On The Brink with Castle Island - Weekly Roundup 19/11/21 (Keep Innovation in America, ConstitutionDAO, Chaum's Quantum FUD) (EP.261)

Episode Date: November 19, 2021

Nic and Matt return for more news and deals of the week. In this episode:  ConstitutionDAO Why you can't smelt tungsten Breaking down the Keep Innovation in America Act The SEC denies the Vaneck Bitcoin Trust Crypto.com buys the naming rights to the Lakers arena The US Marshalls are auctioning BTC seized from Bitconnect Is Gerald Cotten deceased? Load ze quantum FUD Is David Chaum right about Bitcoin's quantum FUD? What fraction of Bitcoins are quantum vulnerable? Can stablecoins be rendered run-proof? Sweden and Norway agitate against PoW Why banning Bitcoin mining can be counter productive What does the DAO do if they win the Constitution? Content mentioned in this episode:  David Andolfatto, Run Proof Stablecoins Derek Hsue and Larry Sukernik, I Pledge Allegiance 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 Corporations and institutions can allocate cash into Circle Yield to gain crypto lending exposure and earn superior returns compared to traditional markets. It's secured, overcollateralized and built on the leading dollar digital currency. Visit circle.com/yield to book a meeting

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 Easing. 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 to you by Coinbase Prime and Circle. More on those companies later in the episode. So we're buying the Constitution. Buying the Constitution. Pretty exciting. You know, crypto is really putting itself out there. Yeah.

Well, technically, I guess it's one. of 13 copies of the Constitution, but it's the only one that's in private hands. Is that right? That's right. It's in private hands. And I don't want to hear any of this, you know, where you're not really buying it, like whatever. We're buying the Constitution. Yeah, I think if you own the Constitution, you actually get to change the laws as far as I understand it. So just expect a lot of upheaval in terms of, you know, the Bill of Rights and things like that. I think they're due for a change. What else can we buy? I mean, if we can marshal enough capital to buy the Constitution, there's nothing we can't do at this point.

Yeah, I think we need to start buying some physical buildings. Yeah, you know, buying and renovating classic buildings, I think would be a good next up here. There's a lot that are in need of that. What about buying Niagara Falls and installing mining equipment at said waterfall? That just, you know, that's been discussed on the podcast before. we've received very negative feedback on the idea. I think that's out of the question at this point. This was a huge week for the podcast.

So the Midwest tungsten general manager, Kevin. How do you say the last name? Anetzberger. Just an electric episode. I mean, it's just a classic. That's really where this whole thing began. And it's very fitting that we got the GM of, of Midwest Tunks and the general manager.

And it was a good episode. I mean, he did say he preferred the sphere to the cube. So a little bit of controversy in there. There were some pretty controversial things. I mean, he also suggested that he likes other metals, which was a little strange. Yeah, Kevin had a whole list of other metals that he likes.

So he's really not completely faithful to Tungsten. But I liked the origin story. I mean, the fact that that company, began as a way to create coatings, metal coatings, for various products, was pretty interesting. It sort of put me at ease because you've been, for the past two weeks, really worrying me in saying that tungsten might be deadly.

And it turns out that he just completely dispelled that. I don't know what 4chan message board you read that on. Look, I read a real academic paper about this town where all the children got, um, you know, pretty horrible diseases due to tungsten supplies in the water. So I was actually pretty convinced. But, yeah, I mean, like, Kevin works for big tungsten. So, you know, we probably have to take his opinion with a grain of salt here. But he did say that it was very safe to handle. It seems like it's very safe when it's in its, you know, if it's ground out, it sounds like it might

be an issue, though. You don't want to be breathing in tungsten particles. Yeah, and I found that so interesting. You can't smelt tungsten because it's melting temperature is too high. And so you have to take the dust and compact it and then run an electrical current through it in order to make shapes. I mean, how cool is that? You can't even melt the metal because there's nothing to melt it in. There's no metal crucible that could contain the tungsten because it's the highest melting point of any metal. How cool is that? It'd be amazing if there was a Dow to just do a leveraged buyout of Midwest tungsten. Can you imagine?

It seems like they're a pretty big company. I mean, they don't even seem phased by the cubes at all. It's a total afterthought for them. No. I mean, there's an industrial market there for tungsten. Yeah, there's a lot that goes into it. So anyway, basically all your tungsten facts are in that episode, more than you could ever possibly hope to know about it.

