The Wolf Of All Streets - Bitcoin's Massive Crash, The End Of The Crypto Rally?

Starting point is 00:00:00 Bitcoin has seen a 15.4% correction off of the $74,000 highs. Of course, that means Bitcoin dominance has risen and altcoins have even underperformed Bitcoin to the downside. Is this the top? Is this a top? Were there signals that we could have seen to show us that maybe it was time for a correction like meme coins going absolutely insane? We have a lot to talk about today.

Starting point is 00:00:26 And I have one of my favorite guests. We just did a podcast a couple of weeks ago to talk about Solana, Austin Federer from the Solana Foundation. I'm really curious to get his thoughts on the madness in the markets today. And of course, an update on what's happening with Solana. You guys don't want to miss this. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we get started, please subscribe to the channel and hit that like button.

Starting point is 00:01:04 Just going to do a really quick market overview and then bring Austin on. Obviously, guys, seven day Bitcoin down about 12%, 7% in the last 24 hours. Of course, that means Ethereum slightly down further. And for the moment, Solana down further, but seemingly bouncing and still up 20% on the week. I love when people zoom in on the hourly or the daily and talk about the blood path. It's a lot of all these in the green for the week and up massively, which I'm sure I could see in the background, just giving Austin a little bit of a smile. We can talk about if there were signals. Guys, you know that I yesterday did the stream on Macro Monday and we were talking about meme coins going wild. And I started to scratch my head and say, maybe it's time to start thinking about dips to buy soon.

Starting point is 00:01:48 This was my concerns. I said, most top signals I would normally look for when I'm not FOMOing, because we're all FOMOing, are present. Meme coins going insane, huge run on alts to historically overbought, bearish divergences showing across the board on high timeframes, and max greed. If you guys missed it, we were literally in the max greed phase again and still are in the crypto fear index. I'm going to go ahead and bring on Austin. You know, we've been here before. Just a normal dip or is it time for all the people saying that we're on the left side of the curve and we've already made new time highs. It's all over and pack it in. Are we done here? I mean, man, I am surprised by honestly the amount of negativity on the timeline

Starting point is 00:02:30 just from this. I mean, if you can't handle a 20% swing one way or another, buckle up. This is what this market's going to likely be for the next while. And this is what it always is on both the way up and the way down. I've long sort of made the point that these bull markets are actually a lot more stressful for people than bear markets. And bear markets, you're just kind of like, you're not going to do anything. You're not really going to sell. You might buy some stuff. But now I think people see that high on their portfolio that's in paper, and then they're concerned about losing it all the time. To give some context, I did tweet

Starting point is 00:03:02 about this this morning. These are the corrections in the run up to 20,000 for Bitcoin. 41%, 38%, 29%, you guys can see. So we call this Tuesday when you're getting a 15% correction. In the bull market after that, much smaller, except for obviously that huge 55% correction when we dropped from 65. And now you have this bull market right now and we've seen 22, 20, 21, 21, and now 15.44. I think you can see a trend where each market, we get shallower dips. Yeah. I mean, this is one of those things where when I got into crypto, which was, I think, fairly late for, it was 2017, I was thinking that we would see the crypto markets mature into something that more closely resembles the equities markets.

Starting point is 00:03:49 What we've actually seen is probably the opposite, where the volatility of crypto has actually now come to equities, whether that is, you know, some of the crazy run-ups in tech stocks and the run-downs in tech stocks, the wild swings that everyone from, you know, NVIDIA to TSMC have gone through over the last, you know, 18 months, you know, the equities markets are looking more like the crypto markets. And so I think we sort of have to ask ourselves, what is driving the sort of abnormal, historically abnormal levels of volatility? I don't have a great answer there, but it's not crypto specific. Yeah, you know, I like to point out the fact that Meta had a larger drawdown than Bitcoin in the spare market

Starting point is 00:04:29 and has been making new all-time highs. Facebook, of course, but literally had a larger than the Bitcoin 69 to 17 by percentage. And that's one of the largest companies on the planet, right? I think I might have lost Austin. It seems like he's frozen. Can you guys see him? Because we were having some issues before. In the chat, if Austin's frozen, let me know. I'm back. Oh, cool.

Starting point is 00:04:52 I think StreamYard died for a second there. Yeah, we were both having StreamYard issues before, by the way, and I looked like Max Headroom in the glitch. But it seems like you're good. I don't know if you heard what I was saying, but I was basically talking about the fact that Meta's had a larger drawdown in the bear market than even Bitcoin did. Oh, yeah.

