Binance Hack, AI, Privacy, and Institutional Crypto

[Part 1 of 6] [Guest: Michael Saylor] [00:00] We've issued eight billion dollars worth of digital credit this year, and the most successful IPO of the year was stretch, it's STRC, it was two and a half billion dollars. I couldn't have done any of it without AI. If if we had not had AI, we would be eight billion dollars less. We five IPOs, none of them would have happened because I used the AI to design the securities and solve all the tax problems and all the securities law issues. You know, so I like I'm a big believer in using AI to design new things. And I look, I'm just I I focus upon digital credit and security, but there's someone there thinking about how to make the car drive and cure cancer and like like aren't there like a hundred million problems the human race has to solve that we've that you like, well, you're going to need a thousand people with PhD to solve that. Or guess what? Now every 16-year-old has a thousand PhDs at their fingertips and so I'm very bullish. The world's going to be a much better place and and we're going to see an age of empowerment and and abundance because of the digital technology. [Guest: Peter Schiff] [01:11] People are greedy when they also try to acquire gold. [Guest: Michael Saylor] [01:14] Not really. I mean, people who buy gold are trying to preserve. [Guest: Peter Schiff] [01:17] Centuries, we have centuries of people being greedy to go ahead and acquire gold. [Guest: David] [01:22] Well, no, well, you're talking about to acquire wealth. Yes, people are greedy in that they want they want more things. There's nothing wrong with that. But when they're converting what they've earned into gold, that's not the greed part. That's the preservation part. I I I've I've earned all this money because I was greedy. Now I don't want to lose it. I want to store it so I can use it later. I don't want to blow it all right now. I want to hold on to it. And, you know, gold is a way to do that. You can't really do that in a fiat currency that's just being printed, you know, into oblivion. So, uh, but but but, you know, the greed is in the speculative frenzy that accompanies Bitcoin. [Guest: Charles Hoskinson] [02:05] Please tell me that I'm the reason they own Bitcoin because they listened to me years ago about economics, about sound money and and and the Fed and inflation, and I'm the one that got them. Plus, there's a lot of technology in Midnight that's going to make the use of Cardano safer. Like Midnight passport will be the fastest, safest and easiest way to use Cardano. So, we gain all the usability and enhanced security. Plus I'd argue Midnight is an essential component for Bitcoin, that Bitcoin DFI. When you look at that side of it, you're like, okay, Bitcoin users, they want privacy. So, Cardano could do a lot of the heavy lifting on the programming side, but what is the private coordination layer to solve that? So, we're actually working on with programming our Bitcoin DFI setup, what we call it for the circle. So, you start with Bitcoin and tap root. I'm going to put 50 Bitcoin of my own money into this. It's free Bitcoin. work. But you start with tap root and uh Bitcoin. You lend it to a stable coin. So, that'll occur on Cardano through a specialized transaction through the bridge. And then that stable coin would then be deployed into a yield bearing instrument. And then as you make yield, the yield is converted to Bitcoin and then it's sent to your capital. And then Midnight coordinates all of it with privacy. So, you you have like all three networks working together, and you have this circle. And then from the Bitcoin user's perspective, you just give them a button, make money, click the button. And then it locks their Bitcoin, and you start generating a yield. The security actually enters the tap root on the Bitcoin network. So, it meets my three rules that I have for Bitcoin DFI. One, there's only Bitcoin. No other token. [Guest: Erik Voorhees] [03:38] Bitcoin, Litecoin is better money than than fiat, obviously. It's also better money than gold. Like I think it's I believe it's the best form of money that um humans have ever come across. Right? Money being good, being that it's um it's inflation proof, right? No one, no single person, company or or government can print more money. They can't print money and inflate away the money you're holding. Uh you're storing. Right? That's kind of one of the key things about money is if you work hard and you make money, you don't want that money to kind of disappear with time, not from your own doing. Right? So that's that's key. And Bitcoin, Litecoin and uh most cryptocurrencies um is able to to do that. [Guest: David] [04:25] I could have the argument that real estate's better than Bitcoin. For a number of reasons, by the way, depending on who you are. Um, your audience will probably disagree because they bought a bunch of, you know, Bitcoin maximalist. They don't have as much Bitcoin as the real estate guy, by the way. [Guest: Michael Saylor] [04:42] No, I I'll tell you right now. Hold on, one second. [Guest: David] [04:46] See, that's the funny thing, dude. That me