But yeah, that was a great one. That one was a lot of fun. It was a super busy deal week. Why don't we hop into it? The first one up is consensus. The Ethereum Studio launched by Joe Lubin. They raised $200 million. Sorry about that.

By third point, Marshall Waste, think investments, electric, dragonfly, Spartan, Coinbase, and others. Yeah, just a huge deal. Another enormous deal. Is this number 725? Did they actually raise that? Yes. Yeah.

What the heck? Okay. So Forte, which is a blockchain gaming company, raised $725 million from Andreessen, Cosmo, C Capital Core Management, Wagnamusk, and others. Wow. That is enormous. It's a lot of money. So you've got to figure that's a lot of money that's going to be sprayed into developer ecosystems to incentivize people to build in this ecosystem. That's really got to be a big part of this thesis here. Just two monster raises. I mean, there's

the amount of capital being deployed this week is incredible. The next one up is Alex. This is a D55 project. It's built on stacks. They raised $5.8 million. It was a round that was led by White Star Capital.

And then we have another chunk of race, Starkware, which is, of course, the Ethereum Layer 2 scaling solution. They raised $50 million from Sequoia, Paradigm, Fury Arrows, Alameda, and Founders Fund. Next is Bet Dex.

This is a decentralized sports betting exchange. It's being built on Solana. They raised $21 million from paradigm. Sports betting on blockchains, I think this is going to be a big, big use case. Well, we thought it would happen with Auger. So maybe this will finally get there. But yeah, I mean, it's been,

it was one of those touted use cases back in kind of 2015 when people would ask about what smart contracts are for. So it's kind of like a full-circled moment. Next up, we have Kosen Labs. They're a blockchain R&D company. There is $5 million from A16Z and Framework. Next is Oasis, a layer one blockchain platform. They launched a $160 million ecosystem fund.

It had the backing of Jump Capital, Dragonfly, Electric, and Pantera. Then we have NEM, which is a blockchain-based project focused on user privacy. They raised $13 million from A16Z, DCG, Taser, Capitol, and others. Next is Cypher. This is a futures protocol. It's being built on Solana. they raised 2.1 million from Sino Global Sky Vision Capital and Blockwall. Then we have Gemini, which is of course the Crypto Exchange. We all know. They raised 400 million

in around led by Morgan Creek with participation from Parify. Big raise there for Gemini. It's all the, all the narrative is going to be the Winklevoss Twins versus Zuckerberg once this company gets to be two or three times the size of what it is now. next up we have block damon they announced that jp morgan and tiger global invested and that they also acquired any block analytics to expand their nfti offerings next one is bit deer this is a crypto mining company they announced that they're going to go public it's via a spec merger with an enterprise value of four billion dollars yeah bit deer is of course the u.s arm of bitmain uh which jehan still runs i believe and they have that big facility in Rockdale, Texas.

That would be the biggest mining spec to date, I believe. All right. And the last one up is an interesting deal. So DCG, Digital Currency Group, they announced that they've done a debt capital raise of $600 million. So this is, of course, on the heels of that secondary transaction that they did a few weeks ago. And at the time, we said, hey, this is crazy.

You know, they know cash on the balance sheet. But they're being smart about it, it looks like. So they've raised debt instead of, equity. And I think this is a big deal for a couple different reasons. One is just, hey, more working capital for DCG's subsidiaries like the trading business. I'm sure will benefit greatly from this war chest here. And the second thing is you don't see a lot of blockchain crypto companies going out and raising from traditional lenders here. And so I think you'll see more of it. Certainly a lot of these businesses are just phenomenal businesses with growing revenue,

great margins. So maybe we'll see more action on the debt side of this market. the coming weeks in months. Yeah, really sensible raise. Really interesting to see the debt market's starting to fire up historically fixed income investors have mostly avoided the crypto space. So big, big week in news, I think probably biggest news item here is this bipartisan bill. The Keep Innovation in America Act. What a great name.

What a fantastic name. So this is a great bill. And hopefully, I don't know if it'll be passed on a standalone basis, but hopefully gets tacked on to something, maybe the next multi-trillion dollar infrastructure bill. So they basically fixes everything wrong with the most recent, the Infrastructure Investment in Jobs Act, which had those controversial crypto provisions. So it's really cool to see them. It's bipartisan. So they change the definition of the broker. which was overly broad. They clarify what information should be captured by a broker. They clarify

the definition of digital asset. They alter the provision regarding reporting non-custodial transfers. So basically it mitigates all of the really nasty provisions in the bill. And here's the interesting thing. It's sponsored by a bipartisan group. So of course, representatives McHenry and Tom Emmer, who are well-known and Warren Davidson on the Republican side that are well-known allies of the crypto industry. But on the Democratic side, you've got Eric Swalwell, you've got Rokana, you've got Darren Soda. And yeah, so it's a, it's a, it's a It's a very nice bipartisan effort that shows that there is considerable attention. Wow.

