Transcript of NFT Morning Show
August 22nd, 2022

Speakers & Hosts
- host   num - times spoken; click to jump to speaker
  •  
  • piovincenzo_06:01:02 AM

    I don't care who's first or who last, but I know that you're just gonna rock this at the drop of a dime, baby.

    piovincenzo_
  • piovincenzo_06:01:07 AM

    What y'all gonna do with this? But it got to be funky.

    piovincenzo_
  • piovincenzo_06:01:14 AM

    You're going to be on it. I don't care who started, I don't care what y'all do, but you got to be finished before the music.

    piovincenzo_
  • piovincenzo_06:01:28 AM

    Listen closely to your attention is on the body. Many in the past tried to do what I did just the way I came off. Then I'm gonna come off stronger, longer even with the trouble.

    piovincenzo_
  • piovincenzo_06:01:32 AM

    Just got a whole lot to give.

    piovincenzo_
  • piovincenzo_06:01:57 AM

    Tom new trails are blazed. Action is in effect. It always stays just like a shot from a cannon. I am the man in charge and I'm planning strong enough that they can lift your soul. I'm the originator and my goal. Once you hear the capital, a rapidly staying with you for a while it won't go away unless you're because it stays with you my friend. And if you force it away, I'm gonna hit you.

    piovincenzo_
  • piovincenzo_06:02:11 AM

    No, it's right in the craft. There's a sign that the door no bright and loud. And if you didn't read it, I suggest you do so or you'll be stranded, just like if you wanna go ahead and get the shot out.

    piovincenzo_
  • piovincenzo_06:02:14 AM

    Say on the microphone.

    piovincenzo_
  • piovincenzo_06:02:18 AM

    Wreck it, let it go.

    piovincenzo_
  • piovincenzo_06:02:24 AM

    And never wanna ever fighting in any form.

    piovincenzo_
  • piovincenzo_06:02:33 AM

    Thank you, the store. Next up Joe, I believe that's me Craig. Light up for my for The Simpsons me.

    piovincenzo_
  • piovincenzo_06:02:49 AM

    Optimistic that thought I wasn't coming out with something squeezing moms. But that's alright, because now I'm back to kill all the rumors and straighten the facts of me. Like always. But you jumped on the tip when you heard me in the juice crew.

    piovincenzo_
  • piovincenzo_06:02:52 AM

    That's something look like I heard you in there.

    piovincenzo_
  • piovincenzo_06:02:55 AM

    I apologize.

    piovincenzo_
  • piovincenzo_06:02:59 AM

    Have the autograph of me and my grandma.

    piovincenzo_
  • piovincenzo_06:03:13 AM

    Don't even sleep. Try not to keep your eyes closed, because if you do, when you awaken, you're so cool spot will be taken. I'll take it over like a greedy executive because of the MIC.

    piovincenzo_
  • piovincenzo_06:03:21 AM

    To be the best in all rapists and since I have a call I call experience, that's up your I believe that's me.

    piovincenzo_
  • piovincenzo_06:03:24 AM

    For the sympathy.

    piovincenzo_
  • piovincenzo_06:03:27 AM

    Nice voice.

    piovincenzo_
  • piovincenzo_06:03:28 AM

    Flying.

    piovincenzo_
  • piovincenzo_06:03:39 AM

    To yourself in a fellow asleep and while counting the money you count sheet twice the mic. I will cite the type you like to make the people you like.

    piovincenzo_
  • piovincenzo_06:04:05 AM

    Let you slip. Don't wanna sit on my tip take a deep breath because you don't have another laugh coming back like I'm avenging my brother's death. Make Confederates run for Madison cause I've put out more like in a fight the car medicine ripped the tankage like I'm on a rampage if you want race I'm gonna make front page read the headline suck up the date the deadline had his way past bedtime.

    piovincenzo_
  • piovincenzo_06:04:07 AM

    It's not.

    piovincenzo_
  • piovincenzo_06:04:09 AM

    Ohg

    piovincenzo_
  • piovincenzo_06:04:11 AM

    damn me.

    piovincenzo_
  • piovincenzo_06:04:16 AM

    What you're talking about?

    piovincenzo_
  • piovincenzo_06:04:20 AM

    4 sucks more.

    piovincenzo_
  • piovincenzo_06:04:21 AM

    That's me.

    piovincenzo_
  • piovincenzo_06:04:25 AM

    Save me slice me.

    piovincenzo_
  • piovincenzo_06:04:28 AM

    That I got 4.

    piovincenzo_
  • piovincenzo_06:04:31 AM

    Mouth like that floor.

    piovincenzo_
  • piovincenzo_06:04:37 AM

    Take quarter, suffer the order if manslaughter another rapper rap rap.

    piovincenzo_
  • piovincenzo_06:04:43 AM

    Boy, you're set next for amplifying his shoes in a few.

    piovincenzo_
  • piovincenzo_06:04:54 AM

    Might blow fuse. This is anger madness. Ready to hang up putting up my middle finger Next up I believe that's Daddy can't get on the mic.

    piovincenzo_
  • piovincenzo_06:04:58 AM

    Send it off, letting it off again.

    piovincenzo_
  • piovincenzo_06:05:00 AM

    You never been in?

    piovincenzo_
  • piovincenzo_06:05:23 AM

    Rap Lord locker rooms are being born here. Crispy, clear. Stop here and then I'm outta here with a mark left that you can all claim is rocking a part of your with small thing. I read many places on regular basis, everything down mikes were the only traces in there.

    piovincenzo_
  • piovincenzo_06:05:25 AM

    And on.

    piovincenzo_
  • piovincenzo_06:05:34 AM

    I'm not horsing around in the bow down clown. I'm taking your knowledge the way that I kicked the cause of the house.

    piovincenzo_
  • piovincenzo_06:05:42 AM

    And Smith from the microphone get on the phone because Daddy is home and baffling me.

    piovincenzo_
  • piovincenzo_06:05:56 AM

    What what in your ass touch your plate yourself like a game in the arcade? You need a far a I'm walking the path that the law made out of 10 and then begin to send the speech to preach and teach. So just say.

    piovincenzo_
  • piovincenzo_06:05:59 AM

    It's like a book.

    piovincenzo_
  • piovincenzo_06:06:15 AM

    Put the trigger. Trigger my pockets getting bigger when it comes to money. Yo, Grandfather, you got the crew and see free. Stand still. Nobody moves to sabotage as I take charge, because God damn, I'm looking.

    piovincenzo_
  • piovincenzo_06:06:19 AM

    What a Midget.

    piovincenzo_
  • piovincenzo_06:06:21 AM

    Get it.

    piovincenzo_
  • piovincenzo_06:06:24 AM

    No frill rappers.

    piovincenzo_
  • piovincenzo_06:06:29 AM

    Straight to the state.

    piovincenzo_
  • piovincenzo_06:06:36 AM

    That category?

    piovincenzo_
  • piovincenzo_06:06:42 AM

    I still have.

    piovincenzo_
  • piovincenzo_06:06:44 AM

    I'm gonna make that again.

    piovincenzo_
  • piovincenzo_06:06:48 AM

    My main man.

    piovincenzo_
  • piovincenzo_06:06:50 AM

    Growing up

    piovincenzo_
  • piovincenzo_06:06:52 AM

    Come on.

    piovincenzo_
  • piovincenzo_06:06:56 AM

    Go.

    piovincenzo_
  • piovincenzo_06:07:04 AM

    Yeah, we've been through this before, like.

    piovincenzo_
  • piovincenzo_06:07:07 AM

    If we don't do it, we gotta freak it.

    piovincenzo_
  • piovincenzo_06:07:10 AM

    Everything gotta go up from here, right?

    piovincenzo_
  • piovincenzo_06:07:14 AM

    No, Mary, matter, fact.

    piovincenzo_
  • piovincenzo_06:07:21 AM

    And then, like I was cocaine. My affirmations killips like assassination, bringing your pain.

    piovincenzo_
  • piovincenzo_06:07:27 AM

    You had a vaccination vaccine. I shine like basically like like petroleum.

    piovincenzo_
  • piovincenzo_06:07:58 AM

    It's me and like rubber band walking next through the motherland. Give the finger to my brother man. Just to understand my reasons I transcend. Like season is starting rappers like Legion. It's treason my suspension attracts attention on bringing Japanese chicken heads. Detention. Did I mention my name? Yo go by the Jango drenching polo chill downtown and so hope you don't know this is just half my potential check my potential become part of this. Which is essentially listen, I drive.

    piovincenzo_
  • piovincenzo_06:08:01 AM

    Attack with the Rockets.

    piovincenzo_
  • piovincenzo_06:08:07 AM

    When you hear it in the, whip it up, yo.

    piovincenzo_
  • piovincenzo_06:08:36 AM

    Good morning, ladies and gentlemen. It's Monday. This is the NFC morning show. We do this show Monday through Friday, 9:00 AM to 10:30 AM Eastern Time each and every week where we talk all things NFT market. We want to talk about the stories of the space, which projects are doing interesting things, which projects are rug pulling, what's going up, what's going down and everything in between. As usual, all of our content.

    piovincenzo_
  • piovincenzo_06:09:10 AM

    Sponsored by FTX, you can sign up at the nifty.com/FTX or with the code the NIFTY on your FTX mobile app. If you spend over $200.00 on the FTX platform on a cryptocurrency of your choice, not only will you be paying some of the cheapest fees in the game to acquire that cryptocurrency, you will get a $20 bonus air dropped into your account in that cryptocurrency that you just bought if you use our code. So definitely sign up for it. It's definitely the right thing to do.

    piovincenzo_
  • piovincenzo_06:09:39 AM

    As usual, the show is hosted by myself. Nifty Nick king kicks. We got to pet snowed in the host spot today. That's not a normal day. And then we got some badass speakers, NFT God, Micah G, Spencer, Gordon Sand and Quad. And then we have a little bit of a special guest today, Cyrus. Really excited to get in the weeds and talk about some of the stories of the weekend and last week in the NFT space. So before I go any further, nifty. Nick, what's going on?

    piovincenzo_
  • allnick06:10:10 AM

    Yo, I'm just a PO. I'm really excited to be here. I'm feeling incredibly tired. I didn't sleep well last night and I could not be more enthused about that fact. Today is just an excellent day to kick off this week because that's how weeks go. Today is Monday. That's the first of the week. My voice is a little bit limited today. That's because I was yelling last week and the result is my voice is reduced. These are all positive things and I want you to take the positive spin on the fact.

    allnick
  • allnick06:10:16 AM

    Of all the statements that have come out of my mouth right now, so that's how I'm feeling today. Very excited.

    allnick
  • piovincenzo_06:10:34 AM

    Hey, I'm glad to hear it, buddy. I slept on your couch last night, which was definitely interesting because I have family in town, so my apartment was occupied, and it almost sounds like I slept better than you, even though I slept on the couch and you were sleeping on on a bed that you you got a waterbed, right?

    piovincenzo_
  • allnick06:10:36 AM

    Why?

    allnick
  • piovincenzo_06:10:42 AM

    Yeah, you got one of those 80s waterbeds that like rotates when you walk in the room with like lava lamps and all that, right?

    piovincenzo_
  • allnick06:10:44 AM

    Nope.

    allnick
  • piovincenzo_06:10:48 AM

    That's what I imagine you having.

    piovincenzo_
  • allnick06:10:58 AM

    I feel like you've been down and actually seen that the bed is not a waterbed, because you often come and sleep in it with me, so you should know that.

    allnick
  • lucky5micah06:11:02 AM

    I I envision Nick as having a race car bed.

    lucky5micah
  • piovincenzo_06:11:04 AM

    I like that one.

    piovincenzo_
  • allnick06:11:05 AM

    Yeah, that's that's what I have.

    allnick
  • piovincenzo_06:11:19 AM

    Nick's got a nice race car, but I like it. He's got like the other planets hanging from the ceiling, you know. Anyways, you know moving on before we get into things like the weather report, well, node you and Nick hung out in person last week. Is that right?

    piovincenzo_
  • speculatorart06:11:26 AM

    Yeah, we did.

    speculatorart
  • depechenode_06:11:51 AM

    It was a blast. Uh, I gotta watch him go down the Alpine slide like four times in a row. He just lapped that sucker. He was looking like a little like an 8 year old at his first time in an amusement park. Then we went out and had a nice had a nice dinner. Good deep conversation. Came back to my house and played some board games with the family. Showed him a little bit what the family life is all about and then he continued to bribe my children so he could try and win the board game and he lost.

    depechenode_
  • depechenode_06:11:52 AM

    Had a great time spent.

