The Wolf Of All Streets - Friend.Tech HYPE: Analysis | Guide | Strategies | Scam? | Crypto Town Hall

Episode Date: August 22, 2023

Crypto Town Hall is a daily Twitter Spaces hosted by Scott Melker, Ran Neuner & Mario Nawfal. Every day we discuss the latest news in the crypto and bring the biggest names in the crypto space to share their opinions. ►►OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $60,000!  👉  https://www.okx.com/join/SCOTTMELKER  ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL  - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets    ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/    Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Trading The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor.  Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Yo. What's up, man? Do you hear that sigh? I start every show. Just another day. Just another day. Yeah, here we are. But yeah, Monday we're fresh. How are you? How was your weekend? Good. I had a great weekend. You?

What'd you do? Had a huge charity event actually in our hometown that's like a yearly thing. So we went to that with a bunch of friends. I did something I never do do i was up till like three o'clock in the morning hanging out with friends which hasn't happened to me probably in 20 years so that was a good time cool man paying for it i'll pay for it for a week but hey whatever i like how you missed me man i can't believe you came on my show on friday or Saturday. Saturday. Yeah. Well, your team, our amazing team, dearest Scott Melker, from Mario's account.

I don't know Mario, by the way. Dearest Scott, this is blank, from Mario's team. You may or may not have heard of Mario, but he is a Twitter Spaces host who would like to have you on his show talking about the bull or the bear market. I'm like, like guys come on man you should you should troll them one day you should say no i'm always a scammer and i don't want to join let's see what they do just have fun with it though and and then i got three different whatsapps from people in your team so like of course i know some of them and they were asking

me knowing but then it's just so funny i'm like like, you guys, come on. Somebody on your team has to know that we do this together. You must. You're on our list of to invite all the time, A-list guest. Blacklist. Never Melker. I can see in the back chats on the WhatsApp, they're like, why'd you invite that guy again? He was on the blacklist. Do you add, have you added anyone to our blacklist? i add people every day now i don't know i mean we it's

not anyone like we don't have anyone i think we hate but i'm sure occasionally we have people who come up and just bumble through and it's embarrassing you don't want to have a conversation with them again um i'm hoping we get at least 10 of those today welcome i really hope i don't fall into that bucket man I just met you so there's a lot of pressure on me here I gotta try not to bomb it hey whoever just spoke I can't see his name blacklist that guy

yeah his name is Cook I didn't even look welcome buddy where's Ryan he's always very early in every show it's very weird that he's late today Where's Ryan? He's always very early in every show. It's very weird that he's late today.

Yeah, I wouldn't expect it. I'm sure he's on YouTube right now hosting all 10 people we're waiting for. All right. So today, before we dig into Frentech, which is going to be one of my favorite spaces because I've obviously been very active on BitClout. Let's go into just a quick market update. What happened on the weekend? How was your show on Friday? It's a quick general overview and anything interesting today before we dig into the topic. Yeah, to be honest, I haven't dug so deeply into the news today.

The market is obviously flat. I think it's absorbing what happened last week, if we're speaking specifically about Bitcoin. Obviously, trading right around $26,000. We saw the drop last week in a matter of really five minutes that flushed out about a billion dollars of open interest. The implication from what I'm seeing is that basically somebody did the old classic trigger a massive sort of liquidation cascade,

make a whole lot of money, and then get back in on the bottom situation, which is probably what happened here. Sell massively on sport a spot after accumulating a big position while also then being short with leverage and take advantage and make a whole bunch of money. And that's probably what happened there. And so I think the market's just sort of absorbing that and trying to figure it out. I saw Ben Cowens actually in the And so I think the market's just sort of absorbing that and trying to figure it out. I think I saw Ben Cowens actually in the audience. I think he could probably tell us. But very interestingly, if you are a Bitcoin dominance person, we saw Bitcoin dominance sort of dropping that entire time, which was a surprise to a lot of people.

But it is sitting at what most people would call support, the massive top of that range. And so if you're expecting Bitcoin to go down here, I would be very, very careful with all coins or if you're expecting it to go up for that matter. So, you know, we had a lot of interesting news. Treasuries are still sort of breaking out and offering higher yields. Stock market looking a bit shaky.

I think everything's just sort of on the precipice and people are waiting to see which direction it's going to go. Ryan, how was your show today? What was discussed? We didn't get into Front Tech yet. Yeah, we spoke about on the show, I spoke about how the media narrative changes with the move in markets. And so what I've discussed is I discussed like how when the market's going up, they nuke the bears and they turn up the volume on the bulls. And when the market's going down, they mute the bulls and turn up the volume on the bears

because that feeds a narrative. And so I always find that when the market is doing what the market is doing now, you'll hear a lot more bearish takes and the bearish news will surface at the top and the bullish news kind of gets suppressed um but but i think it's it's it's not a real representation of what's happening and i think the smart investor sees through it i also spoke about previous bull markets and how in the previous bull market we had six drawdowns of between 29 and 38 percent and bitcoin is still 10x and this drawdown in this bull 10x. And this drawdown, in this bull market, we've had two drawdowns of 20-odd percent.

And, I mean, this drawdown from the top is, I think, 18% or something like that. From the top, top, top of Bitcoin to where it is now is 18%. And so I just think that we need to have perspective here. We need to keep perspective. So we spoke mainly about that. And also we touched on what Ben said, that this is normal. This is normal in a pre-harving year. This is normal. It doesn't change the fact that there's still the halving cycle, which is the

biggest, I think the biggest macro event for Bitcoin. And this is absolutely normal. So it's just, you've got to keep perspective. So we spoke about that. We spoke about the potential or the BNB liquidation, which potentially may hit the market we spoke about the potential or the bnb liquidation which potentially may hit the market or is hitting the market at the moment and then obviously we spoke about frantic um and one other thing i was looking at an article earlier today i'm not sure if you guys discussed it china proposing to bring its social credit system to the metaverse and obviously the metaverse used very vaguely here and not sure what it really means but it just shows that in the east like no one dares mention the word metaverse in the West.

But in the East, it's like China, out of all places, is reportedly looking to implement a system akin to a social credit system in the metaverse and other online virtual worlds. So the proposal says to keep the order and safety of the virtual world, the idea would harbor a slew of personal information. I'm still, by the way, I'm one of the few in the crypto space that's still extremely bullish on the concept of metaverse. We can't even have legs in the metaverse and they want social credit. Yeah, but I did a space.

I'm not sure if we did it here or I did it not on Town Hall, but I did a space on the metaverse. Nobody gave a shit. It's one of our smallest spaces, whereas a couple of years ago it's like the hardest thing that should make you bullish like we talked about right remember we had the nft space and we had everybody come up here with their board ape avatars and tell us how everything was dead and i was like i did you did you buy did you buy anything since no because i decided i'm still not going to be retarded um

but uh it could happen eventually i don't know i did we'll see all right so let's but i you guys got me on friend tech that's about as close as you're going to get me in that direction so we can talk about your i bought your shares on friend tech and i bought mario shares i'm losing money on my on the shares of mario what i mean mine are almost at 100 shareholders how are you losing money it just hit an all-time high a few minutes ago i mean the the engagement in your car what engagement i looked i looked at your account and the only thing no what no the only thing the only thing on your account is when moon or to the moon i i don't

know why i didn't sell your shares right it's just our friendship is stronger than your your cringe to the moon and hey guys before we get on to this though mario benjamin is up here and i would actually just love his perfect yeah yeah we'd love we'd love a market update but you're on good seaman go ahead benjamin hey i appreciate that um because i got to get going here in a few minutes yeah i mean i think um we just sort of got what we talked about before right at correction in the stock market um i think that's sort of the main culprit behind what we're seeing here in crypto. The downside for crypto, though, is that even in an environment where the stock market goes back up in Q4, which would only happen if, you know, recession risk is not pulled forward, then it still doesn't necessarily pull Bitcoin out of its downtrend. This is this is exactly

what happened in 2019. I know a lot of you guys were here in 2019, so you probably know exactly what I'm talking about, how the stock market, it managed to go up, but Bitcoin and altcoins kept getting wrecked. I think there's a decent chance that cryptocurrency will underperform. And then in 2024, I think we will sort of begin more of like a crypto renaissance. I feel like, you know, after you're two to two and a half years out from those major peaks in 2021, I think by that point, you've, you know, everyone's sufficiently wrecked at that point, right? You flushed out a lot of the bad actors. And then we can sort of look forward to sort of the next, you know, the next bull run. But, you know, my views for this year stay the same. We spent about half the year going up and half the year going down. And, you know, 2011 and 2019, the first half of the year was up, the second half of the year was down. And in 2023, I think Bitcoin, you know, you can look at it and say, well, it's been half the year going up. I think we're going to see half the year going down, unfortunately.

But, you know, as long as you have sort of that long-term view and you understand the benefits of Bitcoin, then it should just present nothing more than an opportunity. So that's really all I have to say. Cool. Scott? I think, Ben, I'd love to hear your views

on something that I brought up today, and that is that in a... Ryan, you're cutting out. Okay, man. Yeah, sorry. But I was saying, in a normal bull market or up market for Bitcoin, you do get corrections of traditionally between 29% and 40% sometimes. But net-net, the asset still continues to go up in those bull markets. So I don't know if this is very different to any of those other markets. Yeah, well, so in 2017, you're right.

There were several 30% corrections along the way. But the counterpoint is that we always stayed above the 20-week SMA and's been one week, you may we never actually dropped below those collectively on weekly time frames. Whereas in pre halving years, we do tend to drop below those. And so that was what I was looking for, for confirmation of whether sort of the you know, the view of half up and half down is correct, you would you would expect to get weekly closes below the 20 week moving average. And now that we have that, I think that, Ran, I think that if your theory is right, then this needs to be a fake out pretty quickly

and you would have to see Bitcoin go back up. If we get like two to three weekly closes below the 20-week SMA, then I think it's a lot more likely that we're just repeating 2019, 2011, and 2015 behavior. What about the very basic indicator of just not going below the previous higher low yeah i mean that that's a legitimate thing to look at bitcoin has not yet taken out the prior the prior low but uh ethereum has i think and a lot of altcoins have and you know i think that the altcoin market has sort of told you what was going to happen with Bitcoin later on. In 2019, total three went lower and alts put in, you know,

new lows well before Bitcoin did. And then eventually Bitcoin faded below its 20 week estimate and went down. And then we're seeing the same thing today, right? I mean, Ethereum, total, a lot of alts are putting in new lows. Even Ethereum took out its recent higher low, and now technically it's a lower low. So yes, Bitcoin has not yet, but Bitcoin is also the strongest one and it's the most battle hardened. And so it could just take it a while, a little bit longer to do that. But that would be the thing to look for. If we can hold those levels, if we don't put in a lower low and if we get back above the 20 week SMA within a couple of months or a couple of weeks, then yeah, perhaps that theory is right.

But the counterpoint is that September is on average the worst month for Bitcoin. And so we still have that to deal with. Why do you think August and September traditionally have been bad months for Bitcoin? I was looking at your charts today on Into the Crypto. I was looking at the, we actually spoke about it on the show um how september and august traditionally have been so bad why do you think it's been like that is it because people come back from vacation and then start to get active and then get active in selling what actually makes it so negative yeah i mean there's a lot of different narratives

we could try to assign i mean maybe you're maybe that maybe that's like the correct one that you said, like people are just kind of coming back from vacation, and they're getting back into the markets. I mean, I don't really think it's crypto specific. I think it's more of a market wide specific thing, like where it's because we have risk off conditions and other and other areas, right? We are seeing the long end of the yield curve breakout, right? We're seeing bonds go down. We're seeing the stock market drop 5% this month. And that, I mean, every August, September, that's what we get. We get risk off conditions in other areas. And then because crypto is the furthest up the risk curve, it tends to get hit the hardest. But the nice thing about crypto is that once we get on the other side of this yield curve, once we get to an uninverted yield curve, and once we go back into risk on conditions, you know, after bonds have bottomed, then crypto typically stands to gain the most. sort of reminiscing about back in 2021. But you don't really get that type of condition until we get back to QE and to lower rates. And I mean, for now, I feel like the macro headwinds are just going to be a little bit too much for crypto.

But I would expect that to change next year. So two other questions for you. One is, are you concerned about this pullback in the NASDAQ? The context which I'll ask them is, are you concerned about this pullback in the NASDAQ? The context which I'll answer then is it is quite a scary pullback, but when I look at the NASDAQ this year, the NASDAQ is still at 40%. And 40% is kind of

unprecedented for eight months of the year in the NASDAQ. The question is, are you concerned or do you think this is a healthy correction in the NASDAQ? And then I'll ask the second question now because I'm in a noisy place. China, do you think this is a healthy correction in the NASDAQ? And then I'll ask the second question now because I'm in a noisy place. But China, do you think that China may swing into QE sooner than expected because of what's going on there?

So at this point, it's still a normal correction in the equity markets. We actually saw a very similar correction in 2019. And in fact, in 2019, the correction that we saw in equity markets was, I think, a little bit more severe in some sectors than we've seen so far in this year. But, you know, I think we are running the risk, though, of it being a lot more. And the way that that could happen is there's this seasonal aspect I was looking at to like the unemployment sector and like initial claims and continue claims if if initial claims start to go up in september which is when they started and continue claims which is when a lot of them started to go up a lot last year if that were to happen then it could pull forward the recession risk right like the the

uninversion of the yield curve and the and the pivot Fed. So at this point, I think it's still a fairly normal correction in the S&P. But again, I think in order to sort of assess whether it's going to go deeper, we just have to watch the labor market. And I mean, at this point, the labor market has remained resilient, but it typically remains resilient after yield curve inversion. And we've only just now entered the window where the labor market starts to soften up. And I would expect the labor market to soften up somewhere over the next six to eight months. To the point where the Fed starts to consider potentially easing it. Yeah, exactly.

