The Wolf Of All Streets - BTC Nears ATH, ETFs See $2.4B Inflows In 4 Days | CryptoTownHall

Episode Date: October 3, 2025

In this episode we dive in to Bitcoin's recent surge toward new highs, debated the impact of macroeconomic events like a U.S. government shutdown, and explored shifts in narrative-driven investing within the crypto sphere. They further dived into the adult industry's embrace of crypto for payments, centering on the major industry group Alo's token initiative, and wrapped up with an AMA from the decentralized exchange Evadex, focusing on AI-driven trading.

everybody and welcome to Cryptotown Hall every day here on X at 10.15 a.m. Eastern Standard time. A week ago, we would have been having a show about how it's all over. Bitcoin was trading below $110,000 a week ago and it was going to zero. And now, just a few percentage points away from a new all-time high, Bitcoin trading at $120,55. Good news. Citibank had some huge predictions yesterday on the prices of our beloved crypto assets by the end of the year. They said 181,000 in 12 months. But yesterday, they had a very bold take, which was $135,000 Bitcoin, and $4,500 Eth by the end of the year.

They made the bold prediction on $4,500 when Eth was for the $400. It's now trading at $4,490. So Citibank, congratulations on that really bold. and a very unlikely call that you made. But seriously, we have a very bullish market, obviously. Bitcoin's up 10% in seven days. Ethereum's up 14%. Salon is up 17% all here in October.

Dave, what's going on? I need to caution people that this is basically a still a counter trend, or not a counter trend, but a inside the range rally and makes perfect sense, and there's no evidence that we are ready to get out of this range. I personally think that it will happen as portfolios start being reallocated, and new, fresh, new money comes in, but this isn't fresh new money. This is still trading. The only thing that happened here is, to use Mike Alfred's words, the kid analysts and the technicians got caught wrong foot in and got their faces ripped off. But for their, they don't tend to put that much money at it.

So it doesn't take that much. So it's a relatively low volume rally. And it makes sense. I mean, nothing is changed. Dollars are still being debased. All other Fiat currencies, many, most of them are being debased more. In those, in that particular sense, Bitcoin is basically just still a play on that. And risk assets are also going up for exactly the same reason, because people need to put their money someplace.

So I'm not nearly as excited. as people in Bitcoin get, because it's sort of like I didn't get upset when Bitcoin dropped towards 110, and I'm not going to get excited when Bitcoin goes back to 120 when we're basically in a range from just below that 110 to just above 120. But that said, you can't ignore the seasonality. There's a reason for the seasonality, though, and that reason is very important. The reason for the seasonality is October is the month of the year, that is the dominant month for portfolio repositioning. As a result, new money tends to come in in October and to some

degree November. When that happens, there is no supply to sell to them. And so that is the issue. And Bitcoin, with the exception of the year when FDX failed in November, right, when there was a cascade of force selling, Bitcoin has been a major beneficiary because if you listen to Bastien Sinclair, who talks about the S-curve of adoption, or you look at any of the metrics on, you know, it doesn't really matter which network I like hash rate because it's the most, the nicest chart, like literally ever. It basically tells you that you shouldn't be surprised that adoption is increasing and asset managers can see that. And so there has been more and more allocation this time of year. So nothing is surprising, but the fireworks have yet to happen.

This is nothing. And I will point out, I think Jeff Park and I were talking about on X yesterday, that when you look at the Bitcoin volatility index, it bottomed on the 30 day. It bottomed on September 28, 2025, so not too long ago. And it bottomed at a level that we hadn't seen actually below the level we saw in, let's see, get it right. It bottomed at a level that we haven't seen since, let's get it right. The last time we saw levels that low was September of 2023. And we all know what happened after that. That's not surprising.

What's weird, if you look at the 60-day volatility, it hit an all-time low on September 14th of last month, all-time, literally never lower than that. Those sorts of things tend to create enormous fuel for a rally if they happen. And that's because Bitcoin, unlike, he calls it the Vina effect, and he goes to the Greek letters as he is an excellent post from Jeff. But basically, the difference is in the S&P and risk assets, volatility. is correlated to downside movement. The higher volatility, the higher the VIX, the more likely the SAB goes down. In Bitcoin, it is slightly the opposite.

It still, volatility will spike up. It spiked up when FTX crashed the market. Yeah, sure, it did. But it really spikes up also on big rallies. And that is very, very different. That's because it's an immature asset still. And so as a result, if you're trying to sell this thing on a technical basis,

I think you're picking a pennies in front of a steamroller. But I wouldn't get that excited yet. How's that for a kind of, try to be a balance of us? Exceptional, as usual. Anyone else? Thoughts on Bitcoin price, holding $120,000 here. Obviously, all coins also doing well. Let's talk markets.

