The Next Crypto Trade? AI Agents Need Privacy

0:00GM, GM, good morning everyone. Welcome to the first episode in what hopefully is going to be up tober. Welcome to the modern market every day we discuss everything to do with markets the fastest way to keep up to speed with the latest world developments and how to express a view on them whether it is by a meme stock and I stock traditional stocks perps prediction markets you call I got Hershey with me in the co-hosted but just to remind the friends that nothing that we say here is financial advice. This market is extremely risky do not know anything for sure so please do proceed with caution and exercise your own judgment. GM also to Diableto GM Husker Como Mancer, Verona, GGWP, Erum is already showing up that is great. Your headlines for the day let's get them up on the screen are this is not the headline. There we go we have US Cornflation

1:04falling. Bonds still remain high then we have a bit of a reflection on Q3 since we're not entering Q4. What is Bitcoin doing? What other would have other coins been doing? How was a Q3 for crypto in general? And then we have where is it? There we go. Modend coming out with this post or trailer yesterday saying privacy is coming something which the token price quite clearly liked Monit was up 15 or is still up 15% on that announcement we're going to spend some time discussing whether we think that makes sense or if there is a trade to be made or if everyone is now in the mood where just having the words privacy attached to your ticket to your project is what is sending the price definitely going to spend some more time on that headline. In terms of your

2:05other news you have President Trump with quite a long rant on social on Twitter social calling on Jerome Paul to resign immediately or be sued by the highest level of US government and it's the first piece of news there. Second headline is to do after 23 years and 1.7 trillion and spend the US is closing its last military base in Iraq and we have on the AI set of things Tencent these things 100,000 chips from Oracle to accelerate their own AI push as well. White House weighing a new CFTC event contract rules in growing prediction market. There's been two proposals that have been filed there to further the definition of swaps to include event contracts and to exclude casino style gambling products we're definitely trying to get some more clarity there as well. Then we have the coming via will. So the supply of tokenized

3:09equities now representing over 1% of total stablecoin supplies with arc invest providing that chart specifically thought this one is quite quite interesting. In meta-mass exiting 17,000 validators after staking security incidents all that and the morning when I woke up with a meta-mass saying that there's been something something going on but apparently wallets have not been affected by that but the staking side is on chain research. He said not assuming 1000 validators representing roughly 500,000 each have been exited while around 821 potentially affected validators remain active. He had identified 18 pop rewards, chat been diverted from the intended fear recipients to a tornado cash fund address netting the attacker about 0.36 East definitely something that I hope could have played out way

4:10way worse than it apparently is playing out. Then on the NFT side of things we have haven't seen one of those in a while. An alien hyper being purchased from Isbel for it 2222, I was the old person, 1,000, 7,000 hype that is 160,000 US dollars going on on the NFT side that's one that I like to see are going to not selling for 72.5K and this one sale on Gandhi, zombie crypto punk sold for 8,875,000 US dollars. Also have seen that Cyrus posted that he sold his last punk and after that, punks had moved, it looks punk as well, price has moved higher by 15% to some action something to be seen

5:18on the rare site for NFT sales as well. Interesting connecting piece there or additional lord is that both of these the art and the crypto punk have been traded or trades which have been facilitated by Eli Shine. So just that is an additional piece of news and with that being said getting into the price action to see what is going on today. We have Bitcoin pretty much flat trading, 83.8K, almost 84K, ETH sub 30 pips on the day, hype this up, 3% back to almost 90 dollars, C cash, just the touch on 1,000, 400 dollars down, almost 3% on the day, near down 3.5 but still trading comfortably above 5.5.13 there. Solana is done 1% a day, $118 almost there, the S&P is

6:21flat, silver is flat. Nvidia is up another percent, as I said on one of the shows earlier, Nvidia has been moving slowly but steadily towards the next trillion dollar in market caps, in market cap not around 5.5, Trill. SK Heinigs up 2% oil in the case of WTI that is is up 1.5% at 92, Brent is at 100, back at 100, up 3% on the day, pump, can't talk about pump on the show a bit later, is down 2.5 on the day, let's see what else has been going on. Google, I like that one, Google is a 2% Google did announce Gemini 4 Pro, the Argon model how they call it, which now has been the first time in what is it since May I think, since they have announced

7:21another model which is not in the in the flash series so not one of the cheaper models. There's both the fair amount of excitement around it but also some skepticism because the last time when they announced the Pro model is Gemini 3 or 3.1 Pro, look good in the benchmarks, it wasn't too good on the coding side of things. In terms of the rollout, it's following the same process and anthropic did for Fable with Washington now being the first to test the model to see if it is fit to be released to the public and there's going to be two tier release as well with some of the security features only being offered to trust the clients and I think they also said in terms of because this seems to be the way how you release models you have to have a hacking story that you have to share with the new frontier model in Google's case that was data by one of the

