Episode 8: Crypto’s Wild Week: Farcaster Booms, Sui Burns, Bitcoin Parties

00:00

Hey everyone, happy Friday. So this is JR, founder and CEO of Social Market, and this is Leon CMO of Social Market, and this is the Social Ledger Report. What? We missed  last week. We did. We’ve been busy. Shocked it up to  coming back from  Consensus and then Memorial Day, long weekend.  I’m actually in Mexico.  So  I wanted to make sure we did this.  Oh yeah.  I can only imagine the view from there. Yeah, it’s great.

00:29

Yeah, so this week, we have a couple of things to go over. We have three stories. We try to condense it so maybe some of our viewers can follow along with us. But the first thing that we want to talk about is Farcaster. If those of you who don’t know Farcaster, it’s like a crypto decentralized form of Twitter. Well, it reached 10,000 pro subscribers and that made about what, 100, maybe 1.2

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million dollars in revenue for Farcaster just by doing that because they had 10,000 subscribers at $120 each.  So that’s the first story. The second story we want to cover is Sui liquidity pool. This hack happened last Thursday the 22nd, but there were a couple of updates this week. So we want to go over those for anyone who’s affected. And lastly, yesterday  was the 29th as of this recording and that was the Bitcoin conference. So that’s pretty big. I think a lot of like the people, a lot of the news that happened

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happened because of or correlate to the Bitcoin conference. So want to cover that a little bit more. But before we get into it, just consider subscribing. Give us a follow. Give us a like. Share it to your friends. We want to spread the word of what we’re doing here at Social Ledger Report. But before we get into it, do you have any other questions or thoughts you want to share, Leon? No, I want to talk to some far caster. I want to learn on the other stuff and then cover Bitcoin.

01:57

conference on let’s jump in the farcaster yeah totally so first things first our first story today is the farcaster pro subscription so found this on twitter black got everything so here it says if we ask people to subscribe with credit cards we’d lose 45 000 in fees we use usdc on base and pay 10 dollars so

02:22

Remember how I said they made over $1.2 million  in revenue just from the 10,000 people who subscribe in their platform? All of that was in USDC.  And I really wanted to highlight this post because,  well, I mean, why wouldn’t you pay in USDC? If you’re a Web3 company, if you’re Web3 product, you should be paying in crypto because that’s part of the ethos of what you’re building. You know, we have some companies releasing products and they still require people to pay with debit and credit cards.

02:51

But  so the one challenge there that I see though is like, you know, we’re talking about this earlier. It’s like a FOMO thing. Everybody has a credit card. Everybody has a debit card.  USDC is still a little bit. It’s, it’s, it’s not impossible to get in. It’s actually getting easier and easier, but this is kind of like the validation point for, for it. Like I think everybody’s worried before was just kind of like,

03:21

It was like, you know, if you didn’t accept PayPal on your SaaS app, you know, your, your app just wouldn’t get as many transactions.  And  I think this was the same thought. Everyone was just kind of like, if I don’t accept debit card and credit cards,  our crypto based app or web three based app in some way is not going to get people to sign up because the barrier entry is so hard. I think this

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breaks it in so many ways and shows that getting stable coins is relatively easy these days and transferring them has gotten much clearer and 10,000 people did it like  in the snap of a finger. that’s the really big validation point for not only Farcaster but also for this like future of stable coins as a payment method across the internet. Yeah, totally. So

04:16

One thing I’ll say right now not to get ahead of myself of  a story that’s coming up later, but Russell Brigg actually showed up in Bitcoin conference this week. said how, mind you, if you don’t know who Russell Brigg then, you know,  too long, didn’t read. He started the Silk Road when Bitcoin was worth like a couple of dollars, maybe even cents.  You know, he came back, you know, after Donald Trump pardoned him, he spoke at Bitcoin conference. He said that

04:44

Back then in 2013 or right around that period, the only way you could get Bitcoin was through, you know,  one exchange or in person with someone who was like super duper familiar with that stuff, which back then was as rare as Unicorps are. So point being is  now he said that you go to any app, any crypto app, and there’s always a button to buy Bitcoin. in  to  your point, Leon,

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Maybe we’re going to start to see that now. Maybe because we’re starting to see the convenience of having paying with crypto overpaying with traditional debit and credit cards. That is going to go a long way. People are only going to start to integrate it in their applications or products as soon as it becomes  easier to do. Kind of like with PayPal. Oh yeah. Now you can pay. Yeah, you can do PayPal with anything  for the most part if people still like PayPal.  So  we’ll.