Go ahead, Dan. You guys, yeah, sorry, I missed some of you guys in Singapore. I'm doing Singapore. Do you think it's related to the government that down? I think it's a, who is it about before the Canada? that said, Bitcoin is a bond on the collapse of governance, from the planned position. If it's gone, if it's the entire potential to go down, Bitcoin is the exit-dive, right? Hey, Dan, your mic is really, really muffled. I don't know if there's anything you can do to fix it.

Any better now? Is there any better now or not? Yeah, it's a little better. So yeah, I'm saying, yeah, but when the government shut down, um, sorry, I suppose I said, yeah, I'm here in Singapore. I'm sorry, I mixed regards at Marquis. Yeah, I think it is a bond on the failure of government, and the U.S. government and county is failing, and that's why it's going up. I think that that narrative is a bit overblown. It will be true.

I think in the long run, I think it will be true, but I think it's overblown in the short run. First of all, government shut down is political theater. It's a lot of bullshit. It happens all the time. The only difference this time is this. time it's extremely clear you know why it's being shut down right you know this is it and it's really easy to understand and one side holds all the cards on the other side is it does not and so it's pretty clear what's going to happen and i don't know how long it will take but if it goes on for a

super long time uh there are many many people who will be impacted negatively uh much more than bitcoin I mean, I don't believe there's a person on the planet who thinks that the outcome of this government shutdown will be less spending than is currently planned. I'm part of the U.S. Navy, and he was saying, we're going to get our payments delayed and it's going to be into the 15th. And what he was saying was, it's okay then, because he's kind of pretty good with his financializing. Because there's a lot of people in the Navy that need that they live paycheck to paycheck. So if it gets delayed, they're going to be in trouble. it's absolutely true and you know as i said the human cost is real i mean hell you know my daughter has a deal to fly out of the country uh to you know do to produce music uh for her new contract and she needs to

get a passport because hers is expiring and she's not going to get a passport until this was closed so yeah it's there's human cost all over the place things people don't think about uh that said it doesn't change the fact as from an investment point of view that it's it's not really a big deal you know it's just the u.s government is dysfunctional we know that it's like is there anybody who disagrees i mean gary you want you want to go on a rant about the that you're feeling something on how dysfunctional the government is i mean you know we know that anyway alley actually you and your hand up first yeah good morning uh or if gary wants to go ahead he can jump in as well But, yeah, I was going to add in regards to, of course, the levels that we're seeing right now with Bitcoin and Ethereum specifically.

So I was just kind of like tracking the crypto market cycle top indicators and stuff that you can see that it tracks like 30 different signals like the pie cycle top, rainbow chart. None of them have triggered yet. So I still think there's room to grow from here. Also, with the shutdown, that means it's going to delay those 16 crypto ETFs that were set to approve this month. So we're probably going to see these money managers probably allocate more towards what's active and what's available right now before making any decisions to, I guess, allocate more towards anything related to alt coins or anything in that matter. But I don't know if anybody is like familiar with the SEC and maybe they can clarify this point, but I was kind of looking into seeing how the SEC will be affected during the shutdown. And they had like an announcement on their website from the Division of Corporate Finance Actions. And they basically said that their work is like extremely limited and they won't be able to accelerate the effectiveness of registrations.

you can still make filings, but it doesn't look like approvals or qualifications will happen during the time. Very unlikely we get those ETF approvals we were expecting. Yeah, I can have. Wait, passport, Dave, are you sure passport agencies are closed, by the way? I'm not sure. I hope they're not. I think that's one of the things that luckily remains open, but you put it. Go ahead. Yeah. So the SEC will go skeleton staff, essential people only. And things like approvals and filings, you can file because the websites will stay open. People that keep the websites running are essential. But they're not going to take any action that requires discretion or commentary or review.

Nata. It happened once before. And my friend Brett Redfern was running trading in markets at the time. And he described all this to me. He said, listen, there's very little that we can do when this goes on. And I haven't asked Jamie about this who runs trading. in markets now but the truth is there's not that much that they can do uh and so they're still humans but you know it's it's going to slow things down that said it doesn't change a damn thing

when it comes to bitcoin uh and and you know all these other ets yeah that might that might change something but given how correlated all coins are to bitcoin and and i'm i'm sorry you know i i always get love offending the exrp army and all the others uh but frankly these things in the short run trade like you know trade like levered bitcoin so if you're an asset manager and you have money and you want to allocate it to crypto and not necessarily only bitcoin what are you going to do you're going to put money in bitcoin wait for your vehicles that you would want to do and you'll do the flip when they get approved that it's just it's it's a tails all this time there's no difference between that and people managers typically buy the s and

when they get money and then they they turn around and they slowly sell s and buy the stocks they actually want to buy. So it won't have any effect on our market. I wouldn't imagine where it has an effect is on individual coins and individual approvals. Makes sense. Does that make sense to you, Alley? Yeah. Yeah. Yeah. Actually, I was also going to add to like it also mentions that issuers that have near complete filings can request qualification now while some of the operations are normal under the skeleton staff, but as you mentioned, it doesn't seem like there's going to be any progress

during the shutdown with approvals or anything like that. So I guess we'll have to wait and see. But yeah, thanks for chiming in. Yep, no problem. Dan? That's why I didn't raise my hand with all these. Oh, it is not. We're glitching in.