Do you hear the thunder outside? Yeah, that's crazy. There's like a gigantic storm outside. It's a very strong bipartisan effort. And hopefully the House undoes the mistakes of the infrastructure bill. So process-wise here, this is phenomenal that it's bipartisan. When does the lobbying effort start? When do we start to call Congressman Stephen Lynch is all.

already voting against this probably when do people start to mobilize um i don't know if this is actually you know because a lot of bills get written and and you know bills it was like two percent of bills that are ever authored actually make it into law or something like that so you know i don't think this one is actually on the legislative agenda yet but it's a priority for a lot of these representatives i mean you know that's clear so i think we will see it incorporated into legislation. And at that point, we'll fire up the engines. There is a survey today that said 16% of Americans have owned or traded crypto. So, you know, it's a good number. It is a good number. And just look at the demographics. We were talking to someone who was calling this out to us last

week is just look at the demographics in some of these districts. And, you know, if you want that digitally native population to be supporting you, you're probably going to be well served to at least understand this bill before you vote against it. 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

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So in regulatory news, the Vanek spot Bitcoin product has been denied by the SEC. So no real surprise there. Yeah, so no real surprise. I don't think anyone was expecting this to get approved just based on Gensler's comments

around the spot market and the fact that there's a lot of volume on these unlicensed offshore exchanges. But I guess we'll keep an eye on the fidelity and the Bitwise proposals. Certainly fidelity, and I believe Bitwise have made compelling cases to the SEC that that CME futures Bitcoin market is actually what's driving the spot market. And so whether or not the SEC is persuaded by that or whether or not those proposals are sufficiently differentiated versus Vanek, I guess we'll have. have to see, but just doesn't feel like the spot proposal is going to happen with Gary Gensler. Yeah, I'm souring on that one as well. The Lakers arena, formerly known as the Staples Center,

is going to be now known as the Crypto.com arena. So we're still doing the buying sports stadiums thing. I think we're going to continue to be doing the buying sports stadium thing. People were making a lot of comments around this is the top this is a bubble because what we bought two sports stadiums come on it's like look at all these sports stadiums and how many of them are named after web 1.0 internet or web 2.0 internet companies so it's a lot of them yeah the top isn't in until we've renamed every stadium in the u.s at a minimum after every stadium every single stadium is going to be a crypto company so this is the basic coin metric stadium happening are we going to can we get this TD Ameritrade thing, this garbage? Come on. Yeah. We got to get the TD. I mean, they haven't even

turned on the spot crypto stuff yet. I mean, they told us two years ago that they were going to be doing crypto stuff and they haven't done it. We got to rebrand that one. Let's go buy it. Let's go buy it with a Dow and rebrand it. This is the new measure of success. It's not about this unicorn nonsense anymore. It's about $700 million, $20 year deals to buy stadiums because that's how long they bought the Lakers Stadium for 20 years. I think that that is a, that's a good deal. And hopefully it's denominated in dollars and they can hedge that. Yeah.

I mean, the thing actually that surprises me the most is that Staples owned the naming rights of this stadium. I mean, that's not even a Web 1.0 company. That's a physical brick and mortar company that sells office products. I mean, how did they get the cash to buy a stadium name? I was at a Staples two weeks ago, buying a printer, and it's unbelievable the high pressure sales tactics that will put on you when you're buying a printer. It's like, get this two-year warranty, get this thing, upgrade. It's like, no, I just want the printer.