Starting point is 00:05:08 And, you know, this is one of those things where I think, look, data is a Rorschach test. You can look at this market data and you can say, like, man, everything's so overvalued, all time high, major crash coming. You can look at this market data and you can say, we haven't even begun the bull run yet. And so, you know, these things are all these moments are always a Rorschach test. And if any of us knew what was going to happen, we'd probably have several yachts by now. So a lot of people, there's a lot of armchair quarterbacking going on. But I think the real thing to focus on is when you're looking at this stuff, what is the tech?

Starting point is 00:05:42 What are driving these numbers? I was one of those people who was a little skeptical of the ETF argument, that being sort of a major capital unlock in the coin space. It seems like that thesis is largely played out. You see a lot of fund managers allocating 2%, 3%, 4% to the best performing asset class over the last 10 and 15 years. And that's really interesting to see. There's so much capital that is locked up either structurally or from a custodian standpoint in these sort of retirement accounts, pension funds, sovereign wealth funds, things that had no technical ability to hold something that wasn't an ETP beforehand.

Starting point is 00:06:22 And that thesis seems like it's fairly strong and playing out. So that's sort of, as Bitcoin goes, goes the rest of the market oftentimes. But we're starting to also see more of a technology divergence. People are seeing that what you can build on Solana is fundamentally different than what you can build on other networks. And I think as the market gets more information about what's possible to build on different chains, you'll see responses accordingly. Yeah, I think the market is more bifurcated this time between the money coming into Bitcoin and the crypto degens, feeling the wealth effect of Bitcoin going up and then having fun. Right. And all of that fun right now seems to be happening on Solana. You have Bloomberg writing about meme coin mania drives Solana

Starting point is 00:07:04 towards all time highs. Meme coins are driving more users to the Solana blockchain You have Bloomberg writing about meme coin mania drives Solana towards all-time highs. Meme coins are driving more users to the Solana blockchain. I love this line, by the way. Some of these users may stick around to use other apps. I was talking about this yesterday on our Macro Monday show, but I also interviewed Arthur Hayes last night, which will come out on Sunday. And we talked about this as well. And I asked him, not necessarily Solana specific, but when you get these meme coin crazes, are these people just when the meme coin, you know, musical chairs game ends, will they, you know, they'll sell into Solana or ETH or whatever it is, but will they then exit the ecosystem if things get bad or will they stay there and sort of use other dApps that are going to lead to a killer app or adoption? Yeah. I mean, look, there are those people that every

Starting point is 00:07:46 four years they buy a cable subscription just to watch the Olympics. They, you know, buy a cable subscription just to watch the Super Bowl and then they cancel right afterwards. And those people certainly exist. But the majority of people, you know, when they experience something like cable TV, they keep subscribing to it. And I think that is really close to the thesis of what happens with Solana meme coins. There are those people who come in just for the meme coin mania. They sort of experience that. And then maybe they exit afterwards after they've, you know, either lost or made a bunch of money.

Starting point is 00:08:19 And that is one user journey. But what we see actually is something a little bit different, which is that meme coins or, you know, NFT drops, something like that is the catalyst where people actually discover the usability and the power of the Solana network. And once that's happened, it's really hard to go back. It's like the first time you use high speed internet back in the day, like it was very hard to go back to dial up or dsl those experiences are just massively divergent and so you know what we see is that these sort of crazy onboarding events whether it is a meme coin launch whether it is a really hot nft project that brings a bunch of people over from other communities people discover the ux and the trading ability and the you know the user experience of solana and they stick around for that i've actually seen a lot of previous eth maxis sort of begrudgingly admit that of late

Starting point is 00:09:12 and that's fine right i mean this is this is the whole thing where like if you believe that you know eth is money and this is your fundamental value for the driver of your wealth for generations great i'm not going to argue with you on that. You should probably trade Ether on Solana because, you know, it's going to cost you fractions of a penny to execute those trades. You're not going to have fragmented liquidity. There's wrapped Ether, you know, there's wrapped Bitcoin. This is the whole thing about Solana being an execution layer driven chain is that, you know, whatever you want your ultimate store of value and settlement layer to be, you can have that, but you should probably run the execution layer on Solana.