I see Allie's hand up also. So, Scott, what do you see? I don't see. anything. Okay. So, yeah, I don't even see Allie right now. So. Yeah, guys, everything will be

okay because, you know, new helicopter money is coming. Well, that's right. That's another one. You know, it's like people talk about tailwinds. I mean, what the hell? Does anyone remember what happened the last time they dropped helicopter money?

Because I do. I mean, two things happen. It's worth $21,000 now. Dave, if you put it in Bitcoin, it's worth $21,000 now. Well, but, and if you think people aren't paying attention to that, at least half, if not more. Basically, the two uses of helicopter money that dominated was leisure and speculation. Those were, they dominated. It wasn't even close.

It wasn't to pay, buy food and, and, you know, extend do this. It was like all, all the cheaper hotels went crazy and the, you know, the meme stocks. and Bitcoin went crazy. So I'm not saying it's going to happen again, but if he actually does that, I mean, wow. I don't have an answer. I don't have a number. It's going to happen again,

but he's not not saying it's not going to happen again, dude. Listen, man, all I know is I'm low-lane and dumb playing, and the printers are going to burr and the Bitcoin miners are going to whirr, and we're out here, dude. Marshall's been on fire the last two days. Say that again. Marshall, you need to get, you know, those are great song lyrics.

You really need to get a. Super stickers. Marshall's going to go from mining to printing bumper stickers. That's awesome. You need to get a song for that, you know. Guys, this is going to sound non-sequitre, but Navidia added $2.5 trillion of market cap in less than six months. That is fucking staggering. Two and a half trillion dollars in six months. I don't. Like, this company's got to be overvalued at this point, right? Like, this is like... Why?

Why? Yeah, why? Well, it just seems like it's priced for absolute perfection times, you know, the factor of 10.4. I mean, it's crazy, man. Like, no time in history has a company increased its market cap 2.5 trillion in six months. Well, in percentage terms didn't... Cisco do more than that in, in, in, there was a period in time, I think it was in 99. Where's Cisco now?

Oh, no, I understand that. This go. You know, this box thing, this box thing, all, all these companies, right? Bach has raised billions of fucking dollars. They've been around, I don't know, six years. Their ebidah is negative, man. The reason, so BKK, now I own some, so I have to, I will always admit that. I'm not picking on it.

I'm not picking on it. I just looking at some of these fintechs that are pivoting. and I'm like, dude, just because you put Bitcoin, this feels like, hey, let me add dot com to my fucking name and you get a 30% bump overnight. It just, it's getting a little heated here. Yeah. In some of the ancillaries. It feels to me like far more like, I don't know, it's the best, it's the best analogy. It feels more like January of 2000 than it does like March, April.

By the way, the actual highs were hit in August, September of that year. But it was a parabolic blow off. after you got this stuff. I mean, it depends. You have to look at individuals. So I'm not an invidiable. I held no position in the video. The case there is just the voracious appetite for chips, power, you know, and basically

everything AI, and their position for it, and their cash order, what can they do with it, and what's their competitive positioning? Cisco had a very temporary competitive position. they at the time they were the market leader in switches but they really didn't have anything to protect them if one believes that intel amd or some newer upstarts are going to dethrone invidia for a you know GPU and AI chips then by all means you're right that was exactly the situation with Cisco the Cisco was they had gotten big and weren't innovating and got overtaken and they got absolutely just hammered from that so you know so you have to look at it that way i am not a stock analyst there a lot

Yeah, but I mean, I mean, on Marshall's comment, see, Marshall mentioned minors, right? And I see, I can see how these miners are in Wolf, some of these players are moving because their values were half a billion dollars, man. Like we're talking about Navidia having to do something absolutely perfect here. Oh, no. Why would I buy Navidia when I can buy companies? I'm not, I don't know many. I'm just saying, yeah, yeah, yeah. It just seems things are getting crazy, man.

I mean, you don't add board members to a public company. and they increased 23%. People are like, oh, wow, Bob's joining the board. I'm going to buy stock there. Like, wow, guys. You know, it's... This bill's very 2001-ish. Well, his name's Mike, and we all know it, so he may as well call it what it is, you know, as far as BKKT goes.