and my brother were talking about this yesterday. You know, the guys that know the most seem to have the least. [Guest: Michael Saylor] [04:54] 100%. That that I can probably agree with you on. [Guest: David] [04:58] It should be a bigger issue within the crypto system and the ecosystem. What do you think? [Guest: Michael Saylor] [05:03] I think it will be. I think privacy is going to be the the new if you want to in my view, and this is what I'm tasking the investment professionals at Naelstrom to sort of figure out. I think that the stand out shitcoin or, you know, few shitcoins of 2026 to 2028 will be related in some way shape or form to privacy. We already saw the, you know, amazing move of Zcash over the last few months. Yes, it's down 50% from the 780 high, but I think again, my goal is, you know, my mental model is 10 to 20% the value of Bitcoin. That's what Zcash and so, so much higher than where it is today. But, you know, taking away Zcash, what is the token project or protocol that's going to utilize some privacy technology, I'll be something like ZK or knowledge proofs to do something whether that's quantum resistant, you know, yeah, over the rest can't de-anonymize their data or, you know, see what they're doing, whatever it is, right? These are the things that we're latently afraid of of of what bad things that could happen with this proliferation of Big Tech, Big Government. [Guest: Nigel Farage] [06:12] Donald Trump getting elected and knowing that we share friends in the White House for all the populist parties of Europe who are under attack. Every single populist leader. If you look at the leaders, and my last documentary was called Silence. I got 18 months of prison. [Guest: Midnight] [06:27] What first got you excited about blockchains? Think about it. Oh wait. I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to sharing the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Where we're still living with the same broken system that blockchains promised to fix. It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's where we build Midnight. To bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [Guest: Cake Wallet] [07:46] Ladies and gentlemen, we all know this in crypto. Ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [Guest: FOMO] [08:28] This is Houston. T minus one minute until full data blackout. All eyes are on you. Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. Is that guy on FOMO? Oh yeah, like me for a crazy trade. Yeah, let's get back to it everybody. Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. Opportunity cost is simply this. Every position you take is a position you choose over something else. This just in. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. Yes. For now, the crisis appears to be over. Satellite's up and running. Positions look good too. [David] [10:16] There we go. United States of America representing. Social communism does not work. Digital assets is it better to move money at the speed of light through People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. Oh, where is it? Where is my thing? Welcome to the breakdown though. You hear me? What the hell is my shit? All right. We'll get right. I mean, let's get started, right? Let's go through the Let's go through the sponsors and stuff. Uh Midnight. Shout out to Midnight. Midnight is the title sponsor of this show. That's right. Midnight is the title sponsor of the show. A lot of you guys are probably wondering, why is David so like where's the energy? The energy's here. It's just I'm very upset. I'm upset with what's happened. But Midnight is a sponsor. We got Polymarket. Polymarket is the official prediction market sponsor of the breakdown. We also have Cake Wallet. Cake Wallet one of the most secure wallets that we have in the space. Especially what would what's happened yesterday with security and all. You want to make sure that you have your assets in something that you could be confident in. And that's Cake Wallet. Cake Wallet for Bitcoin, Litecoin, Zcash and Monero. Download it at the App Store. Go to Google Play. Go to cakewallet.com. Also if you have a lot of people been asking me, I ran into a space yesterday. I mean, if you have a phone, if you have some random phone lying around, factory reset that's never touched the internet, you might want to go to cakewallet.com, download cupcake and go from there. Hey, listen, some people might disagree with me, but a lot of people, that's what they're doing, man. With everything that's happened, exploits and all. Uh fomo.family, you can go on fomo.family, you can watch me as next month I'm going to go try to go for a million. I don't know, but the shit got to be at least at a $2 million market cap. Anyway, fomo.family, you can go look at the top traders trading socially in 4K. Look at their thesis and see if that asset is on par with what you think about it. Fomo.family. Right. Let's see, man. Let's see something. Where the hell am I? I'm here. There I am, sexy. Right. All right. I mean, I've been I've been talking about this very subject for about, I I think even more so for about a few weeks, I've been talking about the subject. About how our ecosystem needs to make sure that the protocols that we are in are safe. Rewind the tapes. This is not me just out of nowhere having this discussion or just talking about what happened yesterday with with Binance. Not only Binance because Polymarket also got hit, apparently front facing. But let's talk about Binance because it's the biggest hack of all time, right? Biggest hack in crypto. 