    depechenode_
  • allnick06:11:59 AM

    I came close. I came close. I came in second, defeating. It was node. You won, right?

    allnick
  • depechenode_06:12:02 AM

    Yes, yes, as is custom.

    depechenode_
  • allnick06:12:09 AM

    There was node then myself, then a bunch of grown children all below the age of what 9?

    allnick
  • depechenode_06:12:10 AM

    Correct, correct?

    depechenode_
  • allnick06:12:18 AM

    So, so just absolutely devastating these children that I was required to brub.

    allnick
  • piovincenzo_06:12:29 AM

    I can't say I'm surprised that Nick wanted to get a competitive edge. Uh, you know. Basically playing dirty trying to beat the children in the board game, but no Nick showed me some.

    piovincenzo_
  • allnick06:12:48 AM

    What? How is that dirty? There's nothing wrong with that. Clearly you've learned nothing by training FT, this game is all manipulated. It's all stacked, and the way that you you gotta throw your weight around with kaish in order to, you know, move things in this market so I don't think that there's anything dirty about that. That's just the way that the world works.

    allnick
  • piovincenzo_06:12:58 AM

    Well, you got a point there, amigo. That's for sure. No, Nick was showing me pictures. You live in some beautiful country man, big mountains right outside like where you live, huh?

    piovincenzo_
  • depechenode_06:13:18 AM

    Yes, Sir, this is my backyard. Anybody wanna come visit? I think we got. We got Manny. Manny Vega is coming out this week Eazy's come out to visit. I'm mostly just waiting for kicks now. You know I really want. I really want Captain kicks King kicks to come out here show him a good time but yeah I'm I'm like 5 minutes away from some really beautiful canyons and mountains Yep.

    depechenode_
  • allnick06:13:40 AM

    It.

    allnick
  • piovincenzo_06:13:42 AM

    I wouldn't count on the Kickster coming out. He's too busy just chugging ice coffees over on the East Coast. I don't anticipate him getting on a plane and going to Utah, but no, I mean, that was so cool, dude. It really it looked like Italy's really, really beautiful country out there with those mountains. I had driven through Utah before and I was definitely blown away at that point, but those pictures Nick showed me were crazy. Yeah, nick.

    piovincenzo_
  • piovincenzo_06:13:55 AM

    Yeah, yeah, there's a couple of.

    piovincenzo_
  • piovincenzo_06:13:59 AM

    Umm.

    piovincenzo_
  • allnick06:14:00 AM

    Yeah, yeah, kind of reminds me of Italy. If Italy had beautiful mountains and I guess the Alps. And yeah, I guess you got the north. The northern part where there's some Alps, but for the most part Ella just doesn't have variety. You know, it's just a basic country, you know, with pizza.

    allnick
  • piovincenzo_06:14:10 AM

    What an electric take that was, I'm sure all the Italians are nodding in agreement right now with Nick King kicks, you know, how was your weekend amigo? Did you do anything interesting?

    piovincenzo_
  • speculatorart06:14:24 AM

    What's up, I went to the beach on Saturday, Sunday. I was just a Good Samaritan. Helped my mother-in-law move the couch, you know, just did some family things. Nothing crazy. Just took it easy.

    speculatorart
  • speculatorart06:14:28 AM

    Got some good sleep? Play a little video games. It's a good weekend.

    speculatorart
  • piovincenzo_06:14:44 AM

    Wow, that the electric life of an NFT degenerate whole holy shit are they gonna make a documentary about that one? No, I'm kidding buddy. I'm sure it was a great weekend. You know, I actually went and saw the Jean-Michel Basquiat exhibit. King pleasure here in New York.

    piovincenzo_
  • speculatorart06:14:44 AM

    That's all your passes.

    speculatorart
  • piovincenzo_06:15:14 AM

    Yeah, I gotta say, it's probably the best art exhibition I've ever seen because it was 200 works. You know, by a single artist. So if you're like a fan of that artist to just go and get beat over the head with 200 works is pretty crazy. You know some highlights where they showed his work from when he was a child and his style was basically developed as a child like his child. The work from his childhood actually was borderline identical in terms of the themes and the the imagery.

    piovincenzo_
  • piovincenzo_06:15:45 AM

    That you see in the the paintings. And then the other really, really interesting thing was he would just paint on whatever he had access to. One of them was like a blanket that he tied to pieces of wood that was all just tied together with twine. So I really, you know that that one hit me pretty hard. I was like this guy was just using the resources that he had available and making some wild stuff. It was it was a banger. It was a serious experience and I was tweeting about it and I saw crypto f

    piovincenzo_
  • piovincenzo_06:16:07 AM

    Uh, when it comes to crypto trading and NFT trading, just weighing in on the Basquiat, so I didn't know she was an art fan too, so that was pretty cool. And I know you're a big fan of hers kicks, but before you know we go any further down the rabbit hole of our weekends and art and this, that and the other thing, I think we got to dive into the weather report. I know signals out of pocket today, but we got King kicks on stage that's ready to take it away.

    piovincenzo_
  • speculatorart06:16:10 AM

    Yeah, that's yes.

    speculatorart
  • speculatorart06:16:14 AM

    Today we find ourselves at a crossroad, and NF 2 is.

    speculatorart
  • speculatorart06:16:36 AM

    I have myself full confidence that if all do their duty and if nothing is neglected and if the best arrangements are made, we shall prove ourselves once more able to defend our island home, ride out the storm of war down, live the menace of tyranny if necessary, for years, if necessary alone.

    speculatorart
  • speculatorart06:16:48 AM

    At any rate, this is what we are going to try to do, and this is the resolve of His Majesty's NFT government. Every man of them that is the will of the parliament in the nation.

    speculatorart
  • speculatorart06:17:01 AM

    That FT empire linked together in their cause and in their need will defend to their death, their native soil, aiding each other like good comrades to the utmost of their strength.

    speculatorart
  • speculatorart06:17:05 AM

    And now we shall dive into today's weather report.

    speculatorart
  • piovincenzo_06:17:09 AM

    That was the best performance you've ever done. Please go ahead.

    piovincenzo_
  • piovincenzo_06:17:30 AM

    Wow.

    piovincenzo_
  • speculatorart06:17:41 AM

    Thank you, that was inspired by Winston Churchill Monday 22nd of August. The weather report opens C $14 million, holding on by a thread. Apes below 70 mutants rallying on the beaches of Normandy up to above 12 eighths. Great rally Punk sitting at 66 moon birds at 12 1/2 doodles and clonex, both fighting for their lives on the beaches while they're being bombarded.

    speculatorart
  • speculatorart06:17:52 AM

    Overnight open sea leading the open sea ranks punks flipped 8 for the first time in five months over the weekend, but that moment was short lived.

    speculatorart
  • speculatorart06:18:04 AM

    Much like the French trying to defend themselves against the Nazis and the apes retook pole position, full price difference between punks and apes is a mere 3E now.

    speculatorart
  • speculatorart06:18:35 AM

    Budgie Penguins, the Navy of the great NFT community, LED open sea ranks. Over the weekend, the team announced an Advisory Board from multiple web two and Web 3 industries, including the CEO of Nansen. Partnerships at Facebook are known as Meta Chief Operating operating officer of Saks 5th Ave Holy Shit, that's a big one. Pudgie's traded over 4 eighth before pulling back into the high threes.

    speculatorart
  • speculatorart06:19:06 AM

    Grails 2 Mint passes or back up after getting swept over the weekends. Grails Mint is open for one more day. Artist identities are kept hidden much like we keep the spies hidden as they give us great information from mainland Europe until the postman live real event goes live. Then we will reveal the artist identities. Grails continue to trade at 4 Ethereum 10 KTF.

    speculatorart
  • speculatorart06:19:32 AM

    Announce the opening of the Super Secret Command Center. I thought we were going to keep that one secret, but we have announced the opening we being levels one and two and it requires different combinations of materials, acoin, combat blanks, profile pics, and of course strong will and fortitude as we fight in this bear market. The flow in the blank materials is 0.4 E.

    speculatorart
  • speculatorart06:19:42 AM

    Over at Crypto, another battle as our great Brethren fight for bull markets even in the darkest of bears.

    speculatorart
  • speculatorart06:19:48 AM

    The price is right now. Bitcoin at 2120 two 6.81.

    speculatorart
  • speculatorart06:20:13 AM

    It's been sitting flat like that all weekend long. Ethereum tried to rally north of 1600, was beaten back by heavy artillery fire back to the mid 1500s. That is your weather report. We will continue to report through thick and thin hail or firestorm until the resolve of this great NFT community wins.

    speculatorart
  • piovincenzo_06:20:40 AM

    Wow, so first of all, that was one of the top performances that King kicks has ever put on. I feel like I'm I'm in Braveheart, right now or something like that. Mel Gibson's got his face painted and he's on a horse. The other thing is that people in our discord are calling out the variation in accents there were, like maybe four or five parts of the world represented throughout that weather report. So that was definitely a a lot of range as a performer, right? There kicks.

    piovincenzo_
  • speculatorart06:20:41 AM

    We're a coalition of many nations.

    speculatorart
  • piovincenzo_06:20:47 AM

    Nick, when Nick was there something you want to add there?

    piovincenzo_
  • piovincenzo_06:20:57 AM

    Yeah you too.

    piovincenzo_
  • allnick06:21:01 AM

    Well, he was comparing the crypto punks being France to the apes being Nazis, which is an interesting. Now I actually understand that, except for the.

    allnick
  • speculatorart06:21:03 AM

    Accidental fopa

    speculatorart
  • allnick06:21:09 AM

    So, but also didn't France, France didn't lose. Did they like I don't think?

    allnick
  • piovincenzo_06:21:18 AM

    No, he he said for the French defending. I mean, it was the most on the nose line and the whole thing is like like the French defending against the Nazis. Sounds like Jesus kicks.

    piovincenzo_
  • allnick06:21:19 AM

    Yeah, but but.

    allnick
  • allnick06:21:31 AM

    Who was the French? What? The crypto punks. Because they didn't lose. I I don't think. I don't think that was the situation, but maybe they did. You know, maybe I'm completely wrong.

    allnick
  • allnick06:21:50 AM

    What?

    allnick
  • piovincenzo_06:21:51 AM

    Well, I don't know, so people in the disco I don't know if kicks his audio was cutting out. It was coming in loud and clear for me. I think some people may may have had trouble hearing him if I hope that you were able to hear him. If not, I hope on the recording everything comes through because that was absolutely hysterical. You know, nick? Why don't we? Why don't we talk to Sirius? We got a special guest. Oh no good Nick.

    piovincenzo_
  • allnick06:21:59 AM

    Well, I mean I think the the we should set some foundation for all of this, which was which is why I brought Cyrus on.

    allnick
  • piovincenzo_06:21:59 AM

    Absolutely.

    piovincenzo_
  • allnick06:22:16 AM

    Which was that the whole 8 ponk flipping this weekend was apparently solely driven by this bend down a poorly structured Dow which resulted in ultimately.

    allnick
  • allnick06:22:24 AM

    The number of NFT's being liquidated in the and thus the floor going down.

    allnick
  • allnick06:22:26 AM

    But they also needed to go down because this.

    allnick
  • allnick06:22:34 AM

    This Dow was not properly capitalized at the end, although it has since been capitalized. Properly incentivized by.

    allnick
  • allnick06:23:04 AM

    High interest rates that that interest rate last night being 100% is my understanding, but there were a lot of technical aspects of it and I didn't fully get it. I was doing research and there were two people that were that had provided a thorough threads and Cyrus was one of them. So I thought, hey, let's have him on and find out what exactly went down here. And because you've been calling this for a few at least a few days.

    allnick
  • cirrusnft06:23:25 AM

    So.

    cirrusnft
  • allnick06:23:27 AM

    In terms of saying hey, this is going to be a problem, so I thought it'd be interesting to hear what exactly went down because kind of technical and and I wanted to just get all the information on what exactly went down here, which ultimately led to the floor price dropping. So maybe, yeah, welcome.

    allnick
  • piovincenzo_06:23:52 AM

    And, Sarah, let me give you a proper introduction. We got serious here. You are a calculated DJ and you are a two time cancer survivor. What a badass. And you're a three time rug pull survivor. That's par for the course. Let's be real. And a paper hands diamond wrist. Damn, that sounds like something a rapper is going to be dropping into something. And you're building Wombo labs. You have D God PFP. Welcome to the show. Serious. We're. We're really jazzed up to have you.

    piovincenzo_
  • allnick06:24:01 AM

    Hmm.