8:22biggest hospital software providers in the world that other frontier models could not hack before is what Google said but they got into it, they fixed that so without reason it's such a great model and this is how they are advertising it looks really really good in the benchmarks but I think we'll have to wait and see. Personally I'm still in my Google trade and I still intend on keeping that open for quite a while because I think that even if your Gemini 4 is not the greatest model Google has a very successful alphabet it's a very successful business either way plus they have access to a ton of data that other companies don't have access to and that they can train the model sound so even if this isn't the one that's going to blow your minds they have multiple shots of gold still to be made with Gemini 4.1, 4.2 etc etc but I'm still happy to see that the stock market like the news like announcement and that we are up to 2% on the day with that just scrolling through the

9:28rest of that to see if there's anything else Monat we're going to talk about it's a headliners is said now up 17% on the day apart from that nothing that is standing out to me on how to liquid in terms of the price action but Hershey coming to you GM how you feeling how you feeling about the market today yeah I'm feeling good I think there's a few things on there that stand out to me on the equity side first off of the things I'm holding one is micron and micron had that massive earnings report that everyone was quite concerned about and thinking that it would either send the market to infinity or into oblivion and didn't really move at all didn't do anything yeah yeah even though they did outperform expectations so I think that's interesting to note that you know one of the most hyped earnings reports we've had in a while did outperform it is one of the math the biggest companies within the AI sector and nothing really happens I don't know I don't

10:31know if you make anything of that but it's interesting to see the market just kind of I guess deciding that micron is fairly valued for now I still think it's good that they didn't miss but I was surprised but yeah go ahead that's a good point because I think we've seen with some of the so with with the earlier earnings reports where you have to beat expectations by a significant margin for your stock not to dump I mean we've seen quarterly earnings where you have the memory or tech companies beating expectations but still dumping because it was nah it was not too much of an earnings speed so I think it's good that you know have a company yeah they are revenues up 379 percent EPS is up a thousand and three percent that's crazy that is really crazy so um Q4 revenue for micron is now um

11:3354 bill as I said up 388 percent then 87 percent cross margin that is great as well but seeing seeing you out and seeing other markets not reacting like micron is down point seven percent will last 24 hours too strong you know that I think is actually a good Senate much rather half that action than sending micron up another 20 percent or down another 20 percent that seems more more level headed yeah you know I agree I think I will I will continue to hold it I think that if you believe in the AI cycle continuing holding micron makes a ton of sense as it's obviously an incredible business um and yeah for the overall health of the market probably good that it maybe people digest this news and then it slowly grinds up would probably be the best the best outcome we could have um the only other thing to know on the price action that wasn't included in other headlines is hyper liquid um being uh having that unlock of you know around 300 plus million of the team allocation and then that OTC sale getting announced by an unknown buyer um so a pretty strong

12:37statement having a an entire block of of of vesting it bought by the OTC buyer so I I think it's interesting that they haven't um yeah that that we haven't seen much of a of a upward increase in hype um um price uh based on what I think is a pretty but I mean bullish unlock when the entire amount is getting bought OTC so that made me more interested in getting reallocate the hype after having sold out around here um maybe more for a short-term trade because it is valued so high but that's the only other thing that yeah I found interesting from the the overall price action I mean we have a bit of conversation on hype before the show and you kind of made the point um that like hype is obviously a great trade hype has been an excellent trade all the way towards trading now has been the best product which has been built and crypto at least I'll ask a couple of years so is it just now a short-term trade as you said for you because of this bullish

13:40unlock and because of okay we could could go back into the 100th is range or do you still think just because of how good hype liquid is and how earnings uh how revenue looks for the other earnings could be a longer-term trade yeah I think if you had like a multi-year view is a great hold and if you had a short-term view based on this unlock is a good trade and then I think on a medium term there's other assets within crypto that could outperform it right like I think if you want to have low-risk decent return great place to park money on a longer time frame I do think other assets you know if you're trying to be a little bit more outperforming will um will outperform hype in the next three to six months but it's proved me wrong before so yeah fair enough fair enough also taking another look at the youtube and x comments gm2.lokomoko.jm2.dru.jm2.lol.mx.js.gm again to Husker gm on both youtube and x.rocky checking in dobbins um tele-true-woo checking in

14:45rizwan funky, accord, english, mufasa english was also saying it is si it's not ai it's reminding us to use the appropriate language here uh mufasa was also saying uh took the last week to do some rebalancing to profit my tech stock sitting in cash uh let us know if you have been looking into anything else or if you just sold or if you reallocate it to some other positions curious to hear what your thoughts are on that in the meantime if there's nothing else on the price action set of things um let's then move it into the first headline and get it up on screen for you and there we go uh we have coming about the kopei c letter um that a pce personal consumption expenditure inflation is down uh is down quite significantly um falling to 3.4% expectations where at 3.7%

