, eventually, to, slowly, come, to, like agreement, with, truth, and, the

Constitution, but, I, have, no, such assurances, for, like, France, I, don't, have any, assurances, that, France, will, do, that he's, also, this, is, also, shot, across, the bow, I, think, for, Mark, Zuckerberg, where he's, um, basically, he's, I, think, this, is I'm, done, with, yeah, I'm, done, with, you guys, I, don't, want, to, I'm, done, with Democratic, party, maybe, MH, this, is, what you, could, interpret, this, to, believe, like I'm, not, willing, to, play, ball, anymore, so like, come, at, me, bro, uh, maybe, he's, saying that, as, well, as, now, now, he, wears, a, chain and, has, like, sick, trujitsu, SK, so, you believe, it, so, you, want, to, believe, it, um look, this, is, the, fight, that's, going, on uh, it's, a, big, one, it's, an, important, one

in, the, digital, right, sphere, we've, got our, own, pavl, that's, happening, right, now in, the, United, States, this, is, a, a, court case, we've, talked, about, on, bankless, for a, while, and, I, just, wanted, to, bring, both David, and, I, wanted, to, bring, your attention, to, it, this, is, Roman, storm, so you, recall, tornado, cach, developer, was arrested, out, of, his, home, last, year, by the, FBI, for, deploying, open-, Source privacy, code, tornado, cache, lots, of people, in, the, crypto, ecosystem, used, to protect, their, cryptocurrency transactions, and, and, to, make, them private, of, course, some, Bad, actors, also use, this, tool, as, with, any, tool, it, could be, used, by, the, good, guys, and, it, can, be used, by, the, bad, guys, this, is, fundamental to, encryption, if, encryption, is, an, open source, technology, that's, available, to

everyone, good, people, will, use, it, and, to protect, themselves, and, also, bad, people will, use, it, that, seems, obvious, anyway you've, heard, us, mention, his, court, case that's, coming, up, it's, on, December, I, I put, the, Tweet, wrong, it's, December, the 2nd, and, um, Roman, come, real, soon real, soon, uh, and, unfortun, I, just, learned this, this, week, cuz, I, knew, there, was ongoing, fundraising, for, Roman, Storm's case, he's, basically, it's, out, of, money he's, $2, million, short, it, costs, a, lot, of money, there's, a, full, B, budget, attached to, this, cost, a, lot, of, money, to, get, the, S tier, legal, team, to, protect, him, okay, like we're, talking, millions, of, dollars, and he's, $2, million, short, he's, raised, like 500k, he, need, still, needs, $2, million, in order, to, get, the, S, tier, legal, team, on

this, this, court, case, the, US, versus, Storm will, be, a, defining, historic, court, case for, digital, property, rights, in, the United, States, it's, like, going, to determine, David, if, we, have, the, right, to private, cash, in, any, form, it's, going, to determine, like, even, if, it's, going, to determine, whether, or, not, smart, contracts can, be, made, illegal, by, our, government this, is, the, court, case, that, says, that tornado, cash, is, allowed, or, not, allowed is, the, is, the, notion, of, a, smart, contract able, to, be, made, illegal, that, this, is that, court, case, it, just, so, happens there's, this, one, guy, that, is, either going, to, go, to, jail, or, not, based, on, the outcome, of, this, but, the, precedent, is perhaps, the, most, critical, crucial

precedent, that, this, industry, has, ever had, Gary, gendler, the, sec's insecurities, we'll, fight, cases, too, but this, is, the, the, final, boss, there's, this is, probably, the, most, high, leverage, court case, that, is, going, to, exist, has, ever existed, as, it, relates, to, the, crypto, case yeah, and, if, we, don't, find, it, as, a community, uh, like, hugely, disappointed right, so, we're, just, going, to, bend, over backwards, and, be, like, okay, we'll, just have, the, illegal, smart, contracts, you know, what, he, get, you, know, what, he, gets if, we, don't, uh, fund, this, fully, is, a, a, a private, attorney, defense, attorney, just randomly, assigned, by, like, whoever whoever's, available, right, instead, of, the S, tier, like, we, need, to, uh, have, the, we need, to, have, the, A, Team, on, this, in, order to, actually, have, a, shot, at, winning, this

case, anyway, we'll, include, a, donate, Link in, the, show, notes, David, and, I, bankless has, uh, donated, to, this, in, the, past, uh we're, prepared, to, we're, going, to, up, it we're, going, to, up, it, yep, uh, and, we'll have, more, information, about, this, in, the weeks, to, come, cuz, like, we, can't, leave this, deficit, out, there, this, is, the, most important, thing, this, is, this, is, it's it's, I, don't, want, illegal, smart contracts, that, is, antithetical, to, why, I am, here, and, I, know, we, have, like, we, have the, biggest, super, pack, ever, apparently like, $130, million, in, the, fair, shake, or however, large, that, is, let's, get, $2 million, into, Roman, Storm's, defense, so that, we, can, have, permanently, legal, smart cont, contracts, like, that's, that's, how, I see, this, I, agree, all, right, we, got, more

to, talk, about, David, what's, next, uh, Sony introduced, a, brand, new, ethereum, layer, 2 called, sonum, yes, that's, Sony, perhaps, the maker, of, the, TV, uh, that, you, might, have in, your, living, room, that, that's, Sony yeah, yeah, Walkman, yeah, uh, Trump, launched another, nft, collection, so, we're, gonna, go listen, to, that, and, Gary, gendler, Gary kensler, does, his, job, and, takes, down another, scammer, in, crypto, yes, wait, no just, kidding, it's, a, very, legitimate compliant, United, States, based, company that, employs, hundreds, of, United, States based, employees, uh, and, they, just, got issued, a, Wells, notice, uh, last, last, time to, place, your, bets, about, what, that company, is, try, to, imagine, it, think, who it, is, uh, we'll, see, if, you, get, it, right