    allnick
  • cirrusnft06:24:05 AM

    Stoked to be here guys appreciate it. First off, let me apologize for my parents for spelling my name wrong. It's pronounced Cyrus, but they spelled it serious. So shame on them. No fault to you guys. It happens all the time, but moving on from that.

    cirrusnft
  • cirrusnft06:24:37 AM

    Yeah, so basically like just just to give the the foundation like Nick was saying about a week ago I. I'm just to give some background on one of the most high volume Board app, mutant blue chip traders on the on secondary markets. So I'm watching this type of thing all the time and anything that could affect their prices. I'm I'm monitoring that pretty closely, so basically I was I. I kind of like I had been made aware of bendal, you know during the other side because a lot of people were were.

    cirrusnft
  • cirrusnft06:25:08 AM

    Using their platform to pull out loans so that they could, you know, either buy more other side or buy more mutants on the dip after other side came out and stuff like that. So there was a really big spike in their lending volume in early May, late April. So I was just kind of thinking like, well what happens to all those loans now that we're down like 6070% from the highs. I wonder what's going on over there. So I went and took a look on their platform which was kind of a a ghost land at the ti

    cirrusnft
  • cirrusnft06:25:20 AM

    Things have very active like you know that there had been like 2 bids on auctions over the last two months, mostly because nobody had been liquidated yet. But then I I took a closer look and I looked at like, you know, their docs and and.

    cirrusnft
  • cirrusnft06:25:53 AM

    All the potential liquidations that were coming up and I realized like wait a minute, we're getting really close to a bunch of these getting triggered and once one gets triggered, I think a few others are going to get triggered. So for the first couple of days, I didn't tweet about it, I didn't, you know, I didn't say anything, I didn't share it with anyone and I was like, OK, let me try to win some of these, these liquidation auctions on at a low price when nobody else is aware. So did that for

    cirrusnft
  • cirrusnft06:26:19 AM

    And surely enough, I I put the thread out there. The floor for board apes was like 82. The four for mutants was like 15. I put it out on Thursday I think. And you know after that information got out, they was as you guys were saying earlier. You know they got down to like 65 and and and 11 1/2 and you know there was a lot of panic and it got kind of overblown. People were accusing Franklin of being overleveraged and blah blah blah but.

    cirrusnft
  • cirrusnft06:26:44 AM

    Anyways, the gist of it is that a lot of people took a lot of people were overleveraged on apes and mutants, especially now that the prices came down. Those people came and became at risk of of liquidation. The platform was extremely poorly set up for this type of situation, but they are making some changes. I see code in coffee is up here and and he's done a good job of communicating those.

    cirrusnft
  • cirrusnft06:26:49 AM

    But yeah, that's that's the gist of it. The the short overview.

    cirrusnft
  • allnick06:27:15 AM

    So and I saw the tweet, you, Sharon and Conan Coffee can share as well, but so the the at this point, well, I'm kind of curious, so you said you're flipping. The reason you were tracking this so much is that you've been flipping apes and mutants. That sounds like with this sort of interest rate though, would you be depositing Ethan there in yielding it all in that ecosystem?

    allnick
  • cirrusnft06:27:28 AM

    Uh, so for me personally, no, I've never like Lent or borrowed against NFT's, but it's something that I was watching just because it's something that can have an effect on the market itself.

    cirrusnft
  • allnick06:27:59 AM

    People got it and we can turn to Conan Coffee in a minute, but but it sounds like and from some of the dialogue I saw it was you NFT statistics and then Franklin was tweeting about it as well. It seems like the people that were most at risk was ultimately the lenders and when when wealth was down to whatever the balance was yesterday like 15 eighth or seven weeks, I don't remember the exact the the complete low. If you would let money, there was no way to.

    allnick
  • allnick06:28:01 AM

    Get money out, but maybe.

    allnick
  • allnick06:28:14 AM

    At current coffee, maybe you could explain sort of what the thesis was there. My, my, I think the the biggest thing or my sort of summation of what occurred was essentially.

    allnick
  • speculatorart06:28:31 AM

    But.

    speculatorart
  • allnick06:28:33 AM

    NFT's were much more volatile than the system was structured to handle, and so you could see liquidations, but without sales, and so the problem is, is the price could drop precipitously and you couldn't recover the.

    allnick
  • speculatorart06:29:02 AM

    I just feel like the the way that they set this up. I don't even know if it would work in like a bull market if a certain NFT project like isn't doing well because they you have to start the liquidation at 95% the floor of the NFT project. That's like such a tight window to even close a liquidation in a bull market. I would say it just seems like like I think that they literally just built this in a bull market and they're like we don't have to work like the liquidations. Just have the intern do

    speculatorart
  • allnick06:29:02 AM

    Ohkay.

    allnick
  • speculatorart06:29:07 AM

    Doctors, I don't think we're gonna have to use that part of the code that much. So this yeah, whatever you guys come up with, just throw it in there.

    speculatorart
  • allnick06:29:13 AM

    But you can ask the creator of it because code and coffee is on stage who's the CEO of it.

    allnick
  • allnick06:29:16 AM

    Going and coffee. How's it going?

    allnick
  • codeincoffee06:29:26 AM

    Ohh, thank you. Thank you have yeah, let me, let, let me, let me address. Let's now see your dog, right. We are not coming. There's no CEO.

    codeincoffee
  • allnick06:29:29 AM

    CEO of the Dow here. First there we go.

    allnick
  • codeincoffee06:29:29 AM

    Yeah, it's logical.

    codeincoffee
  • codeincoffee06:29:32 AM

    Yeah.

    codeincoffee
  • allnick06:29:32 AM

    Of the.

    allnick
  • piovincenzo_06:29:32 AM

    The chief executive officer of the Dow.

    piovincenzo_
  • speculatorart06:29:34 AM

    The Prime Minister of the Dow himself.

    speculatorart
  • allnick06:29:35 AM

    That.

    allnick
  • codeincoffee06:29:37 AM

    I have achieved suicide also OK?

    codeincoffee
  • codeincoffee06:30:04 AM

    Yeah, it's OK. Yeah. We just make some mistake before we launch the Bendall. We we think that we need like protocol, like peer-to-peer lending protocol that we don't need to wait like weeks to learn get money. We need to get the insurance instantly. Then we go to check out how are we always going. Yeah, I will have the.

    codeincoffee
  • codeincoffee06:30:12 AM

    Liquidation mechanism like this. So actually we we didn't change a lot about the liquidation, so.

    codeincoffee
  • codeincoffee06:30:33 AM

    We build the system how to use MTP as collectors and we'll miss your job or anything like football market. But for liquidation, we don't think about it much. That's what what we make mistake and make people that think that because Bendall let not much people know Bendall and then people are not going to.

    codeincoffee
  • codeincoffee06:31:04 AM

    Join the auctions there. So the liquidation but for pandal is not so good for auctions. So let's many like as we as the founder get dogs and many other things. There's no people to auction at that time. It happened before us all eastern deposit get the inside out because they they think that there will be some bad debits there. So actually it happened before but.

    codeincoffee
  • codeincoffee06:31:12 AM

    We make some mistake. We don't do much about to improve our liquidation mechanisms, but right now, yeah.

    codeincoffee
  • allnick06:31:12 AM

    So.

    allnick
  • speculatorart06:31:23 AM

    Well, hey dude, we're in a we're we're in a new market we're all like learning things so I mean we're never going to get anything 100% right? Like the first iteration. But are you guys looking at a a new type of liquidation model?

    speculatorart
  • allnick06:31:26 AM

    Well.

    allnick
  • allnick06:31:30 AM

    O.

    allnick
  • codeincoffee06:31:31 AM

    Yeah, the parameter we are going to change will make the dictation much better because it's not from the 70%.

    codeincoffee
  • allnick06:31:39 AM

    So they actually posted Conan Coffee posted an update that Cyrus has retweeted as well.

    allnick
  • allnick06:32:08 AM

    Basically what they're doing is they're reducing the liquidation threshold is one thing that they're doing. The the other issue that was happening was there was a an auction period where essentially it was 48 hours before. So it would take two days to resolve and also you could have the floor just during that period which messes things up and impacts the auction. Something you were willing to pay today, you may not be willing to pay tomorrow.

    allnick
  • allnick06:32:13 AM

    So they reduced it from 48 hours down to four hours.

    allnick
  • allnick06:32:22 AM

    They also are offering a higher interest rate out the out the gate of 20% as the base.

    allnick
  • allnick06:32:32 AM

    And I it it's an interesting model. This is something. Seeing what's going on here is important only because.

    allnick
  • allnick06:33:04 AM

    Well, two things. I mean, I guess if you care about the floor price, but most people, I mean by and large probably don't really care. But the second thing is, is the models around loans against NAFTA. And so that's the bigger question in terms of what are sustainable models for this and bend out happens to be one of those. Now, yeah, people may not be aware of Ben Dau, but the reality is, is it has an impact and it and it had an impact. We saw a bunch of liquidations.

    allnick
  • allnick06:33:08 AM

    Go out and and the problem is is if you.

    allnick
  • allnick06:33:25 AM

    Lock up. What happens is this is if let's say I deposit an ape and the price during that is, I'm going extreme here, $400,000. At that point I take $200,000 out against it, the market drops.

    allnick
  • allnick06:33:40 AM

    I have less of an incentive to go back and claim my app and repay the loan because the prices dropped and so instead I just don't pay back the loan. I just piece out and now it's on.

    allnick
  • piovincenzo_06:33:42 AM

    But when you get liquidated in that process.

    piovincenzo_
  • sgsand106:33:53 AM

    Well.

    sgsand1
  • allnick06:33:56 AM

    The only liquidation you can do is take my ape, but if there's a bunch of apes in the ecosystem because that was my collateral, I didn't collateralize it with anything else. So quote liquidation means you have to dump the the ape on the market.

    allnick
  • allnick06:33:57 AM

    Yeah.

    allnick
  • sgsand106:34:27 AM

    Well Nick, this, this is actually a point though, because I'm, I'm curious, coding coffee, your take on this because it wasn't clear for me from reading your docs a couple of times. But it sounds like if the auctions don't sell, you guys don't have to forcibly liquidate them. Like are you planning for the ones that haven't sold to like hold them and assume the downside risk for the time being? Are you planning to liquidate them as soon as they hit like the threshold of what their loan was at or

    sgsand1
  • allnick06:34:34 AM

    What?

    allnick
  • sgsand106:34:34 AM

    All the NFTS, like, what are you guys thinking about for the ones that don't sell? Or are you just trying to redesign the system such that they like certainly sell?

    sgsand1
  • allnick06:34:45 AM

    And how does the lender get paid back in that scenario? So are you, are you all setting up a well by you all? We're speaking about the clearly centralized authority. I'm just kidding, but.

    allnick
  • allnick06:34:53 AM

    Yeah. Like how is that being capitalized? It seems like more money came in, but that was all incentivized by interest rates of lenders.

    allnick
  • codeincoffee06:35:26 AM

    Yeah, actually, if the community decides that we are not going to change the parameters for better auction liquidity. And tomorrow I think many community Members will deposit Eastern together and build the confident for Pogo. I think that's the way we can earn the confidence back but but it is what it is when we make mistakes we make more people to use that burned out protocol to get money when they maybe.

    codeincoffee
  • codeincoffee06:35:57 AM

    And like Franklin they you spend all he use Brandon he sold all the other things and he he made a lot of money, but people less oxygen maybe not make it so they have depth in the protocol. But we need to do this it otherwise they've been that won't make it. So we need to change the mechanism to more healthy ones. So that's the the whole point. But the whole community decide if they will know we have figured out how to improve it. Maybe.

    codeincoffee
  • codeincoffee06:36:02 AM

    Change one parameter to another. We we can discuss in our forum, yeah.

    codeincoffee
  • codeincoffee06:36:04 AM

    But.

    codeincoffee
  • allnick06:36:14 AM

    Cirrus you you? Your analysis of the situation was that there's going to be 600 liquidation auctions. Could you speak to what what you mean by that and what what the implications are?

    allnick
  • cirrusnft06:36:16 AM

    So that was.

    cirrusnft
  • cirrusnft06:36:35 AM

    That was implying that like if if floor prices stay where they were at the time of the post, then by the time we get to 70% threshold everything with like if you account for interest accrued accrued over the time where, where like the interest is really high right now because of because of the bank run that took place.

    cirrusnft
  • cirrusnft06:37:06 AM

    Then everything with something I forgot the exact number, but like a 1.33 or 1.34 health factor, would at that time everything with the 1.34 health factor today would be put up for auction by September 20th with the with the new proposal. If we if the thesis is that like floor prices stayed stable until that time, they could go up. They could go down and that number could could change, but that was the number I arrived that with with looking at the health factor.