15:53core pce is also down um 10% below expectations falling to 3% below expectation of 3.3 and uh to the headline and corpus e where all the revised on by 30 pips each um if we take a look at polymarket to see what that means uh we well there's there's there's there's two things to note there on the one hand the node change is the dominating option trading at 64% but this adjustment has also happened um before we had the inflation data and that was also the result of um the vice-fomium see chair coming out and saying that if there's going to be a rate hike it's going to be late in the year pointing towards a potential December rate hike and i think then the positive inflation data supported it and let polymarket basically keep these odds of no change happening no rate hike no rate cut in october at this um 64% level um looking into let's get the weekly view up there

16:59looking into the December market uh you can still clearly see there that another rate hike in December is the dominating option trading at 74% to see rates being bumped uh one more time and you also have um david sacks unsurprisingly come on saying that the Trump economy is strong q2gv revised up to 22% it was 1.5 um setting the corpus e data again and also adp private jobs up 90k versus 68k expected growth beat inflation cooled and jobs also doing better than expected as well but then on the on the other side of that um the 10-year yield is still let's get the 10-year recovery quote up it's still elevated we can see the one your chart here is still at 5.3% let's get the 30-year yield up 30-year yield still at 5.6% for 7% both are at an all-time hike this year

18:09both at multi-year um highs as well and a half been claiming very very rapidly that is that is one side of things and i think it is something that is worrying the market um if you look at the pre-market set of things on uh the cnm pre-markets we continue to have this very weird picture of the the whole market sentiment being in in in the fear side um 31 getting closer to extreme fear almost but s&p 500 futures up 20 bips, nastic futures of 50 bips on the day and the hershian i had that conversation a bit before the show as well that i think we we have to ask ourselves and we curious to hear your further thought about hershian um the question how long can the market really be worried about the um very elevated yields and when when does it become a very similar picture

19:11to um what we have seen last year with trams war on tariffs where initially every new tariff sent the market down sent the market humbling uh was was scaring off investors and or is it is it different this time because it's not only um the bond market's in the states there's a global bond sale of which um we are seeing this great article um on the financial times on that um also saying that the uk um 30 year yield claimed to have 6% on tariff stay for the first time since 1998 european stocks then tumbled um in response to that as well and that the market is war it basically um about two things which which are combined and uh being expressed in the yield being the um iran war and the energy shock there which is also driving um the the bond sale of

20:11and the yield increase you have uh german yields japanese yields um increasing very very significantly as well um both of which are approaching 4% so is it is it different because it is the whole it is the global bond market which is affected by that where if all the other things are bullish indicators if AI and text docs continue to rise and essentially are carrying the entire s and p is it something where the market basically has to climb and hop over that uh wall of foreign has to find find something else curious years for your thoughts about Hershey yeah i mean i think we all remember the constant memes that came out of the fear that's been going on through the holy wrong crisis excuse me where you know it would it would they would say nuclear war imminent s and p 500 down point 1 percent right or bit biggest you know uh halt on oil in in a decade

21:12s and p 500 is flat so like that that meme has worked out for you know a year now where every single massive fear mongering moment has led to stocks being basically flat to up um so again i think the trend is still upward and getting in the way of the trend um seems to be a bit um unwise and the yeah the the number that i keep coming back to that's so fascinating is market breadth um uh being so low with 60 percent of s and p 500 companies are somewhere around that being below there 200 day moving averages and so the market is actually hurting from all of these um headwinds that we're looking at it's just that AI and tech is so strong uh microns earnings are so strong that you can't actually take evaluation down from that you know multi trillion dollar company because look at how good it's doing look how much money it's making so um i feel like continuing to invest in assets that have great fundamentals and and are making a ton of money um we'll continue to make

22:16sense um in this trend uh because it's it's it's not worth trying to sit around try and call it top it's worth having cash it's worth you know um taking profit on positions that are up but it's not worth like you know waiting for the end and times to come i just don't i don't think that's prudent okay here you might be muted yeah you're uh thank you uh definitely agree with you on that take also great point by mayhem in the youtube comments um saying that you have the formula for the pce calculation which um was changed um i think it was changed for data all the way going back to to 20 to August 2021 if i'm not mistaken for that so it's been some um adaption of how pc had been calculated then another another thing that i have been looking at as one but

23:16is the the holy i discussion with um ai safety and the document that was been signed between open-eye and tropic xii microsoft um but trump sign i think it went pretty viral uh not so much because of what was been said in there but because it has been signed off but trump being the president of the united states must not to mess that type of in there but i want to keep that part of the discussion probably for the third headline we're going to go more into the into the moanat and um privacy direction as well and rather move it now into um the trade ideas for the day and i think you have something for us prepared her she that's kind of extending a bit in what what we have been saying initially in our christ's discussion yeah totally i mean the the first trade-ia for me is pump fund which i've been talking about in the modern market telegram a bit but