we're, going, to, go, ahead, and, talk, to, some of, these, fantastic, sponsors, that, make the, show, possible, and, then, we'll, be right, back, new, projects, are, coming online, to, the, mantle, layer, 2, every single, week, why, is, this, happening, maybe it's, because, mantle, has, been, on, the frontier, of, layer, 2, design, architecture since, it, first, started, building, mantle da, powered, by, technology, from, Igan, da maybe, it's, because, users, are, coming, onto the, mantle, layer, 2, to, capture, some, of the, highest, yields, available, in, def5, and to, automatically, receive, the, points, and tokens, being, acred, by, the, $3, billion mantle, treasury, in, the, mantle, reward station, maybe, it's, because, the, mantle team, is, one, of, the, most, helpful, teams, to build, with, giving, you, grants, liquidity support, and, Venture, Partners, to, help bootstrap, your, mantle, application, maybe it's, all, of, these, reasons, all, put together, so, if, you're, a, Dev, and, you, want

to, build, on, one, of, the, best, foundations in, crypto, or, your, user, looking, to, claim some, ownership, on, Mantle's, defi, apps click, the, link, in, the, show, notes, to getting, started, with, mantle, arbitrum, is the, leading, ethereum, scaling, solution that, is, home, to, hundreds, of decentralized, applications, arbitrium technology, allows, you, to, interact, with ethereum, at, scale, with, low, fees, and faster, transactions, arbitrum, has, the leading, defi, ecosystem, strong infrastructure, options, flourishing, nfts and, is, quickly, becoming, the, web, 3, gaming Hub, explore, the, ecosystem, at, portal. arbitrum, doio, are, you, looking, to permissionless, launch, your, own, arbitrum orbit, chain, orbit, allows, anyone, to utilize, arbitrum, secure, scaling technology, to, build, your, own, orbit, chain giving, you, access, to, interoperable customizable, permissions, with, dedicated

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toku, can, help, optimize, your, taxes, so, you pay, the, least, possible, amount, of, taxes while, still, maintaining, legal, compliance with, tok's, guidance, you, can, concentrate on, building, your, company, while, toku handles, the, logistics, token, launches don't, have, to, be, complicated, talk, to toku, today, to, get, a, free, initial, token valuation, some, backlash, to, the, ethereum foundation, this, week, after, somebody identified, uh, on, chain, a100, million coming, from, an, EF, wallet, to, Kraken, our our, lovely, exchange, and, sponsor, uh, and people, were, like, um, is, the, EF, about, to dump, 100, million, eth, on, us, like, is, that about, to, happen, like, what's, going, on where, are, they, getting, this, like, money what's, it, going, to, all, of, these, things so, what's, the, story, what, were, the concerns, here, so, this, first, off, is, a

semi-regular, activity, the, ethereum foundation, has, ether, all, the, way, back from, Genesis, they, fund, things, uh, and they, semi-regularly, send, ether, to, Kraken uh, and, then, they, sell, ether, not, all, at once, they, sell, it, you, know, on, an, as needed, basis, so, they, can, distribute funds, to, a, bunch, of, different, things that, they, have, like, committed, to, to funding, and, we're, going, to, go, through like, what, those, things, are, in, a, second this, happens, every, now, and, then, but sometimes, they, batch, send, it, all, right it, doesn't, mean, necessarily, it's according, to, what, they, said, that, 100 million, being, last, time, yeah, the, last time, they, sent, 35,000, ether, to, Kraken was, however, long, ago, and, then, they, have been, trickling, selling, that, until, now and, then, like, oh, we, ran, out, of, ether, we need, to, pay, more, people, so, let's, send another, 35,000, ether, and, then, we'll

slowly, sell, that, this, is, just, what foundations, do, this, is, why, we, have foundations, uh, they, pay, for, support, uh and, I, think, it, has, always, been, since, my time, in, crypto, like, a, cry, of, the ethereum, community, not, that, this, is happening, I, think, we're, all, in, support of, some, of, the, things, that, they're funding, it's, the, lack, of, transparency, of like, when, or, how, and, where, this, is, going uh, it, just, happens, randomly, and, then, all of, a, sudden, everyone, wakes, up, and, like oh, we're, 35,000, eth, just, got, sent, to coinbase, there's, like, a, little, bit, of, a sticker, shock, phenomenon, and, like, yo whoa, It's, that, and, there's, also, a, cry for, transparency, it's, just, like, uh where's, all, this, money, going, to, yep, yep yep, uh, so, a, Maya, Gucci, who's, the, uh director, at, the, ethereum, foundation, she tweeted, out, um, this, is, part, of, our

treasury, management, activities, uh, the, EF has, a, budget, of, a, $100, million, a, year largely, made, up, of, Grants, salaries, and uh, many, of, those, recipients, are, only able, to, accept, Fiat, uh, this, year, this lately, this, year, we, were, advised, to, not do, any, treasury, activities, due, to regulatory, uh, complications, uh, and, so, we were, not, able, to, share, the, plan, in advance, um, also, this, transaction, is, not equal, to, a, sale, there, is, a, PL, a, planned and, gradual, sales, from, here, on, out, like I, said, um, uh, so, here's, Eric, Connor, who's been, one, of, the, ones, who's, always, asked for, eth, transparency, he, says, the, lack, of transparency, for, the, ethereum, foundation 10, years, in, is, both, shocking, and extremely, frustrating, it's, really, not, a lot, to, ask, for, simple, Financial, reports or, Clarity, around, fund, movements, and