I mean, you know, for the longest time, the Fed hasn't really had much of a choice. I mean, with core CPI at like four to five percent and the unemployment rate at historic lows, they've had to raise rates. They've had to continue on with QT. But as we get further into this cycle, into the business cycle, they're going to have to start contending with, I mean, it's literally killing off tons of businesses, right? People are going to start getting laid off. And if you do go into a recession and inflation starts to really fall, because one of the benefits of recessions is that it really can kill inflation. If that happens, then they're goingfall event or something. But I think at this point, my expectation is pivot sometime in 2024 and hopefully just before the

Bitcoin halving. Cool. Ben, I must just say, I'm going to give you a shill here on Crypto Time Health. I've been using your Into the Cryptoverse data center or whatever you call it, the website, but it's very much a data tool. And I must say

it is an absolute... All right, Ryan, you're cutting out, but I think he's giving you a big shout out, Ben. I'll let you tell us about your data into the cryptoverse. And thanks again for joining, man.

Tell us what Ryan is talking about with his shitty connection and background. Ryan, I'll just send you an invite back up. John, tell us what Ryan is talking about with his shitty connection and background. Ryan, I'll just send you an invite back up. Yeah, I mean, I just just tracked a lot of the different data for crypto stocks and macro stuff on my website, intothecryptoverse.com. But I cover all of it in great detail

just on my YouTube channel, which is, of course, free for everyone to view. So I'm back. I don't know if you can hear me. Yeah, we can, man. We can. I was saying, I was saying Ben recently gave me a subscription to his Insta Cryptoverse

because I was checking out some of the data and the way, the amount of data that they have and the ease of, of being able to access that data is unbelievable. I must say, I haven't really seen a product that's that easy to use and give you that kind of data. It's absolutely amazing. And to be honest, he gave me a free, I don't know if it's a free trial, I don't know if

he intends to cut off my access once I'm hooked on it, but I looked at the price. I don't think he'll cut off your access after today's show. He also sells crack. He's also selling crack. I'm sorry. So Ben, you got a lifetime membership for Ryan. But yeah, so it's intothecryptoverse.com. Is that right, Ben?

Yeah. But again, a lot of people would be fine. Watching your YouTube channel. Yeah, just watch the YouTube channel and you'll probably benefit. I'm very careful on what YouTube shows I watch. I only watch like three. I have a limit of only three to watch. Right now it's Scott Melker, Ran, so Banter, Ran, and Altcoin Daily.

And the other one, there's four, sorry. I have one. The other one is The Coin Bureau. These are the four I watch. But Ben, you've been great on our show. I've enjoyed really having you on the panel all the time. So I'm going to cut off. I'll remove banter from my list and I'll add you in the forward to listen to moving forward. I think Scott will do the same. He's giving 100%. So as always, Benjamin, we appreciate you. Scott, I appreciate you. Thanks for having me, guys.

All right, Ryan, we're going to dig into Frentech. You ready, man? I'll take that as a yes. Ryan's giving me the silence treatment. I'm ready. He's giving me the silence treatment. I keep pushing buttons until the day I get blocked. I'm watching my son play football now. I'm glad.

If you didn't hear what I said, then I'm pretty happy. Guys, Frentech, I have no idea. I don't want to give my opinion because I'm pretty deep into social tokens. I've been probably one of the most vocal on Big Cloud. I had three of the top 10 accounts or three accounts got to the top 10 on Big Cloud. Been extremely active, deployed a lot of capital there, lost a lot of money because obviously the platform collapsed or at least the token collapsed. But now we have Frentech, which is essentially doing exactly the same thing, almost exactly the same thing. There's a few fundamental differences. But before digging into Frentech, I want to get Scott's initial thoughts. Scott, as direct and honest as possible, what are your thoughts from what you know so far? And then we'll go to, I want to go to afterwards to, where is he, Dan, to give us a general overview

because he has a great thread on it. Scott. Yeah, Dan's thread is actually the one that I use to figure out how to do it, all of this, because it was five o'clock in the morning this morning. You guys said, we're doing a friend tech show, You got to sign up. And I said, fuck my life. And so I did use his thread to figure it out first. There's literally no way this gains any level of mainstream adoption with the current UX UI, which is not unique just to Frentech, but to a lot of things in crypto. But the very idea that people are going to go get a Metamask wallet, fund it, bridge it to base, go sign up to an app that's not even in the app store. And then you go to the app and everything's frozen and none of it works.

And then you have to bridge over from base to that wallet. And then, I don't know, sell your fingernails and toenails for money. And maybe somebody gets to talk to you or something. Okay, cool. So that's the negative side. And I don't want to be all negative. I just think that this will be one of those things, unless there's a way that we improve the UX UI

that's going to be very sort of crypto Twitter native. And I find it hard to believe with our experience it'll find mainstream. Now, what's kind of cool about it, I think, obviously, is that it gives access to sort of an insular small community. I wouldn't say super fans or anything like that, because I think most people are in it trying to flip and make money. So I don't think that necessarily everyone who's buying it, it implies that they're your fan. I think they're hoping that you're going to do something that's going to make the price go up, and then they're going to be able to, I don't know, sell you for cornflakes or something. I don't really understand.

And so I find it interesting. What I find, it's just very, very clunky. Like none of it kind of seems to work yet. Apparently now there's already a data breach. Apparently in my experiment to join, now FriendTech can post nudes from my Twitter account. And so, yeah, my first impression is I don't really know what the fuck is going on, but here I am. Yeah, so before giving it – yeah, go ahead, man. I have a slightly similar and different view to Scott.

I agree with him fully that the user experience could have been better. And I'm quite disappointed that they came to market with such a bad user experience. I mean, even the messaging system, which is – It didn't come to market. Yeah, I mean, even the messaging system, which is... It didn't come to market. Yeah, I mean, before they did anything, they should have... I mean, you know, like, I think that the basics,

that they would have been a bit better. Generally, I'm pretty bearish on social FI applications. And the reason is because I know that once a social media app has network effect, it's very, very, very difficult to disrupt a social media application. It's the reason why Facebook, Instagram, Snapchat, sorry, Facebook and Instagram have hardly been disrupted except for TikTok. And maybe you could argue that Snapchat did it. But the reason why I like this is because it's actually not trying to disrupt your social media app that already has network effect.

It is almost like a fantasy league for people. It's like a fantasy league for people on existing social media apps. And so I think that that's where they have an edge. They're not trying to replace social media applications. It's a fantasy league. What is this? It's a fantasy league for Twitter. That's what it is. And that's why I like it. It's a fantasy league. What is this? It's a fantasy league for Twitter. That's what it is.

And that's why I like it. It's not trying to compete. It's complementing and it's creating a game around that. I think that's really- I like that. I like that take. And that actually makes a lot more sense.

And Mario, I'm sure you have a lot more questions. I just want to know from the people, I guess, as we move to the panel, I know obviously like I'm a bit hyperbolic and can be sort of negative on things but if anyone here knows their path to improvement and what's actually planned for it i think that would be really really interesting because i can fully understand that uh it just sort of launched and this is an initial iteration and it's fun um i just in my mind when you have

your first experience with it i don't see how it becomes mainstream adopted. So what's the path? Let me, I want to go to Dan next. And before doing so, what I want, I should have done this initially. For anyone that is obviously not in crypto, hasn't heard of Fantech, again, I only heard about it two days ago. I think the first person that ever told me about it is Fiji, who's on stage, and I ignored him as I always do. And that was at my own detriment. Let me tell the audience, since people are outside of crypto, what Frentech is. Again,

this is an area I'm pretty passionate about, social tokens. So Frentech essentially allows you to buy shares in people. It's similar to a platform that used to be called BitClout, now called Deeso, that allows you to buy tokens in people. Here is the same thing. It's tokens, they call it shares. Or you can call it shares like an NFT. If I get anything wrong, Dan, you correct me. So make sure you correct anything I get wrong because I've only looked into it today briefly. So the cool thing is that Rand got it right, is that it allows you to bet on someone's future. Scott also got it right.

Most people, by far the majority, and I've learned this from experience on another platform two years ago, people are there to make money but there's a very small percentage that it'll invest in you some people invested in my token and on the other platform a couple of years ago where the money doesn't come to me I actually didn't make any money from those people and we'll get into the technicalities in a bit so I don't get any money they buy the token the money doesn't come to me and we won't talk about technologically how it works but they held that token all the way up and it was worth, some people it was worth six figures for them, they didn't sell it, and then went down all the way 99% and they lost money with me and everyone else because the platform just collapsed.

And those people, I still have a friendship with them and I still feel to this day that I owe them, even though I've made zero cents from them, just because they've trusted me. Yeah, it's really interesting and they bet- Yeah, and I will say, I will say as much as I was dismissive of it like people are now on their buy now you should be you should add value you should be dismissed you should be dismissive and we'll get into this in a bit but that's how the platform works like just general you're buying shares in people to get access to it this friend tech and then in sponsor the show

we haven't spoken to them we just decided to do it because there's interest friend tech you need an invite link I think we got a bunch and I'm sure Friend.tech. They didn't sponsor the show. We haven't spoken to them. We just decided to do it because there's interest. Friend.tech, you need an invite link. I think we got a bunch, and I'm sure you can get it from other people. But yeah, you need an invite link to be able to join. Hasn't opened up for the public. And me, Ran, and Scott, all of us just opened an account today. So we're very new on the platform.

But let's kick off a general overview, Dan. You've done a great thread on this. Scott used it as his guide. What did we get wrong? What did we miss? Just a general overview for the audience before we start debating the various aspects of it. Just so you know, Dan is actively dumping my shares. I can see it on there. Dan, the mic is yours, man. And what we're going to do just for the audience after is we're going to discuss what the platform is, debate a few aspects of it and then discuss different strategies and ideas if you're on there if you're looking at getting onto the platform and the risks of course

that's really important cool yeah i think you guys got the basic of it perfectly correct i would like to uh say one thing uh which scott mentioned just now we had this article come out that like a database got leaked or something, which from how far I know, everything is on the blockchain, even your shares. So obviously when you mint that first free share of yours, it's going to be connected to some kind of wallet.

So I wouldn't say like the database is leaked or it's like the platform's mistake because everyone knew this from the start. Like the wallet you use to mint your own share would of course be connected to your account so that's why it's recommended to use like some kind of extra new wallet or something um to like hide your identity or like your privacy and don't use your main wallet if you're not into that yeah so dan but just what did we miss about as you explained the platform um what did we miss just for the average job to understand what friend tech is

um i don't think you miss much i think it's really fun to see all the people doing all these things to try and incentivize people holding their shares so you have people that are vouching to share their share of the airdrop which is promised to come out probably uh after the beta ends which is in six months uh so there's people doing that there's people sharing all kind of alpha altcoin trading setups all kind of things to just incentivize people to uh buy their share because obviously the higher the share goes the more it's traded around the more fee revenue they get and what i think is nice about is obviously the fees are extremely high but it does give an incentive for people not to have to buy their own shares and then dump them on their followers or whatever to make a profit because they are already earning just from people

trading around their shares and that was a problem that was just to explain what you've just said dan so on the previous platform of bitcloud what people would do is and what i didn't do like an idiot is that as soon as they launched their token they would buy a few because it's like it used to be called a bonding yield curve i don't know if you call it the same here so essentially as soon as you launch your share the price yeah so the price is like very cheap the first share is worth a few cents. Fidget correct if I get anything wrong. And then it goes up to bots.

There's sniping bots that will buy it instantly. But I don't know if there's a way on this platform, at least for now, to buy your own share or to offer to kind of lock it up. There is. All right. So let me explain. Ben.Eath has like 500 of his own shares. He has 500 of his own shares. Who does?

Ben.Eath. Who does? Ben.Eath pumped his own shares he has 500 of his own shares who does ben dottie who does he's got a bucket ben dottie pumped his own his own shares to valhalla but it's it's public so it's obvious yeah so he buy you can buy your own shares and that wasn't uncommon on big cloud and that allows anyone else to buy it for very cheap and you own a bunch of your shares that means if you go you do well and you go up your ownership and your own shares goes up doesn't that imply that he's going to live exactly that's that's literally own shares on the people that- Par for the course.

Par for the course. Yeah, exactly. So that's the risk. That's why I didn't get any of my shares, or at least I got one. You get one, you have to get one. I got one other. Yeah, you get one when you meet.

Yeah, exactly. And then I bought another just to test out how it works, but I bought it for like, I don't know, and it got expensive. But that's why you don't buy your own share because then you can sell it on people buying your share. And that's obviously good for making money, but destroy your reputation completely.

But Fidji, since you jumped in, what else do you want to add to what me and Dan and Scott and Ryan have said? First of all, you basically have the unpaid ambassador of the entire platform in bread. So I would be remiss to even try to say anything about the platform. Great, great job, Dan. But if you want to know about the platform,

bread is like a walking encyclopedia platform. I'd be, I'd be stupid. So the first question I'd ask you is how is this different to big cloud and what makes it sustainable? Cause big cloud obviously is a concept. People got excited about it, but when people realize that everyone just wants to make money and no one was able to bring value today like why would people buy shares in someone else other than making money probably that's the most obvious first question

wait before it goes by the way buy my shares obviously because it's all right guys anyone anyone how unethical go ahead brad love it yeah i mean i can just obviously answer with my direct question and i'm going to tie this you guys are going to be tired of hearing this because i've had 20 hour spaces with basically this entire panel for the last 10 days but the closest analog to real life stuff for me and for the room is going to be similar to going to a conference in real life, where if you think about that, that interaction, what you're doing is you're identifying a group of people with a shared interest. You're opting to pay a premium to have access or to be in close proximity to that person and hoping or those people hoping to have fruitful conversations and then hoping to maybe even expand your network beyond what it is naturally. Right. That's that's the entire goal. You go to a conference, you pay a little bit of money,

maybe you rub shoulders with someone, you have a conversation, next thing you know, you exchange numbers. It's cool. That exact same thing has happened to me on this platform. I've identified people that have joined the platform that I've never had access to in the past, although I've tried to meaningfully reach out to them, right? Be a quality reply guy, try to actually be a contributor to their material. But because of the noise that Twitter produces, it gets lost. So I've reached out to people like David Hoffman from Bankless is one. Super Fizz is a big node runner in Ethereum.