    cirrusnft
  • cirrusnft06:37:08 AM

    Just don't vandalize website.

    cirrusnft
  • allnick06:37:38 AM

    It's pretty I I think maybe what's interesting here is that or maybe surprising, I don't know if it's actually surprising what the which is that the demand on this front is much higher on the lens side. Basically for people to go take out loans against their FT and that makes sense, right? If I take a loan against my NFT, the I'm not paying capital gains on that purchase that that I made, so there's a. There's a clear reason for.

    allnick
  • allnick06:37:51 AM

    Loans in the market, but the the downside is is that and and we're just seeing this play out is essentially you need to deal with it with an environment in which there is not.

    allnick
  • allnick06:38:23 AM

    A ton of liquidity to potentially sustain a lot of it. That said, you could also argue that the liquidity was incredibly high. It brought down the floor price, but but apes weren't like completely devastated. There were still a lot of people buying board API club at, you know, $100,000 a pop and so that would be the potential positive spin on. It is saying no, you know NFT's are a perfectly fine. This system works as expected and everything's all good.

    allnick
  • allnick06:38:25 AM

    What like?

    allnick
  • allnick06:38:33 AM

    If if you were to place a bet or just, I'm curious what your take is Cyrus is.

    allnick
  • allnick06:38:43 AM

    Would you say that this is a net positive force on the ecosystem and not net negative force or neutral force to have a system like this?

    allnick
  • cirrusnft06:39:15 AM

    Uh, I think the it's it's kind of interesting. I think the way that it was set up kind of protected us a little bit because of the 95% threshold. So people like myself who are, who are, you know act as liquidators in the market. We're not incentivized enough to buy those off of bandao and throw them onto secondaries looking for like a a small gain because they're just, they don't leave us enough room there. So what happens is they kind of just sit there on Bendale platform as bad debt and Bendal

    cirrusnft
  • cirrusnft06:39:45 AM

    Code and coffee. A hard time for it was that their docs literally say one of their FAQ questions is what will happen if the floor price drops to zero. And the answer to that question is blue chip NFT's are fast growing assets that appreciate faster than ETH and the whole market is still early. So they don't even answer the question. And and and the assumption there is that like we'll just hold it until the market bounces. Since then they've changed those that they've changed the dock. So good on

    cirrusnft
  • cirrusnft06:40:06 AM

    Positive net negative. I think people getting overleveraged on NFTS is a net negative in the short term, but the changes that were made they may be a little bumpy in the over the next month, maybe just because of how many liquidations this can trigger, but I think in the long run it's a net positive. What code and coffee proposed last night to the Dell?

    cirrusnft
  • allnick06:40:35 AM

    My my understanding is that right now there there are alternatives where you can do it. I don't know all of them off the top of my head, but I think even compound finance hit allowed some NFT collateral. I could be completely wrong about that, but I think that it's 50% collateralized or something like that that you can get against like punks. For example I I think it's a limited subset of projects that are a lot on there right now, but.

    allnick
  • allnick06:40:45 AM

    It it does make sense that this would inevitably operate within the market, I think that the distinction is is the.

    allnick
  • allnick06:40:55 AM

    I don't. I'm actually curious on the art side how that market works and we're going to try and get on as someone who previously worked on the team at Bank of America.

    allnick
  • allnick06:41:13 AM

    On the art side, on how they sort of approach those liquidations, but maybe someone else is familiar with it how how that actually works, but it's it if if you like buy something at Christies or Subbies, I believe you can take out a loan from Bank of America against those assets.

    allnick
  • piovincenzo_06:41:15 AM

    Well.

    piovincenzo_
  • allnick06:41:16 AM

    Umm yeah.

    allnick
  • piovincenzo_06:41:46 AM

    Yeah, I was gonna say obviously I'm not an expert on it, but because banks do recognize art as an asset class now, which they did not before. Yes you can the the LTV right? The loan to value. That's the key ratio. So Nick in your example that you made. And again, I'm not an expert on this. I wouldn't be surprised if Spencer knows a good deal about this. You made an example where you're like my apes worth 400,000. I take out 200,000, so that's an insanely risky loan to value right there, right?

    piovincenzo_
  • piovincenzo_06:42:17 AM

    And any sort of volatility on the price of an ape, the value of an ape is going to, you know, dramatically impact that I think maybe the most comparable, well, the most comparable would be fine, art, in the traditional market. That's the most comparable asset class to what we're talking about here. But another one that I think you could look at would actually be real estate in the sense that the liquidity on real estate is not the same as like the liquidity on stocks, for example, right, where t

    piovincenzo_
  • piovincenzo_06:42:35 AM

    Have you know a a value, but they're not sold every day. So I think the future of borrowing against these NFT it, it's gonna have to be a really low LTV, meaning like your Jpeg's worth 400,000 bucks and you take out like a $10,000 loan. We have a.

    piovincenzo_
  • allnick06:42:39 AM

    Well, OK, that I mean that seems a little extreme, but I mean ultimately I should be able to get.

    allnick
  • allnick06:42:50 AM

    I don't think it's the problem the the LTV is not a problem for me because if I like I should be able to go and take out the the money against it. It's just I need some way to.

    allnick
  • allnick06:43:22 AM

    Yeah. If the people don't pay it back like that's the risk that you endure. The issue is, is the fact that the liquidation threshold I basically the bet that a lender is making is saying, hey, I want to go get 100% interest. I'm just making up a number, but I I believe that's as high as it went yesterday. I want to make 100% interest. Sounds good. I understand the volatility of the NFT market and I'm willing to loan based on that. I'm willing to give 50 up to 50%. The there's nothing wrong.

    allnick
  • allnick06:43:52 AM

    Inherently, with that where the issue comes in and is Cyrus mentioned was the 95% threshold. What I maybe I could go in there and say look, I'm willing to tolerate a 50% of floor if you just give me my damn money. Basically now I'm I'm getting aggressive with with what my position is, but essentially as the lender I should be able to tolerate. Hey that being liquidated at A at a lower at a bigger discount to get it out the door so that the.

    allnick
  • allnick06:43:59 AM

    You know, an arbitrageur can can jump in and just pick that up anyways. It's getting in the weeds, but I I think.

    allnick
  • allnick06:44:15 AM

    Yeah, there's nothing inherently wrong with that, and a high loan to value is ultimately it's whatever the lender is willing to do, and that's that's on the lender, not on the person who's bought borrowing or even the protocol for that matter. But we have a bunch of hands raised as well.

    allnick
  • allnick06:44:17 AM

    What we gonna say here?

    allnick
  • piovincenzo_06:44:25 AM

    No, I was just gonna say yeah. But I mean that that high loan to value does put the borrower at risk if the asset is volatile, right? Because like.

    piovincenzo_
  • piovincenzo_06:44:30 AM

    Yeah.

    piovincenzo_
  • piovincenzo_06:44:32 AM

    Right.

    piovincenzo_
  • allnick06:44:54 AM

    No, the the borrow is in the. Your concern is being liquidated, but those are the terms. That's the terms of the agreement. All all all that you had was an improperly structured loan. If you can't instantly liquidate for for the lender, then you don't have a properly structured loan or within some period of time which appears to be 4 hours. Now if you can't liquidate within that period of time while the system is not working, and so if I'm if I know the rules and I borrow.

    allnick
  • piovincenzo_06:45:18 AM

    Sure.

    piovincenzo_
  • allnick06:45:20 AM

    And it's not the loan to value being the issue, it's the fact that just tell me the rules and I, I think basically what what happens is and when when the system is not properly structured, you see this wild fluctuations and volatility. But someone would jump in, I mean guaranteed someone would pay. I'm I'm being extreme 50% of floor price right now. Who wouldn't do that so?

    allnick
  • piovincenzo_06:45:23 AM

    Yeah, a bot might do it. You might list that 50%. It's like a fat finger at that point.

    piovincenzo_
  • piovincenzo_06:45:46 AM

    Yeah, I'm.

    piovincenzo_
  • allnick06:45:47 AM

    Yeah, so that's on the extreme side of things. So each person needs to know the risks that they're taking, and the market may be tolerable of what that risk is. My general thought is that both parties should be able to set that criteria rather than the protocol itself, and then that actually creates a floating marketplace. But anywho, there's a yeah.

    allnick
  • piovincenzo_06:45:54 AM

    I was gonna say I'm curious to hear what node would chime in on them. You know Spencer's had his hand raised quad and then code and coffee. He's got his hand raised, but no. What are your thoughts?

    piovincenzo_
  • depechenode_06:46:15 AM

    Yeah. Actually I just had a question more curious your take Cyrus on JPEG 69 as an alternative. I've, I've kind of messed around with the protocol, but I didn't you know I I didn't dig in deeply on it. It's it from what I understand the protocol itself is what lends you the asset, right. But curious your thoughts on that as an alternative to to bend down.

    depechenode_
  • cirrusnft06:46:46 AM

    So I actually haven't looked into JPEG 69, but I'm are they a peer-to-peer? Because what we're talking about now is a peer to pool lending protocol where lenders come and put their money in, they can pull it out at any time. The the big risk there is what happened a couple days ago is the bank run thing where where some lenders get their money like people get scared and some lenders pull out their money. And if you're the last lender, you know if you're in the last 50% of lenders to pull out you

    cirrusnft
  • cirrusnft06:47:06 AM

    You ate something like 16,000 etherium in it on Saturday and now it's down to something like a couple 100 so and and and depositors just can't get their funds out, but As for JPEG 69 like I'm in the camp of of peer-to-peer lending is the way to go and peer to pool has way too many risks but.

    cirrusnft
  • cirrusnft06:47:07 AM

    You know, I.

    cirrusnft
  • cirrusnft06:47:11 AM

    I want to give other people the chance to speak to. I don't want to go on ramble on too long.

    cirrusnft
  • piovincenzo_06:47:12 AM

    Sure.

    piovincenzo_
  • depechenode_06:47:31 AM

    Yeah, for sure. It's uh, it's not peer-to-peer. I do know that it's, uh, like the protocol itself is is. You're making the loans directly with them, but from what I understand, they're deeply capitalized. It's got like Tetra node and DC's on the councillors and council and things like that. But yeah, I was just curious your takes but yeah we can move on.

    depechenode_
  • piovincenzo_06:47:33 AM

    OK Spencer, you have your hand raised, any thoughts?

    piovincenzo_
  • sgsand106:48:04 AM

    Yeah, so I mean I can find this really closely and I think you're you're spot on like there is no, there's a lot of talk about how there's an extreme liquidity crisis in NFT, and like that that narrative is just false, like the auctions weren't selling because this was pointing out like they were. They were going above floor and like I one thing that was important that I was looking at was like X2Y2 wasn't counted in the floor price concept of the of how the liquidation model happened. So the th

    sgsand1
  • sgsand106:48:28 AM

    And so it just like it wasn't a liquidity crisis in the overall market. And like I know I've offered this behind the scenes to bend out, but so I'm sure others. And I'm guessing even Cyrus on stage probably has two where like there's a price where I would buy any JPEG that they have from any of those collections. And so like there is liquidity, it's just we're seeing the market not neat. And that's fine, right? And I think it's really encouraging to me to see that they're on stage.

    sgsand1
  • sgsand106:49:00 AM

    And and adjusting it, but I think I asked this question earlier but maybe not the right way, but I'm just curious to decode and coffee like. Like I could see a world in which the people who helped as like collateralized lenders because become LP's and essentially a fund. Like are you guys planning to hold the assets that you haven't sold and are you trying to liquidate them just to cover your your loans or you just are you trying to realize upside on them as well? Like that's the thing that's mo

    sgsand1
  • sgsand106:49:19 AM

    Or are you just trying to find a new mechanism to put them up to auction so they do get liquidated or you assuming the risk and holding them on a longer time horizon like that's not that's the thing that's most unclear. But like I was being on the auctions last couple of days and like they're just like this, this narrative of liquidity crisis is, is just that it's like it's not real in my view.

    sgsand1
  • piovincenzo_06:49:21 AM

    Conan coffee.

    piovincenzo_
  • codeincoffee06:49:52 AM

    Yeah, I the first of all the bendall. Don't hold that access. The only people who hold the bond of T, which is the collectors receptor annuities. Who can hold that empties? So there's only one way right now can make the get out of the loan. Either you repay or you you got liquidated, so Bendall has no access to those assets. This is the first point that we are true.

    codeincoffee
  • codeincoffee06:50:04 AM

    The code we can't we can't touch users access, that's the true defined protocol and I think we are trying to change the parameters to make the liquidation is more.