usage, uh, Anthony, Sano, says, I, understand that, people, want, more, transparency around, where, the, money, goes, but, is, not just, being, spent, on, it, is, being used, to, further, Steward, the, development of, the, ethereum, ecosystem, and, fund, many critical, projects, that, otherwise, would not, get, any, funding, let's, keep, on pushing, for, more, transparency, from, the ethereum, foundation, but, let's, also, do, it in, a, constructive, way, that, benefits, the ecos, system, trashing, the, EF, for, spending $100, million, a, year, which, is, absolutely Rel, relatively, tiny, to, the, ethereum's $320, billion, market, cap, is, not constructive, uh, okay, so, Josh, Stark, who is, a, member, at, the, EF, actually, put, out, a fantastic, Thread, about, some, of, the fundings, uh, that, the, ethereum, foundation does, uh, and, so, he, says, in, 2023, out, of the, total, uh, cost, of, 2023, layer, one

research, and, development, was, 25%, of, the total, cost, this, includes, grants, to external, client, teams, which, is, 62%, of that, 25%, uh, and, internal, ethereum Foundation, researchers, salaries, that's 38%, of, that, 25%, uh, this, is, teams, working on, cryptography, and, zero, knowledge proofs, uh, execution, layer, and, developer tooling, like, G, uh, privacy, and, scaling Explorations, uh, solidity, and, more, uh, and uh, there's, also, a, new, institutions section, which, is, 35, 37%, uh, of, that, total amount, this, is, uh, including, the, nomic foundation, the, decentralized, research center, the, decentral, Iz, ation, Research Center, layer, 2, beat, who, we, all, love, uh zerox, Park, who's, doing, in, my, opinion some, of, the, sickest, work, in, cryptography

and, smart, contracts, that, we, have, uh shout, out, to, the, episode, that, we, did, on autonomous, worlds, not, too, long, ago, uh and, there's, some, other, things, as, well Layer, Two, research, and, development applied, zero, knowledge, cryptography Community, Development, developer, platform internal, operations, um, and, so, that's, all of, it, there, is, a, link, in, the, show, notes if, you, would, like, to, get, some, of, this report, uh, and, then, he, said, that, also, uh the, there's, going, to, be, another, report that, comes, out, out, for, uh, the, at, the, end of, November, to, update, all, of, this, I thought, this, was, a, solid, answer, to, kind of, more, transparency, like, uh, here, it, is and, I, think, this, called, a, lot, of, the, the concerns, that, um, folks, had, I, think, uh zooming, out, to, be, clear, a, lot, of, the concerns, that, folks, had, was, like, me

somebody's, selling, aund, million, me, I think, I, think, so, I, think, but, like, also transparency, is, is, valid, but now, so, you, know, call, off, the, dogs, a little, bit, um, this, is, a, you, know, wider scope, take, on, the, ethereum, foundation, so the, EF, holds 845, million, in, eth, which, sounds, like, a lot, but, realize, that, represents, only 0.25%, so, quarter, of, 1%, of, the, total, eth Supply, now, I, I, see, that, amount, I'm, like kind, of, worried, about, the, sustainability if, they're, spending, a, you, know, 100 million, a, year, I'm, a, little, more, worried on, the, other, side, of, this, is, just, a, tiny sliver, of, eth, Supply, as, compared, to, like other, foundations, and, other, ecosystems, I mean, like, don't, have, to, get, we, are, not

comparing, all, the, details, of, like, the salana, foundation, the, tesos, uh, like Foundation, the, New, Year, Foundation, all these, things, which, have, a, much, chunkier uh, percentage, of, Supply, um, I, don't, know my, take, is, the, F, does, like, could, improve some, transparency, but, like, does, a, pretty reasonable, job, in, this, whole, ecosystem and, they, funded, things, like, Unis, swap David, in, the, very, early, uh, days, from Grants, which, wouldn't, have, been, possible with, a, $10,000, Grant, like, come on, anyway, um, so, that's, the, part, part, of the, market, PE, people, are, a, little, bit mad, and, uh, that's, not, the, only, thing that, um, people, got, mad, about, this, week there, was, also, uh, talk, of, um, vitalic, not liking, defi, kind, of, a, a, chant, of, vitalic um, hates, defi, where, did, where, did, this

come from, I, was, having, trouble, like, actually finding, the, source, of, why, this, became, a like, what, what, was, like, patient, zero, or tweet, zero, of, this, uh, I, think, maybe, it was, Kane, Warwick, mentioning, on, steady Lads, uh, which, is, a, a, podcast, from, Jordy Alexander, and, Company, uh, that, says, that vitalic, discourages, and, doesn't, like Defi, and that, doesn't, support, Defi, and, in, Kane's position, because, defi, is, such, a, critical component, of, blockchains, which, I, agree with, like, the, number, one, thing, to, come out, of, a, blockchain, is, primarily, defi also, agree, with, the, most, yeah, uh, and, so his, position, is, that, like, if, you, don't support, defi, then, you're, actually, like against, defi, um, and, metalic, has, in, the past, like, been, critical, of, like, and, the

