On The Brink with Castle Island - Weekly Roundup 10/01/21 (Flare mining in WY, nuclear BTC mines, Compound exploited) (EP.246)

Episode Date: October 1, 2021

Matt and Nic return for another week. In this episode:  Is fasting lindy? Ripple's 250m NFT fund Kraken reaches a $1.25m settlement with the CFTC Could Ripple win their case against the SEC? Wyoming gives a tax break to flare gas miners Coinbase adds direct deposits to their platform Should stablecoins be issued by banks? China is tapped out of their Bitcoin FUD Compound suffers an exploit Bitcoin miners look at nuclear Sponsor notes:  This show supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions. For more information see coinbase.com/prime

Brought down by bad mortgage investments, Lehman, which has 25,000 employees, will be liquidated. The federal government loans American International Group, AIG, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more to Britain's ailing economy with a new round of Concentive Easy. You print a couple trillion dollars, and all of a sudden, people start to worry.

So out of this worry, we have something called a Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. And this episode is brought you by Coinbase Prime. More on them later in the episode. Busy week. I've got a stand-up desk now.

I'm doing these podcasts standing up. It's more powerful. I think the voice is just stronger. I can hear you projecting. This is great. We've got some feedback from you that sometimes you don't sound like you're projecting are like really excited about the deals, you know? Yeah, everybody always says that I'm really flat and monotone,

so I don't know what to tell you. I know what to say. You're on a three-day fast. Your blood sugar is down. That's true. My levels app is informing me that my blood sugar is below the normal threshold. But I think that's what happens when you don't eat for three days. Yeah, I don't, I'll never understand that.

I just enjoy eating way too much. It's not like you have to lose weight. I feel very sharp right now. You know, you don't eat for three days. Normally you have grain brain, right? Your brain's not working. You got too many grains. That's not how ancestral men was.

You know, they didn't go around eating, you know, cultivated wheat and things like that. They just roamed free. Well, I'll tell you what they weren't doing. They were not doing intentional fasts. That's not how you stay alive back then. No, but fasting is lindy because sometimes they just wouldn't catch an antelope for like two weeks. And, you know, so I'm just re-tverning to tradition. This is like what, you know, what our ancestors used to, they used to live like this.

I think you're just trying to be more stereotypical VC. You're moving to Miami. You're fasting. You're wearing levels. Yeah, I'm the quantified man. I mean, you have levels on right now too, right? So mine is up. My full month is up.

I liked it, though. I'm trying to decide if I want to continue. I'm a fan. So for those you who don't know, levels. is a real-time glucose monitoring. It's like a patch, I guess. What actually goes in your skin. And I still haven't figured out what the data means.

It's just that it kind of makes you feel guilty for eating a big carb-heavy meal because your glucose spikes like crazy. And so that's really the main. I don't know how to interpret the data. I, well, I'll tell you what is not good for your blood sugar. It's one day I had for lunch, pistachios, a sub and an energy drink. And I think levels just almost didn't. get my reading. It was just so bad.

The worst thing I had was an asai bowl. I recommend it. I'm really tasty, but just basically pure sugar. Yeah. I've found that if you don't eat that much, it just kind of stays level, which I guess is not surprising. Yeah, so I'm three days in.

I'm looking forward to eating tonight. That's going to be really great. But, you know, it's your number one thing you can do for longevity. I read a whole book about it. So, you know, take every way you will. This is not financial advice, it's also not health advice, that's for sure. Well, you went on squawk on the street despite the fast. That was a good appearance, talking about Bitcoin Net Zero, talking about some

Bitcoin mining. That was my first one on that show. My goal is to do every single CNBC show. They did ask me to do the like 5 a.m. version a while back, and I politely informed them that I was planning on sleeping during that slot. Yeah. Well, early bird gets the worm. And Rhea did an interview with Chris Maurice today, founder of Yellow Card, New Deal in the portfolio. Yeah, more on yellow cards raised later. And then I did one with Christian Dittmeyer, the co-founder and CEO of Evaluate Market, which is one of our portfolio companies in the NFT analytics space. So that was a fun one.

So back to three episodes a week. Maybe is that our new cadence? Back to three a week? Hey, we took a little bit of hiatus from the interviews. but we're back. We've got a bunch in the pipeline. We're ready to go. Yeah, so we're firing on all cylinders again.