BKK. No, no, this is happening in other verticals, though. I've seen this before, okay, where, you know, you just, you're starting to get announcements here, and the pump, the price is pumping on stuff that's, I've seen. seen this before and it never last. It's not the reason to invest in companies. Gary Cardone joins the board of a company is not the reason to buy a fucking company. Now, hey, I bought 25% of the company and, you know, I invested a shitload of my own money into the deal and I'm, that's a different story.

But just board members joining things and then they go on use X to pump it, people are going to get wrecked here, man. Absolutely wrecked. Because, I mean, if you think about it, every fintech on the planet, going to try to replicate this process. Well, we're going to have, we're going to have fintechs who are broken, and I know this space pretty well. Yeah. Most of these fintechs that are serving big legacy payment companies are not making money.

Nope. The host, and they can announce as many, well, look at XRP. XRP announced a deal joint venture with Swift. Dude, these payment guys will do joint ventures with everyone. Yep, that's right. Zero revenue promises, zero revenue. new promises. And now Swift announces that they're going to do a deal with consensus. I mean, the XRP, like, that was the holy grail of their deal. Yep. So we're just going to see this over

and over, these announcements, these kind of, you look at the business model. You're right. I mean, look, you know, Jeff Park had a really interesting post today. I actually added to it. He made the point that, you know, he started, he used the retard word, which I think is funny but you know whatever he talked about the the dumbing down of america being correlated to meme coin and narrative based investing as opposed to you know people thinking things through i i i piled on of course and talked about innumeracy the fact that people don't do math anymore i mean you're right that that's absolutely true i mean the point is is you could either look at that and say well it's going to change eventually and be stubborn

and or you can just say listen it changes when the narrative changes and you should invest accordingly. I'm not one, and I've said this before, and Scott has said this before as well, we're on this one together. I am never going to tell people that you can't make money trading memes. And I don't care. XRP in my mind is a meme. I'm sorry, it just is in terms of its price action. I'm sure there's a real technology there, but it is a meme, right? You know, you have a community here. I mean, the chain link, you know, has a meme because they call themselves Marines, the people that hold it. I mean, at the end of the day, if you think the value is great, buy it. I actually think chain link, the Marines, is not a terrible job because if you look at the market cap, they've failed relative to XRP people.

And you may be right about NVIDIA, people buying it just based on the narrative saying, well, AI is going to go crazy, so I want to buy it. The point here is, is you do make money in the long run by buying things that have real value and understanding the narrative shifts. So if you look at Mike's two big calls, the iron call, the Akron call made a lot of sense because you had to understand what they were doing. They were marrying mining the cloud. And that makes a lot of sense because of the way AI operates and where the synergies they were getting. The BKK thesis is based on the fact that they have a ton of licenses and the ability to do a bunch of different businesses.

And a CEO knows what he's doing as opposed to past management, which essentially ground that value into the ground, literally. I mean, it's training, it is through equities, the equivalent of a zombie layer one, right? you know if you look it's way off its all-time high it's not even close it looks a lot like you know a lot of the coins we know and every once in a while they find a niche they wake up and all of a sudden boom they come back and that that's that's the question here will it do that or not that's the bet but anyway we have multiple hands up so you don't want to listen to me

lawyer and i think you were first yeah i mean i had plan mine's gonna sound like even more of a non sequitur so maybe go to alley and i'll i'll do mine Okay. I was just going to add to Gary when he was talking about Swift. So they're actually also working with another crypto project. It's a layer two on Ethereum. They're called Lania or Line A, whatever it is. And yeah, as soon as I kind of made a post, like I was like, is XRP cooked, now that Swift is, you know, exploring these other cryptos and chains to do their business on. And right away, some guy from the XRP army was,

ready to make a response and all that type of stuff. So it does look like Swift is, you know, right now in the testing phases with a lot of these chains. I don't know if XRP is guaranteed to get that foothold in terms of what they want to do for Swift. But yeah, I was just going to add that. And then for FinTech side, so I saw like YC and Coinbase Ventures, they announced like a partnership recently for their venture capital arm to fund startups in the fintech space. And I think this is ultimately them gearing up for the 401k money that they're going to have access to when private markets like private equity, venture capital, will be able to access for some of this stuff. Back to you.

Yeah, I mean, did you guys want to respond to that? Because I was going to talk about something else. You can talk about something else. It's fine. I can't see any hand. So I'm flying in the dark here. Go ahead. Did anyone notice that, I mean, I know Scott.

noticed because this is how I saw. Did anyone notice that my favorite website was, and a group of my favorite websites was pumping a, shilling a token yesterday? I did. Yeah. I don't know. I did a lot of, I spent like the whole night researching these websites.

They're very good. And I don't know what happened to the price. I think people think it was like tweets and then exit scam. But some porn hub and browsers and a bunch of other sites are tweeting this one token and on Instagram interacting with it. And I think that's neat.