Starting point is 00:09:48 Yeah. So you talk about these sort of liquidity events or these adoption events. You guys on your chain have had so many little iterations of this in such a short amount of time. First, last time we talked, it was airdrops, right? Our airdrops bring you all the liquidity to Solana. Then all of a sudden, it was meme coins. And then even in the past few days, we've got an evolution of meme coins, which is public pre-sales where anonymous dudes on Twitter post a link and people send like 30 million bucks. I mean, we saw that yesterday and then that tweet got deleted. And then of course, we saw Slurf yesterday, which I mean, here,

Starting point is 00:10:25 I'm going to bring it up. It's a lot of meme coins, Slurf clocks, higher trading volume than all of Ethereum. And this was after a Slurf disaster. Can you give us the quick, I guess, TLDR on what happened with Slurf? I honestly can't. I have no idea in what's been going on with Slurf. I've been trying to figure this out. You know, there were all these tweets about like the dev being like, I accidentally burned the liquidity pool and then more people got involved in the token. I have no idea what's going on with Slurf. But, you know, I will say that like that thing you're talking about, about like, oh, people just send money to an anonymous address in a system they don't understand. That's Blast. That happened in, you know, the bear market market with the Ethereum L2s, right?

Starting point is 00:11:07 Blast is a one-way contract where there's hundreds of millions of dollars of Ether locked up in that, and no one really knew what was getting built on the thing. So this is not a Thalana-specific thing. I think this is sort of a desire. You see this sort of extreme desire in the market for yield at any cost. And that'll lead some people to bad decisions. And that'll work out well for some other folks as well. It's a great point, actually, because it was not that many months ago when people were not that bullish that there was this mini meme coin season on Ethereum that people seem to have

Starting point is 00:11:40 forgotten about. You just pointed that out. and where it was like a contract beard or something went up 50x and it was literally rugged what happened to friend tech what happened to farcaster right these are these are all systems of you know market trying to find product market fit extreme willingness to experiment from users is i think the positive spin i would put on all of this like folks are actually desperate for really awesome, cool, usable, new paradigms, new tech, new opportunities, new yield opportunities across all of crypto. And Solana is capturing meme coin mania because it's very cheap, right? It's very cheap to transact. It's very cheap to launch a token. It has massive transaction capacity. Even if you throw out votes and you look at the quote unquote true TPS, you're looking

Starting point is 00:12:27 at 1400 TPS routinely, which is higher than all L2s combined. And so from an execution standpoint, this is what Solana is built for. And there's a ton of work still to be done to make Solana even more performant. But we expect that Solana will retain its place as the best execution layer and the best place to launch experimentations. Yeah, I've got the Solana analytics right here. I mean, very healthy, right?

Starting point is 00:12:56 Things generally always rising, more nodes, more activity, more wallets, more transactions. Yeah. Maybe we've seen a little dip over the last couple of days, active wallets, but it makes sense when things go down, but I mean, still growing massively. So I guess the next question we talk about, you gave the great example of cable TV. Those people go watch another show. What other show are they going to be watching on Solana when the meme coin craze dies where is that money going to flow to are we seeing meaningful adoption of d5 i just always question it's not specific to solana at all

Starting point is 00:13:30 i always question where that killer app beyond stable coins is going to come from in this cycle yeah so i actually disagree with the killer app thesis i think the real killer app for any network is a whole bunch of semi-niche applications that build up an incredibly vibrant ecosystem. I don't think there ever was a killer app for the iPhone. I think there was a whole series of different types of applications from, you know, pilots adopting, you know, this technology because it reduced the amount of weight they had to carry around in the cockpits from, you know, 40 pounds of books to like one iPad, to social media networks, building out web applications,

Starting point is 00:14:16 to Venmo, to PayPal, moving to the iPhone, you know, all these different models are what creates a long term diverse, vibrant ecosystem. And on Solana, you know, you have Helium Mobile that just passed 70,000 paying cell phone subscribers on the Helium Mobile network. You have Drip House that continues to be the only place that artists are consistently making money selling NFTs and giving away art in blockchain. There's all these diverse economies getting built up on the network. DeFi continues to be strong. As you said, the DeFi DEX volumes on Solana are routinely pushing the bounds of what we've seen, and in some days even exceeding Ethereum DEX volume,

Starting point is 00:14:51 which I thought it would take years for the Solana network to get there, but apparently it did not. And so when we see sort of the question of where does the money go next, I mean, the question is what is interesting next? What is getting built now that's just getting launched, that's getting discovered? This sort of spotlight on the Solana network is like a massive product and product market fit discovery engine. And, you know, you will see different things catch on with product market fit. You'll see other things fall off when they fail to hit product market fit.

