MARKET UPDATE: Hot Payrolls, Hotter Memecoins: Se From FOMO Talks The Future Of Trading

0:00 Heat. Heat. N. Heat. Heat. N.

1:20 Hello. Sorry, I accidentally muted the mic to start. Welcome. We are starting. We got five minutes until say coming on. Thank you guys for telling me that I'm on mute. this this this mic, it's got like a little button here that if you touch it, you accidentally you accidentally go off. So, that seems to have happened there. But guys, we have such a fun show today because there's a lot happening in the markets, whether it's macro, crypto, memecoin trading, Zcash absolutely ripping finally at $1,000. That's been totally nuts. I've got all my notes here, my my legal pad. How we doing today? Is everyone having a good Friday? People are having a good time. hop in the chat. This is going to be more of an interactive show than normal because it is just me talking to the camera. Unfortunately, Jonah is not here. and I'm sorry for all of you watching on YouTube. The thumbnail is a lie. I don't have a mustache anymore. Fully clean shaven.

2:18 Got the suit ready so I can talk meme coins. Looking like I know what I'm doing. You've got you've got your fellow here to talk to you about what's happening in the markets. I mean, look, we started off today pretty well. We started off with a super hot jobs report. That was really great. you see unemployment's at 4.1%. We're economic data is coming in great and that is leading traders to sell gold and to get a little bit nervous that the Fed is actually going to hike in September. This has been kind of interesting to see. Basically, as you guys all know, last last month in August, maybe two weeks ago at this point, Bessant comes out and basically says that he can spend up to a trillion dollars to protect the long end.

3:04 this is obviously not what the Fed wants to see. This is putting the Treasury at odds with the Federal Reserve, which we have not really seen too much of that in history. And I think what that did is it really damaged the credibility of the Fed. And this jobs data is going to make it even harder, I think, for the market to not react to that. I mean, for worst specifically, to not react to that to that data. I think that the the probability of a hike obviously is higher now, but honestly, that kind of means nothing because what's happening right now is that memecoins are going absolutely ballistic. Crypto is going absolutely ballistic. And it's all because I think what we're seeing is we're genuinely seeing new money flow into the space for a variety of different reasons. What's kind of fun is that for the first time in a very long time, we're actually seeing a variety of different reasons for crypto going up.

4:04 When it comes to Bitcoin and Zcash, these are just monetary assets. And you're seeing them go up because of the debasement trade. You're seeing them go up because of what is deemed as monetary irresponsibility. You're seeing social coin, you're seeing memecoins do really well because of the rise of social trading. I mean, you have platforms like FOMO, which we're going to talk about in a second, really drawing in, I think, new players into the game. they're doing an amazing job on marketing, bringing in people that were not in crypto before that are now trading crypto. On the RWA side, you're seeing an explosion from Robin Hood chain, which honestly guys, like I love seeing this happen. I think in previous bull runs, we've we've had this issue where everyone was always playing within the confines of crypto. And every now and then what you would get is you'd get a floodgate of people that run into crypto that they speculate on Salana, they speculate on base, but at the end of the day, these are crypto companies serving crypto users. And now we have a chain that is effectively a traditional institution. And I'm going to call Robin Hood an institution. I know that sounds funny, but but it really is now. It's embedded in the traditional financial system. And they're able to reach a new set of market participants. And guys, I mean, Vlad is standing behind this chain. You saw this morning he got into a little bit of a tiff with the AMC CEO.

5:33 So, the AMC CEO, Adam Aon, basically comes out and says, "Hey, I don't think that tokenized securities are smart. You're you're taking away my ability to control my stock. You're running a foul of securities laws. you're making things in the financial system scarier and more dangerous for people. And Vlad basically comes back and says, "Seriously, what is your issue? I really don't think you know what's going on." And now their lawyers are publicly going at it.

6:02 and that is just really, really, really funny to see. but what I think the key takeaway here from all of that is really that Robin Hood views crypto as the next stage in finance and they're willing to step up to bat and defend it. Even though right now what we're seeing is mostly we're just seeing meme coins pop off. I think that everybody knows that that's going to change in the future and we're going to get an absolute explosion of tokenized stocks of activity that really blends crypto and tradi. But before we get into that, we do have a really special guest here, the co-founder of FOMO. We've got Se who we're going to bring on. Say, welcome to the stream. Super happy to have you. It has been an amazing week for FOMO.

6:51 >> Yeah, thanks for having me, man. I wish I had the the view you had going on back there, but yeah, thanks. >> It's not so bad. I got to convince people that to take me seriously. So, >> we got we got an office here in New York. That's a that's a Statue of Liberty right there. I I found that you kind of need to incentivize yourself to to come into the office, and that's this is how I do it.

7:12 >> 100%, man. And great commentary, by the way. I I'm actually tuning in for like one of the first times. I' I've listened to the pod, but haven't heard the like kind of the macro market new stuff and this is awesome. I'll definitely be back. >> Oh, I I I appreciate that. Yeah, you know, it's been fun. We've been doing this pod for three years. We started as a crypto exclusive pod. That's all we talked about. And now we bring in a lot of macro. We bring in a lot of Tradfi as well. And it's really because the worlds are sort of colliding right now in a way that we haven't really seen before. And that's actually what I wanted to start off by talking to you about. you you tweeted something recently specifically saying as I've been trading more equities I've realized that basically the entire market is attention and I wanted to give you a platform to really talk about that a little bit more like what did you mean like what what are you seeing in markets in general that make you say everything is about attention now >> yeah I mean I think that as advanced as capital markets are let's say even in traditional equities I do feel like there's probably fragmented buckets of attention that go on from different things whether it's memory or pureai or crypto or financial services or banks or whatever and I think in particular the case I was describing was I was trading on Robin Hood actually and you know I that's that's where actually where I keep a lot of my funds and I was buying some stocks and I was in a place where I'm like okay I'm going to just go all in on Hood and the core reason for that was sequencer revenue right like I have actually a post in my company Slack from the first day Robin Hood launched where I was like hey like if they get this to become another hundred million dollar business line and they're able to actually monetize this flow. Well, like we have an edge here, right? Like people are not looking at onchain data to understand, okay, what is Robin's revenue? What is going to increase this over the next, you know, one to three months, six months, etc. And I think that that's an edge that we have. So, in a lot of ways, like I'm trading attention. I'm trading are the right people and the people who are actually, you know, moving money in size in this market looking at things like this probably not. This is not where their attention is. They might be looking at prediction markets on Robin Hood. They might be looking at memory stocks. They might be looking at XYZ. So I do think that like this is an area of the world where like you know we as crypto traders have a little bit more sharpness to the details. So in some ways like the attention caught up and you saw Robin Hood rip like 18% or whatever yesterday.