I know that those guys have been out of, yeah, it's called luck. Dude, I think this actually has more application utility, the word utility that's used so often in this industry. Well, these guys have been banned from credit card for years, right? Yeah, so just to give people the summary, it's token look, L-O-O-K, yeah, it's hard not to notice because they tweeted, and then I think it was Reality Kings, some other porn. and then Pornhub, which obviously gets people's eyes open because we've seen Pornhub actually do a deal with XVG in a previous cycle, right?

Wasn't XVG accepted as money for payment on Pornhub years ago? But clearly that's not like, I mean, I guess people, you're saying, lawyer or implying it was a pump and dump of some sort, like just an exit game. I don't think you get Pornhub to, I don't think Pornhub tweets at you for a one-off. And listen, this is a ridiculous conversation, obviously, but yeah, I think Gary is right. I think that's hinting towards a bigger thing.

Yeah, no, I know it's not, but what I'm saying is looking at the price, it flew up on the tweet and then fell way down below before the tweet. So I think right now what you're seeing is a dip, people thinking who bought the top, like, oh, shit, that's all we're getting. But they're wearing a badge right now of this mansion, and I saw a glimpse of the guy who paints that mansion, and in the back it's orange.

So I'm thinking they're going to have like a sex party there. I don't know, but all that seems really cool and pointing towards maybe they may use it as a payment token, which it just so happens. So it's not just like one of those. You know, they're all owned by ALO, and ALO is massive, and they can't use credit cards. And so if they are, if they made this token or if they're and this much tied to it, then very possible that they would want to use it as payment. Then you might see other people using it. Can I just bounce in here because I actually know a little bit about the token and what it's, what Foreign Hub is trying. to do. So, look, this is really an interesting, Scott, I think you and I had a conversation

about this. We did. I'm sure. Yeah, yes, we did. The vast, yeah, but the vast majority of margin made by Visa and MasterCard come from gaming, gambling, and adult. This is something they never want to talk about, okay, they get a, they get a premium lawyer. I can hear you're typing. they get a premium for that, what they call brand risk, high risk payment processing. The chain of players involved Visa will never deal directly with a porn hub. So they have payment processors that specialize in high risk. They set up, you know, in order to play this game, you pay $50,000 a month to Visa, $50 grand a month to MasterCard is a high risk brand.

I mean, it's basically, hey, you get to pay to play. Now, there are absolute billions and billions of dollars. It's one of the largest, I think there's 82 million men on OnlyFans, just to give you a sign of the addressable market from America, 82 million out of 162 million men are on Onlyfans. Or so they say, so the content providers, the girls, if you will, or the guys, whatever, they're getting screwed because their payments come late from the porn hub guys.

Why does it come late? Because the payment processing doesn't settle for at least 180 days, Visa and MasterCard. So there's all these fees, all in guarantee you porn hubs at 20% cost of processing, chargebacks, refunds, disputes, membership fees for the high risk management, all the lawyers, the constant class action suits they fucking get, I mean, constantly, and they're always in court with Visa or MasterCard or the FTC. So this use, this most certainly, the addressable market for this and the capture to be able to exploit the draconian duopoly, okay, and that is MasterCard and Visa who make massive amounts of money on this, billions and billions and billions of dollars, not only from the processing, but both companies own Visa MasterCard own monopoly alert systems where they make, billions from preventing the very chargebacks and disputes that porn hub gets in trouble for,

or the porn hubs of the world get in trouble for, okay? The truth is, payment processing wasn't set up for off online, anonymous transactions between intermediaries. It was never set up for this. Payment processing and credit cards was set up for you and, you know, you walking into a grocery store, not billions of virtual transactions occurring on a, you know, daily basis. So I see that, like, the merchant's going to win. The content provider, the producer of the content, is going to win. He gets his money faster. The consumer will win. The settlement

system will accelerate by a factor of a hundred. Okay. And there's, look, these average transaction, $100, there's $20 being paid to Visa mask card that slip right off the system. So it's a fucking massive margin and once it goes all gaming gambling and adult will convert to digital jerry i brought dustin up our mutual friend i know uh he probably has some insight here dustin aren't you somehow loosely involved with this yeah so a little bit more than loosely i've been working on this one for the better part of seven months but really my whole crypto journey has been based on something like this so i have I've had many conversations over the years.

