0:00 [Music] all right this is going to be another exciting one where we're going to start with the photo okay we'll go from there you already know i got a rock um is that a nfd that sold for like 40 million or so oh my god it is isn't it i bet you it's something it's a rock nft it is an nfc oh how much is it valued at 20 grand ooh 30 000. 3 million 300 000 higher than that lower than that wait higher than a board eight five hundred thousand three mil eight hundred thousand one mil what wow one is like a meat what does it do it's a non-possibility ████ it does matter but this but this is the tweet that just went out with it how's your week by at dino underscore dealer how's your week mine
0:50 i just erroneously listed at ether rock number 44 for 444 way instead of 444e bot sniped it in the same block and trying to flip for 234e in one click my entire net worth of one million dollars gone is there any hope am i gonna make it can snipers show mercy so he he mistakenly paid that much no he mistakenly elicited it for less for a totally different currency than ether there's apparently high demand for these already it's like what happened with the board ape recently remember you hear about that guy sold it for like 15 bucks and yeah it was it was worth like so he listed it for the wrong currency there yeah so so way 444 away is literally point zero zero is like two cents oh it's nothing in a box why did he list it was he drunk he was trying to listen for
1:40 444 ether yeah i think he's just mistaken so i think he was drinking a bot that was programmed to buy stuff when they're undervalued just bought it before he could react you don't interact with something that expensive without a clear head like like you know what i mean something's going on but there's a lot of people that make mistakes but not [Laughter] listen what do you mean joe not me was it me yeah i'm mr man's risk he's talking about himself what did you do i'm talking about the bitcoin guy that ████ he has a lot in the in a dump dump site and he's trying to look for his bitcoin oh that actually makes more sense that makes sense because it didn't cost him anything to do it so he's not like remembering how much it took to to get that what made this one worth a million dollars i don't think i i think
2:31 answering that question is the conundrum of life it's like impossible i mean did someone previously did he buy it from someone else why are why is there a midnight line for jordans it's just sneakers people love those you could simplify everything if you want to but for some reason there's a group of people who are willing to pay whatever for whatever scarcity you can say that about like fine art modern art i mean just the whole art industry to me it's the same but but as far as it is it is but but as far as like the nft marketplace yeah like what's the what's the significance of this one in that ████ is it is it the people behind it talking about it it could be connected to some kind of dow you can get into some certain discord group or club or physical club so this is like a one-off this is something or it just is what it is yeah well it's just it could be just the first of its kind where it's like the pet rock but it's like yeah remember there was a pet rock craze like what the ████ when i tell people
3:23 your financial system is being replicated on the blockchain i mean all of it like stuff like this like the pet rocks all the stupid ████ that's it it's already here we already do it all the time everybody it's not like your grandparents aren't like why the ████ are people spending money on this like like already they already are but now they're asking the questions about blockchain too it's the same ████ it is the same ████ so again uh the blunder meant that this actually sold to a bot for 444 away which is worth about 0.0012 cents sharing the display despair online the collector wrote exactly what i said earlier how's your week mine i just erroneously listed ether rock for 444 way instead of 444 eve bought sniped it in the same block yeah yeah i wonder what they got it for more than ████ 12 cents less i mean that was .0012. somebody was just sitting there
4:14 ████ f5 in that page waiting to buy some ████ or they just got completely lucky there's nfd bots that just cop things if it's a there's bots in general that that do those things you know what i mean the second anything gets listed at some sort of like shoebox phenomenal price yeah somebody's already scooping or flash crashes is there scoop by blocks is there like a nft for you guys that are playing around with mts that you're like you got your eye on and you're like dude that number i will see 150 of them it's just lottery tickets for me because i am using a still underutilized blockchain called terror right so like it's number two total value locked on all crypto it's in nft space it's not even close to that so like for me i'm like well there's that much visibility now especially with dope one by one's bitcoin so why won't i hold all these lottery tickets so that's what i've been doing but at this point in the run i'm not
5:05 buying nfts i'm just holding as much luna as possible however the ones that i've gotten into it's really just about making sure that it has something going for it where it's not gonna just go away overnight like there's not somebody gonna pull all the liquidity out or um there's a lot of things that can happen with nmts it's still so early i don't know enough about nfts to sit here and 99 percent of nft projects pretty much are red pools though no that's right here absolutely rug pulse isn't necessarily the same as like uh conniving intentional once everybody buys we're going to run yeah rug pulls uh is also kind of categorized as like a hey this is uh that's my jpeg i'm not promising anything and everybody's paying a bunch of money thinking that there's some sort of speculative concept that is going to bring them such overbearing profits in a near
5:55 distant future but then when the people who made it are just like cool now i'm rich i'm not doing anything else yeah and they lose interest yeah you know what i mean that's not really a rug pool that's just like overvalued that's still categorized because nobody understands the speculative nature of things like energy crypto is already speculative so much because you only have like two three four blue chip concepts that aren't even like fully understood as blue chip right everything else is considered speculative because 99 people don't ████ do any research anyway yeah and then nfts are even more volatile right so it's even like 2x to 10x speculative in concept because the other day a pfp no matter what the ████ yeah is a jpeg no matter how much you spend on it no matter how ████ sick the company behind it is if the nfc doesn't represent something like stock interest
6:46 if it's not an actual percentage investment of the company if you don't own shares by owning it then you are technically still owning a ████ jpeg let's be realistic about it right like the most realistic we could be anybody who buys an nft like 99.9 of them can't wait to ████ sell it for way more than it's worth right that's the game for the game that's the whole game yeah so so because of that all you're doing is buying lottery tickets so for me i have 155 lottery tickets and they i spent varying degrees of whatever the ████ on them whatever you're willing to say nowhere near five percent of my stack that's the whole thing measure risk uh involve yourself like definitely you you can involve yourself with different projects but just measure risk the whole ████ time don't be stupid don't leverage trade anything ever and don't put yours don't open yourself up to any kind of risk that you're not willing to lose at any point because it could just immediately go away if you're gonna