Starting point is 00:15:20 But, you know, this is sort of a massive time for experimentation. And we actually just have the Solana Renaissance hackathon that's wrapping up next week. So there'll be a whole new series of folks with, you know, compelling and interesting projects to sort of present to the world. I have to imagine that the bulk of that dex volume and the reason is still these meme coins, right? So you know, do the dex volumes remain if all of a sudden there's no interest in meme coins or is it a percentage of it? I always view, I think, you know, each thing advances the ball, you know, two steps forward, one step back type of thing with liquidity on any chain. Some people are going to get rinsed and they're going to leave and their money is going to be gone. Some people will think we're going to zero and they'll exit the market entirely and then they'll buy Bitcoin at $100,000.

Starting point is 00:16:04 Yeah. I mean, you know. I mean, you know, it depends. Sort of you look on a long enough timeline and like the most successful meme coin in the history of crypto is Bitcoin. Right. I don't think we often think of Bitcoin as a meme coin anymore, but it was just an idea in a community that a bunch of crazy folks believed in. And like, look where we are today. It has created this entire industry. So there sort of is a little bit of a dismissive nature people have on meme coins sometimes that I think they eventually, if they stick around long enough, like, you know, Doge and Bonk have passed out of the category of sort of meme coin and into community coin. You know, Bitcoin is a community coin. And, you know, yes, it is a store of value, but it's not a great store of value. It goes up and down by 80% over the course of, you know bitcoin is a community coin and you know yes it is a store of value but

Starting point is 00:16:45 it's not a great store of value it goes up and down by 80 over the course of you know 18 months that's not an amazing store of value but what it is is it's a it's a belief that over the long term this will persist and there's a bunch of people who are really passionate about it and so you know memes are a proxy for community eventually these things move into a community coin area. And, you know, we'll see what the future holds for all this stuff. I'm sure a lot will get washed out and a bunch will rise to the top. I was on Twitter spaces recently, and I pointed out that last cycle people seem to forget was driven by meme coins. It was not as many meme coins and it was not this creativity with meme coins, but it was certainly

Starting point is 00:17:25 people getting in line on Robinhood and waiting two months to get signed up on Binance and customer service couldn't onboard these people fast enough to trade Doge. You had Elon Musk talking about Doge. You had it going on Saturday Night Live. It was a craze that everybody on the planet knew about and was trying to get in on. And you saw this sort of long tail of Dom coins after the Flokies and the Shiba Inus and all of these things. The difference that somebody from Bitwise actually pointed out,

Starting point is 00:17:54 I can't remember which researcher, when I said that was, he said that time you had to wait in line to sign up for a centralized exchange that couldn't onboard you and had to do KYC for you to be able to trade meme coins. It's like this time, what's really different and exciting is you don't need the centralized exchanges at all.

Starting point is 00:18:13 So yes, that may make a bigger bubble and it may make it more insane, but this time people can do whatever they want without a centralized platform's permission. And that to me is an extremely bullish case for the future of all these things that will be built in a decentralized system, which was always the promise of all this. I think it's true. But the, you know, one piece people often forget is the onboarding still is usually through a centralized exchange, right? Most people, if they're getting

Starting point is 00:18:39 their first USDC, they're getting their first Bitcoin, their first Sol. It's going through a centralized exchange because the direct, you know, fiat onboarding ramps are 1% to 5% fees as opposed to going through an exchange. And so, you know, some people are sort of like, oh, are we sort of already in like the retail mania? And it's like, I don't see the signs that we're in any sort of retail mania yet. That, you know, we still sort of have exchanges with lots of capacity without wait lines, you know, and it's not because somehow KYC has gotten four times better since the last bull market. If anything, KYC has gotten worse, right? These systems are now under constant attack from AI. They're under constant attack from,. They're under constant attack from fake... There are websites you can go to that generate fake documents for you to try and pass KYC. We do KYC on grant

Starting point is 00:19:34 applicants and for the Solana Foundation delegation program, and we are seeing tons of KYC fraud coming through. So if anything, KYC is going to be slower this time around, not faster. And so we're not seeing that yet. We're also not seeing sort of the, I would call them like the semi-grifty brand announcements. Announcements of announcements? Announcements of announcements of somehow this luxury designer product is going to be an NFT that's held in a private database and never minted on chain. We haven't seen that stuff kick off yet either. And so, you know, all this to me says that if you think, you know, if you're the kind of person who thinks those are key components to figuring out if this is a bull market top, we have not seen