9:22 So I think the world is still a little bit behind on what this looks like but in some ways like everything is trading attention whether it's on a micro macro scale. >> Yeah. No it's it's been really amazing to see back in like 2021 we used to say that crypto would become more like the equity markets and now I think the equity markets have become more like crypto. I mean, you're seeing narratives play out on the order of like 3 to 6 months. I mean, obviously, you had that massive AI trade that came off a ton. It was just because people were really excited about all the frontier models that were coming out. And now, it seems like crypto has really taken the taken the attention away from the rest of the equity market. It's actually driving the equity markets in some fashion. I mean, like the new hot thing of the moment Robin Hood chain is really taking over FOMO trading volumes, you you would say, right? Are you are you seeing so so I guess like tell me tell me what you're seeing in the world of in the world of FOMO like what are people interested in these days?

10:16 >> Yeah, I think Robin Hood chain has kind of taken its own DNA where I think you've mentioned this but like they're starting to pair a lot of different things, right? Like it's not just pure memes. There's now memes that are based off of stock token pair based. there's like memes that are I would say like throwing it back to like old GME, AMC, etc. days. And I think there's just like a different set of things that people are getting attention on. Like cash is just a plain meme. Pon is the launchpad and there's not a lot of overhang here, right? Like people haven't had the time to like develop these like sophisticated tools to, you know, hide different wallet supplies or bundle these things discreetly or figure out the mechan mechanisms that can actually give them an underlying advantage. So right now it feels like a pre pretty free market and that's where a lot of the tension is. I think in a lot of ways like the Robin Hood team's job has been like stay out the way and be very tactical about when they engage whether it's a follow or a listing. And I would like to say they're pretty much doing a masterclass for not being super cryptonative.

11:09 >> Yeah. I want to I want to take a step back for a second and just talk about sort of the birth of FOMO and how you decided that we needed a social trading platform. I mean, social trading, obviously, you had some companies in the traditional markets like Weeble try to try to tackle this, but it never really seemed to take on a life until FOMO. And I'm kind of curious as to, you know, you you started FOMO, I think a little a little bit over a year ago at this point, was you were raising a little bit over a year ago? Like what was the initial genesis for the idea and like what was the gap in the market that you were trying to address?

11:45 >> Yeah, I think so. I like taking a step back of like personal background. I spent a lot of time trading on chain from 21 onwards like ETH mainet into the altvms like arbitum to like tronu say salana like pretty much everything like there was an opportunity to trade across all these chains and obviously like we know as crypton native people it's already pretty difficult to like go from chain to chain there's a lot of mental friction like I missed out on keto on base despite everybody else in my trading chat trading it because I didn't want to set up a base wallet I didn't want to think about you know another thing to manage and and secure and all these things so I think that like that was a fundamental thing that needed to be solved generally which is via crosschain trading. But I think the other thing is like even two years ago you couldn't really build FOMO as it looks today. There wasn't enough liquidity across different bridges. You know let's say like relay wasn't fast enough. The RPCs probably couldn't handle the loads at at the same scale across all these chains. Privy and embedded wallets didn't really exist and weren't super you know trusted. Like there were a lot of things I think that led to this not being possible until let's say like a year and a half a year ago. And I even think today we're still at this cutting edge of you know can all the generic purpose info take care of all the load that's coming in from retail and from the people across the space of crypto. But the genesis story pretty much is a lot of us spent a lot of time together working at DYDX where you know it was lack for better lack of better words like hyperlquid before hyperlquid right it was like 90% of the market share did a billion of revenue in like a year and a half two years and you know was kind of one of the first mainstream tokens that didn't airdrop after unis swap that really got a lot of people interested in that model. I think there were a lot of things that went wrong but you know we come from that background where we built for institutional users and let's say like a specific group of high volume traders and then you know we kind of took a step back and we're like all right well this was a great experience but you can't really show your your mother or your sister you know per right like what is this order book what are all these advanced orders what does funding rate mean it just wasn't ready for the world and I think it's getting to be the point where it is now but we need an experience where like it was very easy to understand memes right there's a cute hippo there's this narrative this event happens But there's not an easy way to trade them. And I think right around the time we started ideating, Moonshot actually started to take off. And you know, I I actually credit them because they were the first mainstream app to actually get a meaningful user group on board. And then Phantom obviously followed on in a very different way. But I think that that was this like aha moment for us where it's like, okay, people do want to do this thing. It's still pretty difficult despite how easy it may seem to us. So we need to create a better experience here. And better meant social. We it meant social because you think about like okay let's say the user journey is you come on to moonshot or another app you buy mudang you make a lot of money because you think it's cute everybody agrees then what you either one churn because you have no idea what to buy next or two you buy a bunch of things that you have no idea or context on and then you end up churning afterwards because you you lose all your money so we needed this social layer which I think CT has done a really good job of of like putting together in some ways whether it's in public or in different chats and you need this layer where like people can express their views you can actually find these people directly on the platform you're trading on you can understand their thesis over time. Maybe eventually you can even comment and ask some questions. Like you need this like social graph because trading inherently is social. And I think there's been this like broader stigma around like publicizing positions or doing things in public, you know, because your friends might find out or your co-workers. And I think the world in itself is like shifting towards this new paradigm where people are taking a lot more liberty. They're putting themselves out there a little bit more and they're trusting systems less. So they want things like, you know, meme coins or stocks or options or perks or prediction markets to like find their own financial liberty. And I know that was a longwinded answer, but that's kind of just going through like the the general thought progression.

15:09 >> No, that's good. But it also hits on something that I think a lot of people, especially if they're not from the world of crypto, don't really understand, which is what are you talking about trading as a social game? Because I think if you look at Tradfi, you know, when I was when I was in in that world, we were very private about our positions. We didn't want people to know what was what was going on. We didn't want people to understand our strategies, right? Like if you have a public account on FOMO, people can see every trade. They can see every buy.

15:37 They can see every sell. If you run up a million bucks and then you sell 200 grand of it, you have 800 grand left, but everyone might frontr run you. And that sort of in my mind doesn't didn't really make sense until I signed up for FOMO and I started to understand why people might do this. But from your from your perspective, I mean, why do you think why do you think social trading is so important? Maybe with memecoins, but then is it important for other things?