This podcast is still operative. We haven't gone out of business. The podcast is still here. We're not leaving. And if you want to give it a five-star review on the Apple or Android server, that's fine with us. Yeah, I mean, there's that thing that Matt thinks with uninstall and run or unsubscribe, resubscribe, but we're not certain whether that helps.

or not. I'm pretty sure it's science you uninstall it, reinstall it, re-subscribe, unsubscribe, just in a repeat. We need to get one of those farms like in Silicon Valley. Trust the science. So yeah, you're free to do that as well. Should we dive into our deals this week? A lot of deals this week. Yeah, let's dive into it. So first up from the SIV portfolio, Yellow Card. So they are a crypto asset financial services company, focus on the African market. They raise $15 million from Filar Ventures, Third Prime, Us, Square,

Coinbase, BlockFod, blockchain.com, and others. Very exciting company. They're on the ground in Africa, all across the continent, frankly, helping regular folks get exposure to digital assets. Enormously exciting. We couldn't be more pumped to backing them.

Super excited about Yellow Card. Next one up is social. This should not be confused with social. It's S-O-L-C-I-A-L. It's on Solana. It's a social media platform based on Solana. It's really hard to say it. Social.

It raised $2.9 million from Alameda, Rarestone, and others. I'm thinking that the Solana-based startups, they don't all need to have Solana puns in the name. It's for some reason that seems to be the trend. you don't have to name yourself after the thing. You don't have to, but shoot your shot. So here's another one that's impossible to infer how it's spelled from hearing it. Nah me, N-H-M-I-I, an Ethereum-Skilling solution.

They raised $8 million from Dharma Capital, aligned capital, and Delta Fund. That is a hard one to say, too. I'm not even going to try. Next one is Merkel Science. This is a blockchain monitoring company. They raised $5.8 million from Darrell Holdings. Cracken Ventures, Uncorrelated Ventures, and others. Then we have Angle Labs.

There is Stablecoin Protocol. They raise $5 million from Andreessen, Fabric, Wintermut, and others. Next is Roll. This is a social token platform. There is $10 million from iOSG and Amoka, Alchemy, Weekend Fund, and a few others. Next up, there's Zero Hash, a financial services firm in the CryptoSpace. There is $35 million in a Series C from 0.72, NICA, and Drive Wealth. Next is Bubble House.

This is a New York-based NFT platform. They raised $4 million from Third Kind, SV Angel, Watchtower Ventures, and Soma Capital. Then we have Gelato Network. I'm so hungry right now. Oh, my God. Gelato. Gelado. They raised their protocol to automate smart contract execution.

They raise 11 million from Dragonfly, Nacent, Parify, Ideo, and others. Yeah, you would love some gelato right now. I could go over some gelato. ice cream. Next is coin rule. This is a British-based automated crypto trading platform. They raised $2.2 million in seed financing from the founders of Fitbit, James Park, and Kevin Lynn, the founder of Twitch. A lot of deals this week. We have layer three. We're moving up the stack. We're on layer three now. Their company that provides tooling for Dow's. They raised 2.5 from Parify Electric, Six-Man Ventures and others.

Layer three. We're going higher and higher. When's layer four coming? We're going coin shift next. This is a crypto treasury management platform that raised $2.5 million from Sequoia, India, weekend fund, fintech collective, consensus, defy alliance, ethereal. That's a big, it's a lot of people on that cap table there. And finally, Ripple is launching a $250 million fund to, I suppose, incentivize. NFT developers or creators to build on the Ripple network. If there weren't enough networks supporting NFTs, enough protocol funds, there's another. If someone gave you $250 million, would you build your NFT on Ripple? Yeah, I would unquestionably. I think we're going to see a bunch of NFTs pop on to Ripple then.

each one should hope that they would have better artists than the likes of me building nfts so we shall see what do you do with all of the missing blocks though what if you're you know what if your nfti is like part of the missing ripple blocks well those are from the very early days of ripple so i think it's something like 34,000 very early uh they don't even call them blocks they call them ledgers or something. I mean, there is a missing period in Ripple's history, but it's from like six or seven years ago, I think. So I don't think it matters in terms of an NFT project being created today. In all seriousness, what does this tell you about Ripple's view on this SEC battle? That they can afford to spend $250 million. I guess they're doing our right on the legal fees.