I'm talking to the director of Coinbase. A lot of people that are actually here on the platform and being engaged because they're legitimately intrigued too. And because I have proximity to them and I'm having fruitful conversations, my network is now expanding. I'm actually going to be... Can I ask you a question? Sorry, I might interrupt you sometimes just because you say something I'm curious, further curious about.

And I apologize in advance if I make comparisons to BitClout because it's a platform that I've spent a lot of time and resources. I had a whole BitClout team of like 15 people. And so I'll make a lot of comparisons to big cloud. And so I apologize in advance. Mario, just call it DSO because DSO is the new version of big cloud. So DSO. So the first question I have to big cloud DSO is, no, that's unrelated, is why do you need Fantech? Like if you're saying it allows you to foster relationships, can't you just reach out to someone or create a whatsapp group people pay to join it if you're on an exclusive group and then you keep that value add on an existing app that you already have instead of downloading

a whole new app so there's a couple of things that are appealing for this for me in particular like the the actual implementation of this with front tech is cool because it's the first iteration of it but i'm more excited about structurally what they just brought to market. And the thing that appeals to me is the two-layer stack. You have the underlying smart contract, which just tracks the on-chain addresses that gave a shit enough about each other to pay a fee to be mapped to another address. So there's a connection there. And then there's the social app above it. It's a check line. It sucks. It's whatever. But that underlying

smart contract, which is basically a perp subscription model, if you think about it, right? It's just you're subscribing to this account that's on a fluctuating curve that's constantly going up and down in the collecting fees. So it's almost a subscription perp. And the thing that is appealing for, I think, everyone here contributing is that it extends or the chat client is a potential one of many outcome to what this can be, right? So if, yes, you can do this stuff today, I can just subscribe to someone on on here on Twitter. But if something were to go awry, and I wanted to pivot from Twitter, for whatever reason, I just don't like it anymore. Elon's a

dick, whatever. Then I if I were to start somewhere aew, then I couldn't do that because I, or I couldn't bring my people with me. I couldn't identify their actual customers are my actual customers. And I couldn't have the option to export that data. Whereas in this world, because the bottom layer is open and public, anyone can spin up a competing D app to tie into this registry underneath. And I can then port over my entire subscription base and say, Hey guys, I'm going to be over here. I know you spent money on me over here, and now I'm going to provide registry underneath and i can then port over my entire subscription base and say hey guys i'm going to be over here i know you spent money on me over here and now i'm going to provide value in this vertical please join me for x y and z and i continue to make money on the fees they continue

to enjoy my experiences without having to unsubscribe resubscribe move platforms whatever what do you think scott before we go to the rest of the panel i mean i think it could have a lot of value. And I think that that's reasonable. I honestly, I'm here to learn. And I went on it to learn. And once again, I said, you know, I was kind of like, exaggerating in, in my experience, I just think that right now, you have to be intellectually honest, just like you said, Mario. And I said, initially, I mean, people are just here to make money. And so I would say that, you know, 1% chance this becomes a successful, meaningful thing

and 99% chance it's just another way that people are sort of monetizing and they move on and we forget about it. And I hope that doesn't happen, honestly, because now my phase is there. Well, think deeper about, just if you don't mind, think deeper about the mimetic timing of the

monetization of x the the state that with which we're at with crypto twitter and shit coins and the simplicity of this platform and the knowledge of people in terms of blending both social audio and speculation connection i think we've done that a thousand times. I understand what you're saying, guys. I don't. And I want to ask Meltem about this, to be honest. But I'll tell you, listen, I have, I don't know, 900 and something thousand followers on Twitter. But I'm a crypto Twitter and nobody advertises under crypto Twitter accounts. I made $104 on Twitter monetization.

Mike, if you think that monetization is exciting on Twitter, I've got a poolside condo to sell you guys. Yeah, but this is... But this is... So, Fiji, you're talking about monetization. Now, I'd love to get other thoughts. We're going to go to Meltem on Goody, Cook. Elliot is up a stage as well, but... Our own shoe is in Meltem,

so I really want to hear Meltem's schtick here because our own shoe... See, they're shilling. Yeah, yeah, hold on. I think Meltem's going to... No, no, guys's shtick here because I own... See, they're shilling. I think Meltem's going to... No, no, guys. No, no, no. We don't know. No one's allowed to shill their shares here. No one's allowed to talk about their account. But Meltem,

I'm going to give you the mic since Scott and Ryan spoke highly of you. Let me just rebut Fiji very quickly before we go to you, Meltem. And the point that I have to you, Fiji, is that there are more monetization options being added to X. You've got obviously the percentage of ad revenue, which I'm shocked, Scott, your number is that low. That's insane. But that's one thing. The other ones, they're adding ticketing system for spaces. They're adding other monetization

options for YouTube videos. I'm bullish on it. Yeah, but they're adding. So I don't know why you need a separate app for that, but Ryan go ahead and we'll go to Melton. That's like, I'm going to go to five places. What's your number? So guys, guys, guys, hold on, hold on. What was that, Ryan? What is your, what did you earn in fees from Twitter?

In ex fees? I haven't shared that, man. I really don't want to share. I don't want the hate and shit. So I'm not sharing that, man. I really don't want to share. I don't want the hate and shit. This is a good time. I'm not sharing it, but I'll message you via DMs. But let's go to Meltem. Meltem, both Scott and Ran spoke highly of you.

So before going to Cook and Goody, we'd love to get your thoughts. It seems both or at least one of them is a shareholder of yours. I'm only a shareholder of Scott and Ran. Thanks for having me, Mario. And look, I'm not here to promote my shares. Also, apparently, the moon emoji or saying the word moon is now considered financial advice. So no moons will be mentioned. Look, for me, what's fun, I've been on Twitter for the last 10 years, almost. I make no money on Twitter. Apparently, I'm not cool enough to monetize.

Don't really care. For me, it's not really about the monetization. And as spoken about earlier, I think the cool thing about Frentech versus Deeso or some of the other crypto social primitives that have been tried is here, you know, you're not given a chunk of shares. Your account isn't preceded with you claiming the shares. You actually have to go on. I have to create a wallet.

You have to actually set up your account. And I actually think the chat aspect is the coolest function for me. I think I have around 50 shareholders, quote unquote, at the moment. And the chat is really fun. I'm in it. Yesterday, I actually hosted a shareholder meeting the chat is really fun. I'm in it yesterday, I actually hosted a shareholder meeting, which was really fun. I made slides, where I sort of talked about different benefits. And what I've actually done is I've created two shareholder classes, I have the paper hand

shareholder class for people who buy and sell and are kind of trading and trying to make money off of me. So those are the paper hands. And then I have the diamond hand shareholders, which are people who are just kind of there, they're in the chat, but they're not buying and selling. And then I actually also want to figure out a way that I can actually interact with people. So I decided I would deliver shareholder benefits at different prices. So it's 0.69 ETH, the first shareholder benefit will be unlocked. And I'm taking all my shareholders out for karaoke and beers in K-Town in New York, since I'm in New York and New Hampshire. I thought that would be fun. And then there's a few other tiers of benefits.

And I sort of plan to do these shareholder meetings on a regular basis. Look, I think this is, as Brad alluded to, this is a really interesting primitive, aside from some of the interesting new experiments, I think around a building on on base, be creating this new social graph and see sort of thinking through different ways that people can engage with audiences and monetize in different ways. I actually think the onus here is on people who have communities or who are trying to build communities to say, okay, what are different interesting ways that I can engage with people who want to engage with me or hold my shares? So I've seen some interesting

other suggestions online, I'll just briefly mention, I know there's some mention of people actually giving all or a portion of the trading fees they earn back to their shareholders. So that's one idea is how do you sort of share what's being created? How do you sort of share the trading fees you're accumulating? I know one person said when his share hits one ETH, he's going to give one of his shareholders a laptop chosen at random. So I do think it's actually interesting to see, you know, how people are engaging. And I think both on-chain sort of new crypto primitives being built, but also off-chain engagement, like crypto is highly social. It's been largely digital to date.

I think conferences are really the killer business model behind most cryptos. Like there's so many fucking conferences. It's unreal. So I think now this allows people to take ownership of their own following, their own friend circle, new people to come in. I'm loving it. I'm having a lot of fun in the chat.

I get the skepticism. I will never sell my own shares. FYI, if I bought your shares, I probably won't sell either because I think it's a little weird and icky. And then the other thing is, again, you know, we do need to be sensitive to some of the interpretation here. I think if you're promoting yourself or another person and then proceed to sell those shares, you know, that's a little bit professional. You're an unregistered security.

Let's be honest. Yeah, but like, look, i also think if you want to have fun if you want to engage have fun engage um i'm gonna go as far as i can you guys know that i love a good meme i'm doing it for the culture i brought a toilet on stage with me you know i've talked about shit coins in front of congress um i love crypto dick butts i recently staged an opera in a bath house for the crypto dick butt community. I'm here to go all the way and just see like what new frontiers can we unlock? And also let's have some fun.

Like I want to meet people. I want to talk to people. And can we become our own sort of community organizers? I'm here for it. Meltzer, I have a question. Like a more, sorry, real quick. Just a real kind of pragmatic question. You said you're holding shareholder meetings, do all these things. Sorry, real quick. Just a real kind of pragmatic question. You said

you're holding shareholder meetings, do all these things. So I'm obviously like the boomer. I went in there, started going in the group chat and talking and some guy was like, hey, dude, you realize we can't see anyone else's comments and you're basically just screaming into the void and we have no idea what the fuck you're talking about. Yeah. So how are you, like from a strictly UX UI perspective, are you literally buying the shares of the people having conversations with you so that you can respond to them? Or do you like copy paste?

It's just like, how do you have a meeting when nobody can see the comments of the other shareholders? Yeah. So actually that's a great point, Scott. So I didn't realize this until about like six hours

of using the platform, which was like 2 a. Friday night, I realized, only I can see what my shareholders are saying. And then my chat is global. So I actually think it's really cool, because people have a way to message you directly, but your shareholders only see your comms. So what I'll do, for example, I keep track of my Hall of Famers and my paper handers. So whenever someone you know buys and then sells for profit or is like flipping my shares i'll just chat everyone and say hey this person is is flipping this person has re-bought um this person is sell shaming already no look it's just it's funny we also are introducing a new shareholder class for people

on a redemption arc who have shifty hands, who sold but now are rebuying. It's funny. The other thing, one of my shareholders messaged me and told me his mom actually heard my name like a couple years ago and named her Roomba Meltem. So out there, there's a vacuum cleaner named after me, which I absolutely love. So I copy pasted that, shared it. The shareholder meeting, I just dropped a zoom link in the chat. So whenever people say something I think is interesting, I'll sort of reshare it. Sometimes I'll paraphrase, but I think, again, it's incumbent on you to kind

of develop your own style. For me, like, I love the conversation. I love the shit talk. And I love that there is a vacuum cleaner. Let so let me let me just say two things and i know we've got a lot of panelists here and i want to give them the mic but let me say two things number one is i think any discussion about ux and ui is is just it's not constructive for one reason that will change and i've experienced this again with any project anything in crypto that's the easiest thing to criticize such an early stage that we're still invite only i don't know if it's probably still in beta so that's the first thing second what we're going to do in a bit just for the audience we're going to start discussing and i might do get bring in some top names from

bickle out diesel the old platform that was similar talk about things they've done because for this to be sustainable um it has to there has to be ways for people to bring value to their shareholders and i think bickler was late in doing that a couple of years ago, where they had, there was like, you know, nine figures of trading volume, and then obviously just gone to literally zero. Money was flowing into it. Now, I think, Brad, you were mentioning some big names that were already on Frentech.

They were very big names that were on. We're talking Donald Trump's daughter. We got her on there. Not daughter, sister, I think it is. No, sister, sister. No, got one of them. I don't know. One of Donald Trump's daughter, sister. It on there. Not daughter, sister, I think it is. No, sister, sister. No, got one of them. I don't know. One of Donald Trump's daughters.

It wasn't Ivanka. No, it wasn't Ivanka. One of the other ones. Does he only have one daughter? So if he only has one daughter, then a sister. And we had a bunch of celebrities, the boxer, the Logan Paul, of course, Jake Paul was that boxer. The number one boxer as well came on. Floyd Mayweather.

Floyd Mayweather. Yeah, yeah, exactly. So all these guys were coming out like all the top names were coming onto the platform because they felt formal but then nothing happened because it was just there's multiple reasons one of them is very difficult to bring value now is there a a way for this to work let's get cooking goodies thoughts on this is there a way where um this could simply become a big fucking casino because big clock kind of became a casino when jake paul had his first fight um his coin pump pump pump and did they had his fight it dumped um or uh you know is the focus more bringing value allowing creators to give more value to their

shareholders similar to what melton mentioned and we'll go through other ids later on uh cook dip bread goody yeah i'd love yeah so one thing that i think that gives uh wait a second this one an advantage is that because it's based on eth and all the shares are you know effectively backed by liquidity pool that operates on that bonding curve that it's quoted in eth is that eth is independently valuable like bitcloud like the BitClout token, that on its own had to gain demand and value in order for the shares to be worth something. And same with Steemit.

