♪♪ ♪♪ You Good afternoon, fellas.

So for this week, I think I'm going to take more of a backseat and listen to what

you I'm going to keep waiting until someone comes up.

I just wanted to hear more of your thoughts about WorldCoin, man.

Since no one's coming up, I'm going to bring it up.

Nah I caught it at 10 dollars and 39 cents.

It's like stop loss though because it just came down again to my entry.

Yeah, but I bought a spot at $7.20, sold it around 9.

And then I'm just like day trading, to be honest, because I'm potential.

Nice, do you do much, do you do much perp trading?

Every single day, I've been perp trading Lately for like the past 2 months because of the volatility

it's not bad and you know When you're patient you make gains when you're greedy you lose them.

Are you focused more on all sort more Bitcoin?

Oh Bitcoin is my main thing, but I do like lately.

I caught the pump from like 9 dollars on the perp to like 10 almost 11 feel like scalps there so like yeah I've been looking at like render Solano, but I mainly do Bitcoin

Okay, yes, yeah, I mean I saw the news really early And I was actually very short world going because they have their grants every 2 weeks which are anywhere from like 100, 120 million every 2 weeks.

It's a lot of money because this thing only has a circ of a billion.

So say 10% of the circ is coming in every 2 weeks.

It doesn't sound like a lot, like relative to some of these larger unlocks, but what you have to realize is it's not just about the size of the unlocks, right?

It's about how much actual selling gets done.

And when you have an unlock with, let's say the Arbitrum unlock, a lot of investors don't sell they just hold it.

Whereas like when you give like a bunch of like random like people Around the world especially people like, you know, the people that are incentivized to sign up for this thing are typically like They don't have very much money.

So like yeah, yeah, like getting a $30 grand is Is actually quite meaningful to a lot of people in certain countries.

So a lot of these guys are going to sell.

So it's essentially $100 million that gets instantly sold.

So if you assume that 50% or 40% gets sold in a traditional VC slash team unlock, then this is actually like a $300, $400 million unlock every 2 weeks, which is 34% support.

So obviously there's very clear reasons why this was a short and it played out very well.

Yeah, so when they canceled the grant, like, they just removed a shit ton of supply in the near term and Bitcoin's at all-time highs.

It's just like a clear spot to put on risk and world coin.

Not saying I did put on any but like I want to short it again because it's just slam dunk short, but like if people want to go

play it alongside on this coin it just seems like a logical place to do it for the next 2 weeks, like the Nvidia conference.

Yeah, that's kind of like been my play ever since you spoke about the grants and like them pushing it back like 2 weeks, I was like alright, I gotta start looking for some long time because I thought the pump was going to be over, but they just seem to still be hanging around VWAP, just chilling above.

Yeah, I said, I'm happy to say I'm not the only 1 shorting.

Yeah, why would I want a long world coin?

When I broke out, out of that wedge, yeah

Well, I feel, I feel Whirlcoin is a good narrative play with this whole AI type of thing, but you're, but I don't really see the correlation between AI, you're just looking in terms of the founder, but I don't really like their token distribution model and shifting an issue down by like, by like 2 weeks, it's not going to really change things.

So, if that's why the reason why you're longing, then your value proposition window is very short.

like engineering wise, I always think of crypto as a accoutrement, you know, like the ability to add value to something else, to add a different flavor

But it doesn't actually, in my opinion, has created anything new in the form of logical thinking.

You know, I view it as like, Like, you know, each token is like a different slot game.

And what we're doing is essentially we're betting on like, are people, more people going to play this slot game or less people going to play this slot game.

And you know, this like debate with like new tokens and old tokens is like, you know, whenever a casino, like, they typically rotate their slot machines quite often.

And the new machines, obviously, in order to pay for the cost of new machines, like, the rake is higher on new machines.

And the analogy I view that through is like new coins typically Have a lot more dilution investing and active supply than old coins that are like, you know Fully vested maybe cleaner supply but like, you know, they're older.

They're like less fun and like, you know world coins like a very good example of like something that's like the hottest casino game on the block.

And now You can essentially view it as like the casino is Offering like a promotion or like you get free drinks every time you play this game because they removed this Supply in the next 2 weeks So like in the next 2 weeks like what it makes sense to like bet on the number of people playing the game increasing or decreasing like Given that most of the people didn't know this information until last night, I still would put my money on it increasing.