16:01 Is it important for perp trading? Is it important for long-term investing? Is it important for anything outside of memecoins? Or is it just that meme coins are a social trading game? >> No, I think it's important for everything, right? Like you think about the core of how do markets go up over time? You need more inflows. You need more attention. You need more interest. And I think it's naive to think that the world has captured enough retail interest and enough like, you know, normal person interest for it to be something that is is like massively widespread. I think like most you know let's say like your average your median person probably doesn't invest or if they do they invest very small into like their 401k or you know indices and such but I think the reason why you know this needs to exist is people learn by doing right so you talk about like you know analogy is like you want to go learn how to play basketball you're not going to go read 10 books and watch the Michael Jordan documentary and like look at shooting form videos and then like six months later go do it you're just going to go do it right I think for trading and for investing it's a very similar thing even though it's a very different form function where sure like a lot of people are stumped at the fact that they they need to go learn PE ratios they need to go learn market caps what are like relative value all these things and then they never end up investing right where they never actually exercise the mus do it so I think that for it to be something that's a little more approachable where you like you bought stock because like your friend who you think is smart bought Tesla or you're positioning in the SpaceX IPO because everybody's talking about it like these are social things and that's how the market and the world works so for you to be able to like create a wedge and let people find a little bit more enjoyment a lot more a little a little more relatability is actually a good thing because at the end of the day you have more people investing more people coming into capital markets and I think that this is really the only way you can actually raise the ceiling and outpace the growth of let's say you know the economy or GDP or whatever at the end of the day >> yeah I think I think a lot of it is also just you have a just a complete change in culture right you have more people on social media more people willing to broadcast their lives willing to show you what it looks like I mean there's this entire sector of society that's just like inside the life of a memecoin They're like making, you know, millions of dollars and they're explaining to people exactly how they how they do it. And there there seems to be, I would say, almost a newfound benefit in broadcasting your positions. I mean, you've seen other streamers talk about the fact that traders of the future are going to be celebrities. And there was actually like a benefit. There's now a benefit to sharing your your P&L in a way that there wasn't before. you know when you when you go if you go log on to FOMO you can see the leaderboard right there and it for me look I'm I'm an unc now I have just started trading memecoins again I think the last time I touched memecoins was two years ago as I've said and so when I got when I signed up for FOMO I was thinking well what like how do I even start looking at memecoins how do I even figure out what the hell is hot what what people are interested in and the easiest way is to just like go click on the leaderboard and see what all these all these big guys that seem to quote unquote know know what they're doing, what they're actually up to. And that to me was a big a big unlock, which is kind of interesting for me to see. I mean, was that like where you was that where you started? He's like, I we we're just going to start with a leaderboard or like how did like what was the first thing that you you built with FOMO actually?

19:10 >> Yeah. So, if you look at FOMO's first version, you would actually be surprised to see that it's actually very similar to what exists today. The only difference is like it's maybe a different skin because we've done a brand revamp and now there's multi-chain but like leaderboards always existed, feed has always existed, homepage profile like maybe referrals tab is a little more visible but it's kind of the core thing that we set out to do and I think that you know when you spend all day thinking about something the vision expands right so sure it's expanded beyond multi-chain trading platforming crypto assets with social to much bigger and broader and we can touch on those things as well but I think that for us like this is exactly where we wanted to be. this is where we thought the market was headed. And it's funny you talk about like cultural shifts of like what people are used to or people are you know willing to do because you know Fred Wilson is a good friend of ours. He talks about like oh you know I passed on Airbnb and Uber initially because it's like why would I get into car as a stranger? Why do I want a stranger to live in my house? And now you think about like that is just a societal norm, right? It's kind of similar to trading where like why would I tell anybody what I own to well I can leverage this like build a social presence, a profile, a brand and monetize this over time instead of it being you know completely relying on whether I'm going to be able to read the market right or wrong. And I think that this is just a shift that's happening in the world, not just with trading, but with other trends like healthcare and you know with things like access like these are just things that we're starting to see the world get more comfortable in where you talk 5 years ago people would look at you if you mentioned the peptide and say like that's for bodybuilders like why would I inject this foreign thing into my body but now it's like wait I'm getting a little more educated I have claude and I can learn like what are the gaps in my health system that my doctor is not actually giving me good advice for and I can go do the thing. So there's a lot more liberty, a lot more willingness to break out of the system and like self-educate. And I think that's general positive trend even though you know it might seem odd to people that are coming from different generations.

20:53 >> Yeah. I I'm curious like what like do you do you trade on on FOMO? Like you you you punt meme coins. What's your process for evaluating? >> Yeah. So I've I'm I'm a I've always traded on chain. That's you know where most of my I would say like personal let's say value has come from. I've spent a lot of Your personal value has come from punting meme coins on chain. That's amazing. >> It is like you're you're kind of the perfect person to build this then.

21:20 >> Exactly. And and I've I've pretty much taken a break through most of the bare market. Like I don't like trenching. I think that's something that I'll leave the people who are at their computer 16 hours a day. I like >> Can we can we Sorry. Can we can we define what trenching is? >> Yeah. >> For for those that >> like what's what's the difference between trenching and punting meme coins? >> Yeah. So I think trenching is like let's take like your traditional time frames and like compress them by like 100x. So trenching would be like day trading, right? So you know you're instead of it being like intraday, it's almost like intra hour or intra minute. Like some people are trading the same coin in and out within 60 seconds, right? So you're compressing that time frame by like an order of magnitude. And then I would say like for myself, I just like to find good spots. And that might be what people would call like investing or or long-term holds, which in crypto maybe it's only a few days, a few weeks or a few months. It's not like, you know, weeks, months, years, but it's kind of analogous to that where not everybody's good at day trading. Not everybody's good at trenching. And I think that the people who are going to win most of the time in trenching have superior infrastructure. They have more knowledge. They have more information.

22:20 They have faster computers. Whatever it might be. I think you're seeing a lot of the gaming crowd do this. And it's honestly not something that most of the world enjoys, right? You think about why are people interested in crypto from even half a decade ago. It's because they've learned to hold, right? Doge, sheep, Bitcoin, like these are things that generally went up over time and that's what's drawn the most interest, not come into this coin for 60 seconds and like maybe you make money, maybe you don't. So that's like something that I I should I stay away from where I like to find spots and they're not always meme coins, right? Like I was in lighter probably in the low ones and just sold at like three something. I think that there's, you know, hype, which I did a swing trade or or medium-term hold from like $35 upwards. Like, these are also scenarios that I find myself in, but there's also a number of meme coins.

23:02 And right now, I I'm trading on an alt account mainly because I don't want myself as like one of the FOMO co-founders to like create narratives or spell or spill like, you know, certain things as good as bad, good or bad. but for myself, like, yeah, I'm I'm probably like number 200 on 38 leaderboard. I think I'm up like 400k trading meme coins. Oh, so so your your alt your do do people is this like an open secret or is this like we're gonna have to dig for it. The people in the chat right now are gonna have to go find your alt.

23:27 >> Yeah, nobody knows. >> Nobody knows. >> And I'm I'm very careful about how I position it when I post it. And the minute I think anybody knows, I will delete the account and probably start again because like, you know, that's just not I use FOMO because it's a great platform for me to trade. And if I was building up a social presence and profile, I can do that here. if I wasn't, you know, a co-founder of FOMO or affiliated with the team or whatever.

23:49 but yeah, it's it's been great because I get to dog food my own product. I get to use it every day and then like that kind of materializes into different parts of product feedback. So, what's so right now, I mean, FOMO is really I think people consider it a memecoin platform. like this is where you go to uncover onchain gems and and go punt things. But is that is that the extent of the vision or what's what's next for you >> if there is anything or or I mean you guys look you guys are making a million bucks a day. This could just be you could just like pump fun it and just run this forever and think you know memecoins are the future.

24:22 >> Yeah. I mean I think for us like it's never really been about the money. It's always been about the impact. So if you think that like let's say the TAM of people who are going to trade meme coins or adjacent coins are like you know a few hundred million people versus the person who's going to invest in something or have an opinion financially is probably in the billions. Like one market is a lot more exciting to us than others. I think for us, we view this as a wedge, right? You solve a problem in the market, you create a user base, you create a social graph, and then you start to think about how do we actually build on top of this in in different directions, right? And I think one of the things we're most excited about actually is like how do we start to bridge the gap between let's say all the tokenized infrastructure that's coming on for equities and the social graph we've built and the the actual like incentive model that exists within FOMO.