05:44

Like it or hate it, PayPal is a staple  of the internet and it is trusted. But  I  really see this as two  validation points for  Web3 and crypto as a whole. The validation for stablecoin payments and then it’s a validation for Farcaster, which is  massive in both parts. again, man, 10,000 people just jumping on that.

06:13

I know everyone says like economies and scale not every business has to be 500 million people  overnight. 10,000 people paying $120 a year  with  almost no overhead on that. Like this is huge. then also  you talk about credit card fees.  There’s bills working through Congress right now to strip away credit card rewards and all of that. Like, yeah.

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the world might be shifting away from this traditional finance system and really embracing stable coins more and more.  And I think I said it in Toronto that I didn’t quite understand stable coins.  But after hearing  them talk about it, a consensus and everything, it’s like the back end upgrade for a system that still uses FTP files to tell when transfers happen in certain very specific banks.

07:10

It makes a lot more sense to me where it’s like a digital transformation for a banking system that was largely built in the 50s and 60s. Yeah. So a lot of our financial systems are outdated, which is where Bitcoin and crypto comes in. So one more thing I want to highlight in this thread here is why does it cost so much with cards?  Credit card fees are about 2.9 percent. Transaction fees are 30 cents per item and chargebacks are typically 0.6 percent.

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Cart networks return half of these users as card benefits and pocket the rest as fees. So PayPal, Visa, they’re like giant monopolies in the fintech space because they keep so much from every little transaction that we make, which I don’t know. I can’t give you a number of how much money we spent, but it’s It’s American Express, Visa, and MasterCard. Those are the four processor like

08:07

parts to that and that’s who really benefit off of it. Whereas in this system, who really benefits is just the end company and then the user because the user knows I’m not paying just some credit card fees. It’s become more prevalent to see little signs saying cash discounts or there’s a credit card fee added on. Imagine if your card just was

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was stable coins.  I’m not sure, especially with traditional finance and Web 3 kind of clashing, I’m not sure if MasterCard and Visa, which is really a duopoly at end,  Amazon, Discover, will  let the stable coins not have some sort of  fee structure built in. I think over time, they’re really going to put something in place.  I agree.

09:06

So good points here, Leon. So the next thing that I want to talk about is this is from Farcaster official Twitter account and it says pay $120 get $600. So if you think you’re just so one thing I didn’t mention is as far as the benefits of subscribing, you compare that to Twitter. Twitter really just gives you more visibility in the platform. So you get a verification badge.

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your post, think it, you know, more visible in the algorithm. Your name, your account will appear more on the search  for people who are of relevance to you.  But for Farcaster, there’s really not a lot of pros.  There doesn’t appear to be like a  page on the platform that tells you this is what you’re getting. In fact,

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a lot of the benefits go to the creators to people who are on the platform. So in this have a quick list of it.  Oh  great. So you get…

10:17

you get  features such  as 10,000 character cast, the ability to upload four images per post, then  that revenue actually goes to  all earnings from proscriptions are funneled into FarCaster’s creator rewards program, which distributes 25,000 USDC weekly to top content creators. And then you get a commemorative NFT.  And  that limited edition NFT, you know, like it doesn’t…

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confer additional rights or anything, but  there’s a lot of speculation around potential future value.  Yep. So there’s always speculation with these, which could be a  both good or a bad thing, depending on who you’re asking. But,  um,  I mean, I guess there are some benefits as far as having, you know, the subscription you do get, I guess, some sort of cloud just by having that pro batch. But aside from that, you know, it’s not like you’re getting pushed  more visibility or growth.

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within the algorithm. don’t announce that, they don’t highlight that. that’s probably the only  issue I would have with subscribing because, you know, if I’m paying for something, I would like to at least increase my visibility with people  on the social platform. But I mean, that’s not a bad thing either, because at least with Farcaster, you know, they had an airdrop for 600 tokens, it looks like, or 200,000 pro coins, which seems to be the Farcaster token that is only given to

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you know, people who are part of the subscription or at least the first 10,000 people. So more on this.  This is actually Farcaster. This is the UI, the app that is Farcaster.  May look a lot similar to Twitter if you look at it. So this post here highlights that introducing the Procoin, the community led governance token for Farcaster Pro users. All 10,000 NFT holders are eligible for an airdrop. So right there.