way, I, read, these, these, tweets, or statements, is, that, he, is, in, his, personal opinion, he, is, personally, critical, of some, of, the, structures, of, defi, that, we have, seen, very, similar, to, like, his, but do, we, deserve, it, tweet, about, icos, in 2017, which, which, was, like, what, the, hell is, going, on, on, ethereum, this, icos, aren't like, aren't, doing, anything, and, he's, like similar, similarly, saying, that, like, the loans, from, maker, a, synthetics, aren't like, real, loans, they're, they're capitalized, collateral, based, loans, to help, people, speculate, and, gamble, these are, not, helping, like, like, lowincome, like developing, countries, gain, access, to Capital, and, therefore, it's, only, part, of this, like, circular, economy, and, he's, not interested, in, it, he, used, the, word always, I, also, have, an, Ora, Boris, ring

that, I, like, because, I, love, concept, of oror, Sting, his, tail, yeah, uh, whenever vitalica, said, this, I've, always, read, this as, this, is, his, personal, interests, um many, people, were, ascribing, this, as, like The, Stance, of, the, of, the, EF, as, a, whole and, maybe, there's, no, like, way, to, parse vitalica, away, from, the, EF, maybe, that's fair, um, um, but, that's, been, like, kind, of The, Stance, here, yeah, I, think, in particular, that, that, sort, of, term, or aoris, was, triggering, to, people, because they're, like, yeah, that's, that's, crypto that's, money, that's, you, know, like, the entire, you, know, purpose, that's, how, we bootstrap, things, this, this, was, qu, Kane's original, tweet, that, we, were, referencing he, said, uh, if, the, only, thing, propping, up your, chain, for, the, last, five, years, is Defi, and, the, best, you, can, muster, is begrudgingly, tolerating, it, you, are, anti-

defi, so, he, wants, just, more, than, like, def is, good, and, I'd, prefer, better, use, cases he, wants, I, think, uh, vital, in, the, EF, like his, expectation, is, to, have, them, be overwhelmingly, positive, towards, Defi, and just, being, like, it's, it's, the, greatest thing, ever, which, like, I, don't, know, um, I don't, think, that's, entirely, unfair, but there's, also, like, it's, not, a, crazy take, I, mean, for, us, for, Bank, list, the reason, we, actually, started, this, podcast in, this, entire, movement, was, because, to put, the, focus, on, defi, we, think, that, is the, killer, you, going, bankless, is, the killer, uh, use, case, of, um, of, crypto, but it's, not, the, only, use, case, and, I, get that's, fair, game, I, think, to, be, vitalic uh, to, have, vitalic, be, interested, in

other, things, anyway, here's, another, take on, the, Ora, Boris, thing, this, is, a, r, ship in, my, opinion, you, could, just, as, easily say, eth, is, Downstream, of, defi, it accounts, for, the, major, majority, of, usage and, gas, fees, on, the, Chain, usage, is, the primary, value, driver, of, ether, ether, is used, heavily, in, defi, as, collateral there's, also, uh, a, major, value, driver, for for, eth, this, is, sort, of, what, um, Justin Drake, has, uh, said, in, the, past, which, is like, eth, is, pristine, collateral, it's where, the, whole, ultrasound, uh, money, meme came, I, feel, like, for, someone, like, like Drake, who, also, works, at, the, EF, he, is probably, more, bullish, than, vitalic, on some, of, the, eth's, money, and, eth's, defi use, cases, though, I, don't, want, to, put, um words, in, his, mouth, anyway, this, Rett, is making, the, point, that, if, you, remove, defi

from, eth, its, value, would, be, 80%, less, I also, think, that's, true, Hayden's, take, is uh, vitalic, is, driven, by, his, interest, and values, personally, I, think, defi, is, the most, important, and, impactful, area, of crypto, by, far, I, am, not, in, the, least, bit upset, that, he, wants, to, see, use, cases Beyond, DFI, where, he, asks, where, the yields, come, from, uh, it's, not, his, job, to pump, your, backs, uh, DC, investor, uh, he also, said, uh, vitalic, and, many, cevs, will literally, never, talk, about, eth, as, a, sore value, or, as, a, meaningful, programmable money, this, has, been, true, since, since Inception, and, I, think, it's, tied, to public, comments, on, defi, yet, it, is, super obvious, that, eth, must, be, a, desirable store, of, value, in, order, for, ethereum, to operate, securely, and, proof, of, stake, to which, metallic, responded, if, I, did, not

believe, in, eth, as, a, sore, value, I, would not, hold, 90%, of, my, net, worth, in, it, which makes, I, think, both, you, and, me, Ryan, more bullish, on, ether, as, a, portion, of, our bags, than, vitalic, that, but, that statement, from, vitalic, makes, me, also very, happy, because, I, think, uh, DC investors, had, a, long, history, as, long, as you, and, I, have, in, ethereum, and, crypto and, um, he's, kind, of, right, money, Camp yeah, the, ethis, money, Camp, right, and, I remember, David, was, it, like, four, years ago, when, uh, ether, you, like, 2019, maybe 2020, 2019, when, ethereum, was, still, kind of, finding, itself, and, everyone, was saying, ether, had, no, value, it's, just, a stupid, gas, token, it, was, like, worthless and, there, was, this, growing, chant, in, the ethereum, community, no, ether, is, a