25:04 And what I mean by that is we launch creator awards. So, it's similar to YouTube or Twitter where, you know, you perform an action, provide value to the social graph, whatever that means, and then you get rewarded. Some of these guys, like we've paid out $4 million in two weeks. So, you think about, you know, the top guy has made $300,000 just doing the same thing that he has done through every week before this existed. And that's incredibly powerful because like now you're incentivized to continue to provide social value. You you divi you develop a stickiness to the platform and you develop an identity. So, there's all these things that I think like social graphs do particularly well.

25:35 Nobody's quite done in the world of finance. But let's transpose that into like equities for example, right? Where if I am a big YouTuber and all I've done is create great value. YouTube has paid me, you know, low six figures a year. I've made a lot of people millionaires, decillionaires, maybe even like censionaires, but I haven't been able to monetize because I don't want to do a paid course. I don't want to like do a paid group or or newsletter. Like those things don't feel right to me. Well, what if I can just do this publicly? I can just trade publicly, give you all my thesis, my commentary, insights in real time, and in return, I get creator rewards, right? I get paid for the value I'm providing to the platform which is going to be many orders of magnitude more than what you get on YouTube right YouTube is like you're comp compartmentalized into one group which is like finance YouTube there's some payout available you get some of it versus on FOMO like what if you could actually monetize and make a million dollars a month because you're the best equity analyst in the world and you're doing this people find value and now you have a career that's like separate away from the thing which is you know your YouTube content and I think you see this already happening with like really big names like Michael Bur or Centrini like these guys probably monetize eight figures a year off of their newsletters today. But imagine like you had the opportunity to do that and you're not a big accounter, you're not in the big short and you can actually do this via track record. Like it's something that I think will be incredibly powerful and you get to this place where like why would you trade anywhere else?

26:47 >> Yeah. No, I I think that's actually a big issue just generally with financial influencers is that it's very difficult to figure out if they're actually good or not because you you don't see their P&L. I mean, you there there are a couple services that I've signed up for where the the people will retweet one of their picks and then you'll buy their service and sign up for it and you realize they have like 450 things in their portfolio and you're just like, "Guys, like everything else is down. You just retweeted the one thing that's up."

27:12 See, you don't actually know how much money they've they've made. So, I mean, how like how are you thinking about expanding that part of FOMO? I mean, I know you guys have you guys produce really fun content. I've I've seen a bunch of it around. but I it's all right now like geared a lot towards obviously like the the the trenchers, the memecoin flippers. Like are you thinking that you're going to start moving into that world to try to get people to trade equities on your platform, trade purps?

27:40 I mean, what would be really cool at some point if you get like a big hedge fund to actually sign up for FOMO or is this even a medium-sized hedge fund, right? >> Yeah. >> Could could be kind of interesting. >> Yeah, exactly. That's where we want to head, right? Cuz like the premise of most of the content that's being put out today is like twofold. One is education or one is like aspirational content, right? Like hey this guy made $10 million like it was done in public.

28:00 Every every single buy was notified to your phone and you could have been in the same shoes, right? I think that does not not carry over for equities, right? Imagine Roaring Kitty was on FOMO when you know GME stuff happened. Everybody was watching, everybody signed up, everybody was interested. Like I think it's that but like imagine a thousand roaring kitties, right? It might not be at the same order of magnitude of like publicity, but there's going to be people who are just so good at their craft and want to develop an identity and a brand. And you know, we talk about like traders of new celebrities. I think that's still like very in early stages, but you think about and and I might be going off the rails here, but like one thing >> No, no, that's actually the whole point.

28:35 This is a Friday stream. >> We could go off the rails. We kind of talk about whatever the hell we want. >> Yeah. But the one of the core like early thesis that we have is like AI is getting better every single quarter, right? it's like roughly doubling in its capacities let's say every single quarter quarter over quarter it's going to get to a point where like it's so easy to produce content that in this like era of the social media platform which is like right now we're in the interest graph which is like the content itself not the person and you have opportunity to go viral no matter if you're a smaller account if you're you know a new person first- time creating content like you have the opportunity of the algorithm to go viral well I think what ends up happening is like the scarce resource is no longer attention because now there's so much entertaining content it's all so good you know AI is like commoditizing it entirely. Now you need something else to like view as a source of truth, which I think is going to be capital. It's going to be risk.

29:23 It's going to be who is right publicly, who is sticking dollars, who has been able to like validate their thesis in real time over time. And now you create this new social graph where like the top people at this platform are not producing content, but they're producing trades and they're producing education. And it's the highest intent social graph that will ever exist because these people already have funds on your platform, which is incredibly difficult for most platforms to do. two, they're intent based because they're going to use that money to trade, to earn, to do whatever else. And three, like you have a value where like you can argue each follow is so much more meaningful than everybody else because like it's intent based, right? So this is where we see the world going when it pertains to like what is the next biggest social media platform to exist in the world. It's obviously very far off from like the initial vision of like crosschain trending application, but yeah, it's it's something where I think we can get to scale of hopefully like a Google or or or a Facebook at the end of the day.

30:12 a goo. I mean, that would be that would be pretty unbelievable. I've always had I've always had an issue with, you know, platforms like Facebook and Instagram for the way that they generate attention. I think a lot of it is extremely superficial. And that's actually one thing that I loved about Twitter X is that, I mean, I grew my account specifically by producing educational content for crypto, for trading, kind of giving people, I think, frameworks for how they should approach the market. But this is, I mean, taking it even even a even a next step. But I do I mean obviously there's there there are drawbacks right to this like as you generate a huge following as you generate attention instead of being right and then making money you can actually just like create the money by basically if you already have a large track record right and you and you and you launch a coin or you go do something you can start to monetize your audience in a way that wasn't really available to you before. And so I'm wondering if you view that as a maybe maybe that's a positive to you, maybe that's a drawback, but how do you feel? I mean, today for example, right, with this with this meme thing that just went viral with the with the AMC, there was a lot of talk around, oh, all of these influencers were in really early and they actually caused the thing to go up versus the thing would have gone up on its own without them. And I'm curious like if you see any drawbacks to the social trading aspect and if so, like how would you tackle that? Yeah. I mean, one of the drawbacks is like, let's say, you mentioned this in the first few minutes, but it's like, you know, you you're up a million dollars in a coin, you sell 200k and it goes down by a lot because, you know, maybe people are like, "Oh, he's selling so I should sell as well." That is obviously like one of the things that's going to happen. It's happening today. It'll happen in every market. But I think the counterargument to that is like it went up in public, so it should go down in public, right? If you were, you know, able to get attention onto this thing and people realize a thesis and they started to find conviction because you did it in public, it should work the other way where if you're starting to lose conviction or you're starting to feel like you're a price target or thesis is hit, then it should also go work the other way. And I think net net you'll still end up much better off like collectively as a group because there's going to be a lot more attention on the asset. People are going to become more educated and they'll probably also just like be involved in better price action generally, right? But that's something to be careful of, right? Because like if you're a big account and you know that you know if I buy this thing I'm going to have a hard time selling. Maybe it makes you a little more selective. Maybe it's like okay well I don't have that high of a conviction to do this so I'm not going to do it or I'm going to do it on an account where I don't have influence because now it's your reputation that's at stake. And I think that you know in a lot of ways like idealistically we like to think the social graph will correct itself where you stop following the people who like you know dump on you or you you know start saying bad reviews or bad things and people get to actually like you know collectively partake and create social consensus. I don't think that's how the world operates where you know you're able to like hide a lot of things in the corner like there's always new people and there's always going to be this like thing to solve for. So that's one of the things that we spend a lot of time thinking about is like how do you remain neutral as a platform but give enough tooling to people so they can make their own decisions, right? And right now the only concrete thing we've rolled out is average hold time. Like a lot of the time like the issue with you following somebody into a trade or trying to like replicate their trade is that your time horizon is misaligned, right? where maybe like Avi you're like all right I'm gonna go buy a lot of Bitcoin you go do that tomorrow and then I'm like okay obvious you know I'm gonna hold Bitcoin for 10 years I come back in 10 years and it's like you sold month six right that's like I'm going to be really upset but that's just a fundamental misalignment of time horizon right so you need to be able to give people more data of like is this person a trader do they invest are they long-term holders how do you kind of synthesize those things and maybe this even happens in like discussions where you can start you know monetizing your audience in a way where it's like hey $10 you're in my group you can ask me questions we can be transparent, we can talk and if you deviate away from that, you know, it's very public. There's a consequence or whatever. So, there's a number of things that we have on our minds of how to mitigate this. I don't think we're at the scale where it's, you know, top of mind and super pressing today, but we want to create this platform where we give you enough objective data so you can actually, you know, articulate your own opinions on different people and there can be like some level of understanding of who this person is and if they're a good or bad actor.