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You know, if you have that  NFT, which is only given to you if you were one of the first 10,000, you automatically had the value to, you know, be a recipient in this airdrop. The token will be untransferable until 500 pro users claim. In order to get the mandate as a community token, need  broad support. To claim, QuoteCast disposed with a text ratifying pro coin governance.

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All 10,000 NFT holders are eligible, but the first 500 claimers will receive five times the allocation. So. Kind of weird logistics here happening,  not very clear, but you know, they’re trying their best to make some talk, some sort of hierarchy for,  you know, true holders, true believers of of said, you know, I guess far cast from this case. So. What do you think, Leon?

13:09

We’ll see, know, most of the value and the most my understanding right now of it is really just like the stable coin in that this is a huge win for this soulful, you know, this soulful

13:23

I’m blanking on the word for it, but the social network, Farcaster. Yeah, but  the social protocol protocol. You know, we’ve talked about the so, you know, we’ve built stuff on the so, but this is like a very good validation point for Farcaster in the, know, in, the social protocols, like, it’s just a huge thing for them outside of that. The rest of this, like these drops in values and all of that, like,  I think it’s

13:53

It’s hard to say like people will pay $120 a year just for a badge like  in some places. Like I’ve seen it on Tumblr. You know, can get a verified, verified, verified badge for like $80 a year or something. So people just do it sometimes. People spend a ton of money on Fortnite skins. Like,  like there’s no play to win. And to some regard, I like that you don’t get a boost in the social feed by paying like

14:24

Okay. Like it doesn’t feel pay to win-ish? Yeah, it’s like, I don’t mind pay to win to some extent, but also…

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Like also, I understand it. It’s like a way to filter for bots and all of that. Like we’ll have to see how far Castor does. Like they don’t have those scales where moderation and those problems are a thing yet. Yep. That’s a good point. So more on this pro coin and this will be the last talking point for this story. So pro coin, if you go on Farcast, you can look at tokens.  So here’s the pro token  and

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What’s really neat is you can have like a widget access to your own wallet. So here on the bottom right, and I don’t know if you can see it on my screen when I’m sharing, but  pro coin, you know, it’s about a penny or 0.001. So about a 10th of a penny.  And,  know, this is the performance for the last day. But  in all time that it’s been released, it’s been going down by 21%. So, I mean, it’s a relatively new token. We would see what happens.

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Give it a week, maybe give  it some time and see where it is.  But I wouldn’t be surprised if the token goes down immediately because this is just people exchanging it or liquidating their token. So this is very common. We’ll see what happens  with Procoin. We’ll see what happens with Farcaster. But I’m very bullish on Farcaster because the  Coinbase team seems to be very vocal about it. When I say the Coinbase team, mean, Brian Armstrong himself.

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of Jesse Pollack, which is their Web3 head. He’s part of the executive  board as well. And he is more for on-chain governance, Web3 governance. And then,  you know, the whole team just seems to be doing a lot of PR for them, which, you know, seems to be working out for them. Yeah. Great. So that’s pretty much the end for Farcaster. So the next thing that I want to talk about here is SUI. So

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If you guys were affected by the Sui hack which happened on one of their apps I actually found a good video that kind of goes over that at a high level I don’t use Sui as much so that’s why I’m not able to talk much about it But I do keep track on all these things Sui, it’s like it’s on layer 1 And it seems to try to do like the whole Solana thing Solana and Ethereum thing where you can build apps on it you can you know

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build things with this token, with this blockchain. So I found this video on TikTok  and this is from Crypto Wendy O. She’s a pretty big streamer.  Yeah, she’s pretty active on YouTube and on Twitch. I think YouTube actually. So here she talks about the video. She talks about  the token being hacked on her video.

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from currently number 11 on CoinMarketCap.  It’s basically a really good competitor of Solon and Ethereum, player one.  According to Telegraph and other sources on X, Stetis, main LP provider Dex on Sui allegedly hacked 11 million in Sui drain from Sui slash USDC pool with most tokens down 75 % plus, those are empty. Other sources are saying that the amount that was hacked is about $200 million. Please note this is not Sui, these are projects built on Sui.