monetary, unit, ether's, money, right, and, I remember, you, at, a, a, conference, in, Israel I, don't, even, remember, what, the conference, was, but, you, were, actually ethereal, from, consensus, yeah, yeah, you actually, this, is, recorded, somewhere, in the, internet, archives, probably, you, asked vitalic, you, were, like, hey, is, eth, money and, answer, this, is, the, kind, of, the, first indication, right, his, answer, was, if, the ethereum, community, wants, it, to, be, money then, it, is, money, right, and, um, and, then, I heard, that, I, was, like, great, therefore, it is, so, that's, been, like, a, history, of, what he, said, about, this, I, don't, think, he started, ethereum, to, create, ether, as, a monetary, asset, um, but, um, like, I, think, he also, recognizes, its, role, so, this, is, what

why, I, was, so, pleased, to, hear, this, why, I retweeted, it, is, this, is, the, clearest I've, ever, heard, him, say, ether, is, a, store of, value, Asset, and, by, the, way, his, bags back, is, belief, here, which, is, 90%, of, his net, worth, is, uh, in, ether, right, now, I like, I, like, this, tweet, yeah, also, I, think the, broader, conversation, here, is, what, is the, role, of, the, foundation, and, vitalic and, their, relationship, with, the application, layer, because, to, me, ethereum has, always, been, trying, to, build, in, this kind, of, like, intellectually, pure, True North, Direction, regardless, of, what happens, on, the, application, layer, uh, so like, people, like, Kane, and, maybe, like greater, ethereum, are, asking, for, a, little bit, more, of, like, BD, and, growth, out, of

the, things, built, on, the, app, layer, things like, a, things, like, synthetics, support it's, it's, more, just, support, whatever with, that, unspecified, word, means, I, don't really, think, there's, any, specifics offered, of, like, what, they're, really looking, for, here, uh, maybe, just, better public, statements, about, defi, but, it's always, been, vitalic, in, The, ef's, Stance to, be, neutral, about, what, happens, on, the app, layer, and, not, bias, any, one application, over, another, or, any, sector over, another, and, that, has, that's, always been, how, I've, thought, that, they, would, St like, take, a, stance, towards, the, app, layer uh, and, I, think, people, these, days, are kind, of, just, like, we, know, defi, is, useful like, we, know, this, is, this, is, benefiting your, chain, like, why, wouldn't, you, support this, and, like, I, think, salana, actually

does, this, well, when, we, had, Kyle, on, this is, what, he, talked, about, it's, just, like uh, Mark, Zeller, from, a, said, that, like, the EF, has, never, really, talked, to, anyone from, a, like, what's, up, with, that, and, I think, the, salana, like, growth, marketing BD, like, go, go, go, mentality, would, be, one that, were, like, yeah, let's, let's, talk, to people, let's, talk, to, the, builders, and let's, help, them, build, what, they, want, uh and, I, think, that's, valuable, because because, that's, not, what, ethereum, is doing, but, I, prefer, what, ethereum, is doing, which, is, building, the, most credibly, neutral, open, Cent, resistance protocol, possible, because, that's, as that's, how, you, get, as, massive, the massive, massive, scalability, and, social support, as, possible, like, what, what, if, we like, what, if, we, started, benefiting, Apper Behavior, at, the, wrong, time, like, what, if

we, started, incentivizing, like, the, Ico Mania, when, that, was, happening, like, that would, be, wrong, uh, and, so, i', I've, always believed, in, the, stance, that, uh, the, the ethereum, protocol, should, be, as, credibly neutral, as, possible, and, it's, also, not like, like, all, of, these, like, projects synthetics, maker, Dow, a, have, like insanely, valuable, market, caps, with, VC investors, like, they, have, support, they have, support, I, mean, like, my, take, on, this is, ethereum's, awesome, falic, done, a fantastic, job, the, EF, has, done, a, great job, as, well, um, everyone, is, saying, these things, because, we're, kind, of, in, a, mood you, know, e, kind, of, like, eth, price, is, low esec, specifically, on, the, ratios, and

there's, kind, of, a, Vibe, session, going, on and, so, we're, all, kind, of, like, at, each other, particularly, on, social, media, so some, of, this, to, me, is, Noise, by, the, way uh, bankless, faced, some, of, this, this, week as, well, for, that, Kyle, episode, that, you mentioned, but, um, you, like, I, guess, spread some, of, the, angst, around, to, the, EF, and vitalic, um, David, this, is, so, this, is, so funny, we, were, talking, about, the, hate, of the, of, the, community, on, like, vitalica and, the, EF, and, I, think, you, put, out, a tweet, that, was, like, usually, it's directed, at, Bist, and, then, three, three days, later, we, we, released, the, KY, episode and, then, it, was, like, it, was, directed, at Bist, anyway, all, right, we, got, some, more stuff, to, talk, about, this, is, cool, Sony

has, a, layer, two, now, Sony, is, deploying, a layer, 2, and, it's, gone, to, testet, so, when PS5, on, ethereum, David, is, that, what's going, on, what, is, this, okay, this, Sony sonum, a, public, layer, 2, that, aims, to connect, web, 3, with, everyday, internet services, uh, and, so, this, is, uh, backed, by Sony, the, Sony, block, Solutions, lab, that's the, company, uh, along, with, this, like merger, Aqua, hire, of, this, Asar, Network which, uh, is, built, with, a, polygon, cdk, on uh, polka, dot, I, don't, know, where, that came, from, uh, but, apparently, like, this Astro, network, is, going, to, roll, into sonum, in, the, which, is, going, to, be, built on, the, op, stack, and, eventually, will, join