5. about $5.6 billion is a guestimate of how much money was taken. By North Korea, which has been confirmed. I I said two people and and you know what? I'm going to stand on this. I said there were it's either North Korea or it's the banks. It's either or. Cuz the timeline is kind of freaky and I'm going to break this down. The timeline is absolutely freaky if you look at it. It's really freaky. Really, really freaky. Absolutely freaky. Like really, really freaky. Like really, really, really freaky. It's terrible. Anyway, I've said for weeks, for weeks that more money needs to be put into cybersecurity. That the protocol exchanges and protocols need to put 15% along with obviously hardware, coldware, whatever you want to call it. They also need to put money into security, run test, hire people that understand how to nip shit like this in the butt. I've stated it so many times. On this very program. That this needs to be taken seriously because you have new people that are joining this space. They're doing everything the way they're supposed to be doing everything. People forget about just the new people, people that have been in this space have done everything possible. Everything possible to secure their assets. Not your keys, not your crypto, not on a lot of people choose not to be on exchanges because they don't want to go ahead and make have their assets on an exchange and then all of a sudden it goes belly up and they're lost. FTX, remind everybody of that, right? When the biggest exchange that we have in this industry gets exploited like this. That says a lot. I'm going to say that again. Binance is a behemoth. It is the biggest exchange that we have in this industry and when it gets exploited like it did yesterday, that says a lot. It really does. And yes, you know what, Binance, they're good when it comes to covering people's assets. They have money to cover people's assets and and and I respect that. But anybody that's in crypto right now, and for anybody who's looking to get into crypto, when they see this kind of exploit, automatically, automatically, they don't feel safe. They absolutely do not feel safe in this space. I've spoken to so many people yesterday, whether it's veterans, whether it's new people that have just come into this space and they do not feel comfortable. For those of us who have been through the Mount Gox, what was that other exchange? Oh, man. Cryptopia, FTX. We've we've all been through. A lot of us veterans have been through this shit. We've been through protocols being hacked and new contracts needing to be developed. We've been through Celsius and Voyagers and we've been through it all. Especially the vets. I mean, we we are battle tested at this point. But the point is, at this stage of the game, this should not be happening. This should absolutely not be happening. And more so when I when I sit back and I had a chance to really yesterday, I really sat back and I had a chance to just assess everything that's happened. The timeline of things. I I got I got to say I really sit back and really assess. Number one, I came on to a space and I said it's either North Korea. And imagine North Korea was already good at hacking. Imagine them now with super intelligence in their hands. It's like crazy, right? And then I also said like this could be this could somewhat be the banking system. And people like, oh my God, David, tin foil hat, what are you talking about? Hey, like, listen, this could be the banking system saying like, look, you can't trust these motherfuckers. They don't know what they're doing. We do. On a day yesterday, on a day where the New York Stock Exchange created their own DFI protocol. I want you to think about that. On a day the New York Stock Exchange, an entity that has trillions of dollars, comes out with their own protocol, DFI protocol. Binance is hacked. Weird. Like the the train the chain of events. It's kind of weird if you look at it. Again, I know people will say tin foil hat, you're overthinking. I'm not over I'm tell you this right now. I don't overthink anything anymore. After COVID, I don't overthink anything. Anything's possible until proven otherwise. So you have you have hyper liquid, they're trying to bring hyper liquid over to America. New York Stock Exchange developing DFI protocol. And then you have a hack on the biggest exchange in crypto. I want you to let that marinate for a second. What are these things do? When when that happens, right? When when when Binance gets hacked, the biggest exchange, an exchange you can trust, an exchange that has money to cover, right? When it gets hacked for $5.6 billion, the largest hack of all time in crypto, $5.6 billion. You have to start questioning a lot of things. You have people out