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that were using this liquidity pool. Using from Binance to say that they’re there to help Sui. Other sources say that it was Sui’s foundation treasury that was attacked, but no actual users were attacked. However, there’s a lot of chatter about people saying that their portfolios have completely dropped, that are holding different Sui projects, and Sui price is fine right now. I’ll have more for you later on. So that’s pretty much it as far as her coverage.  Key points to take away.

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It was not the users directly who were affected, but the liquidity pool, which does have the earnings of these users. So  it looks like their earnings were affected, meaning the token dropped.  know, the, the  app that was hacked is called set as protocols was actually a post about them came out just  this week saying that it will actually be able to refund the affected  liquidity pool that had the user funds.

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Citus protocol to refund 100 % of the hacked user funds following the suite community vote. So they do have  like a form of governance  on  their ecosystem, which if people vote,  can,  things can happen to the whole ecosystem that affects every user.  So.

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On this other story, Foundation is providing SETAs with a secured loan as part of the plan to quickly compensate user losses in full. What’s interesting is  it doesn’t look like  individual users were affected, but rather the liquidity pool. So I’m guessing that’s where most of the  funds would  be allocated to. So Sui Foundation was actually the ones who provided the loan to SETAs protocol, is what’s  causing the whole network to be affected. However,

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The CETUS team will use these loans to proceed  together with the assets from the treasurer to cover losses from the stolen funds that have been bridged out of the SUI network.  This loan will allow CETUS to cover losses beyond the CETUS-  CETUS, I think that’s how pronouncing it. CETUS  could fund on their own. These funds apply only to cover the bridged assets and are separate from the frozen funds subject  to the on-chain community vote. These are extraordinary measures  taken to protect the SUI community.

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taken together with the on-chain community vote proposal. A full recovery is possible. Sui Foundation stands together or stands strong in efforts to support its members. So the reason why we want to highlight it too is because this is pretty rare. This doesn’t really happen on DeFi protocols on  Web3 ecosystems as a whole. I think  Sui recognizes that because,  I mean, first of all, I don’t think we’ve had a massive…

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issue like this happen on Ethereum or Solana before. I think Solana maybe it’s just, you know, mind you, Sui is a VC backed blockchain. So it is pretty centralized  despite the claims for it to be decentralized. But, you know, if they’re able to somehow help their users and make them happy, then I think, you know, that’s something that other ecosystems should do as well. Because again, this just doesn’t happen very often. Do you have like an idea?

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of this happening to any other blockchains, Leon, as far as I know? Or as far as you know?  I’ve seen and heard of like smaller set stuff. Right. But nothing that pops into mind, you know, any other place. Okay. Yeah, so  this happened, you know, about a week ago.  Were you gonna say something, sorry? No, I’m just trying to think. I feel like it’s had to have happened  in other places. Well,

21:35

There was that… Here, I’m asking. I just asked chat GPT. Okay. So this looks like it has happened. Poly Network 2021. Oh, with Polygun? Ronin Brit… The Ronin… Yeah, Wormhole. That’s for gaming. Yeah, Axie Infinity game. Wormhole. I remember Wormhole. Well, I remember Axie as well.

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Yeah, I guess I remember it as Axie Infinity game versus the Rana network. SafeMoon, that was a really, really recent one.  was a scam, however.  But scam,  what is this one comparatively? Like this was actual hack?  Based on what it looks like,  someone just  got access into the liquidity pool funds and just withdrew it. And  that affected everyone’s…

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value and holdings on,  on suey, which if you compare that to,  mean, I guess that’s a very similar scenario that happened with Axie infinity, which ever since that happened, Axie infinity has had like  a, you know, all the traffic they would get has  gone down comparatively. I remember that. So I should have mentioned that.  Um, yeah. And then the last one was Nomad bridge, which, uh, it was that misconfigured, uh,

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smart contract, I remember that one,  where it resulted like multiple actors drain the funds.  And I was like  $200 million.  So I guess this is a pretty common thing.  You know, in these these liquidity pools, and then also just these smart contract flaws,  yes, smart contracts. Yes.  Yeah. And I think  most of them are  private key compromises where people just like, you know,

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the private keys controlling the liquidity pool or just like,  you know,  the part. And then also I know a lot of times the bridges, the bridge vulnerabilities when they’re across chains, they they’re often targeted due to the, like the, the transfer first on them.