the, super, chain, uh, and, uh, phase, two, or phas, there's, two, phases, here, phase, one on, board, crypto, people, uh, normal, Layer Two, stuff, but, then, phase, two, is, onboard Sony, products, such, as, Sony, Bank, Sony Music, Sony, Pictures, and, so, on, uh, quote we, would, like, to, integrate, web, 3, and blockchain, Technology, into, Sony's product, and, in, three, years, we, would, like to, on, onboard, not, only, Sony, but, also, all Enterprises, and, general, apps, on, top, of it, uh, interesting, um, I, don't, think, this is, just, another, layer, two, uh, just, trying to, split, the, current, user, base, into another, chain, but, I, think, they, have sounds, like, an, entprise, plans, sounds like, an, Enterprise, IP, chain, almost, you know, we, were, talking, about, the, story second, two, weeks, did, you, see, did, you, see

that, right, after, Story, released, a, sto, an IP, reaking, protocol, on, story, got announced, no, so, you, can, restake, your, IP ridiculous, I, can't, wait, to, restake, our podcast, restake, our, okay, uh, sky, this, is the, maker, Dow, Rebrand, uh, so, this, has always, been, part, of, the, maker, Dow endgame, the, Rebrand, is, finally, here, the Rebrand, is, called sky, sky, ecosystem, on, Twitter, Sky, the best, and, easiest, place, to, get, rewarded for, savings, without, giving, up, control, uh and, so, D, and, mkr, is, now, turning, into usds, and, sky, so, sky, is, now, usds, uh, this is, um, happening, on, September, 18th, it's voluntary, so, both, maker, and, D, in, his

current, form, will, remain, in, existence, as Legacy, tokens, uh, this, is, where, the, stock split, of, mkr, is, getting, uh, one, mkr, is getting, split, into, 24,000, Sky, tokens, so mkr, is, going, to, go, from, like, $2,000, to like, 20, 10, cents, or, something, if, I, did my, math, right, uh, I, probably, didn't, um and, then, maker, Dow, subd, Dows, like, the spark, protocol, will, be, become, Sky, Stars so, independent, decentralized, projects will, connect, to, the, sky, ecosystem, each Sky, skyar, subow, will, have, its, own governance, token, management, treasury governance, Community, one, of, them, is spark, like, I, said, uh, I'm, I'm, a, mmaker I'm, a, mism, maker, I, got, my, SP, start starting, D5, back, back, when, it, was, called actually, not, D, it, was, saigh, single

collateral, d, right, single, collateral, D now, D, is, going, now, maker, is, going, um, I guess, you, know, this, guy's, cool, but, I'll miss, maker, um, but, you, know, what's, wrong with, maker, and, die, bro, I, thought, that brand, was, tell, their, Twitter, account, got like, taken, over, right, the, the, maker Twitter, account, they, released, it, and some, so, they, they, changed, if, you, if, you were, once, following, maker, Dow, on, Twitter you, are, now, following, Sky, ecosystem, they just, they, just, swapped, their, handle, but then, some, guy, just, picked, up, the, empty maker, Dow, handle, so, some, guy, is, just, his his, name, is, not, maker, Dow, and, it's, maker Dow, on, Twitter, there, is, one, important difference, that, I, would, like, to highlight, die, does, not, have, a, freeze function, which, has, been, one, of, the, best

properties, about, the, maker, Dow, system that, I've, enjoyed, in, its, bows, it's, the most, bankless, stable, coin, that, exists because, there's, no, freeze, function, as usds, has, a, freeze, function, does, it really, which, is yes, yes, all, right, well, it's, why, I, don't enjoy, it, all, right, well, you, know speaking, of, disappointment, David politics, Trump, and, Harris, have, agreed, to debate, on, ABC, News, so, they, got, the, date it's, uh, September, 10th, um, that's, going to, happen, my, question, to, you, is, what, do you, think, the, probability, that, crypto comes, up, e, either, in, the, form, of, a question, or, Trump, somehow, injects, it, you it's, like, zero 0%, I, I, asked, this, on, Twitter, less, than

5%, this, on, Twitter, same, question, on Twitter, again, my, followers, cryptates, my followers, say, 46%, yes, versus, 50 basically, 50/50, yeah, yeah, I, voted, no, on that, poll, I'm, vot, I'm, voting, yes, on, full I, think, it's, going, to, I, think, Trump already, do, this, uh, yeah, the, Biden, debate and, I, lost, that, one, remember, yeah, but, so did, Biden, also, lost that, uh, in, a, big, way, and, so, I'm, hoping to, be, right, on, this, if, there's, a, poly Market, spun, up, David, maybe, I'll, bet against, you, um, also, in, political, news, uh RFK, Jr, you, guys, know, this, it, was National, media, um, news, here, he, suspended his, presidential, campaign, and, endorsed Trump, of, course, RFK, Jr, we, had, him, on Bank, list, very, Pro, crypto, uh, candidate

maybe, even, more, Pro, crypto, than Trump, yeah, he, was, more, Pro, crypto, first and, I, think, it, came, from, a, place, of deeper, place, in, his, heart, yeah, deeper place, in, his, heart, makes, sense, so, I, was kind, of, wondering, I, mean, this, is, sort, of uh, in, exchange, for, becoming, probably like, a, um, a, Cabinet, member, uh, in, Trump's administration, were, he, to, get, elected like, what, cabin, would, he, be, a, crypto, Zar would, he, be, Pro, crypto, I, think, he's really, gunning, for, Health, and, Human Services but, it, would, still, be, a, good, thing obviously, to, have, another, Pro, crypto member, of, the, uh, executive, branch, if, if Trump, gains, power, uh, and, speaking, of trump, David, you, want, to, you, gonna, make us, you, gonna, make, us, watch, this, should