34:11 >> Yeah, I think that's I think that's really really important. I mean, it's amazing how often just even even on this pod like I I always articulate time frames now on literally any asset that I ever mention because I've gotten in trouble before. I'm like, "Oh, I'm really I'm really bullish on this thing." And then I was trying to articulate that I'm bullish for the next week and people hold it for a long time and then like 3 months later they ask me about it and I've actually I've completely forgotten about I literally do not remember the asset that they talked about and I'm like, "What are you talk Oh, that thing that I sold like two and a half months ago. What are you talking about?" Yeah. So, that's that that that's that's really important. But like like what what other what other tooling would you want to roll out? Like are you gonna am I going to be able to post like educational videos on FOMO at some point? Like what's the what's the idea there?

34:53 >> That's the plan. Yeah. We want you to be able to like have one place where you can connect with your audience entirely. You can educate them on different form factors. You can interact to the extent that you want to. And it's plus EV on all respects. like it is the place to do it because you know you'll earn more than YouTube or you know you'll connect with your audience closer than Substack or you know whatever else these like tangible things are. but yeah, I mean like one idea we had is what if based off of attribution, right? Let's say like you go buy something, you put out a thesis, a million dollars buys, right? What if you can actually like go through those million dollars and each person assign them a score based off the waiting of like what is their buy size, right? So if you're a $100,000 buy, it's weighed more than a dollar buy. And then you can actually have these people start to like I don't want to say leave ratings on people because that just doesn't feel very human but somehow like articulate whether they felt like this was something that they were happy to do, whether they gained value from it.

35:45 And maybe that's algorithmic, maybe that's like manual. And then now you have a score of like okay well you know 56 out of 100 is the consensus of this person and you know above a 50 means they're good and they don't always come with the best things but they have good intent. 90 is like good intent always right. 20 is like bad actor don't follow and like that should be very obvious. I don't know if that's something that makes sense for us to roll out in in that form factor, but that's just like one thing that we think about. It's like how many dollars behind your decisions are are there and then like what are those dollars like what do they feel about the actual decision that they've made.

36:19 >> Yeah. No, that that makes that makes a ton of sense. I think that probably you're what you're I don't know if this is true, so I'm just going to speculate here, but you probably need like a more informed like people that do you actually let me rephrase this. Do you think that the people on your platform right now are interested in this type of content? Like who are the types of people that you're seeing trading on FOMO? I mean, yeah, is this are are these are these younger guys or these people that are actually investing like they're like divesting out of stocks coming in? Is there any way to tell like who who's trading on FOMO?

36:49 >> I think the the information we do have is that a lot of these people are net new investors broadly and it's not just like have they bought a stock and they're now trading crypto. It's like, no, some of these guys are like, this is the first thing I'm ever investing in. And I think that's incredible. Yeah. Because you think about like what are you trying to do here? At the end of the day, you're trying to get more people access to markets and it comes in different form factors, but eventually through their user journey, hopefully they can graduate onto, you know, whatever that's interesting to them.

37:13 Maybe it continues to be memes, maybe it's stocks, maybe it's per maybe it's prediction markets. Like you kind of need to find some way for them to get started and from there you can inform their user journey. But the most important point here is we are not the house, right? We are not the launchpad. We are not the AMM. We are not the order book and that is all very intentional. That is because it is in our best interest for you to have longevity as a user. So we need to educate you. We need to give you the proper tooling and we need to make sure that you grow as user over time. This was something that like I think almost no trading platform has ever done. You know, we talked to the other guys at Robin Hood and they're like we always had this naive view that the $100 depositor is eventually going to become the millionaire and like it almost never happens, right? It's just not something that's realistic in regular capital markets. And I think I attribute that to the fact that like you don't have the opportunity to learn beyond reading through the market yourself and digesting it. Versus on in FOMO, we've had a lot of guys who come in with, you know, a few hundred, few thousand dollars and they're millionaires now. So it's like >> you are able to understand by doing and by seeing and humans are creatures of like, you know, doing and seeing. So I think that we give them a platform to actually graduate and understand things.

38:14 And Tulip King just had this tweet where he's like, you know, I can go watch Michael Jordan every day, but that's not going to make him better at basketball. versus like if I go watch the top traders and like really understand what they're doing in real time, I might have a chance of becoming a top trader. So now you have the world's first social graph that's reflexive where you know your consumer can can become creator not by like any forced effort by by the act of doing what is natural on the platform which is trading and I think that's incredibly powerful and the world has never seen something like this and you know we're still not sure it can be done at scale but if it is like I think it's pretty revolutionary to like what what it means for like the average person who's trying to invest.

38:48 >> Yeah, it's a it's a beauty of trading. I mean for the most part it's not about your click speed. For the most part it's an intellectual exercise. Can you actually understand the supply demand the flows the attention where where things are going? I I am curious like where where where are you converting most of your users? Are most of them coming from Twitter, Tik Tok, YouTube like who where where are you driving people from? >> Yeah. Yeah. So I think early on X and Tik Tok drove most of user base where we probably saw you know 60% of users referred directly attributable attributable to like Tik Tok or to X specifically whether it's like big traders or content creators. Now that number is really small. I think maybe only like 25% of traders are referred which you know that could mean two things right. One is like you're getting more organic distribution and people are kind of natively figuring out that this exists and they're going to find it. And I don't think that that's like, you know, here for the first time, go download it and that's it. I think it's like you impress on people, right? It's like, hey, like these are the ways people use FOMO. This is what it is.