24:21the the thesis that holds true when we look at all of these crazy things going on in the bond market and um you know the economy at large is buying companies that we think are undervalued or um based on their revenue and have the opportunity to grow based on their revenue and their fundamentals is still the place to be um so pump fund is one that i have i probably have still lost money on it overall and um i'm sure many that have tried to to buy pump um token over time i felt the same but in general um yeah pump i think is a great uh opportunity again to to find an underpriced company within the crypto space um so this this chart from cally i thought was awesome um and you see that now we've broken out of this kind of massive channel and this insane volatility we've seen for you know over a month um and now we have a pretty clear retest where as long as it holds above this uh this line which it is right now it looks geared for much higher um so i personally

25:22took a position in pump at like point three point uh zero zero three three um kind of at the beginning of where this chart looks before it broke out initially i held it from point zero three up to point zero five um i'm taking a couple zeros off of of the actual uh price for simplicity sake but um then i held it down into that really gross channel where it just chopped around and went all the way down to you know point three seven um point zero three seven and i sold around point zero four um before then kind of buying back in right around this breakout point um at you know point zero five three um and now it's around i think point zero five seven or something like that um so up up a bit from there but uh the idea still stands that i think on the next the next uh slide that we have um it's just showing the revenue numbers on defy llama you know when you look at the revenue that's being generated it's literally um number three on the list it's really literally circle um tether circle and then pump um you know it's higher than hyper liquid and and that's

26:26why hyper liquid is such an incredible business and that's why hyper liquid is valued so high but pump is just so much lower market cap well while making as much or more money than hyper and now well we continue to see like you know these arguments of that there's not actually much activity happening on pump oh you know when's the last time we saw a meme coin run to a hundred mill that wasn't on stonk or one of these other and still pump fun puts up two million revenue every day one point five million revenue every day like even when we don't see meme coins running to the billions like we did last cycle um and this is not to mention finally they have a billion dollar war chest um and pretty good distribution through the pump fun app so i don't like some of the ways that pump fun has conducted their business and you know and maybe they've indicated their revenue directly to token and i think that that sentiment is very valid and i understand why people don't agree with the you know what pump fun and what meme coins have done for the crypto ecosystem um but when you're looking at just a trade idea around you know a business that is making money and is likely undervalued um

27:30this one feels like i'm trying to put my emotions aside but while i think a lot of us aren't and say you know what even if i don't love some aspects of what pump fun meme coins mean for the space as a trade idea this makes sense you know as as a business undervalued um and as someone who's made money off of meme coins for multiple cycles i think it'd be pretty hypocritical for me to say that i don't you know agree with meme coins the philosophy because you know it's buying them on the open market and selling them on the open market has done well for me um for multiple cycles now um so yeah i i don't know you don't think you're actively in it but right now it's my second biggest position behind z cash for the loan interesting um if you if you're saying it you know just looking at the revenue metrics it is undervalued for you whereas hyper liquid money reached the point where you're saying it has been a great trade still has some legs to go up but it also has that's seeing a lot of a lot of price increase taken all the way to ad plus bill where is the point where pump would become like fairly valued for you where would you ideally

28:36want to take it um towards yeah i mean i don't really know what price multiple makes sense for you know a meme coin like platform but i do think that hype has shown that you don't need to necessarily apply traditional price earnings ratios because when when fees are directly aligned with the token like tokenomics allow for this like price appreciation that is a bit more than maybe an institutional market um and i know pump hasn't directed as much of its revenue towards that and there isn't the same kind of like clear commitment and confidence that that highholders have that hyperlick will continue to continue to do that um but but so i'm not really thinking about this from a fundamental value in terms of when it would be overvalued or correctly valued i'm just thinking more that the chart looks good uh the revenue is still like what where it is placed within all other revenue generating assets um makes it makes it feel undervalued um so like pump to a penny you know pretty good narrative i could see it going there i think i would

29:39i think if pump to a penny actually did happen um and it and it hit that you know point zero one level from the point zero zero five seven that's out right now that's where i would start to take profit because i remember holding uh pump last year um it made its run towards point zero zero eight and i held that for a pretty big gain all the way up and all the way down because i was i was i was holding for hire so i think the first tp point would be around pump to a penny um and then i think still holding some for hire would make sense assuming that like as they continue to put on you know one point five to two million dollar revenue days if that continues to happen or it starts to increase as we see you know on chain activity come back in a big way let's see the bull market goes crazy and pump starts putting up four million dollar days five million dollar days now we have to have a serious conversation about you know how how crazy it could get so um i think there's room above but but if it if it loses this level that what that i was shown i'm i'm ready to cut this pretty like i'm up you know 10% on it or whatever i'm ready to cut this

30:41pretty aggressively because i've i've been burned before holding pump longer than uh longer than i would have wanted to so yeah that's fair and i think i think the potential is there like if you look at the revenue chart in d philoma you also see that uh stunk funnest doing what 1.17 mil in 24 hour revenue then you have a phone one not on a launch but obviously the trading set of things within a 900k and revenue so it's also the question of not only is is the market growing on that's speculative side but if pump whatever they might be doing managed to capture with the 1 billion work chest which they still have a bigger market share of that then it is also a significant increase in in fees which they could see and i agree with you also on the p side that i would also argue that's for a lot of tech stocks it doesn't make sense to look at price earnings ratio anymore and the way i've had an interesting post um not on pump but on ponds where he said