there pushing rumors that Binance themselves hacked themselves. You had people who have been in the space for a really long time saying, well, we needed a good hack on a on an exchange in order to bottom out so we can go and start sending lower prices, people get in. And listen, yesterday's event, even though horrific, even though horrific, there were opportunities for people to get in lower. And people did. People took advantage of yesterday's events. One positive I do want to say is that absolutely this space is quicker to resolve these issues. You had Ripple, you had Tether, you had Circle. You had a bunch of large entities race to go and stop stop the hacker or the hackers in their tracks. The hacker was smart though. Whoever did this planned this out and this was this was planned out what? Maybe for weeks. The hacker or hackers knew that they could not go ahead and off ramp this money. So what do they do? What what what do they do? They went to Ave. And they loaned the stolen money, they loaned the stolen tether for Ethereum. So you shut down this is the crazy part, right? They loan, they take the dirty money, which is the the money that was stolen from Binance. They loan against it. They give it to Ave, they give the dirty money to Ave. Ave gives them clean Ethereum. Tether shuts down the dirty money that Ave's holding. The hacker makes way with clean money that you can't shut down. I'm disappointed. I I and you know what, I'd usually be screaming my ass off, not screaming, I just be louder. But I'm just super disappointed that we're at that point. We're in a point in crypto where people are starting to look here and people are starting to get interested. And some people from 2021 who never came back were probably thinking about coming back. And here we have this happen. Now you can say, listen, everything's all good. Uh Binance will make everybody good, which they will. You'll be able to withdraw. I know in the next 24 hours you'll be able to do so if you if you already can in some cases. But still, when you have this kind of event happen, why would anybody want to touch crypto? Like I I'm being serious. I'm not trying to be dramatic. Why would anybody want to be in crypto? Like it is it even safe? Especially with AI here, like with with AI being able to break through and exploit some of the big names products, the big name products that we have here. Like who would want to be here? This is a serious question. Like I love crypto. You guys know I love digital assets, I love crypto. I love this space. We got to ask ourselves this question.

[Part 2 of 6] [David] [00:01] This ain't right. [David] [00:04] This this absolutely this is this is trash. [David] [00:08] I got to call for what it is. This is this is absolute trash. [David] [00:14] I I don't know how we can confidently tell any of our friends, hey, you got to get into this place. [David] [00:25] And them taking us seriously. [David] [00:30] Like, can you imagine telling your friend, you know what, you got to get into crypto, man. And they hear this news. [David] [00:38] And also it's disappointing that guess who heard about this? Elizabeth Warren. And what do you think they're going to What do you think the Democrats [David] [00:47] What do you think the Democrats are going to do with this news? [David] [00:51] Like seriously, what do you think they're going to do with this news? [David] [00:56] They are absolutely ecstatic. [David] [00:59] They're happy to see this. Because now they have a talking point. They've been saying Elizabeth Warren and the anti-crypto army have been saying for years that crypto is not safe, that consumers need to be protected because it's not safe here. And then a hack like this happens. Again, I'm not I want to make this very clear. [David] [01:22] While others were disrespecting the shit out of Binance, and listen, I get not everybody's going to like CZ. Okay? I get everybody's not going to like Binance. Okay, no problem. [David] [01:35] But you don't want to see this happen in the industry. Whether you like somebody or not, you don't want to see this happen. [David] [01:42] This is not a good look. It is absolutely not a good look for us. [David] [01:49] I came out yesterday and I and I tweeted about it. Like I think people who are happy about what happened with Binance, need to seek therapy. And some of them some of the comments came from some of the people that I respect. [David] [02:04] That I'm friendly with, that were saying things that I was like, man, like this ain't right. [David] [02:12] I I get you got personal fucking, you know, beef with with CZ or Binance, but guess what? There are millions of people that are waiting to get into crypto or have some sort of interest in crypto, and this is what we've showed them. [David] [02:29] How can we how can we be happy about this? [David] [02:33] How can we celebrate this? [David] [02:40] It's crazy. [David] [02:42] What I saw yesterday, by the way, I was I was disappointed. [David] [02:48] People being happy about these these events, disappointment. [David] [02:54] Absolute disappointment. [David] [02:59] I don't know how anybody can be happy. [David] [03:01] I