Like, this is why I go to Amazon. So actually, the only reason I ever go to Stables is to print physical documents that most of the time you make me print and sign them. It's when I can't dock you sign stuff. I don't know why. and so they charge you like $2 a minute to like use the computer there and print stuff it's crazy that's because they have to pay for this stadium yeah so i don't own a printer i don't know why anyone would own a printer and so i have to physically go to staples to print stuff it's nuts there are some some of these transactions that you actually have to send physical paper still it's

just unbelievable that it still exists it's uh very vexatious in the extreme So anyways, I think we should file that one under ideas for future Dow purchases, just Boston sports stadiums. Just let's workshop that a little bit over the coming weeks. Next one up, let's talk about some clean coins. So the US DOJ is auctioning off $56 million in seized cryptocurrency. These are very dirty coins. They were from BitConnect, the Ponzi scheme that you were all over back in 2017. But it's kind of like we say, you take those.

dirty coins, the marshals get their hands on them, they clean them up, they auction them off, and they're the cleanest coins you could ever imagine. Yeah, so, I mean, pretty big sale. I mean, I'm actually impressed that the DOJ has managed to identify, at least some of the U.S.-based promoters of BitConnect and seize their assets. I saw some people chirping at the crypto industry, you know, pointing out that, oh, if the government can seize the coins, does that mean that, this crypto stuff is invalid and, you know, it doesn't actually work.

I mean, you can always seize coins with, you know, significant effort. I think the point is that you're making it more difficult to sort of arbitrarily seize someone's assets here. And so in a kind of a low trust society, I think it's still, you know, better than the alternative. But yeah, you know, kudos to the DOJ for chasing down some of these BitConnect leads. I think there's just so many more Ponzi's they're going to take years and years to resolve here, unfortunately. Some of these guys are still on the run, I think, though, right? Yeah, I think the main orchestrators who have not been apprehended yet. I mean, it's the same thing with one coin, right?

I mean, the ringleader there has never been caught, I think. Yeah, he's still on the run. Joe Lowe is still on the run. Is he really? What is it? What was it? One MDB. 1MDB, yeah.

He's still on the run. He's probably reinventing himself as, you know, an NFT trader or something. Yeah, he's probably a whale out there. Gerald Cotton's still on the run. I mean, well, I mean, he, you know, officially he's deceased. But, uh, I don't know, come on. Ah, it's just, you never struck me as a conspiracy believer, Matt. All right, so Quadriga, come on.

That guy is definitely still a lot. He died. He died in a horrible way in India, allegedly. a lot of these guys are still on the lamb this is going to be fascinating when they start to reemerge like 40 years from now and i mean if this stuff keeps going up they're going to be barons you know they're going to be some of the richest people in the world yeah for sure well not if david chom gets his way so here's a piece i wanted to get on your radars so david chom the David Chom has written an op-ed on the coin telegraph, actually, saying that, you know,

some scientists have achieved quantum advantage, as in now there are quantum computers that can do certain functions more efficiently than classical computers, which he thinks is very dangerous for blockchains and elliptic curve cryptography, which they all rely on. and so I mean it's interesting because David Chom is really the grandfather of you know much of cryptography generally but you know also cryptocurrency and he's written this article which went pretty much unnoticed saying that basically all current you know extant crypto assets are quantum vulnerable so this is the most like educated fud I think you could produce probably this is like next level

FUD. He does say that, you know, his his blockchain, the XX network can, you know, is quantum secure. There's also other quantum secure blockchains out there, blockchains that advertise themselves as quantum secure. But yeah, it's if you believe what he has to say, he thinks, you know, Bitcoin at Al could be in for a tough time here with the quantum FUD. Well, Chom is a lot smarter than me, but I think this is a little bit self-fut. serving. I mean, my view on this has always been that we would see this coming from a long time away and there would be forks to upgrade to quantum resistant schemes. And so I'm not that worried about it. I also think it would be interesting, the Satoshi coins, which are not protected by P2SH,

would be probably the first ones that would be vulnerable. So maybe that's sort of the canary and the coal mine if quantum starts to emerge. But we'd have other problems. I mean, Bank of America, the electrical grid, like everything would start to break, I would think. Yeah, so that is a good point, though. People do think that some of the Satoshi coins and other early mind coins were pay to public key instead of paid to script hash. No, pay to script hash was a later innovation. But that was introduced in 2012. But they weren't paid a public key hash.

So they were basically unhashed addresses. and, you know, the nuance with the quantum is that, in theory, elliptic curve cryptography is vulnerable to it, which of course, the, you know, would give you the ability to decode a private key from knowledge of a public key in theory, whereas Shaw 256 is not considered quantum vulnerable. So if you are hashing your addresses, in theory again,

you are not vulnerable. But there are estimates that, you know, a very material fraction of all the bitcoins are kind of exposed in this manner if you were to break elliptic curve cryptography. And Schnorr would also be vulnerable to that. All of that said, I think you're right. It would be a gradual break if there were a quantum break. And also there are quantum resistant algorithms and signatures. They exist. So should we be that worried about it?