    codeincoffee
  • codeincoffee06:50:23 AM

    Friendly for the people who want to buy the MTA in vendor because maybe like 9095% is not a good threshold just for that because the the ether deposit feel panic about the the bad debits and we are going to.

    codeincoffee
  • codeincoffee06:50:26 AM

    Fix that. That's. That's the key point.

    codeincoffee
  • sgsand106:50:33 AM

    With that, but what happens to the NFT's that are up for liquidation auctions, but that the auction doesn't have any bids?

    sgsand1
  • codeincoffee06:50:35 AM

    That's right.

    codeincoffee
  • allnick06:50:36 AM

    Nothing. They just sit there.

    allnick
  • codeincoffee06:51:07 AM

    Yeah, right now we we change, we change threshold from 90 to 70, but week by week, but anyone can. So anyone can have the the window like at least you can have one week to replace some easier into the window. So I think it's fine for the vendor currently users and the the the working mechanism will be the same with the before. So we just 20% parameters like the interest, the basic interest rate of reason to make.

    codeincoffee
  • codeincoffee06:51:23 AM

    The more you should come here because the eastern merge is coming so many people with so easy they they they sold the empties for ease. So E will be hard to get so the interest should be higher and.

    codeincoffee
  • codeincoffee06:51:28 AM

    We just fixed some other not so good parameters, yeah?

    codeincoffee
  • piovincenzo_06:51:38 AM

    Alrighty, uh quad. You have your hand raised. Uh, you said that this whole thing's pretty wild. I'd be curious to know if you have any thoughts and we'll move on soon. But quad go ahead.

    piovincenzo_
  • quadzillatd06:52:08 AM

    Yeah, absolutely, uh, as someone. So I've been taking out loans against my blue chip assets for I would say about the past nine months, but I I feel like they're responsible way to do that. Especially responsible for the market is the peer-to-peer. So I've been using NFT 5 for for taking out these loans and and I. I do think that you know, as as Nick mentioned earlier, like being able to not pay capital gains.

    quadzillatd
  • quadzillatd06:52:39 AM

    That tap into your assets, your blue chip assets is a huge advantage at sometimes. If you're if you're smart with it, but I also think that quote UN quote being smart with it is using a protocol that's also protecting the overall market and protecting the overall market in terms of peer-to-peer. So you know, for people that don't know. Essentially if someone owns or loans me money and then at the end of a certain period if I just don't pay it back then.

    quadzillatd
  • quadzillatd06:53:09 AM

    The contract just gives them my asset that's in escrow and you know, I'm, I'm out my asset. But what that does is that doesn't, you know, lead to this gigantic run on the floor dropping the floor of all these assets because that person a probably chose this specific asset because they may not, you know, want to get rid of it. They're just buying it at a discount because that defaulted, you know, and B will not all trigger at once, right?

    quadzillatd
  • quadzillatd06:53:40 AM

    So a lot of this kind of happens as the floor price decreases. The floor price decreasing doesn't really matter on peer-to-peer. All that matters is that at the end of the loan, whether you pay it back or not. And so I do think that loans existing on NFT's, while it is risky, I do think that it is like that next evolution, like one day you'd like to be able, especially in the fine art play of MSFT, one day you'd like to be able to borrow against your hyperchromic squiggle to get a house and thin

    quadzillatd
  • quadzillatd06:53:44 AM

    But that's obviously way down the road, so I think right now you need to do it in a really responsible way.

    quadzillatd
  • allnick06:54:11 AM

    And I for one, for example, would like to be able to lend be the lender. If I know that they're going to get liquidated. If I can buy an ape for 50% of floor right now by putting money in, then I would take that bet and there's other people that would probably go additionally in that system where the the system fails, and I think as Cyrus mentioned.

    allnick
  • allnick06:54:42 AM

    Is it's the the the distinction between peer-to-peer versus peer to pool, and so the result is is the pool needs to put money? Or is is the is this awkward intermediary in that ecosystem which results in you having to program efficiencies? And if there's no demand at the like, you were as a lender, you really really really need to understand the terms of the protocol.

    allnick
  • allnick06:55:02 AM

    And be in the weeds about that. If you're going to put money into that ecosystem. Otherwise, as we saw last night, you can end up with a bank run and the the only way that that system can adjust is is by incentivizing people to put more interest in but.

    allnick
  • allnick06:55:29 AM

    There's no guarantee that that's going to work. And frankly, you could argue like some of these systems are much closer to a Ponzi, not that they are a Ponzi, but it's closer to a Ponzi in that situation where there's not enough liquidity in the pool as as a whole is a situation that you can end up with. So you end up having to set up the terms to incentivize it properly, which is exactly what we saw happen last night.

    allnick
  • allnick06:56:02 AM

    Ultimately there is the potential for that to exist, but that's the distinction of Dows operating as a system as as a lender versus individuals, which to me seems like a much more efficient market because then all that the Dow operates as potentially is an intermediary for that or you end up with something like underswap or something else like that where I can just be a liquidity provider, but I have to take, I have to put up the entire amount.

    allnick
  • allnick06:56:11 AM

    I don't know it's debatable. Is that a better system? I have no idea, but I could definitely see people wanting to take that bet. Ben, you got your hand wrist.

    allnick
  • xbenjamminx06:56:16 AM

    Yeah. One of the things that I was really curious about is is.

    xbenjamminx
  • xbenjamminx06:56:38 AM

    Can this be manipulated or like you know when you're talking about the floor price of the floor price drops to ex number, couldn't someone purposefully just list at the floor, trigger auctions and then cancel so then they can try and go get some, you know, bids for cheap on benda and and code? Please feel free to answer so you raise your hand.

    xbenjamminx
  • codeincoffee06:57:09 AM

    Yeah, it's so hard because first of all we have. Uh, uh, algorithm on chain like the first of all, if if he listened to too much too much lower, we will feel that price, so we won't take that into the the Oracle. And the second one is we have the algorithm on chain like make the the average of the all the price. SO1 price won't affect the whole Oracle output, so we have some protection.

    codeincoffee
  • codeincoffee06:57:16 AM

    All that you can check all the documentation and check the code you get up. That's how we build it, yeah?

    codeincoffee
  • xbenjamminx06:57:22 AM

    So it's not the floor dropping, it's the average price of X amount of the lowest listings.

    xbenjamminx
  • codeincoffee06:57:30 AM

    Yeah, and in in different platforms like open sea and looks like we we wait out there.

    codeincoffee
  • codeincoffee06:57:49 AM

    Of the the feed the data they feed us and we use the the different trading values to wait. How much we need to consider about it? Like if the open sea trading window is 70% and looks really 30% so.

    codeincoffee
  • codeincoffee06:57:58 AM

    Each of the four price have need to consider about the weight about the full price. Yeah, so it's so hard to to manipulate it.

    codeincoffee
  • xbenjamminx06:58:28 AM

    Do you plan on adding that to the docs anywhere? Because that that seems pretty confusing and the way that that it's listed right now says if the floor price drops to X ETH, the liquidation protection is triggered. So that's not technically how it works, right? So I I think there probably should be a lot more detail provided behind how exactly that works so people can understand when the liquidations would actually be triggered and it's not just.

    xbenjamminx
  • xbenjamminx06:58:56 AM

    Based on a single listing, which is kind of the way that it's represented now. And also I believe it was quad who or someone else who said that the X2Y2 wasn't included, which also has a lot of trading volume. So I think I think there could be some a little bit more descriptive descriptions or detailed descriptions based on how that actually works because right now I just. I don't see anything in the documents that fully explains that.

    xbenjamminx
  • codeincoffee06:59:04 AM

    Yeah, you can find it in the Oracle FAQ documentation. Yeah, you can find the documentation there.

    codeincoffee
  • allnick06:59:06 AM

    OK.

    allnick
  • allnick06:59:10 AM

    Read the fucking docs.

    allnick
  • piovincenzo_06:59:29 AM

    Alrighty, you can find it in the documentation. I know you raised. Yeah, read the docs, motherfucker. So note you got your hand raised. We're gonna wrap on this in just a second, but we got the notes there. I gotta respect his question or his thought. Go ahead and then we're going to move on and do some more broad market talk. I actually want to talk to Cyrus about the the market in general, get some perspective from him. But no, go ahead.

    piovincenzo_
  • piovincenzo_06:59:36 AM

    You talking to killer OK?

    piovincenzo_
  • depechenode_06:59:43 AM

    No, I was sensing you wanted to move on so I have a question directly for you and Nick. How does it? How does it feel to know that the pudgy Penguin fishing rod has flipped the nifty portal?

    depechenode_
  • piovincenzo_07:00:10 AM

    Well, that's I want to talk about pudgy Penguins today. So alright, look, we're gonna we're gonna move on from, you know the bendall situation. Thank you to to Cyrus and thank you to the owner of Ben, Dau. He owns all the assets and Ben Dau individually himself. Quote and coffee. Now I'm just kidding. It's a down. Nobody has singular ownership of this stuff. It was an interesting conversation. No question. But anyway, back to the show. This is.

    piovincenzo_
  • jesseshalfon07:00:24 AM

    We do, we do we really should the follow up in a few days people when the the Dow proposal to to to lower the rate to whatever 5% below the floor price kicks in because they're supposed to be like a 20% swing at that point. So there could be trading opportunities in a week or two.

    jesseshalfon
  • piovincenzo_07:00:46 AM

    Well, let's follow up. Keep me posted Ben Dowers Cyrus code and coffee. Absolutely. But if you just tune it in, this is the NFC morning show. We do the show Monday through Friday, 9:00 AM to 10:30 AM Eastern Time, where we talk all things, NFT market, all the stories of the space, what's going up, what's going down and everything in between. Shout out to our sponsor.

    piovincenzo_
  • piovincenzo_07:01:17 AM

    TX, you could sign up at the nifty.com/FTX or with the code. The nifty on the FTX. Mobile app. If you spend over 200 bucks you're getting 23 bucks with our code. You're welcome. Anyway, back to the broader market. Mike G has his hand raised, node brought up pudgy Penguins. We got Cyrus on stage. We got a whole lot of show left. This is exciting. Yeah, pudgy Penguins man. I've been people have been tweeting at me about pudgy Penguins for like weeks and I just wasn't giving them the respect.

    piovincenzo_
  • piovincenzo_07:01:47 AM

    That clearly they deserved because they've had news events over the weekend, they've seen floor price appreciation. People seem to be into it. I don't know if anybody here has been in pudgy Penguins. I see a friend of the show, DJ Gent, who I respect as an investor has changed his profile picture to a pudgy Penguin in the crowd. I don't know if he's telling Kathy Wood that she needs to buy pudgy Penguins, but I think it's interesting that they've you know, kind of seen the appreciation that they

    piovincenzo_
  • piovincenzo_07:02:00 AM

    Not if it's something else, but that's one of the projects that I think is worth discussing. Uh, you know, today, given the the recent news events, I don't know Michael what's on your mind? No, do you have any thoughts on on pudgy Penguins? What's the story?

    piovincenzo_
  • lucky5micah07:02:31 AM

    Well, uh, you guys mentioned ponzis, so I gotta bring up Doomsday garden, which is a new Ponzi that came out and loved the setup for it. You have these trees that you can harvest on their website and they start, they start gaining passive etherium. So some of the earlier trees even have like .06 or .07 etherium. So it's like you, you have this floor stabilizer where people can burn the trees to get that etherium.

    lucky5micah
  • lucky5micah07:02:53 AM

    Out of the trees, which then lowers the floor price. So essentially the longer you hold this thing, the more people mint after you, the more passive etherium your tree has that you can gather at anytime. So I think it's an interesting one to watch, because if you just grab some and hold it technically, it just starts to gain its own floor price, so I don't know if anyone else has gotten into it, but it's a very interesting concept.

    lucky5micah
  • piovincenzo_07:02:57 AM

    And how early are you to the Ponzi, Michael? Cause you gotta be early to the Ponzi?

    piovincenzo_
  • lucky5micah07:03:28 AM

    I I sold in and out, but no, it's just interesting because if if people get bored of it and the floor price starts to drop, there are going to be trees out there that technically have more etherium in them than the floor price of the project, so those will get scooped up, sold for the Ethereum that's within them and and that will lower the supply, which lowers the cost to mint new ones. So it's kind of a Ponzi that I think will be more of a roller coaster because right if the floor price starts

    lucky5micah
  • piovincenzo_07:03:48 AM

    Well, it sounds like you figured out the ponds. You're definitely good at that. You know, it's hard to recommend that somebody get into a Ponzi at any point, especially if you know they're not experienced like you are. Crypto 4 NFT just popped into our discord. What project is Micah talking about? Michael, what's the name of the Ponzi again?