23:45

That makes sense. Yeah, I mean,  I know for a fact, you know, these kind of hacks happen all the time, but as far as liquidity pools, I wasn’t sure how common it was.  I know smart contracts too, do tend to have their own flaws as well because they’re programmable.  So, you know, anyone who  may have nefarious thoughts about, you know, withdrawing people’s funds. I mean, you can always program, you know, smart contracts do that.

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If you guys remember, for instance, in the 2020 times, 2022 Metamask, one thing that would happen is they would send you phishing sites. I mean, ever since then, Metamask released some sort of, you know, safeguard, I guess, for like a better word that tells you, hey, you know, this is a phishing site. But before that, you know, phishing sites existed and the way you would get your money withdrawn is through a smart contract because you would log in and guess what? You know,

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you log in, you give it your recovery phase, and then that’s where the smart contract would activate or would trigger, making it so any holdings you had, which were mainly on Ethereum, they would get withdrawn and sent to another wallet without your permission. So it’s a lust.  It very much still is.  I mean,  I feel it’s improved over time. So we’re hopefully going to see this continue to happen, like as far as improvements, making it more secure,  especially now that in the US, in the very least,

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is getting its much needed, you know, legislation or representation to help protect both consumers and businesses.

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So it’s pretty much what I have to say. And with that,  I think that’s as far as everything we have to cover with SuiCoin. Do you have anything else, Leo? No, no, I’ve got to like understand that a little bit more, but  I’ve got a little better understanding now. Yeah. So this is probably my favorite story to cover today. It’s called the well, it’s the overview on what happened on Bitcoin Conference. So

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If you weren’t there on Bitcoin Conference, you know, this is kind of like us going over everything that happened. But if you were there, you know, we would love to hear your thoughts on the comments and just let us know how was for you, you know, the conference. So  we couldn’t go this year because we went to consensus, but we’re actually hoping we can go next year to Bitcoin Conference and maybe, you know, talk to anyone who might be in the in the space. So first thing I want to cover is.

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something that seemed to be a trend, but not only in  the Bitcoin conference, but also in consensus, which is US officials, industry giants signaling turning point for Bitcoin adoption. Even though  in consensus, it was more like a general  conference for crypto as a whole, like the crypto industry, there were a lot of mentions for Bitcoin as well. And here it looks like it being the Bitcoin conference, there were more

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conversations had about how Bitcoin is going to be adopted and we’ll cover everything here in a moment. But one thing I want to talk about this article is there were about 30,000 attendees, 300 exhibitors in a packed up line of speakers. The gathering has blended high finance, bold policy proposals and Bitcoins involving Culture Cloud. So pretty high attendance. The speakers were also pretty  big.

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I’m going to have to pull out here in a moment the  list of speakers because I didn’t I don’t have it with me on hand. But anyways,  some of the speakers by names, there was Michael Saylor, Howard Lutnick, Caitlin Long, Arthur Hayes and the Winklevoss twins alongside current political star power. Not to mention there was also J.D. Vance, Vivek Brahmaswamy. David Sachs was there too. The crypto czar. Yes,  David Sachs. think those were the main

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political figures who were there. There was also a senator who was there, but I forgot her name. So Michael Saylor from  strategy, formerly MicroStrategy,  he talks about there being an on-chain proof of reserves for corporate Bitcoin holdings. So kind of like having like an auditable form of  viewing how much Bitcoin you have for any entity. I’m guessing that’s what he means by proof of reserve. But here’s what he says more. Pressed by a reporter,

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Saylor responded simply, no, adding that making wallet addresses public creates unnecessary security risks. No institutional grade or enterprise security analyst would think it’s a good idea to publish all of the wallet addresses such that you could be traced back and forth. The comment triggered an immediate debate across social media, reigniting long standing concerns about transparency versus operational security.

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And I also do have some comments about that because I think what made Bitcoin and crypto amazing, you know, just favored across everything was how transparent it is. And I think, you know, as the landscape changes over the next few years, there’s going to be more of these kind of topics because when you have a security issue, this could certainly create security issues when there’s transparency. I’ve talked to some investors in  San Antonio.