really don't know how any single person can be happy about what happened. [David] [03:10] Really can't. [David] [03:12] I I feel like if you're if you're happy about what happened, then you you really have issues. [David] [03:21] You absolutely have issues. [David] [03:25] And the issues run deep. [David] [03:33] One second, I'm sorry. [David] [03:44] The issues really run deep. [David] [03:51] Why have I been talking about privacy so much? [David] [03:54] You've heard me speak about privacy ad nauseam. [David] [03:59] Privacy protocols are essential now. [David] [04:05] I'm going to say that again. Privacy protocols are essential right now. For anybody who's coming in, I shout out TikTok, TikTok. We have finally figured it out for the for the last two days in a row. TikTok is leading the charge, okay? We have had 200 plus concurring users that are now watching. People are able to watch the program. Shout out to [David] [04:25] (cheering) [David] [04:28] Shout out to TikTok. [David] [04:30] (cheering) [David] [04:33] You can now reshare this with your friends. [David] [04:36] If you're on TikTok right now, you can reshare the program with your friends. Shout out to X, shout out to YouTube, of course, YouTube is home base. Kick, everybody tuning in. This is about what happened yesterday with Binance. This is what we are talking about the current situation, the state of the union for crypto. [David] [04:56] Yesterday, people were like, David, why don't you go on? Why don't you go on live? Pop-up space about the Binance hack, because I'm not looking for engagement. [David] [05:08] I wasn't going to just jump on seeking engagement and and just without any real information, start talking about the current situation. I needed to do my research, I needed to do my homework. And today I like I I'm confident to go ahead and talk about what happened. [David] [05:28] Again, we got to look at the timeline. [David] [05:31] DeFi protocol launch or being created by the New York Stock Exchange. [David] [05:37] That starts off the day. [David] [05:40] Hyperliquid being a part of that. Hyperliquid goes up like 20 20%. [David] [05:48] Funny part is, Hyperliquid was still up during during the entire event. [David] [05:56] During the hackathon, [David] [05:59] as Binance is being drained, [David] [06:02] Hyperliquid is the only thing that's up. Binance went down, Ethereum went down. [David] [06:08] All your major players went down. Hyperliquid stood up. [David] [06:16] That's another thing you can look at is people weren't getting out of Hyperliquid. You know why? Nobody's going to get out of hype. Hype is being backed by trillions of dollars. You think hype you think people are scared to No. [David] [06:31] And that's another question you ask. Hyperliquid was the only asset that was up. [David] [06:40] Hyperliquid was the only asset that was up. [David] [06:46] Listen, I'm not wishing for it to go down. I'm just saying in general, if you think about it, it was the only asset that was up. Only asset that was legit up. It's crazy. [David] [07:00] Absolutely crazy, man. [David] [07:04] Absolutely fucking crazy. [David] [07:11] So where does this space go now? Is the real question. [David] [07:15] Where does this space go? I want to I want to go ahead and lock into a few things that I posted up. [David] [07:21] Absolutely. So you guys can see. [David] [07:26] By the way, shout out to everybody who's tuning in. Again, the more I don't know what's going on with the Twitter algorithm, but the more everybody can go ahead and share it out, the better, okay? If you do enjoy this program, I'm trying to give Twitter another chance. Even though YouTube, TikTok are doing way better and I'm having a way better time there, I'm still trying to give Twitter another chance to go ahead and showcase the show, which is a highly produced, well-produced, with notable names that come onto the show every single day. [David] [08:05] I'm still trying to give them a chance. Still trying. [David] [08:09] Anyway, [David] [08:11] enough about me. [David] [08:15] Enough about me. The disappointment is there though. I I I am absolutely And you know, there were other people who I got to again, like I said, like I got to talk to about this situation, and they were also disappointed. They were also concerned. [David] [08:31] Who's going to by the way, like if I when you think about this, [David] [08:35] if you had the choice, [David] [08:39] if you're a multimillionaire, if you had the choice of coming into the space and opening up a wallet or getting yourself a ledger and, you know, just buying some of these assets and transferring them over into a ledger, would you go that route or would you just call BlackRock, [David] [08:59] Morgan Stanley, JP Morgan, would you call them and just tell them, hey, you know what, buy me an ETF? Buy me a Bitcoin ETF. [David] [09:10] I want y'all to think about that for a second. [David] [09:15] If you're new or if you're interested in crypto, where would you rather go? Would you rather go the ETF route or would you rather take your chance with no insurance here? I want y'all to think about this. There is no insurance in