Yeah, so I think there would just be a huge scramble to upgrade as this occurred. You could always just sort of freeze the blockchain and create, you know, the same address space on an alternative model with quantum resistant signatures. But it's funny to see David Chom, I mean, he's the most, one of the most credible voices in all of cryptography. So, I mean, of course, he's got his own self-interest here. But it's definitely something to consider. But, you know, if his blockchain works, and the issue with the quantum signatures is they're too big from a space perspective.

So if he's able to get them down, then he's basically doing R&D for Bitcoin, you know, in the ultimate event that we need to move to a quantum resistant model. So I don't see the issue here, really. Yeah, I'm not that worried about it. Another really thought-provoking article this week was from David Andalfato. He's at the St. Louis Fed.

So he put this piece out called run-proof stable coins. And I guess I'll set it up a little bit. So the premise, of course, is that stable coins can be backed by a bunch of things. Like there could be commercial paper in certain stable coins. Obviously, we've kind of moved away from that a little bit. And the U.S. regulators in particular are wanting that to be just cash in a bank account. But there are some out there, Tether would be one of them, that have the ability to have runs on the bank, so to speak,

because they hold commercial paper is not immediately liquid. So he uses this analogy about a crowded movie theater. And so if you had someone yell fire in a crowded movie theater, you'd basically have a stampede. And some people would get out, but a lot of people would get trampled. Now, he compares that to, you know, what if you had a market-based solution, where depending on the type of ticket you buy,

you just stand up and you get into an orderly line. And if you pay more, you get a ticket that says, you know, when you stand up in an orally fashion, you get out first. And so his kind of thought experiment is, what if you could follow that logic train where, you know, most people would get out. There'd be like three or four people at the bottom of the line

that would get trampled or wouldn't make it out in a fire in that situation. What if you could follow that logic through to investors in stable coins? or stable coin holders, where you could have smart contracts adjudicate where people sit in the preference stack if there's a bank run. So if you're paying a little bit more, you're definitely going to get your money out on a March 12th type of a situation. So I thought that was interesting. And certainly it's possible, right? Technically, that's possible, whether or not there's a market there is another story. Yeah, I mean, we've seen innovation in rendering banks run proof for hundreds of years here. It's the same concept is if there's a liquidity crisis, can you make a credible promise that

you will be solvent to your depositors and persuade them to not redeem immediately, right? And so, you know, I think we talked about this on a prior episode. We talked about the option clause with the Scottish free banks in the late 1700s. That was an early innovation. So they would effectively during periods of illiquidity, they would suspend convertibility, and instead they would actually pay interest on the notes for the duration that there is a suspension. So depositors would be rewarded for sort of bearing with them type thing. And so, you know, there's definitely ways for unregulated or private banking systems to eliminate bank runs with temporary suspensions of convertibility. Tether actually has that, I believe, in one of their current clauses, their ability

to unilaterally suspend convertibility. So, yeah, there's non-state regulated ways to effectively ensure stability in bank-like systems, you know, or stable coins. It's just a matter of looking historically at similar such structures. There's also Larry White has written about this. You could give people a prerotic clam on the underlying as opposed to redeeming having them hold notes that are redeemable for a dollar on demand. And to the extent the nav sold off or had impairments, you would simply allow them to redeemable to redeemable. their prorata share of the assets which would stop the run. So, you know, there's other structures out there which stable coin issuers could sort of experiment

with. Yeah, that the reality of it is in this crypto market right now, at least, if there was one of these issues with one of these stable coin providers, they would just issue a token and they would monetize it through just the creation of a new asset is kind of the brute truth but you know it's an interesting thought experiment well that's uh that's what um bitfinex did of course that's right so that's what you would see i mean they made the leo token and that eventually made everyone whole um uh bitfinex also when they were hacked in 2016 created these what were they called do you remember reserve rights or something which was a claim on i believe uh future recovery

recovery rights maybe. Anyway, so you can always issue additional debt or equity or pseudo form of those two things in order to cover an immediate near-term liability. That's for sure. So politicians in both Sweden and Norway this week have agitated against proof of work mining, saying that Sweden, they're saying that they need an EU-wide ban on proof for work, even though it's really not very popular in Sweden or Europe, for that matter. And, you know, I find it actually kind of backwards. So the Swedish politicians claim was actually rebuked by their own power company, interestingly, by one of the state-owned power companies. But the thing is that both the Swedish and the Norwegian grids are very renewable. And so if they ban proof of work in their