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when we’ve gone pitching for social market.  And whenever I talk to him about Bitcoin, one thing,  mind you, San Antonio, they’re not the most proficient when it comes to crypto. But people would tell me that crypto is really good for laundering money. It’s really good for doing cyber crimes because that money  is  easy. It’s untraceable. You name it. But what I think makes it traceable is the fact that you can see what the wallets are. You can actually trace it. As a matter of fact,

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with the blockchain explorer. So with Bitcoin, for instance,  I forget what the name of the website is, but you can do a blockchain explorer for it. You can look at a wallet and you can see where all those all the historical  transactions are. That’s what I mean. It’s a ledger effectively, and that’s what blockchains are. So I think at least, you know, I think at least, you know, there needs to be some sort of legislation for this that I really hope.

30:03

If you ask me that they keep this as transparent as they can because I think blockchain is going to change fundamentally in a bad way if they remove that transparency from everyone.  I  get it though. The operational security OPS that  is  a key importance to that. know, just look at Tesla like one point two billion dollars of crypto. Like there’s probably a bunch of people trying to

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get that money in some capacity and the money spent protecting that’s probably a lot. So I get it. But also I forget who said it at consensus. Maybe it was Eric Trump that, know, like just, just imagine what they’re doing with, with regular dollars, know, like untraceable currency versus a digital currency. That’s, that’s pretty traceable. If you’ve got a forensic team on it. Uh, it is. I

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get the concern for security. There’s probably a middle ground at some point, because these are publicly traded companies. They’re going to have to report how much crypto that they’ve got. They’re going to be reporting it on the books. Maybe they start hiding it in the books. Often that starts to happen. You see it with Apple where they’re hiding like AirPod sales with other headphones. I could see doing that, but…

31:31

Those reserves  and the proof of it is kind of interesting. It’s a transparency, but most companies are scared to be fully transparent because of investors and all of that. That’s a good point. But what if the companies  that start having an allocated reserve for Bitcoin are private owned or private equity? Do you think there will  still be some form of transparency here? If they’re private, they can do whatever they want.

32:00

Right. And I think that’s concerning.  it can be. But again, you know, they’re private company. The government shouldn’t come in and tell them that they have to, you know, show proof of reserves. There shouldn’t be rules on that for private companies. I understand publicly traded companies, but  if a private company doesn’t want to disclose that they bought a billion dollars of crypto, I don’t think they should have to. Yeah, I mean, it makes sense. not about I don’t like government overreach, if you ask me, but

32:29

I think, you know, when it comes to upholding the core values of crypto, there needs to be a reservation for that because when you’re here upgrading the protocol at the protocol level, which is at the code level, making it so it’s no longer transparent, I think that can cause issues down the road. I’m not here trying to make it like a get that. Like, don’t change the protocol. Don’t make it less, less transparent. But if somebody sets up a wallet and they don’t know that it’s a

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you know, a billion dollar private company. Like there’s no reason to, you know, disclose who that is. Right. And it makes sense.  But anyways, more more on what was actually talked about here on the crypto conference. So that was from Michael Saylor, Proof of Reserve, which,  you know, very mixed feelings. Next one was US may start buying Bitcoin says David Sachs.

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In one of the most surprising developments, crypto czar David Sachs hinted that the US government may  be exploring Bitcoin purchases. Sachs said that the discussions are underway at the Treasury and Commerce Department to acquire Bitcoin without increasing taxes or debt. The Treasury and Commerce Departments are exploring budget neutral ways to acquire Bitcoin without raising taxes or debt. Using tariff revenue is one option under consideration, Sachs said.

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Again,  I think it’s interesting. think, you know, it’s not too different than having a gold reserve. Although Bitcoin is going to be worth more than gold at some point, I wouldn’t be surprised.  think, you know, this is… they can make it. They can  make gold from lead now.  Is that true?  know they’re trying to… CERN did it. They were able to do it in small amounts, but CERN was able to turn lead into…

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gold. know, all the alchemists back in the day are probably rolling in their grave like, oh, they did it. Yeah, I mean,  it makes sense.  I think, you know, asteroids in the space, maybe not far from us, could have tons of gold and platinum and diamond. So there’s always going to be us.  There’s a very finite amount of Bitcoin, so that alone makes it so it’s worth more than gold, in my opinion.  My challenge to that is