I was on Steemit however many years ago. And that was always the big problem is that there's this other new independent token that has to be valuable, which is hard. It's very competitive. And so I think that alone gives friend tech a pretty big advantage, just, you know, piggybacking off of these, I think in terms of onboarding, being so closely connected to Coinbase is a big advantage. You know, if like, you remember the BitClout onboarding, you know, it was, you know,

you still had to, you know, create a new seed phrase, you had to get a token off of, I think, blockchain.io is going to be launching their own token shortly. had to get a token off of, I think, blockchain.io. They're going to be launching their own token shortly. Yeah, yeah. And so they may. Ouch. Damn. Yeah, that bums me. No, no. It's not... They have to. They're backed by Paradigm.

There's an airdrop tab and it tells you how many points you got. Wait, wait. Fidget all. Do you think that that token will be the only way isn't that the whole argument they're backed by paradigm yes yes not backed by vcs my friend paradigm's gonna take a bunch of money from the ecosystem and we'll be back let's see if we can save this though because the contract is public yeah and then that's what i noticed too is that because i i did a contract and and like anyone could build a different front end for Frentech.

Like I think someone mentioned earlier, there's the contract which maintains the record of the ownership. And then there's this client for it. And anyone could build the client. It seems to be well written. True, true. But the reason I interrupted you is – and I'll go to Cook on this one because I know he's – client for it and anyone could build the client you know it seems to be well written yeah true but but the reason i interrupt you and i'll go to cook on this one because i know he's just speaking while he jumped in as well is you talked about anyone can build on it but that's useless if there's fundamental flaws in how the platform is built what do i mean by this well big cloud

had a bonding yield curve that means it's similar to this where the first few shares are like peanuts and then it just goes up significantly there's sniping bots as well that get those early shares really quickly so my concern is um that increases likelihood of pump and dumps and those pump and dumps are what destroyed bickler i can't tell you how much fucking money i lost on that platform so cook the issue of pump and dumps where someone creates a coin a bunch of bots get the early ones he builds it up builds it up and then the early guys sell and the guys that are less early but still early sell and they keep selling on top of each other just makes it very unsustainable why the bonding yield curve cook yeah hey thanks for tossing it to me and also thanks for having me it's crazy for me to be up

here fucking nuts the kook wild ride i'm not going to try to pump my shares or say anything about them but i'm growing fast so okay you just did all that you just did no don't do this again go ahead i won't do it again sorry man um yeah i mean there's a lot of different ways to go at this i think that you can look at the bonding curve i mean and the bots right someone like you you would have been screwed as soon as you signed up the bots probably bought it due to like half an eat i think hopefully there's solutions for that it's cool it's hold on about the bot it's fucking ridiculous so when i created it i was like in bed just woke up someone messaged i think good you good you messaged me about it again this morning i'm like fuck it let me check this out oh no one of the kristenstein brothers or something i was so mad i because i told him a

week ago and i told him to tell me when he fucking signed up. And then he tells me like 10 minutes after. He's like, oh, I signed up and now I'm worth like half. Like you said, Kook, he was worth like half an ETH already. Now he's worth like 0.8, 0.9. Actually, people are dumping him live on space. I don't know. You got to pump yourself a little bit. I don't think you have to pump yourself, actually.

It's the opposite. I think that this stuff is noise mario because hopefully like ultimately the value of creators delivering should normalize with pricing over time bots are going to come you can mint directly from the contract they should fix that but here's the interesting thing about me i want to try to like give a take from my perspective like digital and i have talked about this a lot at a conceptual level. Brad's built out this vision of where like the social data can go. I think it's very powerful from my experience. So I've gotten on there. It took no time, a couple clicks. I'm an ETH address. I've given them no information that Twitter didn't already have. Apparently, I got about eight times what the wolf of all streets got for ad revenue. So that's sick um but look i

had to give them my canadian passport my canadian banking information i moved to europe last year so my portuguese residency card and my european banking information to both stripe and twitter it's a bit nuts and so you know the privacy stuff all the stuff was already on chain maybe there's problems with the max size of a community because of the bonding curve. But maybe for like a big celebrity like you, Kobe, right? He's over two ETH. Maybe people want to pay for access like at a smaller circle level. And for me, look, here's the big difference between Twitter and subscription services. I go over there, all the information on who likes me, how much they're willing to pay,

the volume, you know, it's all on chain. I kind of own my brand, my IP, and even my, my fans, I own my fans and the information around my fans. And if I grow and I'm cool, and people think like, you know, I'm a good person to have on a social app. Maybe they come to me and they asked me like to go use their app and try it out. Like, it's kind of power to the people, man. I think that all the fan companies are gone in 10 to 20 years. And I think that the theme will be decentralization and putting power back into creators' hands. So I like it from a creator economy perspective.

Mario, doesn't this kind of just, listen, I'm not trying to be dismissive of that. It just sounds like when we were in the NFT bull market, what people said about PFP. Yeah, you buy them for access and stuff. And then the price goes down. But hang on. I'm not saying you buy them for access and stuff. And then the price goes down. But hang on. I'm not saying you buy them for access, though. I'm saying I like the meta, this social dApp layer. I think it's cool.

And look, MySpace was replaced by Facebook. And then Facebook was replaced by kind of Instagram. And now people are on Twitter. But I think this centralized control model is going to go away. Whether it's Frentech or something else. Yeah, but this has nothing to do with those. This isn't a social media platform. I agree with you in theory.

I think that's your idea. But my concern is that Deeso had a lot more than what Frentech has. And again, I'm pretty bullish on Frentech, just heads up. We're going to do a lot on the platform, and we've learned a lot from Big Cloud. So I'm talking as a very bullish person who's going to use my team to experiment, to do a lot on the platform. But the concern is that Deeso did a lot more, yet Deeso's not no more. They're still sitting on whatever, 50 mil. They've raised two or four, I think two, three, 400 mil they raised from all the top investors, from Andreessen from A16Z to Coinbase, the Reddit founder, Pantera,

the whole, any big VC was invested in Deeso and the founder is a pretty legit guy. So Frentech is a few steps behind. They haven't raised that same money. And by the way, we're invested in two other platforms that are similar to Frentech and Deeso. Again, I'm bullish on social talkers. But my concern, and Goody, maybe you can jump in on this one, is that there isn't enough value on the platform beyond making a small amount of money.

And they need to move quick. That makes it more valuable. Didn't work on BitCloud. Go ahead, Brad. Deeso, BitCloud, Lens, all those things are over. They're trying to over-blockchain the entire experience. The beauty in this is the simplicity that smart contract that is serving as the registry is basically nothing and that's what makes it so beautiful because it makes the entire landscape

above it expansive and open to anyone who wants to build on top of it right so you have these one of many outcomes you have developers that are spinning up things on the side because they have access to that and because that the blockchain is touring complete people can get fucking weird with it right you're having people wrap each other's tokens and throw them in bread is the api open yeah that's what so that leak quote-unquote was just the public api scraped and put in a csv file can you send that to me please um can you send me so i'll let you guys dm for that but yeah it's in my bread bed maybe i'm gonna take a different take and then Goody will go to you. But I'm going to have a look at it differently.

Is that maybe building on top of it and creating all these things and allowing people to build on it, maybe it's just overcomplicating something simple. What do I mean by that? And this is an interesting take. Big Cloud, and I said this to the founder, Big Cloud did really well. I'm calling it Big Cloud because that's when it was big, when it rebrand to desos after it died or you know became a lot smaller big cloud worked because of the concept of buying coins and people and making money because it was a casino for people with the option of adding value it became a social token platform but what they did is they wanted to become the layer layer one for social tokens in general they want to become a protocol and they were adding feature after feature after feature the entire community on bigCloud was just pissed off.

Like, guys, we have something that works. This blew up. Everyone in crypto is talking about it. Yet you keep trying to add more and more features and trying to compete with Twitter, trying to compete with Instagram. Someone, I mean, I was invested in the number one platform on BitCloud, still invested on a third of it. And they were competing with Twitter being built on top of Deeso. There's another one that was competing with Instagram. I think one was competing against YouTube.

There was a clubhouse copy being built on top of them. So it just became too much. And that could have played a role in the platform collapsing. So bread, goodie, could that be a detriment? Why doesn't Fintech keep it simple? Hey, make money by buying coins into people. And then you link it to the news outside the platform. Like if I become president, my token will do extremely well. If I leave crypto my token will dump plus the value you add within the platform itself you can see i've gone deep into this shit two years ago no no because it is simple and it's better than that at the same time like it is simple and it and it's better like you can still interact on a very simplistic level like bread said just like buying these shares and selling

these shares are super easy and the transactions go really quickly and they're really cheap, which is proving like the robustness of this L2, which is really cool as well. But it's also the fact that you can like interact with your holders in a different way. There's no other platform. What do you mean different?

What do you mean no other platform? Hold on, Goody, Goody, hold on, hold on. Ran a hot mic. Goody, every single platform allows you to chat with people. Like this is, and I'm not saying this is a bad thing. Maybe the simplicity of it is good. This is a way that's similar to what we wanted from NFTs, which was like access to people specifically.

Bro, there's groups, but there's groups. There's special access. Yeah, but other speakers said the same thing. But there's WhatsApp groups that I paid five figures or multiple five figures just to get into them. And that's pretty common in the crypto space and probably outside of crypto as well. So the value add, other than the concept of being a casino, again, the unregistered security, so it's a whole different discussion. With the concept of being just an online casino based on people, could it just be it? Why do we need to do more meltem i mean meltem gave some

really good ways that this could be used differently from the last like two days that she's been using it and people are going to start using more and more creative things like this is something that you can use to communicate with your community where they can't communicate with each other but you can see everything that they say so So you get a direct line of contact with people. It's so clunky. It's clunky, but it's going to get better. Yeah, goody. So here, I don't disagree with that.

I think that it will get better if this doesn't just go away in a week or two, right? Which I hope it does not. Here's my problem. So I was kind of trying to think through the mental model this morning of how to actually add value if I was going to sign up. So I see a lot of people are doing giveaways, right? But they're obviously, 99% of them are using that to make more money and then give away less than they're making. So it's a way for them to make money. I'm not judging that as a fact. Right. That's unsustainable. So giveaways are temporary. The other one is a buyback and burn,

which I understand conceptually why they would do it, but that's just artificially pumping the price. And then the problem is if your argument is that you want people to have access to you, you should theoretically want the price to be as low as humanly possible. So if you're doing that and your price is one ETH, the person who really wants access to you can't afford one ETH to talk to you unless it's literally someone who's's seeking to do business with you. That eliminates your actual... Your resources are finite, though.

You can't respond to a thousand people. And nobody's going to even on FriendTech. That's the thing that's the issue. I like how you're pretending now that people care. Make up your mind. Is it the talking or is it the gambling? It's also about information.

Like people pay for alpha. That's one of the most paid for things in the NFT space. You can go in there. People like post trades. I'm like, how? Look, you can be an alpha provider. I told my shareholders that anyone who's ever in Lisbon, standing offer, own a share of poop,

I take you out for beers and we go surfing. Whatever you want do like it's a small group you can that's way cool yeah i'm not i'm not trying to get raped um or mugged so i'm gonna skip well i don't think someone would pay 400 for a share of me if they thought i was gonna mug them you know it's a bit weird but no they're gonna mug you oh no no one's touching me so let me let me and take your phone and let's let's i think we've naturally shifted to what are ways to sign and dip catch you gotta stop pinning shit bro we just pin sponsored sponsor tweets um and goodies well um i was just trying to yeah oh good bro good i actually looked at them they're actually pretty cool shit you shared um so maybe you could retweet it. People could check Dipcatcher's account. He has some cool tweets on this.

Let me go to Elliot and Yazan. Guys, I want to start digging into it, and I've got a whole list of them, but let's get the panel's ideas first. What are ways you could bring value to your shareholders? Like, at least be subtle about it. Do you have to call them shares? Everyone has to say shareholders. Social security.

Social security. Yeah, like gold community members. I forgot what other platforms call them. Gary Gensler is going to love this. Yeah, I know. This is great for the ETF news. But yeah, Elliot, what's your strategy? You've got a pretty big community. I don't know if you're on Fintech.

Maybe you're a hater of Fintech. And again, guys, this could end up dying. I don't know if it's a scam or not. I haven't looked into it. Not sure if anyone else could kind of give that take and be someone more critical. But for me, the more concern is that is it going to be sustainable? Because I love the concept of social tokens or, in this case, social shares. But Elliot, let's kind of pivot to strategies to build out

a community. Why would someone buy shares in X and whoever? Yeah. So thanks for having me guys. I think my biggest problem with the whole thing, and I've tweeted a bit critically of it, which is that, you know, when I signed up, I immediately saw just like all you guys, my shares like shot up to like 0.4 ETH or whatever. And I realized, obviously, there's just this network of people who are buying early, and it could not possibly be due to anything that is inherently valuable within it, that they're just looking to sell to later participants. And so that makes me very disincentivized to try to get anyone else to join that because I'm like, hey, come in here and these early guys are going

to sell on you. That's like a nightmare, right? And I think anyone with a bigger following that has been in this community for a while realizes the dangers of that dynamic. The bonding curve is also insane the way it goes up in price. You have like 10 holders and all of a sudden it's trading at hundreds of dollars. It's like, who, who, who beyond the crypto wealthy would ever participate in this? It's, it smells and reeks of, um, you know, not even 10 K PFPs, but way, way, way smaller, um, quantities. Now, look, I get it. Like there's a lot of things to be excited about, but for me as a creator with a bigger community, like it, it feels like it's just super, super, um, you know, uncertain, uh, the future. And it makes me not want to push any of my people in now I am having fun chatting with the people in my

chat room. Um, but I have no intentions of incentivizing or adding some kind of special mechanism or even trying to hype or, or promote in any way my friend tech shares. And, and I really do not want them to go up in value. That's not something I'm hoping on or looking for. Obviously, there's like the ego in you that wants to see your name up on the leaderboard. But beyond that, it's like I actually see so many issues with being up in that position and then trying to uphold it. And for all of us who have been in crypto for a while,

we've seen this sort of rise and fall of these things and how whether right or wrong, the finger gets pointed at the people who are, you know, uh, who are benefiting, which is right now, anyone with an account, uh, benefits because they're getting trading fees and all this stuff that I didn't even know I was getting when I just signed up. I just, I was like, Oh, let me check out this app. I signed up and all of a sudden it's just like full functionality marketing. Like I was, I was not prepared for that. Um, and and so that was there was quite a bit of um layers of shock i get how there's a very strong social flywheel but until proven otherwise i think

there's just a lot of airdrop forming going on and we'll see what happens after the airdrop because historically after the token goes live everything's everything changes and if it wasn't it's the second half if it wasn't paradigm and and Kobe is the first two users on this app, ask yourself, anyone would be there. I mean, that's the real question. Yeah. So I'll, I'll, I want to mention two important things because Elliot, you touched on one number one.