specific jurisdictions, it's not even that popular there, but if it became popular and they banned it, then they would effectively be subsidizing dirty mining in places like Kazakhstan or Iran. If they permit proofwork mining to occur in their relatively clean jurisdictions, that is working the disadvantage of mining elsewhere because it's a pretty perfect competition. You know, there's only one pool of bitcoins you can fight for every day. So perversely, if you ban Bitcoin mining and your renewable electricity grid, you're actually increasing the carbon intensity of Bitcoin overall. So they should really be subsidizing Bitcoin mining locally, or at the very least, doing nothing. Kind of like the same thing

that's going on in New York, right? Exactly the same phenomenon. Yeah, New York has lots of hydro. So I don't know how to communicate this to them, but it's a pretty simple idea and basically they should read my coin desk articles. It's shocking that these policymakers are not reading your coin desk articles before they do things like this. I don't know what's going on. They need to consult with me first. What's the status here? So we're taping this on a Thursday evening. When are we going to find out if this constitution is moving hands?

So the auction is in a few minutes, actually. And I strongly suspect that the Constitution Dow will win because they've raised over 45 million and they apparently have some more in reserve. Because you have to. That's a big, that's a big downside of this Dow structure is that you know, if people know that you have 45 million, they'll take you up to the limit. And so you need to have a little secret stash on the side. That's right. So there's an undisclosed additional stash that they'll use strategically to win the auction. So by the time this episode comes out, we will know whether they were successful or not. And if they don't win,

I would have to think that the villain here is going to be having a tough social media day, whoever does win. Well, I think they're going to win. The question is, what do they do once they win? Because it's like a dog chasing the car. What do they do if they catch it?

They don't know. They don't have a plan. I mean, maybe that's a little unfair on the Dow, but the plan is basically to identify someone that will take care of the document and maintain it and display it,

which is not necessarily a small task. Well, don't you think that there would be a museum that would be interested in having the Constitution? It just seems like a lot of work to obtain the Constitution and keep it safe. I mean, I wouldn't do that for free. I mean, you've got to have, like, a university that would love to do that.

I'm sure there's museums out there. So they're just going to have more work on their hands. I mean, they said they're going to let the Dow vote on it. there's a token involved, of course. So, you know, I just, it's so funny to see the media. They love to write about the weird things that crypto people are buying. They wrote about the cubes. I got interviewed about the cubes again this week.

Yeah. Incredibly. They made fun of us for, you know, all the NFTs that people are buying. And now they're making fun of us for the Constitution thing. Well, they're mostly sort of baffled by it, I would say, is the predominant motion. I think the mainstream media getting their hands around Dow's is going to be an interesting journey. This is not going to be the biggest thing a Dow buys in the next year. I can tell you that.

It was definitely organized in kind of a slop-dash manner. This one was very short term. I mean, it's only been around for a few days. It's incredible. They amassed so much capital here. That's incredible how fast the crypto community just moves. I mean, this went from being something that was just chattered back and forth on Twitter to being a real thing very quickly.

Yeah, when I first saw it, I was certain that they would not raise the capital. And now it appears that they've got 50 plus million to deploy here. Shades of like the original Dow. I mean, I remember as that thing was gaining steam and raising more and more capital, there's just a lot of excitement. Obviously, the mainstream media wasn't covering the space at that point. But that was a wild time. I remember reading about the original Dow in the press, though, for sure.

I thought it was cool. Yeah, it was, you know, the angle on that was just, here's a decentralized venture capital fund. Yeah. I mean, in hindsight, there were a lot of missing pieces there. I mean, frankly, there's a lot that remains unknown about how Daos will operate today. But I guess we're going to find out. Larry Sikernick and Derek have a really good podcast on DAWS that I would highly recommend people check out. Shout out to a new podcast.

I think it's called I Pledge Allegiance. It is called I Pledge Allegiance. And yeah, they've done three episodes so far, all very good. So highly recommend. We don't often pump other people's podcasts, but I like that one. And then Patrick O'Shaughnessy has a new podcast that he's doing with Eric Golden on NFTs. The name of that one is Web3 breakdowns. I also thought that was a terrific one.

Okay. So we're spreading the wealth here a little bit, you know. Right. So I think that's it for the week. By this time next week, we'll know if we have a constitution or not. And we'll be making progress towards buying TD Stadium and renaming that something.