The other thing I noticed is that they ramped up their institutional sales, the direct sales of XRP. So they are feeling emboldened. Don't know what does that tell you? Tell you something. I mean, is there a world here where Ripple wins? I guess there is. Yes, there is a world. That might be our very own world.

And what do you think that does for the industry? It's so hard to know because they've all been kind of case by case. and the outcomes have been so different. But I mean, you know, it kind of reminds me of the SEC Capital case where the SEC put a ton of resources into it rumbled on. That one rumbled on. I think it took 10 years or something crazy. And SEC lost.

Could well be the case with Ripple. I mean, they're very well-funded opponent. Huge resources. And, you know, I certainly have my own feelings about it, but I can see a world where Ripple wins. and I don't think that really settles the question. That's really the big, big question is, you know, would a positive outcome for Ripple be generalizable to other assets?

I don't think so. Almost certainly not, right? I think there's no world where we can get clarity on this, probably without a safe harbor. Or maybe there's just an aggressive posture that says, Howie and Reeves are the law of the land, and it just becomes effectively impossible to issue a token. but it seems like the safe harbor would be the cleanest way to codify something.

It's so strange because the SEC keeps selling us the law is clear, and everyone else says the law is unclear. So according to the SEC, we don't need a new act of Congress to clarify anything. And frankly, I don't know if Congress can pass anything. They don't seem to be doing much right now. I mean, so clear the infrastructure bill is going to pass. So much of this industry right now would be better. if the SEC was clear on a couple of issues.

It's not even just the tokens and whether or not there's securities. It's, okay, what does lending look like? I mean, can you effectively have some sort of a carve-out similar to securities lending where some of this activity is permissible? Give us a little bit of clarity on that. There's also just these security tokens. I mean, it's not that we talk that much about security tokens, but there's plenty of companies in this industry

that want to get clarity around the definition, of a good control location under 15c3-3-3. It's like really in the weeds, but broker-dealers cannot hold tokens that are securities without clarity on this issue. And a lot of these broker-dealer licenses are still stalled with the SEC and FINRA. So there's like three buckets of things that the SEC could be doing here

that would really help the industry. I think if there was an on-the-brink bingo, 15C3-3-3 would be the middle, the free space. because you've said it so many times. I don't know if Brink Nation has noticed that, but that's when your pet causes. I mean, if you just can't get excited about some clarity about the custody rule,

then I don't know. What else can get you excited? So elsewhere in SEC News, Gary Gensler reiterated his support for Bitcoin ETF based on the CME futures, aka the least exciting ETF of all time. but that might be our consolation prize here. Yeah, so do you think we're going to get one of these here?

I think it's going to be, is Van Ack up first? Yeah, I think we ran through the dates on, was it last week's episode? So they're coming. I think it's November is our first trigger date. But, I mean, it just doesn't really get my juices flying. Give us a spot ETF. Well, I think Fidelity made the strongest case that the spot ETF should, be approved on the grounds that the spot market concerns that they have around manipulation,

there's a data-driven analysis that Fidelity did with, it looks like a lot of support from coin metrics data, that the CME futures is actually the leading indicator of what's happening on the spot. And so if you believe that argument, I think you live in a world where the spot ETF actually meets all of the grounds that the SEC says you need to meet and that it should be approved. And of course, it's a better product because you don't have the cost on the future's role. And so from an investor perspective, it's just a cleaner, less tracking error, less fee product. This show is brought to you by Coinbase Prime. Coinbase Prime offers trading, custody, and financing tools for institutions. With trade financing, you can trade from cold

storage instantly and acquire margin for lending and shorting. Coinbase custody is battle-tested with dedicated on-chain addresses and industry-leading insurance. Coinbase Prime offers integrated trading tools, including real-time market data, smart order routing, robust analytics, and algorithmic execution strategies. To learn more, visit on the brink.combing. So last week you predicted that our beloved regulatory agencies would be making public a number of enforcement actions or settlements,

given that we're at the end of the fiscal year. How has that played out? Did that come to pass? Not as much as I would have thought, but I guess we're, so it is 4.27 p.m. Eastern. 30 minutes left. Yeah. I mean, there've been two charges that came out today.