39:46 This is what's available. And maybe like the eighth or ninth time you're like, okay, that's it. I'm going to go download it. and I'm going to try it out. So, I think like it's really hard to attribute organic users who are not referred because we just genuinely have no idea. But I think the signs of a healthy social graph are that you're having less people referred and the median referral goes down over time, >> right? Yeah. Yeah. No, that's I mean it's always interesting to me to sort of figure out where the new entrance into crypto are coming from because I think that's really indicative of how sticky the trend is going to be, right? Like if you have a platform where all of the users are coming from X, I think what you probably end up with is you end up with this idea that it's just recycled capital. If you're getting inflows from Tik Tok or inflows from Instagram or inflows from Facebook or other places, then you can start to say, okay, maybe this is is is net net new capital coming in. And so I I kind of want to end with a with a question. I mean, how right now we're in the middle, we're in the early innings of a bull market, I think, but do you do you agree with that? Do you think that this rally has lasting legs?

40:46 Do you think that this memecoin trading dynamic, what's happening in meme, all this stuff, we're going to we're going to see just a secular growth in this, or is this going to be a flash crash? And like what what what are you seeing? Is there anything in the data that is making you optimistic or pessimistic about this rally? >> Yeah, so there's like three distinct growth events in our company's history. The first in a bare market, this one maybe arguably not in a bare market for the first time in both November and January of this year or November of last year, January of this year. We both had really big growth events where like I'm talking 10x over two days and it was very spiky. It went up very quickly. It fell down very quickly. it took a long time to recover and you can kind of like tell exactly what coins were traded or what the narrative was or why this happened and you can like attribute it to like one or two things that was spiky growth and I think just like flash in a pan for you know something that was very temporary right and that happened in November that happened in January and then from there you know we've started to see slow growth over time where it really starts to pick back up around June it's interesting because for the last let's say 60 to 90 days somewhere in that time frame it's been a gradual increase. There's no spiky events.

41:56 There's no one day that's an outlier. Every single day goes up by, let's say, 5 to 10%. There's more users. and you're starting to see this on a trend graph where like if you put up like Adam Adam Tech's Dune dashboard, you can see it in real time where it's not spiky, it's gradual. And that gives a lot of encouragement because it's like, okay, well, you know, if it's spiky, it's going to spike up and down very quickly. If it's gradual, that means that we're still building up this space and there's going to be, you know, some life left. I think that all of this is going to be contingent on are there more interesting things to continue to do over time and will the current games get solved because I think that that's detrimental to new users if like the same few people always win. It's solved game and they know exactly what's going on. It's kind of like marketing, right?

42:36 Like why would anybody else participate at that point? but I'm hopeful that it's not. And I think with macro at where it is today at the crypto level, Bitcoin like you know around 80k going back and forth like we're still really early, right? Like I don't think most retail shifts attention to crypto market until Bitcoin hits alltime high. That could take six months, that could take a year. And through that time period, we'll continue to build more features, more products, more ways for people to interact socially. And I think there's always going to be an avenue of people who want to try to build a brand via trading by being the best. And there's always a trade somewhere.

43:06 >> I say I I really really appreciate you coming on. This was this was a really fun stream. And also just like you got you got me bled up. You got me bowled up on memecoins. I I'll leave it with this. I signed up for FOMO. I think it was was was last week now and it was one of the most polished apps that I've used basically ever and I've been in crypto for eight years and I'm just happy to see founders like you coming out and building real products that are actually taking the space forward and not just reiterating what we've seen 100 times.

43:33 So I want to just say thanks and you know everyone should go sign up go sign up for FOMO preferably with my ref link. >> Amazing man. Yeah, I've been obviously following you for a time and it's cool to see you like come into this world of the house instead of, you know, majors and per, you know, things of that nature. And yeah, I hope you enjoy the experience. If there's ever any feedback, you know, we're here as a team. We love getting feedback and talking to people. And yeah, hopefully this is something where we look back on six months and it's like, hey, it was so obvious this is just getting started.

43:59 >> Well, we're going to have to have you back in six months and to talk about the explosive growth that I know you're going to have. Thank you again. >> 100%. Thanks, Obby. >> Take care. All right, guys. That was that was really great. I mean that was just like super densely packed. We were talking super fast. It was kind of like I felt like Ben Shapiro there for a second where I'm just I'm going 100 miles a minute. I just keep talking. I can't stop talking. And say was kind of the same way. I mean I guess I got through most of the questions that I had written down here. But it did make me a lot more bullish on meme coins. I'm not going to lie because I think what he said is 100% true historically. And this is true for me, true for I think everybody that is not fully in the trenches. It's really difficult to figure out how to make money on these things. And candidly, look, look, there are a couple things here that I do want to point out as just a know as just a little bit of caution.

44:52 94.4% of people have lost money so far trading on FOMO. And I don't think that's not an indication of what FOMO is as an app. That's an indication of what memecoins are. And what memecoins are is at the end of the day, most of them are gambling. It takes an innate understanding of memes. It takes an innate understanding of attention, of where people are going to put their money in order to really crush it on memecoins. I mean, a great example is this AMC tweet that literally sent a coin from $100,000 market cap to a hundred million market cap in five hours.

45:28 Five hours. That doesn't happen anywhere else. That actually can't happen anywhere else. The reason that it can't happen, variety of reasons, but really it's that crypto is the only place that can react quickly to events that have attention. The equity markets can't do it. Prediction markets can do it a little bit, but not really. Nobody's going to speculate like, is Jimothy going to be more popular in three weeks than it is today? It's it's just a different different world. I mean, it literally is the only market that can react to events and capture and monetize attention quickly.

46:09 But at the end of the day, all these things are lottery tickets. So, you do have to be a little bit careful. Although, one thing that I found very funny is that today you have a market that is more interested in real things than you've ever had before in crypto. And this is what I've been trying to articulate for a long time and hopefully you've paid attention is in crypto everything has been about what might happen, what can happen, what should happen, not what is happening. If you go back to 2021, basically everything that went up didn't make any money. 2023 sort of the same. 2023 24 sort of the same thing. It's all about what could happen. Now we're actually getting applications that are making real money. You have things like Hyperlquid, Lighter that are making money handover fist. You have pumpf fun making money handover fist. And I think what this has done is it's given people more of an appetite for reality. People are less likely to go invest in things that make zero sense that are pure lottery tickets.

47:19 That's why memefy, this concept of meme, what is meme? Five years ago, a memecoin was just literally a funny picture goes around the internet. I'm gonna launch a coin that has the same name of name as it. It has no actual connection to this meme. It's just that people coales around it as a way to express monetization of attention. Memefi is this idea that you're tying a memecoin to an underlying stock. This is happening because of real world assets being tokenized on Robin Hood chain on other platforms. They're saying for every 20% of volume or every 20% of fees generated by this memecoin through sales, we're going to go buy the underlying stock. And now this is still a total and complete lottery ticket gamble.