And as again, from my experience on big cloud diesel, number one is don't use your public wallet. The one linked to your name to buy shares in people. Because then you kind of feel like I only buy shares from my account of people that I like on a personal level or that I have relationship with because I know I won't sell and I don't care. But if you're looking to make money, don't do it. I'm a pretty transparent person. I use my wallet for all investments in general. And on BitClout, I used one wallet to make all my investments. And I thought it's fine because I invested a lot of money there. I

bought coins in so many fucking, hundreds of creators back then. And when I decided to sell for whatever reason in any creator, suddenly they took it personal. I'm like, bro, I'm just buying your token. They don't even get the money. Some people don't even have a founder's fee. And selling it is actually a good thing because it makes it cheaper for the next person to buy. That means you'll make more money by people selling your token. But people just take it personally. So I got a lot of criticism when we ended up selling tokens and when we exited the platform a couple of years ago, which didn't believe in a few things they were doing. So make sure you buy from an anonymous account just so you don't have that issue. That's tip number one. Tip number two, do not, and that's Elliot, you kind of touched on it, do not get emotionally attached

to your token price. And again, I learned that the hard way. It just becomes so tough when you put a lot into it. So there was like a top 10 leaderboard. Everyone was trying to get in there. I became the only person to get in there three times in total. And it just becomes really toxic because people buy your token or share, even if you don't make money off it. In this case, they give you a big percentage. On Big Cloud, they didn't. You can put a 0% founder's fee,

and I think we had a very low or 0% founder's fee. But when people buy your token, they're believing in you, and they feel very attached to it, and that applies to anyone that's launching a project with a token. But in this case, when it's your fucking name, it becomes a lot harder. So once you're personally attached to it it could really eat you up now i've learned not to really get attached to it as i did before but just elliot is absolutely right

and it will eat you up so scott just don't give a man build it up feel a bit of guilt because you know these people are believing in you and i'm one of them so you have to feel a bit of guilt but don't feel too much of it uh because i don't want to sit you know i don't want to get one of those calls where you're sitting there crying at 2 a.m in the morning yeah yeah just just one last thing and i appreciate you guys having me on is very emotionally yeah yeah like just essentially it's okay to chat in there or whatever but i think that there's a lot of incentive issues with the platform that will that could be worked out bonding curve is way too way too steep. I cannot see this jumping to non-crypto natives at all right now. And it

just doesn't make sense from a price point standpoint. And until we see the actual airdrop come out, we don't know what the true behaviors around the platform are really going to be. But at the same time, I just want to reiterate, my goal is I will not be marketing my own friend tech. And I think it's okay if you guys want to do that. But I also think that you should really think through this because it could be very dangerous to try to market your friend tech shares. I did not realize just by signing up that I was going public with it the way I was. And so I was just trying to poke around the platform and I ended up already starting the thing. So I've made a very public statement saying, hey, I do not have any plans

to incentivize or provide any special value here. So do not buy my shares. Please don't. And so I'll say once again, don't buy my shares. Thanks, everybody. Bye. David, so everyone, lesson number one, do not buy Elliott trade shares. And if anyone unmutes now and say, buy my shares instead, they will be removed. And David, I want to ask you to come up. If you've got a couple of minutes, I want to see what the SEC would say about all this. And what are the legal things that we need to know?

All the creators you need to know. So you've got time, David, jump on or bit law. I see in the audience as well. Any other lawyer? Mario, just on the,

on what Elliot said real quick on the main, mainstream people using it or non-native crypto people using it, I mean, over the weekend, you had a couple of different people, FaZe Banks and Grayson Allen, the NBA player, and even a couple OnlyFans models who a lot of people predicted OnlyFans models would really love this app. You know, a lot of people are starting to use it because it isn't that hard of an onboarding mechanism. It does the bridge for you. It's a very hard goody-goody.

It's very, very, very hard. Very hard. He's been with crypto a long time. Yeah, David, you've just dropped off, by the way. David Silver, I've just invited you again. So before going to Yazan, let me see if David's here. Scott, do you want to hit it? Oh, God, is David going to tell me that I violated the SEC?

I haven't even just signed it. Mario, you don't need a long legal analysis. Oh, Fiji, shit, we haven't. I feel it. You don't need a long legal analysis. Oh, Fiji. Shit, we haven't. I feel so bad. We've got a lawyer on stage. Hold on. Fiji, tell us what should we know from a legal perspective before going to Yazan and Legendary? Well, this actually breaks down,

interestingly, the legal parameters of how things are actually going to look like they're breaking down in the courts. It looks like it's case by case, which was the XRP ruling, which is probably how it's going to be differentiated between a commodity, a currency or security, right? It's how it was sold. And in XRP, they looked at the fact that they specifically said that the SEC hadn't profited enough information or evidence stating that the secondary

market were relying on Ripple's marketing campaign to make the purchasing decisions right which is crazy the answer is if you're on here like uh like kook or or somebody directly shilling your then you are selling and marketing to a public audience that will probably likely be illegal but he's in Portugal so what the does he care but the platform itself is a smart contract the The tokens are available, right? It's just ETH at the moment. So it does make you think about not what is a security,

but when is a token a security. So it's a case-by-case basis. It's the way you treat your shares. So if you're someone like Elliot or any of us really, except Cook right now on stage, that is, and I don't know what you guys do off the stage, but I know Cook is definitely... We're That is, and I don't know what you guys do off of the stage, but I know Cook is definitely... No, no, we're making social.

So I'm doing this as a social experiment. Wait, I didn't know what he was going to say. He knows Cook is what? It's Mario. You're a shiller. You're a shiller. So I'm not going to take a penny off the platform. Publicly recorded, I've put it in writing.

I'm not taking a penny off the platform. Every penny I make, I put into other people. For me, this is a social experiment a legal experiment and a socio-economic experiment the fact is i want to do a legal experiment scott i'm gonna go punch someone in the face i want to see how hard do i need to punch them for me to go to jail but it is a legal experiment so i'll make sure i tell the cops before I buy it. I try that in college. So, Fiji, go ahead. Sorry. So, you're going to have a lot of people on platforms going, for example, watch this.

Please do not buy my shares. Now, if people go buy my shares, did I just sigh at them? Marketing, right? Like, where are the lines? No, I'm not taking a penny off the platform. I'm never selling anybody's shares. I'm literally doing this to explore what it means to connect.

Just two secs. Tokenomics. Romy and team, if you're listening to this, please clip the last 10 seconds. I want to send it to the, who's that? John Deaton. No, not John Deaton.

John Lee. Who's it? John Stark. Reed Stark. John Reed Stark, who's a regular analyst. Send it to me too. I'm going to loop it and make a beat up. No problem.

You got an extra bedroom in Dubai, Mario? Not for you anymore, bro, after what you just said. Sorry, bro. I had it like five minutes ago. But let's go to Legendary and Yazan. Yazan, I want to get your thoughts and maybe give us some ideas on how if you are on the platform, how you plan to use it, if there is a plan yeah uh i

honestly experienced something similar like elliot uh elliot trades i opened up an account and then like within minutes people were buying my shares and uh it's not even people that i know or even people that follow me you know it's people that are their boss they're sniping your shares and then when i didn't even know that there's i'm i was making trading fees until like a few hours later i opened my account and i was like where's this money coming from uh that's like one part of it this is more fun than following paulie around and him taking all your money right tell you uh how things work uh by the way, I'm not an expert. There's some media company that wrote an article and quoted me

and put my tweets in an article saying I'm an expert. I'm not. So I'm just flagging. That will happen. That will happen. So BitCloud, the founder, was pretty anonymous at the beginning. So there's media articles that probably still exist calling me the founder of BitCloud.

So it will happen a lot. Is the founder of bit cloud so just just i don't it would happen a lot is he but is the founder of doxed in this case though i don't think the founder is doxed no one knows who the team is oh great and we know who they are what are you talking about the market making is messed up for uh the shares this is i think something that we can all agree on. You know, a few people start buying, your shares are trading for $1,000 plus. So that's just doesn't sound like very realistic for the features that you're getting a chat where you talk with a creator or an influencer or whatever person you want to have access to. And they can't even properly reply to you because no

one else will be able to understand that you're replying to that person specifically. I guess they can improve that, you know, that's first thing where they need to improve. The second thing is trading fees are absurd, you know, every time you buy or sell, there's four to 5% fees that go to the creator and four to 5% additional that go to the app to, you know, so basically 10% of every transaction approximately goes to the app and the creator. So of course, creators are happy. And do you know who are the happiest creators, the ones that have their, their shares, pumping and dumping all the time. Why?

Because whenever you buy or sell, you're making fees. So it doesn't matter. Oh, shares. That's interesting. Yeah, yeah. Of course, I mentioned it and I didn't click in my head. So technically, and I mentioned it in Big Cloud, is that when someone sells your shares, they're doing you a favor

because it allows someone else to come in and buy. Exactly. And the other thing, you make money as well on it. Yeah, yeah, yeah. Exactly. On this point, sorry to interrupt you there was a guy in big cloud called um maybe i should mention his name just out of respect but there was a guy on the platform and no one mentioned his name to keep it respectful but what he did was he would um he would create rug pulls

intentionally he didn't click in my head till later on so he would pop his coin and then tell people to sell it yeah tell us tell us, Cezanne. This is exactly what I was going to say. So basically you can make this thing a pump and dump thing where you can tell people to buy. Hey, I'm going to put money in on it from different accounts. And then you sell it as soon as new people join because the price is just going up, you know. He loses money in that scenario. Like the scenario you just going up you know and he loses money in that scenario like the scenario you just painted out okay he doesn't make money

i create an account an alternative account okay and we all decide to start buying shares i tell my group go to that person buy their shares So your group is early in on it. And then you start talking, this creator is giving the best alpha. They send smart contracts for like shit coins that will do 100x. And everyone will see that you're holding those shares. Your group are holding those shares. People start buying and then you start bumping shares on them and then it ends up being an out account with dead shares

basically to a worthless group. People can use it in a bad way. You're trying to say code away bad people. Bad people are going to exist everywhere and it's going to be permissionless. I'm sorry, but that's just not going to go away. Market making makes it the best place to go. It's better than going

on Uniswap and making a shitcoin. That's how good it is. Can I ask you... It's not like it's not a zero-sum. There's reputational damage of doing that. Can I ask you a question, if you don't mind, Brad? Oh, people forget about that very quickly. Brad, can I ask you...

I do agree there's reputational damage. Brad, can I ask you a question? So you know how you get 5% of every five sorry five percent of every transaction so every time someone buys your share you get five percent correct yeah it's ten percent total five split fifty okay so when someone sells your share obviously no one's buying that share that you're selling so you don't get anything when someone sells your share correct you do you get trading fees you get five percent and the app gets another five percent so okay so when so you get okay shit all right so bread it seems the most lucrative thing is something we're highly not recommending because it's just a really horrible

thing to do but the most lucrative thing is actually creating a pump and dump account volatility volatility let the craziness begin make it work you got to sell my share point you can say something good that you know audience will like to make like listen to me if you get to a point that there's no one buying your shares you have to do something to keep making money because now you have 100 people talking to you for three months and you haven't made a penny and so so so yeah so yes so it's actually what if i put a message now guys i don't like this i'm leaving the next day it's like actually i changed my mind i'm coming back exactly and i'm telling you this is this is going to happen and we will see it happen and you will look back and say say

you know this makes scott scott scott are you like you can trump this all day scott are you leaving the platform scott are you leaving the platform today no because if i said that people would i don't know yeah you should there is an incentive for creators to have their shares being traded but exactly one moment of time, the shares become at a certain price where everyone that wanted to have access to that person for a certain price did it, and they're comfortable with paying that price. And everyone that asked me about it, I tell them, if you're going there to make money, don't go. If you're a creator, you will make money. And if people want to pay a price to talk to you, that's fine.

What's your thoughts on Tornado Cash? What's your thoughts on the Tornado Cash sanctions? Very good question, by the way. Do you think because North Korea used about 20% of the volume to go through Tornado Cash that we should all be restricted from using it? If you think Tornado Cash is the only platform that does that, then

yeah, it's not the only mix. Well, that's what I'm saying, but the argument is the only platform that does that then uh yeah it's not the only mix well that's that's what i'm saying though but the argument is the exact same because bad people use erc20s we should remove all erc20s across the board because people use i'm not saying anyone should remove anything well you are that's what about i i get that point i've made it many times i'm just saying i'm right i mean you can't that's an infinite regress where you can say oh my god uh you know we should we shouldn't pay an iPhone. Yeah, I didn't say we should. Crack dealers use them.