34:49

What about super quantum computers? Quantum computers could disrupt Bitcoin mining completely. That’s been the new concern. Yes.  So I don’t think  there’s always a risk to anything of value and that has  a limited quantity that  something comes along and disrupts it. So it’s like gold, you know, diamonds, you  know, real diamond cost  over the past, like, five, ten years of

35:19

been decreasing because you can manufacture diamonds now.  They’re still valuable, but they’re more common in lab-made ones. Gold at some point, maybe we’re 50 years away from us actually making gold in volume,  but it’s going to go down in value a little bit. And same thing, quantum computers could just wipe out big point. Yeah. So I know  something we didn’t get to cover this week, but

35:48

There’s still lot of concerns or lot of thought happening that and maybe once we have more concrete news or more concrete articles written about it, that’s when we can cover it. But for the time being, there’s still a lot of speculation on that. So maybe we’ll have a story for you in the next few weeks. But in any case, going back to  the conference, you can read more of the more of the talking points here. We’ll share this link on the article on the bio now. As far as some of the fun stuff here, so.

36:17

We were able to get actual footage of what happened in the Bitcoin conference. So on stage right now, have both Trump twins,  not twins, but the Trump children. It’s Eric and Junior.

36:44

your speech is that you’ve known Michael Saylor, both of you, for 20 years  and you know he in fact helped  kind of  talk to you about Bitcoin and get you to realize the value of it. Michael Saylor, he’s always so tactful in MLX, with your personal conversations with the Trump family, who to tell us what… It’s actually fucking packed right now. I think it’s a much bigger  stage than the one at ConsenSys.  So just a little note there.

37:12

They were sent to you. I finally got you thinking, huh, maybe there is value in here.  So Michael’s been a great friend of mine. And by the way, everybody’s giving a round of applause because he’s really one of the greatest.

37:27

Yeah, think this audio was  The the audio was changed a little because Trump sounds a little bit more high-pitched there  Yeah, so so Pack room everyone went and it makes sense when it was in consensus. I think the stage was a lot smaller maybe about a third the size of what you saw in that video if you can kind of gauge it but it looks like the American Bitcoin team was also there on stage right next to junior  and

37:57

Yeah, I mean, this is very bullish. Everybody went to consent to the Bitcoin conference instead of consensus. So I think most of where the big influencers, most of the traction is going to be in conference in the Bitcoin conference. Just just a little psych note there. Yeah, bigger speakers to them than consensus in many ways like. That that’s a different much bigger venue. There’s just a lot more to it.

38:27

I think there’s free tickets.  there’s, there’s just a lot more going on there. Whereas consensus is a company owned one. It’s a different type of conference. I agree. So,  uh, so you heard Eric Trump speak a little bit there. Now this is Vivek Ramaswamy. This is a 30 second video. So going to cover it a little bit.  Um,

38:51

A very important point from Vivek Ramaswamy at Bitcoin 2025. Bitcoin should be included in schools, curriculums as part of financial literacy programs. Now, I think that’s a very interesting topic to talk about because, I mean, that can open a whole can of worms about just how financially educated people are here in the US. If you’re here in the US, you can probably understand. They didn’t teach us much about taxes, you know, filing for taxes, having financial literacy. They kind of just teach you.

39:19

A lot of things that could help you in college, but not fully in life. So anyways, this is what we’re back. Vivek had to say in the game. So what can a governor do to help lead the way to that vision where every kid is able to participate in the magic of American capitalism and compounding to not be spiteful towards the successful by being successful instead. One of the things I will do is I will lead Ohio to be the first and top in the country to integrate financial literacy into our public education.

39:49

that includes the power of compounding,  including education about Bitcoin as an asset class that every young person ought to be aware of as they make those financial decisions.  Yeah. So if you had asked me what compound was, what compound interest, what compounding is when I was in high school, I probably wouldn’t be able to tell you. But, you know, we’ve come a long way ever since.  And I think children and

40:17

you know, young adults should learn about this even in college because it’s,  it’s an essential skill to have in this day and age.  Um, so here’s another thing I want to cover. So this is from Tiffany Fong,  uh, Twitter’s very favorite,  um, shit poster. So I don’t know about you, Leon, but do you think she’s dating the guy who created,  um, my space, Tom? see them everywhere.