48:05 But it's way more real at least than memecoins have been in the past. It's not still not real. Don't don't get me wrong. Like most of these things are not going to exist. It's basically the memecoin version of a DAT, a digital asset treasury. All of which except for Micro Strategy and even Micro Strategy have failed pretty miserably. So you have to be careful. But I do think that social trading is a massive wave that is going to take over the world for a lot of the reasons that we talked about. People are just way more interested in sharing what they're doing on a day-to-day life. I mean, think about it. 15 years ago, the concept of posting what you were doing every single day was a little bit weird. Now people do it on their stories all the time. Why not do the same thing with trading? I mean, it's kind of just that's just the way of the world. And speaking of the way of the world, the world is rapidly changing. We have a new model that just got released by OpenAI.

49:00 their GPT 6.0. And this thing, I haven't used it obviously, but according to to OpenAI, it is absolutely crushing benchmarks across the board. SanDisk is up 10% today. Intel is up 4%. I'm super bullish on Intel. I think that we can see 140 again by the end of the year pretty pretty easily, especially as we get out of the summer lull. but this to me is making me a little nervous about the return of the AI trade. And the return of the AI trade would be bad for crypto. So, you you got to you got to pay attention to this. It's possible that we get only certain segments now run like we might not get a full-blown bubble from AI. You might see Intel run.

49:44 You might see SanDisk run. You might see Nvidia run. You might see some hyperscalers do well. And that concentrated performance would be a lot better than a broad-based, you know, sky high doubling in in two weeks. Korean stock market going nuts. That would be worse for crypto. Right now, I think we're actually could be in a happy medium where you could see AI do extremely well at the same time that crypto does well, but you can't have that broad-based rally in AI that brings everybody in. Now, more importantly, I think people's mentality around crypto has shifted because of what you're seeing in the market. When you have a coin run from 100K to 100 million, people start to pay attention. When you have Zcash, an asset that is very easily attainable by most people, there's a DAT scythe. You can buy it in the equity markets, you can buy it on Coinbase, you can buy it on basically basically anywhere you can buy crypto. You know the hedge funds can easily get access to this because because of because of the DAT.

50:43 It reminds people what crypto can do. It reminds people that crypto is able to move quickly. If we break through 80K, we have beat the BART. I'm going to coin that. We've beat the BART. The BART being, for those of you that don't know, this common charting pattern that happens all the time in crypto bear markets where you get this pump up, you get a little bit of consolidation, and then you get a crash down. And the reason you call it a Bart is because it looks like Bart's head because Bart's head is a square with a little squiggly hair on top. If you can visualize that, it chart goes up, squiggles, and then comes right back down. If we can beat the BART, if we don't get that down move, it will solidify in people's minds that crypto is in a new era and that we could probably see 100K, we could see all-time highs by the end of the year.

51:36 I'm very constructive through the end of the year, just in in general. I think as we come out of the summer doldrums, as people get back into their seats, I mean, here I'll show you this. This is what a BART is. This is this is a Bart for those of you that don't know. Although most of you should know this. I mean, if you don't know this, like what are you doing in crypto? Seriously, guys, what are you doing in in any trading seat? You got to know what a BART is. So, thank you. Thank you, Brad, for for for bringing that up. Now, generally, you know, I I think I've advertised caution when it comes to going all in, and I'm going to say the same thing. Just because I'm bullish doesn't mean that you go all in into crypto. I mean, you could you could obviously see a pullback, but I do think that the macro sets up for quite quite a nice run.

52:25 We're seeing revenues increase increase throughout the entire industry right now. Lighter is almost at $5. I mean, that was absolute home run trade. I'll give props to all everyone that called Lighter a few months ago. that was totally undervalued, integrated by Robin Hood, really doing a great job in terms of getting new users on board. Very bullish for lighter. I do think that that pair trade is probably good. And if you want to if you want to put on pair trades, I've been using pair protocol recently and that's been really really great for for putting for specifically putting on pair trades in in crypto. And I do think that that is probably one of the best ways to still express bullishness moving forward is I believe very wholeheartedly in the separation of wheat from chaff. While we might have multiple reasons for a bare market to occur, I think that most of the winning will happen in the top assets. The beta trade of previous markets is probably not going to do as well as it has in the past. What is the beta trade? You go back to 2021 and something like Ethereum, you know, Ethereum would have a massive resurgence because of DeFi and then all these other chains like Salana, Avalanche, Near would copy what they were doing and those things would go up a ton. So, for example, Uniswap absolutely rallies and then Avalanche announces that they're introducing their, you know, e EVM compatible chain and then this thing called Trader Joe, which is just a unis swap clone, goes up in a straight line.

53:57 Now because every because a lot of these assets are now crosschain operating across a variety of different places because the chain is getting abstracted away. What really matters is the usage of the actual underlying product, right? Not the the narrative intention does matter, but it's a usage of the underlying product. And that is now because it can be used across a variety of different chains like Uniswap exists, you know, almost everywhere. Now, those types of beta trades matter less and so you're going to see a consolidation of the winners. So if I have one piece of advice for you is don't buy the lagards in this bull rally. Don't worry about them. Don't even think about them. If you have a thesis on something like you have a thesis on per eating the world.

54:42 Buy hyperlquid and lighter. Don't look for like a third crazy asset for it to go up. If it does, it'll be a popcorn trade. It'll come right back down. you know, go go buy the go buy the top things on Robin Hood chain. Don't buy the like number 50 asset hoping that you're going to get a catch-up. I just don't think that that mentality is going to work. And it's really we're in the new age of crypto. This is the post.com burst.

55:09 This is when we might genuinely enter a long period of growth for a variety of different assets. And what you saw in the dot era is that you had a few companies really capture most of the value. Your Facebook, your Google, your Amazon, your Ubers, right? It was I mean look at look at like Lyft and Uber as a great example of this. Lift just terrible company. You you you wanted to buy the leader and that's what you should be doing in this industry as well. And I actually view this as happening in in AI. I think the previous rally that we had in AI saw everything go up and yeah revenues were growing for everything but now you really want to buy the core assets of the rally which is why I'm allocated to Intel specifically and and Nvidia right I'm back in I I bought back in Nvidia since since Wednesday since we last last talked about it because I am quite bullish on it. Now one thing I do want to talk about before we end the stream is Robin Hood. Now, Robin Hood has been I I've been saying it for a long time. if you're bullish on crypto, you need to buy Robin Hood.

56:16 And Robin Hood has done exceptionally well since that since that call. We've gone up from, you know, 92, which is where I bought. now we're at 123. I'm still holding. This is this is a long Robin Hood to me is a multibagger play. Like I genuinely think Robin Hood could eat finance in a way that we really haven't seen since Interactive Brokers. By the way, did you know that the founder of Interactive Brokers, Thomas Ptery, born in Budapest, comes to United States, is now worth $105 billion. He's the richest guy that you've never heard of. And that's how much money financial plumbing can make you. Do not underestimate Robin Hood, especially because they seem to be they seem to have built infrastructure to own the future of finance, too. We're going to see tokenization go through the roof.