I never really actually speak on the space.

I was just wondering, because Khan is sharding WorldCoin, and I was thinking if that's because of me.

Oh yeah, we had a discussion last night about it and I don't know J.

Just as a way of convincing me to do things

But what I'm curious about your reasoning for showing world point right now Like in my

in my mind, the issue in my mind is like, it's kind of obvious, but like you can only make a fixed amount on a short

bro bro bro stop that because like first of all that's bull

think about it ok no no but like the ups There's so much upside risk because this thing only has a billion dollars of market cap.

So, if another hundred million, you saw the guy who came up earlier, no offense to him, but he is a tourist, if you will.

And a lot of these tourists are coming back into the industry and they're playing the hottest casino games Like there's a lot of money out there So like I guess like it just doesn't seem like a great risk reward bet now Like of course everyone's gonna short it into the next grants on the 25th But like if you're short now, you're kind of on an island

Even at these fun rates you think Like you could you could you can pretty much on fund rates with a nice short and that's been the Delta neutral.

Even if it's at 20 bips every 8 hours, which is crazy, it's like a few hundred percent a year.

You know, at 60 bips a day for 2 weeks, I'm like, great, you made like 10%.

I'm short like a token that like I've hedged from January and my reasoning for it was because the funding rates are so high they're like 10 bips every year period right now I don't want to say the name of the token but I'm down like 750000 dollars on the hedge but I've made 45000 dollars in the funding And eventually I'll get my position back when I collapse the hedge, but like for now it's been pretty painful, you know.

This funding thing hasn't really been making up for how much it's been going up.

It could just randomly go down from here, I don't know.

It's like Even yesterday there was just 500000 dollars of 500000 units of claims Which is like 4000000 bucks.

So there still are people claiming it's not like it's supplies clean, but I Don't know.

I don't have I'm not really staring at world coin too closely.

But I mean we're in like a meta right now where things are pumping like this gaming thing.

Everything is up 30% on a gaming conference that nobody cared about.

I like looked at this gaming conference like 2 days ago I try to put them along no 1 cares like they put it on So soon before the events It's kind of interesting.

like some reasons why but like I don't want

oh Yeah, are you talking about GDC versus

Yeah, who cares about GDC because the fuck about GDC doesn't mean anything.

Yeah, I was very I was very interested when I saw I'm next conference is 2 days before GDC I was like, why would you do that?

Well, I'm in building, man, and building, actually, I hate to say it, building is actually much less stress free.

People suspend their money without thinking.

But, I mean, I've just been playing my minors, I'm like up a couple hundred K on that in last February.

So I'm pretty happy much less stress-free than crypto.

With options, with options, buy things that, because their market cap, for some of them their market cap is below 1B.

And their short float rate is usually around 25-30%.

Okay, so let's just stick with a conversation with Mara and Yeah, right now right now we're talking about like 18k It used to be 2018.

Yeah Well, it went there's no way went down the hash rates should be way up

what are you serious the breaking rates 18k

yeah you can look at if you don't believe me you can just look at the 10k and you can just look at the 10K and these miners have power share agreements.

So what end up usually happening is that you see shareholder dilution, they buy a failing company and they use the power share agreement to create fixed cost.

If you come from a traditional financial background or if you have at least, I don't know, spent 1 year in business school, mining is the most easiest play to predict what's going to happen

How can the break-even rate be so low with hash rates at all-time highs The break-even is higher like a couple months ago

Also, Well, you're only looking at 1 side of the equation, Vicky.

So you're not considering block rewards, you're not considering the rate in which they are growing at.

You're assuming that you are sticking- That comes

That's not how they- That's not how it's- That's not how it's-

So they're buying power in terms of blocks.

Do they like deal in like what, some energy futures market or something?

That's what I mean by a power share agreement

And how long do those agreements last for

I can talk to my dad, but sometimes they last from like 1 to 3 years.

I don't know if that makes sense to me, but I need to think about that.

Is your dad like some energy mogul or something?

is that 1 of the directors at 1 of the biggest power companies in the country He just likes miners because he's like it's it's not a he doesn't look at them as a Bitcoin company He just looked them as an energy producer or energy consumer so to buy HE at those levels.

Seeing the cost for coins around like 28 K back in Q1.

And it's going to double after the halving.

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