31:48that i think we got a fact that in cyclicality it wouldn't be surprised to see the ponds price actually rise but its revenue multiple actually falls largely because it would be driven by a faster rate if revenue growth in the first place means if you wait for it to multiple you might just pigeonhole yourself into buying at a higher price um thought this was a a interesting take as well and i agree with you that rather than look at your pump to to a penny in previous ultimate story just trying to find the right um multiple or p multiple to assign to because that again brings me back to zcash or his hype right both of them traded at 50 bucks last year around this time and one doubled up and one is trading at 1.4k now that is not a result of of the revenue blows like when market sentiment and narrative is driving the entire thing so i think that pays a big role as well and that will make me the reason as you said while

32:49a pump was not the most beloved business in crypto and memes are also facing a deaf air share criticism might have a bit of a harder time to climb to these levels despite the revenue because it's not full on meme season and because you had the past the pump has might make it a bit more difficult but definitely see the potential and it's not a trade that i am in myself because i am allocated what comes to memes more directly into into some of the memes which i'm in so for the downed risk curve and i don't like this this middle section of the risk curve for me is allocated in and something else that for me is like getting getting back into stuff like the the vvv trade my DM trade which i had exited but which i'm looking to get a good entry back into so you have to you have to pick your spots and the ice is a bit more natural for me on that

33:55yeah i mean the final thing i would say i added this to the show notes yesterday but i did what didn't have a chance to listen to it so i don't remember if you guys talked about it like about docs doc xpt's thoughts on pump as well as just valuation the item that he did so i mean basically he was in the comments with someone saying that you know sui got to a 15 billion dollar market cap last cycle excuse me uh 15 billion dollar market cap last cycle so you know any of these alts pick take your pick vvv Athena near pump that have really good fundamentals some of the make a ton of money some of them are doing stuff with AI and privacy that's a very interesting new vertical last cycle we had just L ones that didn't have any differentiation about them getting to 15 bill so you know a five x from here in any of these you know mid mid-level billion dollar market cap alts is definitely very possible so i think it's you know this is a moment to pick your spots i think to be a brave and you know a four to five x from any of the assets we just mentioned is very

34:56possible for for any different reason depending on you know what what flavor of of crypto you're trying to take this yes i like that and i think i think that is actually the perfect uh segue into the next headline talking about like four to five x's that is um as i'm showing on trading view the q3 returns bit selective of some of the tokens he chose uh merit making the point there is no lighter in there but just to give you that uh a picture you have pump just spoken about it on top of that q3 chart if you will up 300% email up to 170% z cash up to 150% near up 190% most of which is basically last month happened happened in september uh vvv also doubling up over the last quarter east outperforming quite significantly if being up uh 70% outperforming

35:58solana at 56% outperforming bitcoin at 41% then hype um as you said it has been has been a good trade is probably getting to a point where it is fairly priced but still having a great quarter up 36% and then gold up 3.7 and uh mu up uh micro and up one and a half percent so a bit of a selective um chart there but nonetheless i think it is it was a great quarter for crypto it was all a great quarter for uh bdc making it the best third quarter since uh two thousand and seventeen but is now a bit ranging uh in this 84k range or a choppy depending on on what language you want to and even if you look at the um liquidation levels uh yesterday from coinploss and you can see the market's not really sure which way to go you have 300 mil being liquidated

36:59and almost split down the middle uh 148 mil of lungs 144 mil in uh shorts and talks was uh making a point that there's been some disgusting moves and retracers in in the own words this morning the horrendous chop continues still a good chunk uh still a long good chunk from the pc print but he is a little bit scared doesn't feel comfy at all uh around the other side um heaven uh making bit more of a point to take saying inflation is calling growth increasing as nassling down oil top tikes get unpriced uh guaranteed taco or Moses opening yields a down midterms a midterms pass uh balls tingling having a bit more of a bullish um outlook on the market english in the comments coming in to say i think that was the first ever bullish and gulfing on ptc on the quarterly chart um has to double check but things that this is um right

38:02personally i i don't mind this this this ranging in bitcoin and ultimately it has we have been progressing on the way back to to 90k even eth has been moving up more than i expected didn't expect to see eth going back to 2.7 uh almost 2.8k over the last quarter and um we have seen and no other things including lighter which was not on the chart putting in quite significant moves over the last quarter enough runners on the on the memeier side so it's not a market that i'm too concerned about in the short term especially not with how close we are to all time highs um on the on the stock side of things but i would agree that we probably will take a direction rather sooner than later but it's not a market way i don't want to be allocated curious uh to get your review on that Hershey yeah totally i think this is this is a market to be allocated to and