57:09 Robin Hood's going to get a huge part portion of that revenue. I mean, there's all this talk on on on Twitter right now about how much money Robin Hood chain is making right now. Yes, Robin Hood chain is making a lot of money. If annualized, it would increase it would increase the bottom line revenue of Robin Hood, I think, 20 to 25%. I don't really think about it like that. because I do I I personally believe that we're going to see a huge drop off in trading and fees on Robin Hood chain and then we're going to slowly build back up with a more sustainable version when it comes to real world assets, tokenization, stable coins, all of that is going to be the sustainable way that Robin Hood creates value. But as we know with every bull run in the history of bull runs, these types of things are flash in the pans.

57:52 These types of revenues are flash in the pans and you can't really bake that in. What is being baked into the price is Robin Hood is the only financial institution that is taking crypto seriously and if you believe that crypto is going to do well then Robin Hood's going to do extremely well. So I'm I'm I'm very very constructive on that. Now I've been monologuing for a while but I kind of wonder anyone anyone listening right now who's who's in the chat? Give me a give me a thumbs up. Give me something. Engage with me. Let me know.

58:23 I'll answer any questions that you guys have right now. Otherwise, I'll say goodbye and and leave for now because I do want to get my my weekend started. yeah, drop drop your questions if you have any. I mean, look guys, it's Labor it's Labor Day weekend. It's I was I'm going to say it's probably going to be slow. People are sort of out of it. I mean, in like New York is totally empty right now. I'm I'm actually I'm going I'm going to a wedding in in Connecticut this this weekend. So I I'll be out of town as well, but I'm going out to dinner tonight and I guarantee you I'm going to be like the only person at at the restaurant that we're going to because it's just totally totally dead.

59:06 Everybody's out in the Hamptons. Everybody's enjoying enjoying the profits or trying to drown the sorrows, you know. that's a good question. What do you do on Monday with no market? I I don't know. Maybe go outside. That That could be kind of fun. Maybe maybe we should do like an outside meetup one day of all the thousandx listeners. I can we can go to Central Park and we can do like 10 reps of touching grass. Just like grass touch, grass touch, grass touch. That could be kind of fun. I think that would probably be useful for most people. how do you train in the trenches? I don't know. I don't know.

59:42 That's that's a that's a really good question. I'm actively trying to train in the trenches as well. I really do think that the vast majority of this is just staring at your screen 24/7. I mean, that's what I used to do back in the day. but I it's really just under like you have to train yourself. Let me let me give you a piece of advice. You have to train yourself for any headline, any tweet that comes out.

60:09 How can I make money on this? How is this going to impact the markets? Is there going to be an impact? Right? That should be every piece of information that you ingest. You need to have a process. I mean, basically the way that I do it is when I read Twitter, I have a notepad. I mean, this is all my writings, but and I and I rip them off, but I have a notepad where literally every tweet that has any reasonable amount of value, I write I write down something that I think it might be able to impact. This is it's a it's a mental rep exercise, right? You see the AMC CEO tweet about tokenization, your instinct has to be what will this will this affect AMC stock? Will this affect Robin Hood? Will this will there be a memecoin associated with? You see a you see a raccoon go viral on Twitter. Will there be a meme? Like that's probably how I would do it. Not that I do this a ton.

60:58 but like for example, when OpenAI comes out with their new model, you have to train. Will this impact chip stocks? Seems like it has today, right? Sandisk up 10%. Right? there's going to be ton tons of still still going to be tons of demand for compute, right? You have to really get in the mode of how is this going to impact the markets. And I keep repeating it because it's really important, super important for you guys to understand.

61:23 Pick one ticker to go long per BMR. I would I would pick Scythe personally. I love I do like Hyperlid. I just think Zcash is far higher upside right now. I mean, I've always been to Zcash, Monero, Zcash, Monero, and Bitcoin. That those are the only monetary assets that I will ever care about. I don't really care about anything else. I care about those three assets. and I think that they have the highest upside. I do think Monero is going to do well because that is the only coin that's actually used for privacy. Although, shielded coins, shielded coin. So, for those of you that don't know, Zcash is a privacy coin, but it's not privacy by default. You have to actively choose to quote unquote shield your ZEC, and that has been growing. That usage of shielded ZEC has been growing.

62:16 So, I do think that we're seeing an uptick in that. We're starting to see people realize, especially the way these the the Pew Research poll that I was referencing in the last podcast, basically coming out and saying Americans are souring on the economy despite the fact that the economy is absolutely rip roaring. It tells you everything that you need to know about perception and how perception drives everything. The economy is rip roaring right now and people are down on it. If you if you ask your average American, it's like 12% lower in terms of is the economy good or excellent than it was a few months ago.

62:57 How is this happening? It's all about the perception. And the perception right now is mainly driven by the Iran war and rising gas prices even though and and potential job loss from AI even though that is really it's not happening. It's not happening at all. But this makes me nervous about the midterms, which makes me nervous about the the de I mean nervous about the Dems coming in, which makes me start to think, hey, you know, we could see a dip into into the midterms probably short-lived cuz what people are afraid of obviously is that the Dems are going to try to, you know, basically throw a wrench in everything that Trump is trying to do to improve the economy.

63:36 But at the end of the day, if the Dems do come into power or that makes it more likely that we have a Democratic president in 2028 and that makes it more likely that we get insane amounts of money printing and handouts for every single person, you know, unless you're a conservative, you're totally you're you're you're going to be totally nuked. You'll probably be sent to the goologs by President AOC. so you know, if if AOC gets elected, I would I' I'd probably have to like move to to Venezuela. Venezuela might literally be safer for me cuz I keep I keep making fun of her and we all know that what she's going to do to her haters. So, long story short, I do I do think that we're we are in for a good end of the year, but watch watch the watch the perception of the economy more than the actual numbers of the economy. That's that's what matters the most. And watch watch the midterms and stay safe out there. I mean, heading into the weekend, I mean, my my portfolio is Bitcoin, Zcash, still holding on all my biotech plays cuz that's a mega trend. I still have ARCG, XBI, and I have Intel and Nvidia. And I do think that this is going to be a make it trade for the next for the next six months. I think that portfolio could, you know, up 50 100%.

64:54 Now, if you have a low capital stack, go you know, go go go speculate. I guess that's that's the best way for you to for you to grow that if you have a if you have an income stream, you know, obviously better. but it is this is sort of a golden age of of memecoin trading. Now, be careful of the cabals. Be careful of the cabals, but that's what FOMO's for. It's to help you stay on top of what the cabal are doing. So, that's what I'll leave you with, guys.

65:21 This was a wonderful, wonderful market update. We got almost I think 200 people tuned in to this one. That was that was a good one for all of you out there. Shabbat shalom. Have a wonderful and restful weekend. I hope you managed to sign off for a little bit and get some rest. but come back Tuesday after Labor Day. We are going to be back at it. We're going to be having a ton of fun in the markets and we're going to be live streaming a lot more.

65:48 So have a great weekend everybody. Nothing said on the ThousandX podcast is a recommendation to buy or sell any investments or products. This podcast is forformational purposes only and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of 1KX media. Our hosts, guests, and the 1KX team may hold positions in the company's funds or projects discussed.