There were two charges that came out yesterday. and there were three charges, it looks like, that came out the day before. So I don't know. I don't know if the SEC is going to actually surprise us. We'll see. This could be one of those podcasts where something huge happens and we have to come back in and recut. The CFTC did a few things. So Cracken agreed to pay a $1.25 million fine to settle charges with the CFTC that they were offering a margin feature that was not registered with the CFTC.

that's not a huge fine. I mean, I think probably everyone's happy to just put that behind them. Cracken needed to have an FCM to actually offer that product, it turns out. And then there was another one where the CFTC charged 14 entities for failing to register as FCMs as well. And a bunch of these were companies that I had never heard of that were illegally marketing crypto derivatives. So nothing like huge came out.

Yeah, these are pretty small. The FCMs that were fined were, they're all called like Bitfx profit and Binance FX trade, not to be confused with probably the real Binance and max 4X options. So basically like bucket chops. Yeah, nothing big, nothing big. So who knows what the next 30 minutes will bring. maybe we'll keep an eye on Twitter while we're recording this, and there'll be one right before the bell. There was some news out of the Cynthia Lummis camp, so she made some comments this week,

suggesting that she believes actually that stable coins should be issued by bank entities. So it seems like that's the way the puck is headed here, right? It's that it's going to get harder to issue a stable coin if you're not a bank. Well, I don't know. I mean, what would you, how would you describe PayPal deposits, PayPal claims, you know, those look a lot like stable coins. PayPal's not a bank, you know, or your credit in your Starbucks account, you know, or even a Walmart gift card. You know, a lot of these things are dollar claims. They're the liabilities of these issuers, but they're not banks.

So I don't necessarily buy this idea that all these bank like things must have bank charters, especially because it's impossible to get a bank charter. The government has made it deliberately difficult, and the number of new bank charters since 08 is basically nothing. I certainly think it would be better for startups if, you know, the requirement was not that you had to be a bank. The bank level would totally capture this industry from that pocket of category of company. Yeah, I mean, in 2016, there were zero new bank charters.

In 2017, there were five, 18, there were seven, 19, they were 13. So basically, creating a bank became impossible post-GFC. In 2007, there were 175. So, you know, something dramatically changed there. The size of banks has increased. Small community banks basically. consolidated. And it's bad for everyone because small banks loaned to small businesses. And so, you know, the cost of capital has generally increased for smaller businesses.

And, you know, you really saw this last year with a lot of these smaller businesses went out of business and larger ones were able to stay alive. So, you know, the difficulty of getting a bank charter, those barriers to entry, it's bad for society. It's especially bad. for financial services startups. So I just, I don't really, I don't buy this line about, you know, stablecoin should have bank charters. If it was possible to easily get a bank charter, then that makes sense. But in its current state, that's a tremendously anti-competitive line.

Yeah. Yeah, I fully agree with that. Well, it's too bad that Cynthia Bomas is coming out on the other side of this one. Well, maybe there's a more charitable reading for her comments. in other Wyoming news, the governor, Mark Gordon, signed into bill a law that would exempt the use of natural gas flare's flare-based mining would be exempt from taxation. I bungled that, but basically if you use, if you're mining Bitcoin on the well pad with natural gas that would otherwise be flared, you get a tax break.

that's what happened. It seems pretty significant. So if you're running one of these businesses doing business in the flared gas space going to Wyoming might be a good play. Well, so Wyoming doesn't have a lot of flared gas not compared to North Dakota and Texas. So it's not that big an opportunity,

I would say, not to discourage anyone setting up shop in Wyoming. It's not known as a big flared gas. state, that's all. It's nice to know that if there was flared gas, it would be tax advantaged. I just ran the numbers on flared gas in Texas, and they have 47 percent of national flared gas. That's the most of any state. And if they were to turn that all into hashes, as of today, as of today,

that would be 34% of the Bitcoin network, just Texas. That's pretty great. Yeah, that's just one state. So the flared gas thing could power Bitcoin several times over if we're talking about the global cleared gas. But it's probably only 100, 150 megawatts as of today. Did you see this story that Coinbase is going to add direct deposit capability on their platform? Yeah, it's fascinating.