Starting point is 00:20:16 any of those signals yet. Right. So I think the things I presented at the beginning to me were local top signals. And I've made that very clear that you could have said, hey, maybe it was time for some people to get rinsed for there to be a correction. We had high leverage. There was another great thread on like 100 reasons why this could have been a local top dog with hat on the sphere and such. But to your point, if you look at it more long term, we don't have the retail signups. Like you said, Coinbase is still barely in the top 100 apps. I think it's not the top. People talk about Google searches. I think that's lagging at this point. Everybody kind of knows. But it's that bifurcation I was talking about. We have retail, I think, now interested in the Bitcoin spot ETFs, right? So I think that they're coming in. I mean, that's actually pretty clear

Starting point is 00:20:57 here. I have an article on it. Bitcoin ETFs hot start seems largely driven by retail investors. The average ticket on these ETF buys is about $13,000. So that's not massively institutional. But as I said before, this bifurcation, we have the old crypto G-gens finally making money, having fun over here. But I don't think, and maybe you can tell me if I'm wrong, I don't think you have tens of thousands, hundreds of thousands of people that were not interested in crypto at all trading meme coins on DEXs right now. Yeah, you know, this is one of those ones where, you know, we track metrics in terms

Starting point is 00:21:30 of, you know, what are the number of daily active addresses that are paying fees on the Slana network? And the ones paying fees are actually, we think, the most important. So Slana, because it's a really cheap network, there's the ability to say, I will pay fees for someone else. And so that is like an embedded wallet inside of a Web cheap network, there's the ability to say, I will pay fees for someone else. And so that is like an embedded wallet inside of a Web3 game, right? The game company is paying the onboarding fee and paying the transaction fees for the user. And users that are paying their own fees, those are sort of like your power users, the folks who are downloading Netscape and they

Starting point is 00:21:59 weren't going through AOL to access the internet, to use an early internet analogy here. We are seeing consistently over 500,000 daily active fee payers on Solana in this month alone. That is the highest we've ever seen in the history of the network. And so, you know, when you look at total active addresses, it's well over a million at this point. But I think that is interesting that we're seeing a lot of people, you know, and these are not newly is interesting that we're seeing a lot of people you know and these are not newly created wallets these are a lot of people either coming back to solana or you know they are they're you know starting to now be daily users as opposed to before they were maybe weekly users um so we're seeing the attention come back but you know we're

Starting point is 00:22:38 not seeing a massive new influx of of newly created wallets yet So it's old wallets coming back. So how do we parse if new wallets are old people creating another wallet or if it's a new entrant into the system? Is there even a way to do that? No, there's no way to do that. I mean, the best thing to look at here in terms of that is are they transferring funds in from a fiat on-ramp, whether that is MoonPay or something along those lines or the in-app payment system in like Phantomamp, whether that is Moonpay or something along those lines, or the in-app payment system in like Phantom, or whether that's like transferring funds from a centralized exchange.

Starting point is 00:23:11 If that wallet is being funded by another existing wallet on-chain, it could be that I onboarded you and I sent you a little bit of Sol so you can start playing around with stuff, but most likely that is someone creating another wallet for like an application specific experience or just for good security hygiene. Yeah, we talked about that meme coin

Starting point is 00:23:31 sort of very brief hype cycle we just had a few months ago on Ethereum. Do you think that this one has legs, even if it has dips? I mean, do you think that now we really are at the point where meme coins have become a very regular part of the conversation i'm not talking about the doge or pepe that have been around now for a few cycles but do you think that this will be sort of sustained activity or do you think that there's maybe a certain amount of losses where people just get disinterested and in six months we do it again because that's what i so i really don't know because what i have been seeing for the last two to three months is a constant drip of meme coins

Starting point is 00:24:05 launching. You know, someone made a meme coin for my cat, right? Like there's a meme coin for everything nowadays. And the vast majority don't catch on. They sort of, something new shows up in your wallet that you've been airdropped, you know, it sort of like bumps around by a few percentage and then it basically drops off. I think what's different now is not the number of meme coins being created, but the traction that those meme coins are getting. This is a really kind of important thing to remember is the cost of creating a meme coin is so low on Solana that we have, I mean, dozens each day are being created. So, you know, will that staying power persist? I don't know. But the creation is not necessarily something that's new. What's new is the attention that they're garnishing. Do you think then we talk about community and the reason that these are sticky?