I'm just saying. And I think everyone agrees with that. I'm pointing out what I see wrong with the platform. Like, what can they improve? Trading fees. If creators make optional trading fees where they will not make money and, you know, different plans. You don't have to have, you know, a market making shares. Maybe make a different plan,

like make it like a paid Telegram group or whatever it is. But then there is no incentive to be on the app. Yeah, I mean, we should all just start OnlyFans accounts and communicate with people that way. It's not that different. But I'm literally telling you, I'm on FriendTech right now, and I'm really not trying to be a hater. I'm

trying to check my chat so that I can see if I can respond. It's's fine yes fiji it's temporary man it's fine i think this is a not this is easy to fix yeah then fundamental issues oh yeah yeah why do you just assume i'm the one talking shit rarely get fixed i'm not saying specifically that it will not but oh my god we've probably had 10 of these conversations ourselves on here about, oh, that doesn't matter. It'll get fixed. Let me do the Scott thing. I just have one thing to point out specifically to that point.

The app is not the best functional app that we know of. And the way you add it to your, you know, homepage without downloading it from the App Store, it's definitely shady. And the other thing is… This will never fly in the App Store, to be clear. The app store would never allow this. So this is never going mainstream like in the Apple or Google Play app store. Are you kidding me? They won't even allow anything that's crypto related with fees or

tips or anything. Do you want to know why you're not getting advertiser money? It's because you will not get behind shitcoins and their sisters. Just get behind the platform. Get behind shitcoins coins you'll be raking in money like mario what did he downside i see as a positive what he says what did you do mario what do you say what do you say scott in here i was just tuning out for a bit i all i heard

was some something about your sister something about sisters and altcoin sister and altcoin i see i was telling him i was telling him he's not raking in the dough on Twitter advertising. He shits on shitcoins, and he shits on Frentech because someone heard him. It's like 100 million impressions. You get $104. That's really interesting. I don't know why. I want to dive deep into it.

So we're signing to X Spaces now, like a regular space on X. I did hear, though, Mario, that a lot of it has to do with how early you signed up. So I think people got that first payment, and they were huge because they'd been there a long time. I've never signed up on what? Hold on. Signed up to what, Scott? We were joking about X, about getting… Yeah, I know, I know.

But signed up to what? I signed up to X very late. Yes, you had to go into monetization and connect a Stripe account or else you can't get paid. So somebody on your team is not allowed to be monetized. It doesn't just happen. So I did it literally like a day before the payday because everybody said do it. So yeah, I probably didn't accrue for like the three months before or whatever. But literally like my week fee was like $104, which by the way,

you get ad fees based on whether advertisers want to put advertisement next to your content. They just don't like your shit. Cause you're not pushing shit coins and you're not pumping up friend tech. That's what I'm saying. I do need to start an only fans. That's the only conclusion I can get from any of this.

And friend tech is going to just start posting our nudes anyways, because they have access to our Twitter, right? Can you put a button on the PWA stack? Yes, when you signed up for FriendTech, apparently in that block article, which obviously people are pointing out was not like a hack per se, but when you connected your Twitter account, part of the permissions was that FriendTech can post your Twitter account.

Godspeed, man. Yeah, I was just too post to your Twitter account. Godspeed. Yeah, I think I see that. I just feel like to breathe everyone. So yeah, I asked my team, someone sent me this, and I've asked my team to make sure that you have to go into your Twitter settings, and someone tweeted about it, and remove that ability for them to tweet.

But you can figure this out yourself. But Yuzan, you're making a lot of good points, and I think the most important... Yeah, I made that tweet as well about the Twitter access. I said, we don't know who are the people behind the project. If all influencers have, you know, if they have access to all the big influencers' Twitter accounts, when one day they can retweet one thing, make people go to wallet drainers, no one knows yet. So it's at least, you know, be cautious about that.

The other thing, we see the platform is not the best functional platform. So there could be flaws that, you know, black hats did not figure out yet. Hackers, scammers, those kinds of people. Yeah, but so let me just say something to Brad. Brad went back to you. And before Legendary, you've been waiting patiently, man. So I'll go to you right after. But Brad was saying, he's like, hey, do you think Tornado Cash is an issue?

So, Brad, my response to this will be the platform right now. And again, this is a fundamental issue. That's why I'm concerned more about these particular points than what Scott keeps talking about. It's like, hey, the UI, UX. It's that fundamental issues like this just cannot be changed once they're implemented in the code. And correct me if I'm wrong, but in this case, volatility is a good thing. Instead of incentivizing having diamond hands, which is what Meltem was trying to create, like, hey, Zoom calls for diamond hands, et cetera. In this case, you're incentivized to

have people buy and then sell your shit and then buy it again and then sell it. That's the question that I have for you is that how can you build long-term value with long-term holders when you make money by having people buy and sell your shares? I mean, I think that's just a personal question for any individual trying to produce and extract value from the platform, right? If like, if you care about money, if the ultimate goal is, I'm here to maximally extract value, even at the cost of reputational damage, then yeah, sure, you might do that you might do the Benny Throut of buying my own stuff to dump on my friends to like, of course, that but that's just a human thing, right? And if you apply that to any system, there's going to be someone that is going to be willing to bend over backwards, no matter what to extract maximal value out of that. But that comes with downsides, and it comes with downside tiers.

Yeah, so I think based on this particular point, I would say, and Fiji, we've gone legendary. See if you disagree. I would say that friend tech, if it does survive, which obviously is high likelihood, but there's a likelihood it will, likelihood it would fail like any project. If it does survive, it looks like it's built as a casino for people. And while this may change, and anyone please prove me wrong, I'm just making that, not conclusion, but that kind of one way of looking at it. I just don't see how it can change because people are incentivized to buy and sell. And it seems the incentive for this platform is to make money rather than build a community. Does anyone disagree other than Brad? So first of all,

first of all, you're not investing in, I don't look at it as you're investing in the people. You're, you are putting money up on the, on the bet that other people will put money up to. I'm just telling you how mathematically and optically, that's what it is optically mathematically mathematically it is optically it's not meaning yes meaning i'm not getting money from from you working at mcdonald's right i'm not getting a cut of your revenue so i'm not investing in you i'm i'm i'm betting or gambling on whether or or i'm enjoying the ride a lot of this i invested in macho Big Brother originally because I thought it was a scam account because it was so low. And then he messaged me, hello.

And I was like, fuck, is this really Macho? And I asked him a question that only Macho would know. He played a record for Richie in LA a year ago. And five people have heard it. So I'm not betting that, I'm not betting that that person is going to be worth my money. I'm betting that other people will speculate, that other people will speculate, that other people will speculate.

So, Fiji, you just made my point. You just made my point. So, would you agree this platform is for making money of people, people's shares of coins, and not building a long-term community by offering value long-term? It's built that way. Mario, why do you buy stocks? So you're saying this is... Because you believe other people are going to buy stocks. So you're saying this is...

And price will go up. Yeah, but there's... Yeah, so fair point, but you don't... The company doesn't... A company doesn't make money if someone sells their shares. Their share value going down is... Hold on. Again, I need to highlight this. A company does not benefit from someone selling their shares. Their share value going down. Hold on. Again, I need to highlight this.

A company does not benefit from someone selling their shares. They only benefit from someone buying. This platform benefits from someone selling shares. Well, if I shorted it, I would, A. B, the most important thing is it's not just, here's what I look at it. I know you can dance around this conversation a million different ways and they're all right. A, it's a contract at its base. So do I think it will survive? The question is, what is it? Social finance? Yes.

Will people continue to build stuff off of it? Friend, friend, friend. Let's not play this game. Yes. Social tokens are in good shape. No, no. I think frentech. Yeah, go ahead.

I think frentech will persist as the kernel, the core of a bunch of other experiences and products on top of it. Now, if that bonding curve or that contract gets iterated on, changed, Frentech 2 comes out, and it's much friendlier. Can they change the bonding? Yes. Okay, so that could – Yes. They'd have to release a new – Not –

Brad, go ahead. Yeah, not on this specific contract. They have very little permissions to it they can adjust the fees but that is it they can't extract liquidity they can't do anything so they would have to basically turn the fees to zero say we're going to a new contract and then have that one have dynamic and how do people move how would people move how would people stay on the same front end with a with a different contract they have to move to a completely new front and bread like how would people have to do to migrate to the new contract it'd be similar to a uni pool like when when uniswap updates to go from v2 to v3 they

leave the old one up and they say hey we made a new better cooler one you can come over here and do it if you want and they could import the previous shares okay you can import danish what do you think man do you think very carefully as you choose your words danish is on stage think very carefully yeah he's the biggest scam Danish is on stage. Just think very carefully. Yeah, he's the biggest scam rug puller in the whole audience. He doesn't even have a doctorate degree. You're supposed to laugh, Danish, please. Okay, that's awkward.

My point was going to be, will this iteration of it? Don't think of it as just the money part. It's all of them. It is the social, if you want it to be the social, both as the buyer and the seller. It is the alpha, if you want to be the buyer. It social, if you want it to be the social book, as the buyer and the seller. It is the alpha if you want to be the buyer. It's anything that you want it to be, and therefore I think it will survive in whatever we make it,

and that's the difference. BitClout is and was what they made it. The fact is this will become however people use it, and that's why I think it will persist. It's just how the incentives, it's all about how the incentives are aligned. I should probably read the Charlie Munger quote now, but I can't remember what it says. And the incentive seems aligned to gambling and pump and dumping rather than building long-term value.

I'm not saying that's a bad thing. I'm saying each person can determine whether they think this is bad or good. I'm saying this is how the incentives are aligned. The NFT market lasted for two years. What is the Fiji? No, no, no, no, no. Fiji. You NFT market lasted for two years. What's the... Fiji, Fiji, what is the... Fiji, Fiji, no, no, no, no. Fiji, you can't compare to NFTs. You can't compare to NFTs. What is the incentive

for a project to have their NFTs go down in price, people sell their NFTs? There's a whole bunch of other things. But they make money too. Royalties on the way down. Fair, but that's the issue. No, no. Yeah, but royalties are gone.

Royalties are no longer a thing. No, they still make them. And look, OpenSea is about to get shut down by Yuga to implement royalties, right? The incentivizations will win at the end of the day. And by the way, Mario, do you know what the top three D app in terms of profit was this last week?

One of them is Frentech, yeah? $1.7 million. $6 million. Yeah, again, BitClout had significantly higher numbers, and that was in the bull market, of course. Again, it looks like I'm very critical of Frentech.

Someone's going to be pretty active experimenting, but the only reason I'm critical is to balance the discussion, and these are valid questions. No, this is a great sign up. You're trying to get royalties on the way down. No, no, he's critical because it makes sense. Because this is another example of how crypto can't actually deliver value for actual human beings anymore. It's another reminder that every single time crypto has a project that goes well, it's a way to extract value from each other, from your quote unquote community. You should be focusing on building real applications for real people that actually

solve real problems. And when you have a good use case, people like me will actually get excited about it. The reality is that all people are doing is focusing on ways to gamble and make money quickly. And these are the types of projects why people like me who actually care about innovation are sitting here saying, what the hell are these crypto bros doing? Do you all not have anything better to do than to go and keep gambling with people on these stupid platforms? If you came to me, hold on. No. You came to me. One second. If you came to me, one second.

I know I'm going to upset everybody. That's my point. But, you know, the reality is if you came to me and you said, you know what, right now in the records industry, they are extracting value from artists and the artists aren't getting good value. And we want to build a Web3 platform to actually help these artists get royalties

when people try to pirate their music or whatever that would be an interesting use case there will be smart contracts maybe nfts would be involved it'd be a little bit more interesting but sitting here and hearing you guys say oh you know like it's okay we can build community does not mean extracting value from people you claim to be friends with that is the most ridiculous thing i've ever heard and it's a reminder that you guys keep messing you. And then you expect people to take you seriously. That's all I was going to say. Danish,

I'm glad. What's your friend tech account, Danish? I don't partake in those things. Can anyone prove me wrong on what I said? Is that the incentives, other than Fiji and bread, because we've got how they take is there anyone else that can tell me whether the incentives are not aligned for pump and dumps they can make an argument against that i i don't think anyone can mario that's my humble opinion and like danish said listen creators are

going to be uh feeling pain because we're saying this because they're losing or missing out on trading fees. And that's the reality. Everyone, you know, was talking about Andrew Tate's war room. At least it's in a functional Discord server that you can have proper conversations with people. That's it. Like, this doesn't make sense. Someone paying $20 to talk to you

and someone else paying $6,000 doesn't make any someone paying 20 bucks to talk to you and someone else paying 6,000 dollars doesn't make any sense alright so so Brad I mean Brad okay Brian

I'm glad you jumped in because I actually used your Brian is the reason not you Fiji not you Goody who messaged me both about it so Brian randomly

puts on Deesa on BitClap which I check occasionally a bunch of invite links I'm like alright I'm gonna check it out finally. What is this Fantech thing in the morning? I get the invite link.

I join. And then I start my account. And then all these bots buy up my account. Now, if anyone doesn't know, Brian and Ed talked about me being very active on the platform. They used to also be considered the founders of the platform when no one knew who the founder is. Very active on BitClap, Deesa, and for some reason they still post on there. Brian, we had a whole discussion on Fantech. I think you were discussing it in another space as well.