Coinbase becoming this full service financial institution. Really interesting to see them move into kind of payroll, direct deposit. I'm there on day one. I'll tell you that. I would love to not have direct deposit into Bank of America, a company that is doing nothing in the cryptocurrency space. Can you imagine getting direct deposit directly into an Ethereum account or a stable coin account? It would be amazing. So I had to cash a physical check this week, and it was just about the worst thing I've ever had to you. Yeah, you were texting me. You didn't know how to do it. I felt like I was explaining, like, how to use, like, the internet to you on how to use mobile deposits. Well, I mean, a check is an incredibly old-fashioned thing. I had to sign it. What is that?

You had to endorse the check. So did you figure out how to do this? Because this was like a 35-minute situation here. I eventually was able to do it, but I just didn't understand it. I don't understand how it works, first of all. And it just seems like the most antiquated thing. I can't believe I'm still dealing with checks. What is that? Checks were a really hard thing for me to understand as a kid.

It's like, hold on, what? So you write something on it and all of a sudden it's worth something? I don't really get that. Yeah, honestly, I think it's more fake than magic internet money. Yeah, people think Bitcoin's weird. It's like, all right, there's 21 million of these things. They're rare file types. Why is that so hard to understand?

I don't believe in checks. Even though it appears to have worked, I still deny the notion of checks. I don't get them. I had a teacher in seventh or eighth grade that taught you how to balance a checkbook, which I guess is a good skill, but you just don't need that anymore. I would have literally no idea. I don't even know what that is, what the purpose of that is. The purpose is to not spend more money than you have.

I'm proud of my ignorance. I reject these old, old fashioned concepts. We live in the stablecoin world now. It's true. It's true. Well, I'm excited to use that direct deposit capability. In other exchange news, FTX has moved their headquarters from Hong Kong to the Bahamas,

which geopolitically just seems like a good move. Yeah, I feel like Hong Kong is not really where you want to be doing business these days, unfortunately. So there's an interesting, exploit in Defi World compound suffered an $80 million loss and it wasn't a hack necessarily. It was kind of like an accelerated, unplanned excess distribution of liquidity mining rewards. So it was kind of a bug in the protocol, and it caused some users to receive too much comp. Now, there's a weird question here where certain users, you know, begin to exploit this. And I guess the question is, you know, are they, was it a hack?

You know, do they have an obligation to return the funds? It seems like they get to keep the funds. And there was a, it was kind of ugly on Twitter, right? Some of these people were getting doxed. Yeah. But, you know, if you see a hundred bucks thing on the ground and you pick it up, you know, and it turns out that someone dropped it five minutes ago, do you have to return it?

I don't know. You probably should. Yeah. Yeah, that's a weird. I mean, I wonder if there's any case law about this. Probably not yet. I'm sure there is.

I mean, actually, like, if there's a bank error in your favor, you kind of have to give it back. Yeah, but in the context of a defy protocol, I mean, who knows?

Well, it's a bearer asset, yeah. Possession is 10 tenths of the law in cryptic land. they say. Did you see that TikTok is releasing Ethereum NFTs? There's Little NasX. There's Gary V. There's Grimes. Grimes is you all right.

So yeah, I'm actually against this because as a holder of Grimes NFTs, this is dilutive to my Grimes NFT. How's your Grimes NFT doing? Not great. Not great. Maybe because of this. Maybe because people figured she would go out. and make more NFTs. Look, this is a problem. There's an implied social contract when an artist

makes an NFT and then she just turns around and mince zillions of more NFTs on other, like, come on, what is that? Yeah, that's, that's devaluing all the existing NFTs. Very inflationary. I have to say all of the NFTs that I'm interested in are going way down in value and all other people's NFTs are going way up. Isn't that funny how that works? Yeah. I'm not certain, None of my, some of my NFTs don't even have a price. Like I'm literally the only person that wants them. I'm starting to think that maybe the monetary schedule of some of these NFTs is not credible, you know, that maybe they just get minted, you know, in a completely arbitrary way. Maybe.