The issue we've always had is that Visa and MasterCard do people dirty. And in order to get adoption, we need a full industry push. If you look at the history, the internet, video streaming, VHS tapes, DVDs were all, like the innovation came from where? It all came from porn and gambling. And if we were ever going to have the kind of broad adoption, it's going to come in a place. Like Gary just explained it better, like articulated it better than I can, where everybody has a win because these ridiculous reputational risk fees, the chargeback fees, the overcharging Visa and MasterCard, if there's ever been an industry that can use crypto for what it's designed for, for what it uses well. It's this industry as a whole,

and it's incredibly well connected. So ALO has, under its umbrella, is mind-boggling what they bring to the table. Because everybody knows Pornhub, top 20, top 15 website, traffic-wise, in the world. But they also own Reality Kings and browsers and Twisties and Mofos and U-Porn and Red Tube. and like they have so much just adult traffic it's crazy but that's not all they also own pro-biller

which does a lot of the processing and billing for the entire industry and then on top of that now so in traffic junkie traffic junkie is uh ad serve that delivers billions of ads and ad impressions a week and the way that they've come into the space i think is a model for how we should expect and demand large brands come into our space. Which is, you'll know if they wanted to do a cash grab like all the other companies, if this wasn't a bigger and complex and comprehensive option strategy, it would have been easy for them to grab as much money as they want. Throw the contract to dress up on Hornhub with some, you know,

well-endowed models by pushing that thing. this thing would have rocketed up into the billions of dollars that could have extracted like so many other brands have done in our space and just left what what i've seen from this project and what i've been proud to be a part of it is the strategy is so laid out and if you want to see some of the easter eggs for what might be coming as far as integration and utility and what they're planning to do with it i'd encourage you to look at the terms of service at look dot fun and ask yourself since the trump token whether you've seen anything that complex and if you actually like bury yourself into the legalese i can tell you that more than four

separate white shoe firms worked on the terms of service and had sign off on it multiple legal memos were written that there are policies in place that you would not see with a typical meme coin and their plan is very, very aggressive as far as integration. And they wanted to make sure that they were going to get a warm reception and they entered the crypto space in a way that was responsible. So incredibly excited for this one. Because I think this leads to, like Gary said, once you start this flood away from, it's one of a couple things. That's a decent MasterCard have to adapt and stop with the insanity of what they do. They're happy to take these companies money,

but they just find excuses to charge them more than everybody else. It's insane. They either have to adapt or we see the kind of mass adoption of crypto that we haven't seen in other places. And when you start to think about it, at 25, 20, 25%, like Gary's talking about, that margin, that's where the room is to incentivize Alo did

market stuff You like that idea Didn't you Dustin Dude it just makes so much It's so symbiotic This particular This is always going to get driven By a super brand like this

And These industries Create industries Okay Like whiskey Illegal Immoral stuff People on the edges

Man we create markets That's markets Are created in the gray And because Why? Why? Because the fees are too big, okay? The gap. This is the cool thing about crypto.

It's going to exploit the margin of the legacy players. They will not be able to survive in a fucking high transaction, low margin market. They take no risk. This is the insane part of this. There is no risk on the card schemes whatsoever, and they make 51 and 46% gross operating margins, companies that are 50 years old. so the opportunity now look may fail but if they fail because their management didn't know what they were doing

but like to me this is a real use case I was surprised XRP didn't try to do this Dustin because this would have been a great distribution model for them you said that to me ages ago Gary totally man forgot about that

what's funny and I've talked about this like full disclosure I talked about with Gary for months ahead of time. There are other pieces in play here, which is what we've been looking for is not just a company that's coming

into crypto. Like I explained to like cash grab, who sees this as a space where like, oh, there's a bunch of dumb money floating around that we should go grab stuff. We've been looking for somebody who's really looking into and has the full umbrella

necessary to full on a dot and integrate into like their digital ecosystem and their total of internet traffic is measured in full points which is right anywhere from 7 to 15% and this market survey that got done the percentage of people who use the more than 140 million people unique visits a day inside their network it's it's as much as 85% are not currently crypto-native. So this, I believe this has the opportunity to be the largest,

the last and largest onboarding event to crypto that we'll ever see. Because there's no other contained digital ecosystem like this one. And ALO's got all of the tools and all of the pieces. And I expect that we're going to be very excited. just call it a hunch that the tweets from reality kings and browsers and pornhub and mofos this week were not a one-off and that the carefully crafted strategy and plan here is set to play out for long time bunch of other big enough I don't know shit but it seems like pornub wouldn't take a risk like that to pump a token just right it's just dumb turns out that turns out the

Turns out the crypto actually has a really good use case for fast and cheap payments and freedom. Who knew? Crazy. I know. Gary, what were you saying? I know, lawyer, do you have your hand up? No, I was just, I was totally agreeing with you. Yeah, lawyer.

Yeah, I just want for posterity to note that, so like, this ran to about $130 million last night or yesterday. And when I brought it up just now, it was $57. So let's see where it goes, because I think this is alpha. I think you could, like, if this, if they successfully implement this, they might find other sin, you know, in the sin industries jumping on board. This could go to the billions. So it was just a 57. Let's see where it goes.