40:46

on her social feed here where they’re together and they’re pretty close. yeah, don’t know what Tom does anymore other than like photographs and runs around the world. That’d be an interesting dynamic there, but kind of kind of cool. Like  what a great like  conversation starter. Hey, this is this is my boyfriend.  He was the founder of a you’re probably already friends with him on my space. Like that’s such a great combo. Yeah.

41:15

We love Bitcoin, MySpace Tom, that’s what they talk about.  She tries her best not to,  you know, be labeled as a crypto influencer just because she gained a lot of her recognition by interviewing Sam Beckman Fried with the whole FTX issue. But that’s a separate story. So here she was pretty active  on  social media  and her and MySpace Tom are together in most of these photos. So that’s where my

41:42

Thoughts are if they’re dating, which I don’t know if it’s disclosed again, another photo here. They just take photos on Bitcoin conference. looks like  it was like an open room. And then there were like, you know, little for like a better word, little stations  where they had like presentations and maybe some some goodies that you can take that are part of the Bitcoin brand.  There were also like parties, nightclubs there, which I know you and I went to a few for consensus in Canada.

42:13

Yeah, there’s more people here who showed up.  She also  got with Gemini.  Gemini must have had a little station where they giving away to more than a little.  Well, yeah, you know, so they’re actually getting away to Cybertrucks with the Gemini brand in it.  And all you need to do is like sign up for the Bitcoin credit card. So I know we talked earlier the first story with using credit cards and stuff. So  Gemini actually gives you Bitcoin instead of

42:42

points, which I think it’s pretty interesting. Not financial advice. We’re not paid to talk about Gemini, but I actually use Gemini. I mean, I think it would be something for me to explore. In any case, yeah, she partnered with Gemini and she has her own referral link. So, you know, go check it out if you’re interested, if you’re interested. And then again, here’s Tiffany with MySpace Tom. And there was a photo where she was with

43:10

one of the Winklevoss twins, believe. I could be wrong, however.  But anyways, I think that was pretty much as far as it goes. Yeah, it looked like a great event. I want to hit up  next year.  But  it looks like it made a lot of news and there was a lot of people that were important to crypto as a whole. Yeah, yeah, so it was really packed.

43:35

Next year, we’ll probably very likely go to Bitcoin conference 2026. So we may have some footage for you there. In any case, this is Tyler Winklevoss, his brother, him, Tyler and Cameron are here with Donald Trump. gave away they gave one million in Bitcoin, which is about 15.47 Bitcoin as of June in 2024. any case, so Gemini, brand is kind of everywhere. And, you know,

44:05

They’re doing a lot.  were also a ton of dude. Yeah, they’re just burning cash. I mean, they’re rich.  So, I mean, even before they, I don’t know how  some of, don’t know how many of you are familiar with the story of the Winklevoss twins, but they were actually pretty involved with Facebook  when Facebook was in its inception back in 2005, I believe. So, and even before then they were rich. So, you know, they weren’t Harvard.  Um, in any case, you can look at

44:34

You can follow Tyler or Cameron  on Twitter. here they kind of just talk about everything that happened on  the Bitcoin conference as well.  The next big talking point that I want to talk about is with  Ross Ulbrich, who  had like a 30 minute speech or session  on stage.  So I was able to find this clip where it kind of just gives you the entire,  you know, his entire speech.

45:02

So I’ll play here a couple of segments just so you can kind of get an idea, but we’ll leave the entire clip on the description as well for you to look at. here the post talks about, here’s the full Ross Obrick speech for the Bitcoin conference last night in case you missed it. He delivered a great talking point or great talk making salient points that really hit home. Freedom, decentralization, unity. And they tag him.

45:34

So that’s him coming on stage.  Everyone is cheering.  Huge crowd as you may have already gaged.

45:47

So he goes on to talk about, again, freedom, decentralization, and unity.

45:54

gonna skip to a couple of segments here.

45:59

You made this moment possible.

46:04

Can you feel that?

46:07

Let that sink in. You, you, you, you, you, you, you, you, you, you, you, you, you, you, you, you,

46:37

And because of Trump, he’s now free. And he’s excited to be back. He’s no longer in jail. So yeah, go check out his video. We’ll leave it down in the description. But as far as things go, that’s pretty much everything we wanted to talk about for today. Yeah. I’m going to go back to the pool and check out some more Farcaster. And then we’ll see everybody next week. Yeah. Thanks, everyone.