Starting point is 00:24:54 Obviously, it's cheap to create, but then you can build a community and that's what gives them staying power. So do you think that that will accrue down to NFTs again? Because that was, you know, community NFTs. Last cycle, you had the Doge community and a few meme coin communities, but it really fell, you know, as we went further down the curve, it really culminated in NFTs and PFPs.

Starting point is 00:25:16 And obviously that being on Saturday Night Live, I mean, it was madness for people to remember. Yeah, you know, there's really two schools of thought. One is that NFTs will never excuse me, NFTs will never be long term successful because the communities are too small, that there's no way to enter a 10,000 PFP community without spending, you know, 20 grand on a thing. And so that creates a non durable community. And the solution there is meme coins that you can join, you know,

Starting point is 00:25:45 the bonk community by buying 10 cents worth of bonk. And you're just as good, you know, as a community member as someone who owns $100,000 worth of bonk. You know, the counterpoint the NFT folks will say is, but there's no differentiation. There's no personalized ownership. You are a part of a community, but you don't feel like you have an identity within that community. And so these are sort of two different schools of thoughts on what the long-term value capture and the long-term adoption of this stuff looks like. I think at its core, though, what we are talking about is community on chain.

Starting point is 00:26:20 And that can be expressed in exclusive groups. That can be expressed in super open access groups. And, you know, we'll sort of see where that goes. But you know, in a strange sense, the core product market fit of blockchain has been community as much as it's been payments. I 100% agree with that. There's a lot of people who, no matter how badly they want to, are never going to be

Starting point is 00:26:43 able to afford a board ape. Yeah. Right. And so you don't have 30 or 50 or 70 or 80 grand or whatever it is just so that you can have an ape. You're right. Why not just buy 500 bucks worth of a meme coin and have a good time? Yeah. So is there anything else before I let you go that I might have missed here?

Starting point is 00:27:00 Anything really exciting happening? We've got the correction. To me, it's, I think we'll keep correcting, but I'm not worried. I don't think the top is in. I'm assuming you don't think that as well. Yeah. I mean, I think it's always funny that when it goes down, it's a correction. And when it goes up, it's never usually talked about as a correction. So the language we use to talk about markets, I think, is all, like, it's a whole PhD to

Starting point is 00:27:25 be done there on its own. But, you know, I think the real thing to look for over the next few months is what are people actually building on chain that are creating, you know, specific experiences for users that you can't get elsewhere? And so things like token extensions are a really great framework for building that on Solana. You know, I think as you look forward to the next generation of the Solana mobile phone with the Chapter 2 project that they have launched, all these things that are being done to make crypto more accessible and bring it down to users who didn't have the economic opportunity last time.

Starting point is 00:27:58 I mean, even little UX changes like wallets across all these ecosystems are embracing pass keys as an alternative to seed phrases. That alone is a massive onboarding advantage. Setting up a ledger takes 45 minutes. And then you have to figure out how you secure your seed. And you're terrified the entire time. And you're terrified the entire time. And there are these alternatives that are coming out that are going to be more user-friendly. And so the difference between E-Trade and Robinhood was a UX change. It was not an underlying technology change.

Starting point is 00:28:29 That's 100% true. And I think that actually, when you talk to builders, they enjoy when prices stop going up for a little while because they can refocus on exactly what you just said and not just be concerned with answering their friends' phone calls about when they should buy and sell these things. So a normal having cool off here would not be the worst thing for the market, I don't think. Nothing should go straight up. I mean, the only advice I would give folks

Starting point is 00:28:53 is be very careful giving your friends investment advice. It can go bad very quickly. It can go great very quickly. Just make sure you're being honest with folks. People ask me all the time, what should I buy? And my answer is always the same. Do your own research and figure out what you think you have conviction about. And that's not just what the lawyers make me say. It genuinely is one of those things where you don't want to give people advice that they don't understand. Well, I got to run and deliver some ice cream sandwiches to my daughter's classroom for her ninth birthday i will say once again guys you should all follow austin great source of alpha

Starting point is 00:29:30 in general and of course for information specifically about solana but and beyond and i will once again say on the way out that i have purple envy uh your lights are so much brighter than mine you gotta get you in the studio. It just makes me feel so muted and boring. Everybody, I will be back, of course, tomorrow at 9 a.m. Eastern Standard Time. Awesome, man. Thank you so much for your time. We hope we can do this,

Starting point is 00:29:53 continue to do this more regularly. Thanks as always, Scott. See you guys tomorrow. Bye. Let's go.

The Wolf Of All Streets - Bitcoin's Massive Crash, The End Of The Crypto Rally?

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