There's a thing that happens sometimes when I listen to people talk on this show and have no inside baseball. I buy stuff and I actually bought some just now. So you're welcome for the WIC. Yeah, I actually just bought some. That was a really good pitch. I think, Buzz, do we have to move on here? I don't know. I mean, I'm really enjoying this Pornhub talk, so we can move on.

But it's funny. I mean, you know, people, like, I think get triggered by the idea that we're mentioning a Porn Hub or what it is. But to the very eloquent points, Gary and Dustin made, that's where your favorite legacy payment companies are making all of their money. So you can call it whatever you want. But they're gouging people. and there's a better way.

I agree. Where the Internet had been without porn? That's Mark. Mark Yusko literally says that to me every time. He's like, I've made all of my money in my career being on the fringe and being on the side of the criminals or whatever before, or the side of the vices before the game. He's like, you know, like, I'm just saying, you know, not, he said the vices, it was the term he used. He's like, you know, I was investing in the internet when everyone said it was just for pornographers. as I was vesting in crypto, and everyone just said it was for buying drugs and Silk Road. And here we are, right?

The best technologies all start on the fringe. I mean, not for nothing, but what do you think that humanoid robots are going to end up getting used for? I mean, come up. Nothing bad, Dave. I don't know what you're talking about. I've seen those movies, though. They never end well. They never end well for the human.

What's funny is being someone who's been happily married for 36 years, I can get away with saying shit, but the truth is sex sells. And if you, if you want to make money, then you need to understand that because it is, it is just the way it is, right? You know, people like sex, people like gambling, and people like to play games. And if you have a use case that's using that, and Gary is so spot on, the alpha he delivered today may be the most that he's ever delivered to this audience, because the simple fact is the margins of the people who service these industries are insane. And every time in history, there's been a situation where technology can eat into those margins.

The technology companies that do so perform fabulously well. Now, I don't know if this is going to be the one that's going to do it, but I can tell you that the total addressable market is something that you cannot ignore if you are looking to invest in this sector. So, yeah, you know, just be very dispassionate about it, but that's the, them's the truths. I love what Dustin said earlier just about how they could have just extracted from the industry and done just some ads on Pornhub or wherever else that would get so much traffic to their coin and just extract from the industry.

But seemingly they're doing it the right way, which I think we can definitely clap our hands together and welcome newcomers to the industry. But before we pivot to our AMA here, Scott, if you're good, just going to do a mic check on Eve Dex. Who do we have behind the mic? Yeah, hi. Hello, guys. My name is Tim. I'm a chief marketing officer in the Evadex.

Always happy to jump in for conversation about pornography and how it sells. Well, we're going to be pivoting into our AMA here with Eve Dex, but before we do, just want to do a disclaimer that Mario's company, IBC, does marketing, incubation, and investing. And sponsors on the show are sponsors working with IBC directly, not necessarily Cryptotown Hall. Scott, Dave, or myself in particular. But I always like to start these off with an elevator pitch. Why don't you give us an elevator pitch on what Yvesdex is? Sure thing.

So while EVDX, so we at the centralized exchange, we combines smooth sex level of experience for a user for mobile first approach. since we are one of the first Dax, which actually has an app on board. We combine traditional user-friendly chatting terminal with one-minute onboarding. We have competitive centralized exchange level of affiliate system. And iceing on a cake, our built-in point system. So every user earns XP just like in a game. So that's it.

I have the pleasure of having dove into Evidex before. So I want to ask some questions that are a little bit more deeper under the hood. My first one here is that in a non-custodial or perp stack, where do you think AI should live? Is it signals, execution, risk controls, and what is the approach that you guys are taking in regards to AI here? Well, actually, I'm using AI for trading or in daily basis myself. So I'm really happy to see such a big search of an interest and AI in the market. I see the main benefit of AI in-depth market analysis and risk-level alerts. Algorithms can quickly access statistical deviations, volumes, volatility.

But order execution for sure must remain transparent and controllable by the user. How can venues prove bot safety without exposing edge in this environment? Well, in fact, users get worried when they hear the word bot, because they don't know what's going on behind the scenes. So our job here is as a platform is to ease that tension without giving away our intellectual property. The most honest thing is always numbers. So that's why we openly show the entire stack of statistics, profitability, history, maximum drown downs, and the radio of profitable and unprofitable trades for sure. So exchanges can foster trust by publishing variables performance metrics like win-loss radius, historical ROI, and maximum drown.

without revealing the code. So regular audits of smart contracts and algorithmic logic combines with third-party security reviews show that bots operate as advertised. So even without revealing the code, such that allows you to evaluate the quality of algorithm's performance.