39:08and the second tweet that Evan responded to himself in in this thread you know he's just saying in his experience the financial markets it's probably not good to be you know short or long something when someone's been screaming about it for three three months so like you know does it really make sense to be continuing to think bonds will go higher when bond i mean we've been we've been highlighting bonds as you know i mean headline every day basically for two months everyone's extremely i mean the like people are waking up with nightmares of like you know 10 y 30 y like flashing in front of their eyes and like maybe that will continue but the being being um greedy when others are fearful feels like this is a moment where one could do that um and i i put this tweet out myself actually for reflection um that like this is a time where you know i don't know things could go down obviously but when things seem scary getting really long or getting really allocated spots that you feel the full amount of allocated gritting your teeth and then

40:11feeling comfortable being able to sell on the way up um yeah make sense like um i want to be as allocated as possible to the assets i believe in so that then when they do go up 50% because my thesis was correct i can start taking profit and not feel under allocated because my biggest leak i feel like in past cycles has been only buying a little bit undersizing um being up a lot or being up like 40 50% and then feeling like i need to add because i don't have a thousand hype i don't have a hundred z cash i don't have like that number that feels like the make it number the time line is telling me it should be um and clearly that's not a good way to trade um profitably um or at least not on a long time frame um so so yeah i i think this is a moment to i mean the the quarter four bottom believers right now we're getting close to the actual the guaranteed quarter four four year cycle bottom um so uh that's even more people who are gonna come in and want to buy at some point maybe it goes down first but um yeah it just feels like a time to be allocated crypto when

41:13when we saw how strong it's been uh on that chart that Anson shared right i mean that's how bull market start is out performance from all this but i don't know not financial advice um i still have some cash but i feel good being allocated here always always want to have cash like there's always been to be a dip and you always want to be able to buy um a set dip uh english was a making the point i think you'll always feel allocated when your assets are pumping hard regardless of how much you put in that's true um under allocated yeah yeah always feel under allocated right yeah always for you feel oh yeah probably meant on that allocated yeah yeah that's true um i think but i like the point there though with with position sizing that as it has simplified trading for me this cycle and i'm very happy to take initials out way way faster but that also makes it easy for me to size in bigger and with say something like orbio orbio hit all time high when

42:16220 mil trading on 100 mil or so now um i got in with a decent size and i took half out when it doubled out and i'm very happy to free ride the rest and the rest is significant and if orbio goes higher um it feels like a very nice win and even if it doesn't it's gonna range in this 80 to 100 mil or whatever range forever and at one point is heading there's something else i want to allocate my capital to and i'm booking it as a one point eight two point two x i'm still very happy with the size because it it was more uh significant so as a result of like simplifying my trading i also feel like that i can express my uh conviction bets in a more with with a bigger with a bigger size not only absolutely because my overall portfolio has been growing but also relatively speaking but if it if it's um if you're thinking about your portfolio Hershey you said that pump is now your second largest holding after zcash yeah zcash it was careful not say zcab there yeah yeah

43:26i'm i'm still in zcab by the way english um but how how many core positions are you holding in crypto not stocks yeah so basically right now it's just zcash and pump in majors and then i have some usde which is you know a stock synthetic exposure to yeah if you know which i feel pretty good about um and then on the on chain side it's just ai um which yeah the reason i didn't say si or super intelligence earlier um referring to english's uh previous common is as an ai holder an artificial eno holder i'm choosing not close my ears and not hear that uh uh uh uh that that trump is renaming to super intelligence we'll see if that happens um but on chain yet ai or bio and cards are are my three on chain positions so yeah basically like you know three and three no more than six within crypto at the moment and um i feel pretty good about it um however i did just sell some zcash even though i i really didn't want to um but it felt pretty good

44:29to sell some at around 1450 um and i just put some in cash put some in pump um and still my biggest biggest position like bi two or three x um but we'll get to the zcash comments in in the final headline because for me it's i i really love the narrative still but it's just been interesting to see all of crypto ban wagon on the privacy narrative because the cash has done well uh let's let's just take it straight into the third headline yeah oh yeah uh happy you can take it away yeah thanks so yeah mona monad is up 15% on their privacy announcement um and so this came yesterday and you know you got a ton of engagement you have a lot of people coming out of the woodwork saying that you know reminding people that monad is you know an an l one that may be is underrated and the price rose about 15% to you know over um 0.031 um i think it's around 0.032 now yeah yeah so it's continuing to go up at 0.03279 now um and uh this is all coming ahead of their flagship

45:37conference in Singapore on the 6th of October so in five days which will be interesting to see how they can continue to sustain this momentum and something to note is that they have a pretty large cliff on the 24th of November for about 16% of their entire um amount of monad um is being unlocked to investors and um and and team so obviously like they've got multiple reasons to be pushing this price up um at the moment um and and why we thought this headline was so significant to talk about is that you know z cash catches this privacy narrative quite early uh the token re-rates insane um everyone's yelling that you know bitcoin isn't private z cash can be private here's here's why this you know could flip bitcoin then you see near get involved and start to be the place where z cash is being transacted and now near re-rates um and now you see monad talking about privacy or bio as well the one that both legendary and i hold also went up you know probably 60% based on this privacy announcement uh just yesterday so while privacy is i think a great narrative