    piovincenzo_
  • lucky5micah07:04:18 AM

    Doomsday. It's called doomsday garden, but again, it's not. It's not a traditional Ponzi, it's you. You would want to get into it when when sort of hype is off of it and interest has waned. And then you might see more people coming back in when when the price to to basically make new trees gets lower. So it's a really interesting project that again understand it before you buy into it, but it's not a traditional, you know top down pyramid scheme. It's just a situation where the longer you're in

    lucky5micah
  • lucky5micah07:04:21 AM

    Comes versus other people, and there's a bit of game theory there.

    lucky5micah
  • piovincenzo_07:04:27 AM

    Alright, and untraditional Ponzi for you. Be careful out there folks. We do not condone.

    piovincenzo_
  • allnick07:04:36 AM

    I just swept the floor on Doomsday Garden. Here I am. Uh, let's let's get it. Let's ride this Ponzi. It's worked out every time I've gotten involved with one of these.

    allnick
  • allnick07:05:04 AM

    O.

    allnick
  • piovincenzo_07:05:05 AM

    Well, the best one was when you got in the D5 kingdoms. We brought this up before Nick bridged the etherium over to defy kingdoms. But then it got it was like 2 annoying for like he didn't feel like figuring it out, so he just left the etherium in Ethereum there, whereas I went and I actually converted the etherium into their native token. So in other words, Nick killed it. You know he only lost the Gatsby to bridge, right? I actually participated in the Ponzi. So Nick, Nick did it, right? You y

    piovincenzo_
  • allnick07:05:17 AM

    There's also, this is completely unrelated. I didn't actually sweep the floor of that which is so AMC is Dubuque debuting an ape.

    allnick
  • allnick07:05:30 AM

    Token. Now I don't understand what this is, but I thought it was interesting that there's going to be a ticker at APEC, which is it's a new class of shares.

    allnick
  • allnick07:05:34 AM

    Which they're using to raise money.

    allnick
  • allnick07:05:42 AM

    Excuse me, so it's having a negative impact on the stock. Right now they're down 30%, but.

    allnick
  • allnick07:05:44 AM

    The.

    allnick
  • allnick07:05:54 AM

    I just thought it was interesting that they decided to roll out a PE as the ticker symbol for this not to be confused with a token.

    allnick
  • lucky5micah07:06:00 AM

    Is yeah is there any chance that you could invest in APE token in the hope that people are dumb enough to accidentally buy that?

    lucky5micah
  • allnick07:06:04 AM

    Well, your odds of.

    allnick
  • allnick07:06:10 AM

    Actually, I get. The only place I could see that happening is on FTX.

    allnick
  • allnick07:06:18 AM

    For Robin Hood, I guess, where you can buy crypto and so, uh, theoretically, yeah, I guess people would potentially.

    allnick
  • allnick07:06:35 AM

    Purchase that. Right now APE Token is down 3% so it that thesis does not appear to be working, but who knows, maybe that that is a trade. I I probably wouldn't make that bet, but it is a possibility.

    allnick
  • piovincenzo_07:06:37 AM

    It.

    piovincenzo_
  • lucky5micah07:06:38 AM

    Look, I'm grasping in this market I I'm just trying anything.

    lucky5micah
  • piovincenzo_07:06:50 AM

    Well, maybe it'll be the next meme. Stock hard to tell which way we're going. So Jesse has his hand raised. Then we're going to throw a nifty portal dedicated member. Hi, I'm Alex, but Jesse what's on your mind?

    piovincenzo_
  • jesseshalfon07:07:21 AM

    Yeah bro, I just got back from a rager last night. Man and I just wanted to say about the market that it is when it's a bear market. That's when the Bros really shine. So you know, crypto Dick bucks pumping and pudgy Penguins man. And I just think you know the bull market. Anybody can thrive but in a bear market it's Bros before hoes alright. So grow a pair and that's where the Bros are now. I'm kind of serious though. I think a lot of the crypto you know everybody's in a fair and this is it. It

    jesseshalfon
  • jesseshalfon07:07:52 AM

    Finance stuff. And the pudgy Penguins do have a kind of a long history. They've have long holders and they got rid of their founder, but it's still kind of a culture of like a little bit more financing. So I think, I think, I think that might be part of it. And then, you know, they have, they got a couple of good people on their board and so I'm not, I'm not exactly sure where this came from, if anybody was holding, but interesting interesting little pump here. I don't think anybody really. I th

    jesseshalfon
  • jesseshalfon07:08:01 AM

    Like stupid, you know, adolescent thing, but it really has a long history. There's a lot, a lot of the hipsters are into crypto Dick butts, but pudgy Penguins kind of came out of nowhere.

    jesseshalfon
  • piovincenzo_07:08:12 AM

    Yeah, we'll throw it to D. Jen in a minute to get some updates on. Like you know, just what happened with pudgy Penguins. I have some ideas, but I'd rather hear it from a holder. Hi, I'm Alex. You got your hand raised. What's going on amigo?

    piovincenzo_
  • _hiimalex07:08:33 AM

    Hey, you. Long time no speak on this show. Nice to be back. I just wanted to talk about the Doomsday garden again. Bring us right back into the degenerate Ponzi. I am absolutely obsessed with this thing. I think everyone's been burned since the beanie days of Ponzis that old intend to be hyperinflationary.

    _hiimalex
  • _hiimalex07:09:04 AM

    This is a really interesting concept. I think bored Elon has tweeted about it. I'm not sure if he's going to talk a bit more about on the spaces, but the the actual cycle here is really interesting and and and it's it's been up for the last 8 hours. Thinking about it, I bought quite a few trees. If you look into it a bit, essentially I know Withers wanted me to explain it in in some detail. I won't take too much time but just quickly the the price of the NFT is dynamic so the price of the.

    _hiimalex
  • _hiimalex07:09:31 AM

    Is essentially something like .0000258 times by the total amount of NFT that exist. That means that every time that an FT's minted, the price goes up. It also means that all that minted money distributes out to all the other trees, which is why the price goes up equally. That money then starts to accumulate, and so at some point you can harvest the tree for whatever you've accumulated.

    _hiimalex
  • _hiimalex07:10:04 AM

    That means that one, the number of entities goes down because harvesting burns the NFT, but two, it means that it starts to lower them in price again. So people get to 1, then re-enter the market because it will naturally drive the price down. When people have rented out too many, it costs too much to mint and then they say, OK, well bugger that, I'm not going to mint anymore. Well then people will start flooring them, the floor piece drops, and then suddenly you've got a situation where you can

    _hiimalex
  • _hiimalex07:10:20 AM

    By floor have a choice to either buy a floor, NFT, or if you're an FT holder. Harvest because you can no longer get the price of your NFT back anymore and you can get the money back. So you've almost got liquidity built into the NFT, which I think is super interesting in this kind of market.

    _hiimalex
  • piovincenzo_07:10:23 AM

    OK, and is this on Ethereum? Is that dynamic pricing on Ethereum?

    piovincenzo_
  • _hiimalex07:10:49 AM

    Yes, it's it's built into the contract. The guys done a few projects or a couple of projects before, like a proof of work and FT project. I don't know a huge amount about him, I think brought along does, but yeah it is in the therium, but the dynamic price is it's all fixed. You can actually. I'm working on the spreadsheet at the moment. You can you can just work it all out. There's no sort of hidden extra detail, it's it's quite elegant and really interesting.

    _hiimalex
  • piovincenzo_07:11:19 AM

    Alrighty. Well, hey, look, hi, I'm Alex. Back in the portal, discord. You're on sabbatical or something, holiday, whatever you guys do, and you take six months off from work that Americans can't relate to. And it sounds like you're you're in the weeds right now with this degen garden or whatever doomsday garden or whatever it's called. And it sounds like also dynamic pricing has arrived on Ethereum. We talked about it on this show yet last week because of Solanas, you know, Advent of dynamic pri

    piovincenzo_
  • piovincenzo_07:11:23 AM

    And high. I'm Alex. Were you gonna say something else before I throw the NFT God and then the Cyrus?

    piovincenzo_
  • _hiimalex07:11:26 AM

    No, that's enough. That's enough trees.

    _hiimalex
  • piovincenzo_07:11:48 AM

    That's enough trees. NFT guard, one of the largest individual holders of our NFT. You're also the author behind the NFT God newsletter. People can subscribe to that either on your Twitter or on NFT. God dot gives which is one of my favorite website names. Looks like you got an A butt load of subscribers. You're crushing it. We already know buddy what's on your mind?

    piovincenzo_
  • piovincenzo_07:11:55 AM

    Well.

    piovincenzo_
  • nft_god07:11:56 AM

    Yeah, a former largest holder until Mayo decided to fuck all that up, so I'm strongly anti Mayo anyway.

    nft_god
  • piovincenzo_07:12:03 AM

    Well, no node has over 50 also, so that was something that we didn't take into account. But regardless what we love you, what's on your mind?

    piovincenzo_
  • nft_god07:12:34 AM

    Yeah, I I, I appreciate that explanation from. Hi I'm Alex. I mean that sounds like a pretty advanced Ponzi scheme which is really interesting. I like my ponzis more traditional, so the Ponzi I'm looking at the moment is is dust people are going. I'm sure you talked about this last week, but people need to bite the dust token in order to get into you to when the the minting starts. Over the next several weeks. I assume a lot of people from the East community were accepted into that, including my

    nft_god
  • nft_god07:13:00 AM

    You two, PL. Uh and I'm sure you previously never bought the dust token before, so I'm looking at dust. It might be an interesting buy as we get closer to the mint of huge just because so many people are going to buy. It's a pretty expensive mint. I think it's like $700.00 worth of dust is going to be needed for it, so that's the kind of Ponzi I want to get into. One where a lot of other people are just gonna need to buy after me, but that that's what I'm looking at at the moment.

    nft_god
  • piovincenzo_07:13:02 AM

    Have you started accumulating already?

    piovincenzo_
  • nft_god07:13:09 AM

    No, I wanted to give everyone else a head start by announcing it on this, uh, the largest show in FT and then I'm going to get in after.

    nft_god
  • piovincenzo_07:13:12 AM

    Well, look at that. What a guy.

    piovincenzo_
  • piovincenzo_07:13:43 AM

    Cyrus, you have D God as your profile picture. Well, any thoughts on what NFT got brought up? I'm assuming as a D God you will have access to youths, which is clear, clearly emerging as one of the biggest stories in the NFT space. And I I thought that there was cross minting ability where you could meet with, but maybe I'm incorrect about that. Cyrus, do you have any kind of input or any thoughts on youths and the D gods ecosystem? The trade that NFT got is bringing up the dust token. Any of tha

    piovincenzo_
  • cirrusnft07:13:56 AM

    Yeah, so lucky for me, my D gods have just been printing dust, uh, you know, since February, I guess. Since since I've had them staked, they give out like 15 dust per day. So I am. I am on board with that Ponzi.

    cirrusnft
  • cirrusnft07:14:15 AM

    As far as you you Spence girls youth Smith goes, yeah, I'm super excited for that and I think it's gonna be one of the probably the most exciting men for the remainder of 2022 unless something crazy comes up. So yeah, I'm really stoked about that. And and I'm I'm with NFT. God, highly recommend paying attention there.

    cirrusnft
  • piovincenzo_07:14:24 AM

    And so, and you do have to mint and dust. I was under the impression maybe you could mint and eat like the cross chain stuff. Am I wrong about that?

    piovincenzo_
  • cirrusnft07:14:33 AM

    So that was something that they teased, and I'm I'm pretty sure they'll have that integrated, but they haven't made an official announcement on that.

    cirrusnft
  • piovincenzo_07:14:34 AM

    OK.

    piovincenzo_
  • nft_god07:14:50 AM

    Yeah, on the on the application it it says you have to mint and dusty even says we recommend you buying dust during your application process, which really a good way to drive that Ponzi scheme forward. But yeah, it says on the application pretty clear terms, it's going to be fully in dust.

    nft_god
  • piovincenzo_07:15:20 AM

    OK. Well we'll have to see. I mean I've brought this one up on the show a couple of times. It's one of the most interesting projects in the NFT space in my opinion in general and you know it's only being talked about more and more and again it's attracting people from both blockchains might be the first kind of big time crossover hit or at least since like OK Bears you know kind of hit real quick. Cyrus like for you it sounds like, are you a full time trader? Is that am I assuming correctly ther

    piovincenzo_
  • piovincenzo_07:15:22 AM

    Participant in the NFC market.