So in this environment, like what decisions do you think must remain human to keep a safe trading environment for everyone. Human judgment is essential for stating risk appetite, choosing strategic goals, deciding when to intervene. So while AI can recommend leverage levels or entry points, traders should always determine how much capital to allocate and whether to powers automated strategies in response to news, events, or, I don't know, personal circumstances. So how do you prevent a crowded trade, like in this sort of age of AI, like if everyone is feeding

an LLM the same signal and making a trade based on that? How do you prevent that crowded trade in the cascade risk? Well, to mitigate this kind of risk, you need to diversify your strategies and implements like venue level safeguards encouraging a range of algorithmic models momentum mean reversion arbitrage reduce herd behavior our trading engine tracks market volatility in real time and automatically adjust things like maintains margins finding rates and position limits so when volatility rise it lowers available leverage and increases margin requirements to help prevent large scale liquidations we also use a hybrid setup fast off-chain order book combines with on-chain settlement or on our eventum l3 network

This keeps spreads tight, but gives us the option to pause matching a circuit breaker if the market moves too sharply. On top of that, we work closely with market makers and offer fees, fee rebates to liquidity providers. A deeper order book helps us stabilize prices when traders exit. at once and our FLE program actually attracts city new capital instead of short-time speculation. Appreciate that. And for people who are tuning in, so just a couple reminders here, so we have the Evadex account up here in a speaker spot. It's the square logo, the beautiful purple logo here. Click on their account. I've also put a post of theirs up into the next about their farming season. So make sure that you're following official links. Click one of those,

if you're looking to learn more about Evidex, give them a follow and follow the official links directly in their bio that you'll see on their profile. But the goal here, right, is mass adoption. What is the first trust anchor that you'd give new users of AI-driven trading? Well, the main thing that builds trust is controlling openness.

Users should always keep their own private keys and know that exchange can't block or take their money. For beginners, it's also important to have a simple interface, demo mode, and guides so they can't learn and test without losing money. When people see the platform is safe, transparent, and helpful, they feel confident while using AI trading. We actually, we're now launching AI auto trading. That's a smart tool that adjust to the market and let users choose the risk level and trade speed. It works with PDC, USDA, and if U.S.D, perpetuals, and it's both pros and beginners who want trading to run, you know, automatically. So this is what I want to dive into. Let's kind of picture the user journey for a new user signing up with the AI automated trading trading strategy.

What's that user journey look like for them? Well, they should just first of all go through onboarding process, open our web interface. And there, from the left top corner, you will see the two buttons. and one of them says AI A.A.A.A.B. Trading. That's it. So just getting, you will see more than 50 automatic strategies which you are very

welcome to use. So it's easy like that. What are your future plans for integrating maybe any other AI tools as you guys scale? We not disclose this thing at the moment. So we have a number

of different AI tools which we implement at this very moment, but can't open it right now, sorry. No problem at all. We have the audience here right now, so there's about 3,900 people who are tuning in. If they're liking what they're hearing about Evidex, what's your call to action for these folks? What can they do and how can they help out? That's a super easy interface which combines a text level of experience with Dux security. So your phones are always safe while you're trading with us. And we have a lot of peers to, a lot of the instruments to use. So please, guys, you're very welcome to try it.

The pinned post that I put up into the nest as well, what I noticed here is the double XP season ends on October 6th. So right now, people are earning double the amount of XP for every order on your exchange. Is that correct? Yes, absolutely. So while you trade on Evidex, you go through gamification process. And so far as you go, you earn XP points. And right now, it's doubled.

So it will bring a future benefits when we will announce our talking and go to the if talking TG. Wonderful. Anything to share in terms of alpha for TGE, token launch, anything like that? Well, there are a lot of work doing, which our team doing behind these scenes right now. So we were very, we was very surprised that our tokenomics somehow reached the market. But let's say that we have plans for TG upcoming, but cannot disclose anything about it right now. No problem. What I took away from that is TG upcoming. I'll put the words in your mouth for you.

But, yeah, I really appreciate you joining. Just another call out to the audience. The Evidex account here is in a speaker spot. Give them a follow. Follow official links from their bio. There's obviously also the posts up in the nest about their farming season. If you do have any additional questions or anything like that about Evadex, the comments section is open.

So I assume their team will be going through all the comments after the show and trying to get back to you. It's a great way to get in touch with them. Any final words as we wrap up here? Yeah, guys, thank you so much for invite us here. So it's a pleasure to be, and you're very welcome to use our platform. for it. Thank you very much for joining us. And for people who are tuning in, we will be back live again on Monday. I forgot it was Friday. Almost said tomorrow at 10.15 a.m. Eastern time.

Dave and Scott will be kicking it up with everything that happened over the weekend and let everybody know what the alpha is. So until then, everyone have a great weekend. Celebrate Bitcoin being over 120K. B&B, almost 1150 right now. That's pretty cool. But everyone have a great weekend. Touch some grass and we'll be back again Monday morning 10.15 a.m. Eastern time. Take care.