46:42in one that everyone agrees is a valuable resource to have in the world to me they'll not the alarm bells aren't ringing yet but my spidey senses just start to feel like this sounds similar to other narratives we've had in the past where every single crypto crypto-tart participant wants to invest in privacy but maybe doesn't even want to use it you know how how much are we actually using these privacy tools and how much more are we going to use it and does it make sense for like the entire crypto industry to kind of re-rate on the privacy narrative itself that that that's what I think is so interesting about monad coming out um and kind of announcing that this is a direction they're going as well yeah great at some point you won't be able to capture that upside momentum if you're saying you're getting involved in and privacy and some sort of things and it is definitely the the trend word we could just back in 2021-22 is that like an ift is going to be inbuilt into everything and everything has to be done with an ift is from ticketing to god knows what

47:47everything will be an ift um and i think for something in some things it makes more sense than for others although making sense does not mean that this is how things will trade talking about orbio for orbio for example and for the holy i said for venice i think it makes a ton of sense especially if you look now at agents like open-air is dot or grokpot or mucin all of them of reading your inbox if you connect that um may have access to your wallets and they're super proactive about that i said i said on the show yesterday that i got under 500 dollar plan and started using dots um by open-air i quite extensively and they are very proactive about reading your email that means i asked a specific question my dot to find out hey has this guy replied to my email and my dot goes um yes he has but also while looking through emails i found there is an unpaid invoice

48:51for this and that have you paid that or do you want to pay that or even before today's show um because the i is obviously hoping to set up the the whole greenery which you see around Hershey and me with the price tickers being refreshed making sure that we can get the headlines in the for the obi streaming layout and as part of that it has access to what we call our call sheet which is our internal documentary prep the show uh where where Hershey is prepping um prepping the show for us and vcheck is not with us today as you can clearly see and initially when when Hershey did the prep she had assigned one headline to be check and then changed it um that to to me that i i i was in charge of that one and my agent who is not involved in that process my agent has access to that talk as well but it's not the agent who's working on prepping the show goes like oh by the way i saw that one headline changed from vcheck to user you're now doing both the q3 reflection as well

49:56as the yield at the bonds market so the very generous and proactive it comes to to using your data someone also had reported um using metas musia agent on on facebook marketplace to sell some stuff that the agent went again instruction went a bit above and beyond and basically this guy ended up with some strange in front of his door where his agent had agreed on a specific time and date and price for something he was to sell and then they had to figure that out so i think that for that part of the trade it makes sense and you'd want to keep um some of the things that you give your a access to a bit more private or sandbox or protected in whatever way um and for some others it it might not make that much sense but nonetheless it is the dominating trend in english as

50:56those saying um privacy is the new is the new that um you see how that's have turned out auto microstragis is is back and it's doing quite well so yeah let's hard to tell at what point i have a hard time telling at what point we are with that because i initially as you decided with vv i did write the m the associate vv token quite um quite significantly and when dm hit i don't know 1.6 k or so so basically you had a thousand six hundred dollars to get one dollar worth of private computer day i saw i thought the dysracia is absurd doesn't make sense it's not usable it's not a realistic use case for anyone to be uh saying i'm gonna put a hundred fifty thousand dollars in to get ten dollars worth of private computer day and dm is not trading at one point nine k uh went all the way to two point three k so early in september so it is hard to measure for me how in what inning we are of this um privacy trade like i think that we still have legs up to go in

52:04that we still have um protocols elwant whatever will announce that they're doing something privacy related seeing a nice pump of that but i think at some point they will have that there has to be a distinction where you actually have protocols where privacy is used and it makes sense and where it isn't and that's kind of a similar distinction like the the revenue meta which is clearly a dumb name to name things because revenue always has been a meta i love it uh we have protocols for making money for not making money and when you have protocols where the privacy that they often whatever from that might be might get used and this is how we re-rate or trade things and with all of that said and with all with even with the fact that as i said dm is now at one point nine k and vv has re-rated a lot higher as well is the trade i still want to re-enter again so yeah i took my profits but seeing how the whole space is pulling into that direction even more so and moan it is up 15% on saying that doing something with privacy makes me want to re-enter um re-enter that trade again i actually what do you think where

53:10are we on the privacy side and what what ending are we well i think i have no idea what ending we're at but definitely for the bull market it's the first inning right pre-first inning we're just strapping up um but in terms of like i wanted to follow up with what you just said there like so obviously we were talking before the show that we feel like a i and crypto continues to be a narrative that could really run um privacy in a i makes a ton of sense um but so when you as someone who's a deep user of a i and understands it you know intuitively like when you think about how privacy will be integrated is it actually going to come from crypto tokens like orbo and vvv or they just going to do it themselves right are they just going to do it within their own like is it going to be a privacy feature that open a i releases or is it going to be a trad company that has a partnership with them and before you before you answer that makes me go to wanting to open the