    piovincenzo_
  • cirrusnft07:15:32 AM

    So I started trading in August. I was a front end developer working from home and then in February it just didn't make sense in a in a.

    cirrusnft
  • cirrusnft07:16:01 AM

    Cost benefits since to keep working my job because the the benefit of being a full time Trader was heavily outweighing what my job was giving me. So in February I went full time trading and then in in April started a company with my friends and now we do Dev work for people like Puma and Duppies and those type of guys on the back end of things. While I try to I try to pay attention to the market as much as I can now, but it's much less than than that stretch from like August to April.

    cirrusnft
  • piovincenzo_07:16:33 AM

    OK. Well congratulations on going full time Web three, living the dream. That's awesome. And I'm, I'm glad that my, my sensor of full-time web three people is still working. Besides what we talked about the dust play are, is there anything else that you're looking at in this market that you find interesting? Like I'd be curious, do you think that we're, we're approaching a bottom like you know, I look at Mutant, a Yacht Club for example, which at this point I think is my most valuable asset and

    piovincenzo_
  • piovincenzo_07:16:42 AM

    I'm just wondering where you think the market's going if you think we're in for more pain. Obviously nobody knows, but if you had to place a bet, I'd be curious to know what you think.

    piovincenzo_
  • cirrusnft07:17:12 AM

    Yeah, so I'm more of a a boring trader. I just pay attention to the top five collections. I never take part in any of the new ones. So as far as like mutants go, I do think in USD value it's very interesting, like 18,000 to 20,000. Once we get to that range, it feels like people think that a ticket to the Yacht Club should never be below 18,000. So I do think with each dropping the last couple of days and and there is like a a very large amount of stable coins.

    cirrusnft
  • cirrusnft07:17:43 AM

    As a share of the entire crypto market cap right now I feel like people are ready to purchase their ticket into the Yacht Club. So I do think we are close. It's it's an interesting situation because of the the liquidation situation and and maybe this all just gets bought up because because bugs are too cheap right now. But if I had to place a bet, I don't think we bounce hard from here. I think we hang out around here until things resolve and volatility slows down in earth and and the the bend o

    cirrusnft
  • cirrusnft07:17:44 AM

    Uh, you know.

    cirrusnft
  • cirrusnft07:17:49 AM

    For abuse specifically, I think between 13 and 15 is fair for the for the coming weeks.

    cirrusnft
  • piovincenzo_07:17:57 AM

    And how do you think the merge plays into all of this in the market? You think the merge is good for NFTS. You think it's bad in the short term. What are your thoughts?

    piovincenzo_
  • cirrusnft07:18:18 AM

    UM, I'm in the boat where I don't think it'll have too much of an effect. Uh, I just hope that everything goes smoothly and we're able to transition from proof of work NFT to proof of stake, NFT seamlessly and nothing goes wrong in that process. So yeah, I don't think I don't think it should have too much of an effect, but I guess we'll have to wait and see.

    cirrusnft
  • piovincenzo_07:18:48 AM

    We'll have to wait and see. Let's hope it goes off without a hitch. So we got D gent on stage. D gent is labeling himself as an NFD Gen he is a member of the Kathy Wood Brainstorm group over at ARC Invest. A heavy hitter and he's an arms dealer from 10 KTF shop, pudgy Penguins has been incorporated into your portfolio, it seems. D Gen I'd love to know your thoughts on, I mean, anything on your mind but, but specifically some pudgy Penguin stuff. I've been fading. Pudgy Penguins.

    piovincenzo_
  • piovincenzo_07:18:52 AM

    Clearly I was wrong. What are you thinking about D Gen?

    piovincenzo_
  • degentshow07:18:56 AM

    Hey good morning everyone. Thanks for bringing me on stage.

    degentshow
  • degentshow07:19:24 AM

    As far as potty Penguins, uh, I mean I got in the pudgy Penguins solely based on the 10K TF. Need a parent and I got him back in March and but it's all. It's been all up since I bought him. I got him for .85 and I think it's the only thing I bought in the last six months. That's gone up. But I love the community community. Great, I did get a chance to meet Luca the Luke and that's the the owner of Pudgy paintings down in Miami back in May. And he's a.

    degentshow
  • degentshow07:19:50 AM

    Uh, he's a real savant without, you know, leaving out the idiot because he's definitely not an idiot, so he's got big plans. We did have an inner igloo meeting yesterday and I don't really want to be. That's not to share some of the things we're doing because it does want to be first. He doesn't mind people copying him after the fact that he does want to be first mover, like they did with the SOULBOUND token, but I mean, as far as me and the pushy Penguins.

    degentshow
  • piovincenzo_07:20:15 AM

    What?

    piovincenzo_
  • degentshow07:20:17 AM

    I only have the one, so it's and it's. I've got it so tight up at 10 KTF that it doesn't really matter too much what the where it goes as far as floor price, other than being a nicer PFPS sport. But the reason I want to come on stage real quickly is to talk about the merge, because I keep getting the charge, almost sharded my pants every Friday on the Kathy Woods when they're starting to talk about the merge and what's going on with tornado cast, I wanted to talk about that, pun intended.

    degentshow
  • piovincenzo_07:20:50 AM

    Yeah, well, real quick on to wrap up on pudgies. I mean, pudgies that flip cool cats, which is kind of crazy when you think about it. And I mean there are approaching A4 etherium floor you're talking about potentially. I mean, you you start to look at. I mean, it's not impossible for them to flip a sukis, which is kind of crazy as well. And that also means it's not impossible for them to start approaching doodles territory if they keep running. So it's kind of wild. I didn't expect it, but hey,

    piovincenzo_
  • piovincenzo_07:20:57 AM

    While they flip, obviously Goblin Town, but yeah, OK, So what are your thoughts on the merge D Gen?

    piovincenzo_
  • degentshow07:21:29 AM

    Well, I mean obviously what I'm about to share is it's not. It's not private information. We don't discuss any private information. Actually, we're forbidden as far. I mean, I'm not saying there's there's no non public information, but it's all opinions. But you got some really smart people on those calls and we spent about an hour talking about the Ethereum merge and and how did had a relation to Coinbase and after that call I got off the phone. I don't know if I should say this but I I dumped

    degentshow
  • piovincenzo_07:21:32 AM

    Ohh boy.

    piovincenzo_
  • degentshow07:21:35 AM

    I'm not necessarily worried. Yeah, I'm not necessarily worried about the.

    degentshow
  • degentshow07:21:43 AM

    You know the transition to proof of stake, but I think that one of the things they were talking about is when we do move to proof of stake.

    degentshow
  • degentshow07:22:03 AM

    70% of the staking money is going to be within under fall under U.S. government regulation and they keep talking about the tornado cash and the term they use. Kind of like scissors is Dick. The new term is a throat to choke so the governments are, they know you know which throats to choke.

    degentshow
  • degentshow07:22:10 AM

    And I think when we move to proof of stake, I think we're going to lose a lot of that decentralization.

    degentshow
  • degentshow07:22:21 AM

    That everybody talked about because you know 70% of the staking is occurring inside US regulation. The only the only thing is they keep going back and forth is are we is east.

    degentshow
  • degentshow07:22:41 AM

    Going to be able to gain enough political clout and how many people are invested in to stop the government from from making a phone call and saying you cannot process these unregulated transactions because that's how Coinbase is going to find itself between a rock and a hard place because they got to make either decision to.

    degentshow
  • degentshow07:22:43 AM

    Stop processing.

    degentshow
  • degentshow07:22:52 AM

    Unregulated regular transactions that are going to flash their holders, you know, the staking for service, it's going to slash their customers holding.

    degentshow
  • degentshow07:22:59 AM

    Or, you know, you're out of the business, right? Or you keep on going in the OR you could be sued by the government for continuing on processing those transactions.

    degentshow
  • piovincenzo_07:23:12 AM

    And so when you're talking about that like, so let's say worst case scenario what you'd be able to buy ETH on Coinbase and sell ETH on Coinbase, but you wouldn't be able to stake it, is that right?

    piovincenzo_
  • degentshow07:23:26 AM

    They were talking about like the whole, you know, speaking for service where you where Coinbase is putting other people's lives at stake, right? So what the government calls and say, hey, do you realize that you're processing all these? You know, until.

    degentshow
  • degentshow07:23:35 AM

    CYA transactions, and we don't know where the money's coming from or where it's going, so you can't do that anymore. And.

    degentshow
  • degentshow07:23:42 AM

    They talked about well, if we just can't stop because if we stop we're going to get 50% of our customers money slashed.

    degentshow
  • degentshow07:23:50 AM

    So that just brings up the whole thing about the government being able now. Will they have the political will to do that? That's that, that's the question.

    degentshow
  • degentshow07:23:51 AM

    And.

    degentshow
  • degentshow07:23:53 AM

    I guess.

    degentshow
  • speculatorart07:24:02 AM

    And, and I'm just, I don't want to put words in your mouth, but are you basically saying that you're more bullish on proof of work and FT's than proof of stake?

    speculatorart
  • degentshow07:24:10 AM

    I don't know yet. I don't have an opinion on that yet, but it was just interesting.

    degentshow
  • degentshow07:24:38 AM

    Hearing this conversation that maybe people aren't thinking about because you know when they said 70% of proof of stake is now going to be under US. You know jurisdiction and not only that, we look at the Tornado cats I think keep talking a lot about that and how that's going to the repercussions of that because they basically the government got together and shut that down and you got the EU talking about banning men amounts, wallets and or making them all CYA. Our KYC.

    degentshow
  • piovincenzo_07:24:40 AM

    Yes.

    piovincenzo_
  • allnick07:24:41 AM

    The.

    allnick
  • degentshow07:24:48 AM

    Wallets and there there's a way, but I'm not saying that regulation and industry is. I think it's a good thing because I think that will allow more adoption with these big hedge fund players, so.

    degentshow
  • allnick07:24:51 AM

    This this is exactly what I've been discussing.

    allnick
  • allnick07:25:03 AM

    In recent weeks, which is like, there's no such thing as decentralization. Like it's just a bunch of bullshit because you always have an intermediary, ultimately in this case.

    allnick
  • piovincenzo_07:25:05 AM

    Except for Bitcoin, but yeah, go ahead.

    piovincenzo_
  • allnick07:25:08 AM

    No. Oh PO, how do you access Bitcoin?

    allnick
  • piovincenzo_07:25:11 AM

    I don't need anybody to access Bitcoin. Thank you.

    piovincenzo_
  • allnick07:25:14 AM

    Do you use the Internet? Got it OK so.

    allnick
  • piovincenzo_07:25:17 AM

    Unless we go full global North Korea mode, we're good to go.

    piovincenzo_
  • allnick07:25:19 AM

    OK, so.

    allnick
  • piovincenzo_07:25:20 AM

    Actually.

    piovincenzo_
  • allnick07:25:42 AM

    Well, ultimately, yeah, you're the corporations which grant you access to buy and sell etherium and Bitcoin are doing so right now, but all you need is 1 regulation that prevents that from occurring and they will gladly shut that off in a month. In yeah, in a moment, at A at a moment's notice is what I should.

    allnick
  • speculatorart07:25:43 AM

    We go to the streets.

    speculatorart
  • allnick07:25:58 AM

    And then yeah, there's gonna be. We're going to see the masses of crypto enthusiasts enthusiasts jump into the streets and protest in anger. Just kidding. There's no way in hell that's going to happen.

    allnick
  • piovincenzo_07:26:08 AM

    Except Bitcoin.

    piovincenzo_
  • allnick07:26:07 AM

    So yeah, I don't know the the the fact the argument that this is all decentralized is absolutely hilarious.

    allnick
  • allnick07:26:35 AM

    You can't access bit PPO's currently connected to the show via Mesh network. And by the way a mesh network and inevitably needs to be connected back to the Internet one way or another, which typically goes through a corporation. So unless you figured out some way to bypass that, then there's no way that you can access Bitcoin or etherium without having a corporate overlord as an intermediary.

    allnick
  • piovincenzo_07:26:46 AM

    As long as we're not full North Korea mode, we're good to go. They can ban it. You won't be able to buy it on exchanges, but not your keys, not your cheese. As long as your self custody and your Bitcoin, it's yours. No one can take it away from you.

    piovincenzo_
  • piovincenzo_07:26:50 AM

    Correct?

    piovincenzo_
  • allnick07:26:51 AM

    Yeah, you you can you yeah you can take that wallet and then not connect it to anything because you're literally blocked by the corporation.