Initial thoughts and kind of where we, what were the point we're discussing now as you jumped in, not sure how much you heard, is that the incentives of getting a fee out of, and similar to BitClout or Deeso, is that when people sell your shares in this case, you get a percentage out of that, 5%, and that incentivizes new people to buy it again and you get five percent so you know that famous person that did a lot of rug pulls and i don't want to name them but they did a lot of rug pulls gamified rug pulls they were very open about it

in order to get that percentage and that play that game and you know i think some people say made a lot of money it seems the incentives with Frentech are the same. Now, you guys, you and your brother, focus on building long-term value, and you kind of did that on Deeso as well. Considering what we just talked about, is Frentech the incentives? Does it allow you to do that? Is there any chance of Frentech becoming a long-term community building platform over an online casino for people's shares. Yeah, so I definitely see the incentives aligning to kind of create this incentive to pump and dump. Like some people have said, if you're earning based on the transaction fees, so the 5% you get, you kind of have an incentive to maybe create a secondary account, buy your own share, pump it up, get people excited about it,

and then sell it, bring it back down, and then get people excited about it again. And I think the issue is that you can technically do this without people realizing that you're doing this. And the same thing happened with BitClout in that people were creating these secondary accounts to really get others excited about buying a coin and then dumping and the cycle would keep happening. Now, I wonder if it's going to happen the same way as BitClout. Remember, with BitClout, you had people who were selling their own coin and it was sort of taboo to sell your own coin, but it wasn't anything like totally taboo. So some people, they could rationalize, hey, I'm selling my own coin. I need to take some capital out. It's what being a creator is about. I'm selling my own coin to make some money so that I can continue creating. It was just like this sort of new

thing that people didn't really understand what the proper ethical way of going about it or a moral way of going about it was. I think you're going to run into the same thing here with Frentech. People don't really know. And I think people can get hurt at the same time. I get the idea behind it. I think that if they can continue to develop it and add more utility to it, I think that maybe then it would make more sense. Like right now, you're buying somebody's share uh to get access to a little dm box that really sucks uh yeah exactly that's yeah right i'm sorry i'm just as you talk about that part of it and i've heard everybody talk about your body access and blah blah blah like the same people who are saying this to some degree not on stage but on twitter are the same people who are saying this to some degree, not on stage, but on Twitter, are the same people who railed against paid groups. Wouldn't it be better to just charge somebody $20 and have a Discord

where they can actually communicate with you? And I wouldn't do that, by the way, because I'm just not something that would do. But if somebody's buying your share and they're going to have access to you and expect you to respond to them three years from now on friend tech if it still exists because they bought your share on the first day from a bot like i just i don't people have literally spent millions if not tens and hundreds of millions of dollars building platforms that are ideal for communicating with an audience and this one was like 1984 broken ass atari and we're trying to convince people that its main purpose is to communicate with your audience.

The more I'm listening to it, the more I don't just buy that. That's not even a point against Front Tech. Let's just admit it's a casino for like trading. And that's what crypto is. Yeah, no, I think that the fact that whether you buy one share or you buy 10 shares of a person, you get the same exact access. I think that's kind of dangerous as well. Yeah, and just in terms of having like a paid chat, as I've said earlier, it's a more sustainable model of just doing it on WhatsApp. Create a paid group on WhatsApp where people pay there and they're not going to leave

unlike doing it on front tech where people buy and sell and you'd have to remove them add them it just and again i know bread you're giving me a thumbs down so i do want to give you the mic since you're the expert here and i we don't need mean this you know we're trying to look at this objectively and i'm not even saying again i'm not even saying it's a bad thing maybe that's what ends up working the best and that your token could end up. I know you guys are launching a token based on what Fiji said. So your token could end up doing really well and people's shares, people could end up making a lot of money. And being the casino for people's shares could end up being something that people want.

Brett? Mario, for clarity, Brett is not part of the company. Yeah, yeah, yeah. I called him an expert, so not a shareholder. But go ahead, Brett. Yeah, I think one thing you guys are like that crypto's ultimate product market fit is to be a vehicle for speculation. Like that's its grand, grand thing. Anyways, so I still think I still think there's two conversations to be had here. One is specifically on Frentech, which, again, I'm not part of the team.

I'm actually in agreement with most of you guys. I think the current setup is too rigid for mass adoption, whatever scale that is for you guys. But there is something very powerful here in the bones that makes this stuff up. And I want to make sure that the conversation is still broadened a little bit to see what the component parts can actually make up for something in the future. So yes, Frentech, rigid Frentech may have some adjustments to actually be something that is sustainable long-term. I know that's the focus of the conversation here, but we need to make sure

that we're seeing what the underlying components can do. And that is part of this Frentech thing. So, you know, whether this thing achieves network effects and gets escape velocity, where it just, it is the canonical registry for mapped addresses, doing stuff in any of these Web2 apps that you guys are talking about, the power, the ultimate power here is enabling an entire ecosystem out of this registry thing. And everything right now is compressed into a 10 day window of hyper speculation where, yes, probably 80 to 90 percent of participants are there simply to make money because they see numbers and that is not sustainable a hundred percent but they're almost becoming a victim of their own success here where over a long horizon where something like this is a model like this is normalized and you know you're not having huge accounts come online every 30 seconds and everyone's staying up overnight to make sure that they can snipe this thing against bots and there's bot wars and all these like it's maximal

value extraction right now because of it just getting started and I want to ask Melton more about this but Brett didn't like what would their incentive to be if it slows down they made a shit ton of money and can literally walk away with their lottery ticket so I I'm not saying like once again everybody thinks

I'm being so dismissive our goal here is to be critical of these things and to have an honest conversation. And so like, like, just like Mario said, it's not necessarily even my opinion. I'm just trying to ask the questions that seem logically to, to make sense. Like if these guys have made, how much money have they made? If they're almost $2 million. Okay. So probably more by now, I have to imagine that's good. So let's say $10 million.

And then it massively slows down are they going to build are they going to just let's be honest right so that's well so that's that's part of the that's part of the power thing and there's that's the true conversation thing if if that on their road to that 10 million dollars they have so many people that decide that the market decides they they like the, the curve, they like the fees, they don't care, it's worth participating in. Over that time, because the base layer is open and public, you have a bunch of other people that have tied into this thing as the canonical registry of people that decided to map to each other, right? It's a social graph at the very basic level. This smart contract is not complex. It is literally just these people cared enough to pay to pay a fee to be associated

with each other. That's it. And you're seeing people spin up bots, alternate D apps, entire ecosystems tied into this. It's almost like the value proposition of ENS, right? ENS standalone is nothing special. It's just a name registry. There's a thousand of these fucking things, but it's a registry that is powerful because it has mass adoption, because it's leaned on as the canonical thing. And if this lower-level thing becomes a registry in some sense of we give a shit about each other, that is a very, very powerful thing. And that is what I'm ultimately bullish on. Whether or not the chat app works out, I don't fucking know. But a lot of that other stuff, it can grow into more than we think right now.

Legendary, go ahead, man. Yeah, I honestly disagree with this take. I think as long as there's no sustainable way for a creator to be incentivized in this platform and the only way to make money is to either be an early buyer or to just pump and dump your own share. And this was quite shocking to hear in the conversation that so many people try to find a way and that's from you know i'm experimenting with platform as

well but i'm like saying be cautious right you can lose your money i'm not sell shaming people like take your profits sell my share to whatever you want but like don't get stuck in there and like people try to find a way to give value back to the holders to redistribute trading um the trading profits the trading fees that five percent that they make off the subject fee which all kind of pushes this more and more into being a security and the problem with this access and connecting with others and and building that community it just sounds like the nft value proposition again but with a difference that it's built on an exponential bonding curve, which kind of replicates, again, the BitCloud model.

And all those things that were said here, we heard them before, like two years ago in the BitCloud conversations. Yes, they also had Sequoia Horowitz, Digital Currency Group. They had a trading volume in the first month. Everybody said the same, keep we keep repeating the same let me ask you mario i think it's i think it's important to note not a security is not inherently illegal it's the manner in which you distribute a security yeah and i think the manner that in which any crypto bro is gonna talk about their fucking share is not going to be the right manner

let's get this straight but legendary i want to ask you brian and and chill pill uh do you think and maybe okay okay hot shot afterwards but do you guys think that um the platform will be here three to six months from now legendary do you want to go first yeah absolutely i think they will be here until the the airdrop which is bound to happen in six months will happen and they do the best possible to find ways to improve the platform to have like media edit to maybe find other revenue shares other revenue models but i think after that if you were to build that like many people suggested 20 a month subscription to chat to people that you can do in paid whatsapp groups as you have said mario you can use the twitter. Like as soon as that exponential component goes away, the incentive for people goes away to speculate on the platform.

And I think after the airdrop, if they even manage to stay relevant until to that point, which is the next six months, the platform will be done. Brian? Yeah, I was going to pretty much say the same thing. I think that the airdrop is going to definitely keep people around. After the airdrop, if they don't improve significantly, then I think people are going to begin fleeing. They need to keep people interested. And unfortunately, I feel like the best way to keep people interested in something like this is to make it more gimmicky and make it more i i feel like gambling and that's

probably not a good thing so you think that you don't think people are missing i'll give you my you don't think the concept of just a a people coin people shares casino and is gonna ignore legal concerns legal issues you don't think it will uh it has legs to survive people just try to make money and lose money on there becomes a complete shit show hey i mean it does if if like there's if there's not that concern over the legalities and and like there's never not going to be that concern unless they change things up significantly and offer actual utility that makes it worth owning a share rather than this gimmicky way of looking at it i feel fiji i think y'all are missing the point this is not bitclub in the sense that it's an open

contract and open api they don't have to be doing the thing what i mean is a blockchain that anyone's building on. They had a whole bunch of dApps built on it. People can build on this and figure out where it goes. BitCloud is a layer one, bro. They could? BitCloud is a... They could?

Yeah, Deezer is a layer one, so they could do the same thing. So what happened? It died. Because fundamentally, the bonding yield curve... Hold on, Brian's here. I forgot. Brian, you're the BitCloud guy. ahead yeah so yeah so mario was saying the bonding yield was so steep that like i mean people were aping into like a a new person say mario joined they'd buy

into him as soon as he joined and literally 10 minutes later they could 20x their money because of the bonding curve and then there was no real incentive of continuing to buy people once their coin hit a certain point. Deeso is still there, but people aren't using the coin. You know, like it's more just a decentralized. How many people are using the platform? Yeah, exactly. It's a decentralized, just a small community. It's a smaller community than many projects.

How many daily active activities do you know i i haven't checked for a while but i would say it's less than probably 500 i mean probably even less than that yeah it was it was in the thousands of every alt layer one though right true it is it is that's an important point um yeah look there's a bunch of uh uh no it's still much smaller every alt layer one spins up they have something that separates them. Ethereum ultimately grows and then they get absorbed into it. Like that's just,

the trail of tears is long. True. But Fiji, you already taught us, where do you stand on this? Where do you see Fintech in three to six months? So is it going to still be here?

And how's it going to be? Is it going to be a people casino? Or is it going to change and even without changing how is it going to be? Is it going to be a people casino? Or is it going to change? And even without changing, just become a place to build your community and have an incentive to do so. Even though X is doing exactly the same thing as we speak. So look, first of all, amazing conversation so far. I actually had the same conversation, but it was just me trying to speak with bread and cook. And I had the same feeling as you guys.

Like, what's this beyond just a casino? for me i was really struggling over the weekend because i thought about like what does that mean for me as a content creator i want to speak to you guys about like that perspective i really do care a lot about my audience so i i i really want to protect that right i don't want to risk it anyway and what what elio was saying you know resonated a lot with me i didn't really feel like you know people should pay you know, resonated a lot with me. I really feel like, you know, people should pay, you know, $40, $50, $60 to have a private chat with me. And I thought that's, you know, it's going to hurt me. So I think like in its current format,

it's not going to last three to six months. There are, you know, certain things that you guys discuss here, which don't really make sense right now. Incentivizing, you know, that type of trading and having the creator and the platform just earn fees on the way up, on the way down, just opens up the speculation, as you said. I also think that in that case, if someone just, you know, pumps and dumps himself, like in the end, people are just going to realize that's so volatile and maybe they're just

not going to do it, you know, second or third time. But I want to wrap it up by saying that what Meltem said made sense to me, like, because I put myself in this position, like. Why would I buy someone's shares? Because I don't do that. I don't trade. I'm not a good trader. So I'm not going to make money out of it. However, just looking at Meltem, I would buy that.

She's an account I followed when I joined this space. So I would pay to have access to her the way she described she's doing things over there. So I think there is some utility to having this exclusive access to some people but in the end ultimately i do think it's you know it's a casino and unless they're going to find a way to to do something different and actually have people be able to provide some some sort of value that's sustainable besides this just trading aspect it's kind of it's is what she said not value is that not sustainable exactly what she said it is but this is the thing it applies to a very small range of of people right so i don't know it's just yeah it's hard for me to to see how this like gets adopted you know by the majority

of people because it's yeah it's it's not really the case for most of us here. I know you and I talked about this in your space. And again, I think there's a reckoning that's going to come when people realize they're not worth being paid to be associated with. Right. This isn't meant for everyone to go over there and be paid to be listened to, because not everyone has an opinion that people find valuable. Frankly, unfrankly or unfortunately, right? Yeah. A certain subset of people want to be associated to, and if they can continue to propagate that, people will continue to pay money in higher amounts. You're going to have speculators on top of that,

of course, because it's an open protocol. But I think the weighting that goes from speculator to actual utilizer is going to shift towards utilizer as time goes on. You could have. The bonding curve could have been less uh less steep for example you could have had a incentivization model where it doesn't incentive it is a disincentive for people selling your shares uh if that was built in for example that would allow for long-term value would be more

like a stock market yeah they have headwinds for sure yeah so there's there's there's certain issues and and uh whoever said if i may i'll give you the mic in a bit there's certain things that need to be be resolved and you know we are just found out the the dgen show that we do two or three times a week we'll also be talking about friend tech so as soon as we wrap the show begin and the team are doing another show I'll be they'll put me as a co-host so you'll see it on my account or on the roundtable account if you want to keep discussing friend tech and dig into it further they might have a different take or a different conclusion but again like the tips i want to give is um one thing i'm concerned about is anyone from outside of crypto what happened on big cloud these sorts people even like me because i've never traded

in my life would come in and not understand like the whole botting thing where there's like bots that snipe different accounts they buy the tokens very early there's no mechanism to stop that because of how steep the bonding curve is that's a a big issue. And I think a lot of people that come in, especially people outside of crypto, will end up getting screwed. But that's one. The other one is, just remember, if you're going to invest in different people and you're investing long term, which I don't know if I would recommend that, maybe, I don't know. Just make sure if you do it from your account, people will know when you sell and that might ruin relationships. Like I bought Rand and Scott's coins or shares only. I would never sell them.