54:11world coin chart and wondering do we need to look at something like you know a token that literally is owned by open a i's founder to where like what if something crazy happens where like you know next thing you know it's privacy on open a i powered by world coin and it goes uh-huh a hundred x in a day um i just think it's interesting to think about like where actually in the chain if we think a i in privacy is where it goes best where can we actually express that is it really in vvv or is it somewhere closer to the the source and i don't know if it's world coin but that's just where my head went uh to to think about yeah i mean i think we've seen it i agree with you i've seen with with seen it with venice uh vv as well that most of the people who are using venice are using venice by just subscribing to venice like a normal person would do and very little people go out and buy dm and stake that and use that as them as the main means of achieving private compute and we will very likely see um privacy option a privacy option is being added to subscriptions as well

55:16and some sort um because you can already go and open route there by API credits and go for a zdr provider which means zero data retention and um use computing in a more private way but there's a bit more nuanced to that as well because a you still have to trust someone on that like it's not zk proof it's not a zero knowledge proof that your data is truly private and then it's also about what is actually encrypted right is the part that is encrypted who sent the prompt and the llem who's processing that does not know who's sending it or is the actual prompt also encrypted in in in some sort this is the way i think that orbue has a bit more um of a differentiated view on how they are encrypting prompt as well and then the issue with that is it's super complex like AI is already super complex understanding what you're getting a subscription how tokens are working etc and then if you say this is like this is this is private AI now what does that even mean like i feel like it's the same

56:21thing as if you go to grocery store and you buy organic meat free range eggs whatever like what does it mean what a loss in there there's been like massive discussions around these topics on surprising the you and this is even more complex with the with the um privacy AI stuff on world coins specifically it is something i want to look in more i something keeps i mean i like i like their thought obviously now that you have not privacy where world coin powering open AI and doing 100 x in a day but there's something that's drawing me to that because it's still the closest way to express a token based bet around like um open AI despite them i powing at some point um i haven't been keeping up too much with what world can i ask in doing recently so obviously if you look if you look at the chart where you know yeah it's 52 cents um all the way down from eight dollars so i have a lot of people already sold what they want to sell on that i don't know good world coin go to the market cap as well to see because i think it's also the market cap

57:26shows a much more steady kind of climbing chart um yeah there see so the market cap chart tells a little bit more of a story for me at least that like clearly there's a trend change and that looks like one that could break out um i don't know i don't have a position in it like ever since they released the ore i thought it was the weirdest thing ever and didn't want to touch it at all um but i just think all of us should collectively be thinking more about as privacy within AI actually comes valuable where in the chain does that present i mean maybe it's even you know i don't know like a bottleneck on the tradify side that that can be expressed through a company i don't i don't really know but um it seems clear that now that your a i agent can just jump into your email and start telling you that you have um yeah that you have an unpaid thing from a year ago that this is going to be everyone's going to start discovering that as this starts to happen and that's going to be more people's minds more more more on twitter more talked about um and that seems like

58:29opportunity um within the privacy narrative and maybe ore bio is the best way to express that and maybe that's why we're we're holding it because it's only at a hundred million dollar market cap so it has a bit more room to run but i i'm not convinced i think it talking talking about all on the backs there like yeah also still holding a significant amount of yeah as well yeah i'm not fully convinced on it and i wouldn't say buy it for that reason but it's where i've just because robinhood chain still feels like a place that could be bottoming it feels like the best exposure on robinhood chain um yeah yeah to express like and desire for a i um oriented oriented tokens yeah i agree um final check in with the comments before you close the show for the day english is saying sounds like for the evidence that a i will kill us if that is kate english then this is the last cycle to make it so that means risk rewire the ratio doesn't matter too much if that is the last cycle for all of us of us are commenting on the mu story of those permissions from mu's

59:31lmao there is no privacy and then deputy to rebranding si from super intelligence to secret intelligence like now any any final thoughts finally and this isn't just because i hold a i but i'm just curious do you think that actually this rebrand of of artificial intelligence to super intelligence is going to stick like do you think really ever like i just can't believe that he can't show you today like this has been a research field for for decades this is a term that we have been using globally although i don't like it i don't like artificial intelligence because it's still made by humans i know it's like not human natural intelligence but it's still human made but i don't think we're just going to rebrand to esti because you have trump um elin marg and a couple other people are signing a document not not what i think it's gonna be very good good to hear good to hear

1:00:32already uh with that being said i thank you to everyone in the audience in the x comments and the youtube comments gonna be back the same place same time tomorrow seven a.m. eastern time for the final show of this week and as per usually gonna upload this show to spotify to apple podcasts as well in the meantime have a great rest of your thursday enjoy what is hopefully going to be the start of up tober and we're gonna see you back tomorrow