we, watch, this, uh, I, don't, know, how, long how, much, of, it, I, can, watch, but, let's play, a, little, bit, of, it, is, your, favorite President, Donald, J, Trump, with, some, very exciting, news, by, popular, demand, I'm doing, a, new, series, of, trump, digital trading, cars, you, all, know, what, they, are we've, had, a, lot, of, fun, with, them, it's called, the, America, First, collection, 50 all, new, stunning, digital, trading, cards it's, really, something, these, cards, show me, dancing, and, even, beh, holding, some Bitcoins, here's, the, best, part, I'm, doing great, things, for, my, trump, digital, card collectors, first, there's, the, real physical, Trump, cards, purchase, 15, or, more of, my, trump, digital, trading, cards, and we'll, mail, you, a, beautiful, physical

trading, card, it's, really, I, quite something, each, physical, trading, card, has an, authentic, piece, of, my, suit, that, I wore, for, the, presidential, debate, and people, are, calling, it, The, Knockout, suit I, don't, know, about, that, but, that's, what they're, calling, it, all, right, so, David people, calling, it, The, Knockout, suit, this is, uh, Trump's, latest, release, of, the Trump, nfts, that's, what's, happening, so that, was, that, was, real, that, was, not, AI generated, that, is, Trump, talking, about his, fourth, nft, collection here, everyone, rushed, to, go, get, them, do you, know, how, much, they, they, cost, um, he says, it9, $99, but, if, you, spend, he's adding, some, utility, toties, yeah, $99, for one, card, yes, but, let, me, tell, you, if, you spend, $25,000, in, the, cards, you, get

utility, you, get, Trump, utility, you, get, uh access, to, Trump, sneakers, Trump, cocktail dinner, at, Trump, National, Golf, Course, in uh, Jupiter, Florida, with, Trump, it's, kind of, the, Gary, ve, play, you, know, like, I, got these, uh, nfts, and, if, you, buy, certain nfts, of, a, certain, amount, then, like, you you, can, meet, me, in, person, and, we'll, do things, together, it's, utility, utility, to the, nfts, okay, Ryan, we, are, getting towards, the, end, of, this, episode, every listener, who, has, placed, their, bets, about which, United, States company, not, everyone, okay, not, everyone like, what, 20, 30, 40,000, people, listen, to these, things, uh, not, everyone's, on, on Twitter, like, at, least, half, them, maybe less, than, half, of, what's, Gary, doing, okay sorry, okay, so, which, which, United, States

domiciled, crypto, company, that's extremely, compliant, and, legitimate, has received, a, Wells, from, the, SEC, you, have your, last, 5, Seconds, to, think, about, this it is, openc, okay, so, Devin, finser, the, CEO, of openc, has, tweeted, out, openc, has, received a, Wells, notice, from, the, SEC, threatening to, sue, us, because, they, believe, nfts, are on, our, platform, are, securities, yeah, we are, shocked, the, SEC, would, make, such, a sweeping, move, against, creators, and artists, but, we're, ready, to, stand, up, and fight, cryptocurrencies, have, long, been, in the, crosshairs, of, the, sec's, and companies, like, coinbase, Unis, swap, Robin Hood, app, Kraken, and, consensus, wow, that list, keeps, on, growing, longer, uh, has, been fighting, against, the, SEC, single, track approach, of, Regulation, by, enforcement, uh so, well, done, uh, openc, congratulations, on joining, the, ranks, of, some, of, the, best

and, most, legitimate, companies, United States, companies, in, crypto, uh, honestly you, guys, deserve, to, be, there, for, some reason, you've, done, well, you, done well, you're, really, making, an, impact, and you, can, tell, because, you, got, a, nasty gram, about, Gary, genser, trying, to, see, you let's, remember, what, nfts, are, art Collectibles, video, games, Trump, cards domain, names, tickets, all, of, these, are nfts, dude, Trump, is, selling, illegal Securities well, by, the, way, do, you, think, there's, a something, to, that, is, that, why, uh, the executive, branch, and, Gary, gz, are Prosecuting, it, there's, another conspiracy, for, you, if, you, want, to, go down, I, think, it's, it's, certainly interesting, timing, and, a, terrible, look for, the, Democrats, not, that, they, needed

any, more, terrible, looks, look, at, this, uh DC, investor, goes, holy, they're selling, illegal, Securities, on, eBay, and he's, um, tweeting, a, picture, of, eBay, of, a u, Magic, the, Gathering, card, on, eBay, want2 million, Magic, the, Gathering, card, yeah that's, more, than, crypto, punks, right, now that's, a, nice, that's, a, nice, card, right there, oh, wow, don't, remind, me, bro, um, you remember, when, uh, Richie, Torres, asked Gary, Gensler, whether, he, like, what, what happens, if, I, take, a, Pokemon, card, is, that a, security, and, then, he, was, like, What, if I, tokenize, that, Pokemon, card, he, asked Gary, Gensler, this, is, that, a, security, and Gary, was, like, oh, f, facts, and circumstances, we, don't, know, how, we, test blah, blah, blah, I, guess, he, does, think that, Pokemon, cards, when, tokenized, uh