I want to see it happen so I can scream at you. Exactly. But that's the issue. If I bought Scott's shares from like an alt account, then I could make money off of them and not worry about ruining the relationship. That's something that happens on Bitcoin. I learned it as well. So keep that in mind. And the other one,

do not start connecting your emotions to your shares because you end up losing money just because you want to maintain your ego. And then a lot of people did that on Big Cloud. I'm responsible as well. In some ways, I would feel guilty if my token went down on there because people trusted in me.

And eventually, you know, I kind of, Grassenstein is still on stage. Yeah, Brian is the same. Like he built out his whole reputation, never sold his shares. And then that kind of backfired because obviously the whole platform dropped 90, whatever, 98, 99%. So make sure you're not emotionally connected to your coin because it could eat you up in many ways. But the incentives for me, it's a people casino. I'm not saying it's a bad thing or a good thing. I'm saying this is what it seems unless things change. I don't think it's a place to build long-term value or long-term communities. Twitter and other platform X and

other platforms are better for that, even if you just create a WhatsApp group and make it a paid WhatsApp group. So that's my two cents. I'd love to get final quick thoughts from the panel. Again, if you want to continue discussing Frentech, the DGEN guys will do it. They'll add me as a co-host for our DGEN show. They'll be talking about Frentech. And before I go back to Chill Pill, I do want to mention that Bybit is a sponsor for this week. Again, I think for the whole month. So if you want to go to Bybit and win some money, I think they're giving away like $8 million in total. So the pinned tweet above has a link. Go on your phone for a sec, scroll to the top, there's a pinned tweet. Click on that, click on the link, you'll join. It's like a trading competition where you join our trading team

and try to win prizes. There's $8 million in prizes. So if you're a good trader, unlike me, join that. And Ran has a course as well. If you want to be a trader, he has a free course. You can check it out on Ran's account if you want want to become a good trader i'm not affiliated in any way but check that out as well highly recommend it but let's go to get some final quick thoughts chill pill you were speaking and then we'll go to okay hots okay hot shots and the rest of the panel and then we'll wrap up uh chill pill yeah i just want to say for example they're going to add images right and you're going to hear people talk about like the only fans model and how that's going to be something that that helps

like print against option um the silver lining for for me and i talked to bread a lot about this was this is a supplement in the end like this is not this is not going to kill only fans it's not like made for that you just think it's not really a subscription model is it but if you if you want to do both, right, you have an audience on OnlyFans. So you have that subscription model working for you on a monthly basis. And you also want to create a group that's more exclusive security model, right? So it's totally different. You can do both and try to provide some sort of exclusive access that people don't usually get on OnlyFans.

I just want to wrap it up with that because I think like people tend to speak about Frentech right now as being this thing that's going to replace stuff. I think they haven't thought about that in this way and it's a supplement. It is a supplement, I understand, but we're trying to understand what type of supplement is it? And it just seems like a

casino supplement. You know what? I would wrap it up with what Ron said. That resonated a lot with me this is for the moment this is like fantasy team on twitter right for twitter that's like the take i would take oh yeah you'll you'll see someone build that d app for sure yeah and brad just remember big cloud in my opinion one of the reasons big cloud did not succeed at the end is that they started doing too many things trying to build a layer one when they had one thing that was

working and a lot of people in the community and you know it could be wrong i'm just saying that was my thoughts is that what they were what worked really well is it became a place to buy people's social token and i think the incentives there were even better aligned than with friend tech to not have your token sell because you could put your founders fee at zero or ten percent um like a much smaller founders fee um or commission or whatever you call it um but i think that this is what worked on BitClout. It just became a casino for people. A small number of people made a lot of money. A big number of people lost money, but that's what a casino is.

And Front Tech is the same thing. And I think if you guys just focus on that or the Front Tech team focuses just on that, I'm not saying I'm a fan of that. I'm just saying that this is, in my opinion, what will work. And if you guys start adding a lot of bells and whistles, you're not going to replace X. You're not going to replace the social platform. And I don't think they are trying to do that. So yeah, I agree with Chill Pill and others here.

Okay, Hotshot, anything to add? Any different take to what we just said? Yeah, I have three points. The social token, the founders, and the wallet leaks. So you've been asking, is there going to be a social token? Are they going to release their own social token? Well, the original Twitter account is not the Twitter account Fintech now has. And their original Twitter account was TriFrontrack.

And their bio in their Twitter account says, this direct quote, social token launcher and DEX coming soon, exclamation mark. That's the original bio of Frontec. You can look that up in the way back. So essentially what you're saying, they're looking at launching their own token. Is that what you're saying?

That's what the bio, the original bio of Frontec says. Social token launcher and DEX coming soon, exclamation mark. Then if you look at base, you can see that the transactions are actually accumulating Frentech points, FTPs. That could be correlated to the airdrop that you spoke about or a native token whatsoever. But the base transaction,

the transactions on base, you can see it if you pull up any transaction on Frentech, it says Frentech points accumulation. The next thing is that if you go to the original website of Frentech, it also says social token explicitly on the main page. And then you have to put in their paradigm-backed. Caitlin and Charlie both confirmed this publicly. So someone already made the point that once that happens, there's a strong

incentive to create a social token. So you put put that all together. And you know, there may be a chance they're actually going to release a native token with this in the future. But that's just indications, right? That's's future speculation so that's one point second point is the founders uh there's been people on this stage saying you know the founders are uh secret mysterious people which is absolutely not true i think uh the founders racer and shrimp uh they've been mentioned in like all over the place uh for people that don't know racer uh supposedly one of the founders of tweet dow and shrimp uh is the co-founder of friend tech dev and he created a martin screlly shrimp dow simp dow so he was a martin screlly fanboy and he created farmer bro dow uh any reporters in the audience that want to quote me on that because that would make a fun headline feel free to quote me and i'll send you the sources for that but he uh yeah

he was a martin uh shkreli simp when martin shkreli returned to twitter after he was from prison okay one thing i saw is uh um i read it very brief it could be a tweet so i have no idea maybe you could verify that they launched they may have launched nft project and rugged it have you seen that tweet is in any truth to it uh doing a set of thing or whatever i haven't yeah bread no bread i think any nft yeah red bread do you know which one i'm referring to again it's a random tweet that i saw someone sent me yeah that yeah so i was trying to see if it was the same one i'd seen it too i hadn't looked into a cassetto or something yeah i don, I don't remember the name. Just something I thought mentioning.

All right, cool. No one's checked it yet. I do in my own research that hasn't come across my board, but you can quote me on the former bro, Dow, the co-founder of Frentech, absolutely created that. He also created the Pokemon Trainer Dow for Pokemon. But nothing concerning, correct?

I don't know. If you're concerned about more and squarely simpers, Pokemon Trainer DAO for Pokemon. But nothing concerning, correct? I don't know. If you're concerned about more and more Simpers, this could be on the wrong side of your emotions. But saying that they're anonymous or that type of stuff, it's simply not true. They're backed by Paradigm. You can check with Charlie or Caitlin.

They'll confirm it. And then there's a third one which is think just a beta tester for uh for fentech um you can pull it up so they've been around for a while they've created various different projects i think they're most well known for creating steel cam which was uh an nft sort of like the bonding curve you've just just um you just described the bonding curve thing but in nft so just to got honey honey badger um i know you were up on stage earlier honey badger we're just wrapping up uh because the dgen guys are going to do the space on this as well in a bit so i don't want to overkill it but uh your initial

thoughts man on on frentech and where you see in the next few months oh i i one more point i'll go ahead yeah go ahead just the wallet lead thing because you kept mentioning that. My understanding is that once you sign up to Frentech, it spins out a new wallet with no history, a fresh one. The issue is once you claim the ETH, that's where you link it to your wallet, right? So I can see what you claimed. I think you claimed point something uh i can see it

right now let me pull it up for you claim is in what so what do you mean claim it's on setup so the whole thing is the whole thing's public so once you claim that you you link it to any wallet you actually own which is a form of off-ramping and that's where you could potentially reveal wallets you own that you don't want to be revealed in any form or way. So be mindful of that, is that whenever you do the claiming of the ETH, that's where, if you do it with your original, any of your original wallets, that's where...

Yeah, and I'd say anything, anyone doing anything anonymously is genuinely a red flag. Unless you don't... I was going to say, Mario, everybody knows all our wallets. Yeah, my wallet my my bro i have the worst worst confidentiality in the world like i have everyone knows everything even yeah i won't go as deep like if you know a bit more about me you probably everything about me is known but yeah okay i'm gonna go to honey badger if you don't mind man um just on the just kind of for the sake

of time. Honey Badger, I just wanted to get you up to get your quick thoughts on Fentech and kind of what we're discussing at the end. Is there anything more, at least for now, and I'm not saying it in a bad way, just being objective. Is there anything more than a casino for people to buy and sell people's shares? Great take, Honey Badger. I'm glad you came up on stage is good to get your insight um yeah scott any what's your conclusion from this cut i think it's a casino uh and use it at your own risk i think that there's way better ways obviously to communicate with super fans if that's what they're calling them or to communicate with

your audience and that's I don't know. I think that it's probably going to be a fun and novel thing that people are going to use for a little while, but largely it'll just be a cash grab. How long do you think it will last? When's the airdrop? Six months.

Twelve minutes after that. You're running with all your tokens and what when is the what no you're gonna dump the platform yourself dude i did it as an experiment i don't know what's in there but no i'm not touching it after my lawyer fidgetle gave me advice to not touch this shit i'm not well fidgetle is playing the game he's doing the whole reverse psychology shit so you're just getting people to sell it i'm getting people to sell it you're not of course you're to send it to one of your friends and then they never said that and they're going to take it out

and they might buy you a car suddenly by surprise because they love you so much. By the way, you're the second person to tell me that. And by the way, I'm not turning this into a fucking points parlor. I'm not giving away Teslas. That's not what's happening there. Just stop the reverse psychology. By the way, I just want to give two more shout outs.

Number one. By the way, Mario, in case you two more shout outs. Number one. By the way, Mario, in case you're wondering, I've dumped my own value. Apparently, I was just told by the group by 50% by being on this space.

Okay. I guess that's good. Congratulations, then. But that's a good thing, apparently. Now people will buy it again and you'll make more founders fees. So you got to... He made money on the way down.

Yeah, exactly, Scott. Scott, it is. You did that intentionally. Scott, you just pumped up you pump and dumped yourself scott you pump and dumped yourself and yeah um just uh just a quickie for the audience three things number one if you want to come on the show as a sponsor like by bit and a few others coming in this week and next week uh check the pinned tweet you can email us in

the emails there or just DM me or Scott or Ran and we'll check your DM. That's number one. Number two, the ugly red logo on stage is where we're going to start hosting these shows later on instead of for my account. Finally, we're going to do that soon. Make sure you follow the Crypto Town Hall Twitter account on stage. Thirdly, Killer Whales, the TV show that me, Ran and not Scott, at least not yet have we're on it's like a shark tank for crypto it's an incredible show incredible production budget etc they're going to be going um they're going to be launching this year um they're finalizing the edits so if you want to watch killer whales just go to killer whales tv and they're not a sponsor i just love

the show killer well i was just refreshing my email and my dms and it's still you know you probably listen to spaces like that's the bro there's no honestly on a serious to be judging our company hold on honey badger unmuted just before going honey badger i'll just tell you this scott um if i if honestly for the second show there's no way me and rand will do it without you there and then i'm gonna they i'm sure they're going to accept because you're even more fun than Rand. I didn't know that was possible. Honey Badger, go ahead. I'm going to invest in so many ideas that they send to me. It's going to be like all of them.

I love new ideas. Honey Badger, go ahead. I'll just make it really quick because I understand you guys are wrapping things up. I thought it was pretty amazing that GCR, a.k.a. Gigantic Rebirth, actually predicted this back in February, open things up i thought it was pretty amazing that um gcr aka gigantic gigantic rebirth actually predicted this back in february the 3rd 2022 he said imagine a world where you could long or short the net worth earnings valuation and growth of other individuals not corporations so that's not

what's that's not what's happening at all oh well it actually is you can do that too now I'm just saying I didn't mean to interrupt but like this has nothing to do with that person's individual network what they're doing it's literally a token with their picture on it Mario you see what he's doing

he's literally shorting his own shit live on stage there you go I'm going to get the audacity. I'm going to get the audacity. Yeah, honey, go ahead, sorry. Anyway, that's not what I wanted to come up and talk about. There was a couple of points that I've had a look into in terms of Frentech.

I'm not advocating it. I just thought it was interesting to point out that GCR predicted something similar to this in the past. The things that I don't like about it is it doesn't have a privacy policy. And it requires you to register for a Google or Apple account. And they have... Honey Badger, it's your day today, man. It's's this constant glitch i think someone just called him um well on that note honey badger join i'll get the team to invite you to the dgen show because

they're going to cover in like 10 minutes they're going to do the fran tech show um or you just wait you can join into my account will be co-host you can join from my account honey badger be good to have you there if your mic works um but on that point scott i think we should wrap it if you haven't sold scott's shares please do so because he then he can pump it in the next show it's part of his strategy him and him and fidget are working on that you guys think that's funny i actually live in america this is perfect scott the strategy you messaged me about is working working perfectly do you understand what's happened? This is his worst nightmare.

This has turned Wolf into a shit coin. Fiji, just to be clear, you're in the U.S. as well, man. I was always a shit coin. All right, guys, we'll see you again tomorrow for the town hall and for the Frentech show. Just in 10 minutes, you'll see a show live from MySpace. Again, you can join that one and talk more Frentech with the new hosts and the new panel.

But they're not going to be as smart as us. So just kind of heads up. All right, guys. Thank you so much. Off for today.