7:36 do that when you're looking for a specific when you're looking for a specific nft like what are those qualities that i know it's random and it's really speculative is there any qualities at all that you were like oh i'm i'm getting this one because of x y and z honestly i don't know enough about it yet to know so it's like like look i've been in crypto for almost 10 years i know way more about crypto as a whole nfts are so new i can't claim to know because i haven't been through nft cycles yet i don't know less than a year old of how it gained traction i'm not gonna sit here and tell anybody anything about nfps other than i like the tech behind entities that true ownership is is able to be seen on the blockchain by everybody everybody knows exactly who truly owns something if they own that nmt they truly own it i like that right but and and as far as the tech behind it you can use it for medical records you can use all
8:26 for all kinds of real world use cases that will matter at some point in the future it's really not ready it's too early probably for any of that to be integrated so we're talking about like right now it's kind of a dot-com bubble for entertainment it's that's where we're at we're like mid-90s i can see nfts being like the digital like document of a deed or something for a home or like used in in that but but i know that like um there's another way that nfts are being used and it's the and it's in the form of like a pawn shop so like let's say if i have a rolex that i want to loan on right i could put it into the nft space and there's already sites out there where you can basically get money on that rolex and then it's collateral yeah as collateral and then you have to ship it in or sell it you know and then you get the nft plus the actual physical rolex that's cool yeah or in the marketplace like you can put
9:16 up the nft and then you know people buy that rolex from you then you ship the rolex over and you get the nft as well yeah and i have a couple hoodies coming to me that i bought their nfts and then if you held the nft by a certain point they snapshot it they snapchat the address of everybody holding it they ship them to your actual physical address once you input it i don't know that that will be worth anything i don't ████ know i'm just there's a project called unisocks that i have a buddy who bought they're worth 120 000 they're an nft where if you hold the nft they send you the physical socks they're just unisocks like like like uniswap with unit swap ████ on them and they're yeah they're worth like six figures because of a gimmick and you just don't know so it's all lottery tickets you just don't know which one's gonna paint out which ones won't that's why it's like the dot-com bubble it's like amazon made it yahoo made it a couple of them made it everyone else wiped out you never heard
10:07 from everyone thought aol was going to make it because they had time yeah they were the biggest boys yeah they got bought by time warner and got wiped out of existence same ████ so you just don't know so it's just too early for me to sit here and go oh i know about it i'll tell you this but no it's just about looking for edges in the market always look for edges right so what's my edge right now tara's number two blockchain all of crypto i've been wearing this hat since it wasn't even close to that so like you know what else yeah what else is going on that's a new hat daddy yeah you're right the gray one but yeah um but so what what other edges am i looking for right in the nft space uh tara's not even close to being number two so like maybe it'll work out that way maybe it won't who cares but maybe it will i hope it does but either way i'm not even spending five percent of my stack on it so it's i'm measuring risk for the whole ████ time if you're not measuring risk you're exposing yourself to so many l's i can't
10:58 even tell you please just try to try to be careful about this there is also something though to the um the understanding of the culture especially is very apparent in the speculative nft space though that like what is the value of something and the value should not necessarily be measured on like what it is of utility but actually what the demand is people people oftentimes don't understand the relativity and the correlation between why is that thing so valuable well ████ because the demand is there it doesn't have to make sense yeah exactly it's like why is it banksy so valuable when at the end of the day it's like a stencil on the side of a wall but the second he puts something on the ████ wall that's like a 1.2 million wall and you're like uh no that's a graffiti on the wall but we love it because there's a culture value to it because there's a demand but it's not because that graffiti is 10x more
11:48 utilization power over you know this ████ space whatever the ████ that's on the wall the delorean is a car that's largely seen as a failure if you watch the documentary about it's ████ amazing but there's such a demand for it that they're bringing it back now and like they've already been manufacturing them from a plant in texas but now they're actually bringing it back doing like a completely um electric delorean because there's such demand for this ████ it's sweet nobody buys them they may they make new factory builds for like 60k you can just get a brand new one what they've offered that for like 20 years no is the company still around yeah the guy it got people only buy the old ones the company got bought by this other steven nguyen like it's a different one but you see them you see them everywhere i see delorean's everywhere it's the only old way but only the old ones yeah the new builds nobody buys them because
12:38 they're 60 something thousand and you could get a like when i got mine i got paid 15k wow i don't have to really do much to it other than make it sparklier yeah so it's like it's not worth 60. anybody who already knows deloreans and loves them doesn't want a new one anyway they want the freaking og one yeah i don't know if people are gonna buy the electric one they've been announcing that electric one for over a decade and i but it's close yeah that's what they say if they're really gonna come out with it but but that's the key right so so there's always demand for something even if you think it's not interesting there's somebody out there who might want it and if it's scarce enough hello board apes right like all this ████ it's just you trying to mark it you can try to be better than it yeah but but just about understanding the market reality sometimes just knowing that you're not smarter than the market the market's smarter than you acquiesce to it accept it embrace it love it and then try to figure out what your edge is inside of it that's how you made so many
13:29 millionaires dude that's great advice look dude that's that's how i win honestly i measure risk non-stop and i don't want to expose myself ever except for to my wife [Music] [Applause] [Music] you
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