suddenly, become, Securities, this, is, what this, means, uh, J, Jake, shinsky, the, SEC, has fully, lost, the, plot, the, idea, that, a financial, markets, regulator, established in, the, 1930s, would, have, jurisdiction over, digital, art, defies, common, sense, and also, the, sec's, actual, authority, to, do this, Hayden, Adams, saying, what, you, said David, which, is, like, hey, open, C, welcome the, fight, you're, one, of, us, now, uh, Devin fizar, is, um, planning, to, fight, this, which is, yep, fantastic, so, more, legal, bills that, we, as, taxpayers, are, paying, for Gary's, you, know, senseless, Crusades, to stop, you, from, buying, digital, art, on, the internet, um, that, like, that's, where, we are, in, 2024, all, right, one, bankless Ventures, raise, on, the, week, chainbound

raised, 4.6, million, in, a, seed, round, with participation, from, us, over, at, bankless ventures, uh, what, is, chainbound, they, are working, on, software, to, issue pre-confirmation, from, staking, pools, this is, staking, pools, like, Lido, rocket, pool anything, else, uh, led, by, cyber, funds, who is, the, kind, of, the, um, the, Lio, uh adjacent, Venture, Capital, firm, uh, the idea, of, this, is, like, you, can, issue pre-confirmation, for, layer, 2os, to, have faster, settlement, times, to, the, layer, one uh, also, very, beneficial, for, base, rollups uh, the, big, Vision, here, is, to, allow proposers, to, do, sequencing, uh, so, it's, a pretty, interesting, infrastructure, that kind, of, ties, layer, one, and, layer, twos, uh together, uh, much, more, intimately, I, would say, so, congratulations, to, chainbound, for

the, race, and, unfortunately, as, we, end this, episode, David, I, got, some, bad, news for, you, man, uh, as, a, single, dude, in crypto, uh, some, what, could, this, what could, this, possibly, be, some, bad, data just, came, out, this, is, Nick, Carter tweeting, out, a, chart, of, a, data, around the, unattractiveness, of, male, nerd Hobbies, so, it's, basically, plotting, which male, nerd, hobbies, are, the, least attractive, to women, we, got, a, lot, on, here, we've, got video, games, we've, got, comic, books, we've got, cosplay, we've, got, magic, the Gathering, we've, got, Dungeons, and, dragons uh, unfortunately, crypto, ranks, as, the second, most, unattractive, male, nerd, hobby out, there, and, it, only, loses, to, one, which

is, uh, Funko, what, is, Funko, Funko, fun Funko, Pops, the, little, Funko, Pop Collectibles, things, dude, I, don't, even know, what, that, is, uh, I, know, well, second place, very, unattractive, apparently, you you, you, said, this, is, bad, news, for, me, but actually, this, is, just, not, related, to, me uh, because, this, is, for, nerd, Hobbies crypto, is, a, lifestyle um, and, so, it's, just, not, relevant, it's not, a, hobby, yeah, it's, not, a, hobby, it's more, than, a, hobby, it's, not, a, hobby crypto's, life, um, yeah, so, there, you, go, I can't, believe, though, that, it's, worse than, cosplay, that, that, that, hurts, yeah bo, boys, just, aren't, allowed, to, have, fun you, know, you, know, your, your, hobbies, are unattractive, I, guess, so, I, guess, you, got a, date, in, uh, in, crypto, if, you, want, to

get, something, to, happen, David, we, got, a Moment, of, Zen, this, is, song, A, Day, guy, uh man, yeah, song, of, day, man, you, have, some context, here, because, you, did, an, episode while, I, was, out, with, with, him, he, has, a lawsuit, against, the, right, now, too, right what's, highly, related, to, the, SEC, uh Wells, NOS, versus, uh, openc, they, are pursuing, the, SEC, for, setting, the precedent, that, uh, nfts, are, securities basically, uh, song, of, day, man, releases, an nft, every, single, day, of, his, songs, that you, could, buy, it, uh, and, because, of, the stoner, cats, legal, case, that, where, munis and, as release, their, sonic, caps, thing, they, had to, settle, with, the, SEC, that, precedent determines, that, artistic, you, know Creations, form, in, the, fortive, nft, are

there, for, Securities, so, he's, suing, Gary Gensler, and, he's, suing, the, SEC, to, break down, that, precedent, and, so, of, course since, uh, the, SEC, is, now, going, after, the nft, marketplace, openc, he, makes, a, song about, it, and, you, can, go, buy, that, illegal security, that, he, may, or, may, not, be issuing, uh, with, the, link, in, the, show notes, if, you, are, so, interested, so, Gary gendler, this, is, who, you're, up, against, a moment, as, end, in, just, a, minute, but, R when, you, serve, a, Wells, notice, this, is who, you're serving, gypto, is, risky, you, could, lose what, you, put, in, but, we, are, headed, west this, is, the, frontier, it's, certainly, not for, Gary, Gensler, but, we're, glad, you're with, us, on, the, bank, list, Journey, thanks a, lot, we're, fighting, to, get, it ining, so, clapping, back, at, the, that

he's, screw, it, let's, just, do it, let's, sue, the, FCC, make, Pro itary, please, me, your, ins, don't, scare, me we've, had, enough, of, your, coming, after, us unfairly, Gary, we're, through, out, of options, to, choose, it, never, you, attack mys, that's, why, I'm, suing [Music] you, Clap, the, ble, that, he, a, bad, I'll screw, it, let's, do, it, let, the, FC, and, make them, prove, it

[Music]