I really would have thought that chill frogs would have been a really popular thing, but they're not. It's not popular. Well, the volumes are down. The secondary market volumes are pretty much way down. Who knows? They could come back. So I read a really interesting piece by Michael Greenwald this week, who you had on the podcast who actually didn't come off initially as a big fan of the crypto industry,

but he wrote this piece. It's called How Central Banks Are Weielding Blockchain and Soft Power Competition. And he comes out, I really like this piece. basically saying that the U.S. should really lean into public blockchains as a counterbalance to China really going against them. And so the U.S. has the opportunity to lead with the values of innovation, equity, privacy, choice, and inclusion in his words. So I thought this was a great point. Yeah, I agree with it, of course. And what's funny is when Michael came on our podcast, it was a controversial episode because he was kind of trashing public blockchains. So maybe he's learned

something in the last 12 months or I don't know what happened exactly. But initially he was somewhat adopting an antagonistic tone due to their ability to, you know, let people evade sanctions and things like that. Well, I think, you know, this, there's a lot of people that, you know, view the world geopolitically through the lens of a China versus the United States paradigm here, which, you know, kind of is at this point. And this is a powerful narrative that public blockchains represent kind of the polar opposite of the values of China CCP. I mean, I think this is something that could get legs. It already does have legs. It's true. I think he's right. And it's becoming increasingly clear that, you know, this notion of a public open protocol is a profoundly American thing.

It comports with American values. And now that China has banned it fully, double bandit even, it makes our choice all the more stark. It's kind of wild that Bitcoin is still at 433 with the China retail bid just evaporating. Well, the thing is that China can only ban. it so many times. Like, they can't, you know, they can't fud Bitcoin anymore. There's no mining there. The exchange environment has effectively collapsed. So they have exhausted their ability to affect the coin. Some of the most interesting businesses in China right now will be some of these on the ground, peer-to-peer exchanges that inevitably are going to pop up and become very valuable, albeit illegal enterprises. I mean, those have existed for sure, but my understanding is that the CCP was very much

going after them. Yeah, it's not something you want to be caught doing or else you might have to spend some time with your family like Jack Ma. So there's an interesting article in the WSJ this week entitled Bitcoin Miners I Nuclear Power as Environmental Criticism Mounce, basically talking about this deal, there's JV between Tallinn Energy Corp and TerraWolf. So effectively, they're going to be putting a Bitcoin mining facility adjacent to a Pennsylvania nuclear plant and improve the economics of the plant. And so this is a pretty interesting situation in which I call it the hybrid model of mining whereby you have a behind the meter installation.

So that means you're located directly next to the energy asset. And you draw power from that asset when there's not a marginal buyer, when the grid doesn't need the energy, which is often. And then at peak times or at other times, you can just draw from the grid. So sometimes you're drawing from the grid. Sometimes you're drawing from this asset. And because nuclear power produces this solid baseload, and it's very difficult to turn off and on.

It's expensive. But the grid demand fluctuates. This is actually kind of a godsend. So you're just adding a new, distinct buyer that the energy asset can take advantage of, which generally improves our economics. And so this is like enormously interesting, I think. And you're going to see this not just with nuclear, but you'll see it with all other sorts of energy assets.

This kind of behind the meter co-location. You'll see it with solar and wind too. And people's critique is always, well, you know, the capacity factor of solar and wind is too low to mine Bitcoin with. But the hybrid model in which you can draw from the grid optionally the rest of the time kind of obviates that critique. So anyway, this is something to keep an eye on. Do you think we'll have seen more nuclear versions of this in the United States? Is this something where the addressable market is significant? Yes.

this isn't the only Bitcoin nuclear deal. Compass mining also struck one. And I think it's just a matter of energy companies realizing that the Bitcoin mining pairing with these energy assets that only see intermittent demand is a very, very strong pairing. And I believe we'll see much more of it in the near future. So a couple personnel moves this week. So David Pacman, who's formerly a partner at Venrock, has joined Coin Fund as managing partner. Congratulations to David and the Coin Fund team.

And Bank of New York Mellon, they have hired three senior people to their crypto team, including our former colleague Hadley Sturnt, who used to be a fidelity with us. So congrats, that's a big move. BNY Mellon getting more and more aggressive in the crypto space. That's right. So congrats to Hadley. And I think that probably wraps it for this week. That wraps it up for this week. We've got Tom Brady coming to town this weekend. How are you feeling about that conflicted? Yeah, it feels weird. I just kind of, I want him back. Now, has he released any NFTs on his platform yet?

Yeah, there's a ton of NFTs. He's slinging NFTs. Singing NFTs. It's probably going to sling the football. crush the Patriots this weekend. You hate to see it. Yeah, I do. I do hate to see it. A lot of emotions. It's going to be an interesting weekend.

Well, that's it for the week. We will see you on Monday.