    allnick
  • speculatorart07:27:11 AM

    Well, if I could, if I could provide some perspective in the middle of nowhere, my local chain of gas stations now has crypto ATM's inside and they advertise it at the gas station over the audio commercial very often. So I mean I think we're only getting more adoption, which ironically does lead to more centralization, but yeah.

    speculatorart
  • speculatorart07:27:16 AM

    Oh, I'm sure it's disgusting, man.

    speculatorart
  • speculatorart07:27:18 AM

    I'm sure it's disgusting.

    speculatorart
  • quadzillatd07:27:19 AM

    Have you seen the cut they take off the top on that? Like if you go look at it and go look at the price, it's like hundreds of dollars per per each.

    quadzillatd
  • piovincenzo_07:27:34 AM

    Hey man, you gotta make a buck. The Notestar has his hand raised then we'll throw it to D gent and we'll wrap. And by the way yes the only bear situation for Bitcoin regarding the Internet is a full North Korean mode. That's just that's just what it is.

    piovincenzo_
  • allnick07:27:35 AM

    Four, yeah.

    allnick
  • piovincenzo_07:27:39 AM

    The whole world. North Korea? Uh, no, go ahead.

    piovincenzo_
  • depechenode_07:28:10 AM

    Yeah, I just wanted to to so so to sum up some of the some of the DJ's thoughts on on Coinbase they they So what what Coinbase said was essentially if if the government asked them to censor transactions. Coinbase said we will no longer be staking be a staking service. They at least Brian mentioned we'll we'll just not offer this as a service to our clients and and get out of the game entirely instead of actually censoring.

    depechenode_
  • depechenode_07:28:41 AM

    Transactions and so you know that that initially would be. It would be interesting, right? Because that would reduce. I mean there are major player in each staking which you know kind of ironically might actually make us more decentralized, right? Because you get a lot more individual staking versus just just Coinbase. For example, although I do think Lido would end up kind of taking the cake there. But make no mistake. I mean if we talk broadly there's no difference like the government can ask

    depechenode_
  • depechenode_07:28:50 AM

    Our proof of stake, so it's it's just unfortunate that that Coinbase you know they have to comply with all the US regulations. But I see Nick's got his hand raised. He's excited.

    depechenode_
  • allnick07:29:00 AM

    Yeah, well, I was just gonna tell Pio to go use Tornado Cash, because that should just work easily in the US. Oh wait, no, you can't wait. How does that happen? Huh? That's weird.

    allnick
  • allnick07:29:02 AM

    Uh.

    allnick
  • piovincenzo_07:29:04 AM

    Because that's a centralized entity, the Bitcoin network is the only decentralized entity.

    piovincenzo_
  • allnick07:29:05 AM

    Get that.

    allnick
  • depechenode_07:29:10 AM

    Be to be clear, the worst case scenario for Ethereum is it becomes Bitcoin. So let's just put, let's just put that one out there.

    depechenode_
  • piovincenzo_07:29:13 AM

    Ohh hmm, that's possible.

    piovincenzo_
  • allnick07:29:23 AM

    In case you're wondering, a tornado cash is not a centralized agent system. It's on the blockchain. It's literally a smart contract. So let's move on to the next speaker.

    allnick
  • piovincenzo_07:29:26 AM

    Well, they're arresting people that work for Tornado Cash. What are you gonna arrest? The CEO of Bitcoin?

    piovincenzo_
  • depechenode_07:29:28 AM

    No, they arrested a developer.

    depechenode_
  • piovincenzo_07:29:35 AM

    Ohh

    piovincenzo_
  • allnick07:29:35 AM

    No, that that that commit code to it. Yeah, and you can actually commit code to Bitcoin, so do your research. You're wrong. De Jen. How's it going?

    allnick
  • piovincenzo_07:29:41 AM

    Which is?

    piovincenzo_
  • speculatorart07:29:43 AM

    All I gotta say is they may. They may have banned tornado cash, but they haven't banned Lady Ape club yet and that is pretty much identical.

    speculatorart
  • piovincenzo_07:29:53 AM

    It's pretty ridiculous. I mean, Nick, ask Tyler and Cameron Winklevoss what they think of this. Like, you know, whether or not they think Bitcoin is centralized. Anyway, Degen has his hand raised. How's it going?

    piovincenzo_
  • degentshow07:30:00 AM

    Yeah, I was just gonna add, uh, that's an interesting point. That node made, but I was just gonna add that, you know.

    degentshow
  • degentshow07:30:19 AM

    You know, because it is coin based Lido and cracking, they're like almost 70% total of. But if that happens it the question is is the government going to have the will to go ahead and do that because they haven't yet? Because obviously you know the US does not want to stifle this new technology.

    degentshow
  • degentshow07:30:42 AM

    Yeah, I think it would be a big back back last, not only in the you know, people in the industry but just the you know people in Congress about censoring innovation like that. But I mean if I I don't want to live in a world either where the US dollar becomes a shitcoin right? So I think that some centralization that comes into Ethereum as far as KYC wallets or.

    degentshow
  • degentshow07:31:09 AM

    And more protections I. I think it's kind of like you know where would the real estate market be if it never was regulated? I mean to for big money to roll in and the hedge funds and these large companies to come into this space. They're going to need to have regulations just pure and simple, so otherwise this is going to be a speed gens. You know, in the in the space. And that's just not going to propel or needs to go. So I just wanted to you know there is hope, but I think that we will.

    degentshow
  • degentshow07:31:14 AM

    I think a little bit of centralization I think is a good thing for adoption.

    degentshow
  • piovincenzo_07:31:45 AM

    Yeah, we're gonna have a lot of centralization. The question that comes to mind, you know you're talking about a theorem in Bitcoin. That's not the conversation. The the conversation is actually a theorem in Salana, and you look at what Sam Bankman Fried, the CEO of our sponsor. FTX is doing with like, you know, his political relationships, right? And he's obviously a huge salana guy. That's where my brain goes. My brain doesn't go to like Ethereum versus Bitcoin. That's not what we're talking a

    piovincenzo_
  • piovincenzo_07:32:15 AM

    Plays out who knows, ladies and gentlemen. That's our show. Thanks to Cyrus for joining today and then unexpectedly, for code and coffee dot eat to join to talk about Ben Dowell. That was a really fun conversation. We'll have to follow up on that one. We do this show Monday through Friday, 9:00 AM to 10:30 AM Eastern Time where we talk all things NFT market. As I mentioned, all of our content is sponsored by FTX. You can sign up at the nifty.com/FTX or with the code. The nifty on your FTX mobile

    piovincenzo_
  • piovincenzo_07:32:46 AM

    Hello D Jen, who's in Kathy Woods? Brainstorm team follow King kicks, who's the CEO of a Top 50 crypto game called Crypto Raiders, raised a bunch of funding. They're not going anywhere. They're crushing it. Follow node, who's the host of the Node Mode podcast under the Nifty Portal network. Follow Quad, who's always got a good take and he's a big Fanny Fanny pack guy. One of the most notable moonbird holders in my opinion. Follow hi, I'm Alex, one of the most valued members of the nifty portal d

    piovincenzo_
  • piovincenzo_07:33:02 AM

    One of the biggest newsletters in the motherfucking space NFT God Dog gives? Follow Cyrus, who's been full-time NFT since February building his own shop, clearly knows what he's doing. And follow NFT Nick, who's going to say something uninformed about Bitcoin right now? Let's go.

    piovincenzo_
  • allnick07:33:18 AM

    Yeah, unfollow PO and and then on at 4:00 PM today on YouTube, I'll demonstrate to everybody how bearish I am on cryptos whole. And while PYPL is wrong about Bitcoin, just complete. Just flat out wrong, uninformed. So I'm looking forward to that.

    allnick
  • allnick07:33:21 AM

    It's it's cryptocurrency.

    allnick
  • piovincenzo_07:33:26 AM

    OK, big Bitcoin is not crypto, so you're off to a good start anyway. Uh-huh, it's crypto. Yeah right. We're going deep cover here. I'm literally about to whack Nick.

    piovincenzo_
  • allnick07:33:27 AM

    No, literally by definition.

    allnick
  • piovincenzo_07:33:29 AM

    Ready for the Punisher?

    piovincenzo_
  • piovincenzo_07:33:32 AM

    She's ready.

    piovincenzo_
  • piovincenzo_07:33:41 AM

    Spaghetti. Everybody kissed the fucking floor, Toby. Crack. Fucking.

    piovincenzo_
  • piovincenzo_07:33:49 AM

    Fucking whore that in the middle of little, little, little did we know that every middle to middle, middle didn't do diddly.

    piovincenzo_
  • piovincenzo_07:33:54 AM

    I'll take it now. Make no mistake, for real, I wouldn't hesitate to jail.

    piovincenzo_
  • piovincenzo_07:33:57 AM

    They got 2/2 mothers.

    piovincenzo_
  • piovincenzo_07:34:10 AM

    Wacky with myself too. Yay. I brought the case of the earth. Of course your family. Children like Amy, killed until the nerves in your cavity filling insanity. Children are Brazilian in my civilian. They cannot be the anarchy that humanity still feeling without remorse.

    piovincenzo_
  • piovincenzo_07:34:17 AM

    Chatter, like child support. I support running anything he does. Anything he loves her brother.

    piovincenzo_
  • piovincenzo_07:34:24 AM

    Pick your ball but dark just like me. One of the best might be the better. Leave the kneeling on the right knee.

    piovincenzo_
  • piovincenzo_07:34:27 AM

    Small change, but we're not your brains.

    piovincenzo_
  • piovincenzo_07:34:31 AM

    You didn't stop.

    piovincenzo_
  • piovincenzo_07:34:36 AM

    Something in the land.

    piovincenzo_
  • piovincenzo_07:34:42 AM

    That's true, so who the next to get it? Get it off your chest, kid admitted.

    piovincenzo_
  • piovincenzo_07:34:48 AM

    Don't stop 20 shot clock.

    piovincenzo_
  • piovincenzo_07:34:48 AM

    The job.

    piovincenzo_
  • piovincenzo_07:34:57 AM

    And you don't stop till he cracks the rock. The big clock keeps the guns cock. Yeah and you don't stop.

    piovincenzo_
  • piovincenzo_07:35:00 AM

    Bring it up like your whole spot.

    piovincenzo_
  • piovincenzo_07:35:11 AM

    Seven on and then they suck the police or squeeze first, making taking feet first through the mall of the north. Them in the keeper of the streets cars, the 1st amendment.

    piovincenzo_
  • piovincenzo_07:35:35 AM

    Tonight I hold my balls to be tight as I can. I'm one man against the world, just me and my girl black girl Latina Masina begins a real you know the deal we steal from the rich people there's no secret. Watch Megan so go back and forth for free creep with me that's a cruise in my be my all the kids in the ghetto can be dark. Cartagena kicking their asses a blast off he and you never see me talking bro least so you should know.

    piovincenzo_
  • piovincenzo_07:35:53 AM

    Who your brother has slit your throat and not leave your bike there, so beware with red that Nick is 1 big break and let these motherfuckers know how we run the street. Someone the streets deeper no compassion Puerto Ricans no for slasher captain because why they sleeping? No relaxing keep their eyes open sharp reflexes.

    piovincenzo_
  • piovincenzo_07:35:54 AM

    Just in case.

    piovincenzo_
  • piovincenzo_07:36:11 AM

    This is Charles Fuller clips mark that's next to the guard when the metal Hollis better regarding you'll get knocked down until the lock and shot down had to be gonna make before my clock down we locked down like rounds in the chain but boogie down major like Nah I bought smile every time.

    piovincenzo_
  • piovincenzo_07:36:15 AM

    When we talk to walk the walk.

    piovincenzo_
  • piovincenzo_07:36:27 AM

    Like a predator, whoever wanted gold getting settled baby, you know I'm a pretty young so remember this squad then I'm dropping the full of clipping my weapon and running sneakers still, yeah.

    piovincenzo_
  • piovincenzo_07:36:29 AM

    20 shots

    piovincenzo_
  • piovincenzo_07:36:38 AM

    Lock the big clock keeps the gun stock. Yeah, thank you, don't stop.

    piovincenzo_
  • piovincenzo_07:36:43 AM

    What bring it up like your whole spot? Yeah, thank you, don't stop.

    piovincenzo_
  • piovincenzo_07:36:45 AM

    1971.

    piovincenzo_
  • piovincenzo_07:36:50 AM

    With the car.

    piovincenzo_
  • piovincenzo_07:36:59 AM

    Don't stop till we cracks the rock. The big truck keeps the guns. Don't stop we'll make it hot.

    piovincenzo_
  • piovincenzo_07:37:01 AM

    Bring it up with your whole spot.

    piovincenzo_