crypto. [David] [09:30] Look what happened to Coldcard. [David] [09:33] $200 million plus of Bitcoin was drained. [David] [09:37] The people that got drained were told, well, you know what, [David] [09:42] you're still alive. You're still breathing, and you still have a chance to one day get back [David] [09:50] to the point of having XYZ amount of Bitcoin in a wallet. [David] [09:57] So here you have a space with no we are a space peer-to-peer, permissionless. We have no insurance. Zero. [David] [10:10] One or two protocols do, but again, this space does not have insurance. [David] [10:16] You get drained, you're fucked. [David] [10:18] If if you got drained, if your bank account got drained, [David] [10:24] there's avenues there to go ahead and get your money back. [David] [10:29] So what do you do here? [David] [10:33] These are the these are real questions that you have to ask yourself. [David] [10:37] What do you do here? [David] [10:41] Can you confidently tell your friends, family about crypto? [David] [10:49] And this is not me being dramatic either. I want to make sure like I I get it. People are coming on, people are doing shows. They're being uber dramatic about the situation. I I get it. I'm not I'm I'm honestly, I'm talking about the shit that I lived through as a veteran of crypto, of the digital asset ecosystem. I'm just telling you what I've lived through. My experiences in crypto. [David] [11:21] I can name you so many things that I've seen that hurt this industry. [David] [11:32] Voyager, BlockFi, Celsius, FTX, Cryptopia, Mount Gox, [David] [11:48] There there's Luna, Terra Luna, UST. [David] [11:55] Like we can keep going. [David] [12:00] Bridge hacks, Harmony One hack 19,000 times respectfully. I'm just I'm being facetious, but twice hacked. [David] [12:13] I mean, I could do this all day. [David] [12:16] And then and then you kind of wonder why well, why do people look at the space this way? [David] [12:26] Why do people look at crypto and they go like it's a scam? [David] [12:34] Crypto is nothing but a scam. [David] [12:39] You go into crypto, all they're going to do is try to take your money. [David] [12:43] That is the perception. [David] [12:46] Somehow the Democrats are going to blame Trump for this. [David] [12:51] Somehow, some way, Trump is going to be blamed for this. [David] [12:55] And I don't even understand how you can blame Trump for anything when it comes to this. [David] [13:04] Welcome to the breakdown. [David] [13:05] (cheering) [David] [13:19] $5.6 billion, man. $5.6 billion, which I I get it. So to update everybody, Tether, Circle, Ripple, Tron, they've done everything possible to put a halt to to get that money freeze it. [David] [13:43] But they're still going to be out a million or two probably one to two billion dollars. [David] [13:50] One to two billion dollars. It's a lot of money. [David] [13:55] It's a lot of fucking money. [David] [13:58] And [David] [14:00] look, I don't think Binance will ever go belly under. Belly up, excuse me. I I don't think that happens. [David] [14:10] I don't think that happens. [David] [14:12] But [David] [14:14] let me just switch to the point. And the point is, [David] [14:20] I've been saying for weeks, if not months, are we taking security seriously? [David] [14:30] Are we really taking security seriously with with the with the emergence of AI? Super intelligence is here. And it's not even at its peak. It's not even in its prime. [David] [14:48] Are we taking it seriously? [David] [14:51] And I don't think so. [David] [14:54] I really and and respectfully, [David] [14:58] if we did take it seriously, then we wouldn't have have these kind of conversations where we're talking about exploits. [David] [15:09] And that's the truth. [David] [15:12] And it's going to get worse. And and that the problem is, here's the biggest problem. [David] [15:18] These situations are going to get worse. [David] [15:21] If one hacker, if North Korea has shown everybody that there is an exploit or they have exploited one of the biggest exchanges that's that I'm sure invests a lot of money into cybersecurity and security in general. If they can be hacked, what do you think happens to this space? [David] [15:43] What do you think happens to crypto? And I'm not trying to scare anybody. This is the this is an honest conversation. [David] [15:53] This legit is a honest conversation. What do you think happens? [David] [16:00] What do you think is going to happen? What do you think They're going to come starting they're going to start attacking harder. You already have phishing attacks. [David] [16:10] You still have people that click on links when they shouldn't be clicking on links. How many people went to revoke.cash to revoke all their wallets from all the stuff they've they they linked themselves up to? How many people did that? Think think I you know, I watch and observe a lot of people. Y'all take care or you're more concerned with your bank accounts, your web2 bank accounts. I'm talking about being with a Chase or Bank of America or TD, JP Morgan, whatever. Like you're more concerned with Wells Fargo in your accounts than you are with your crypto. Oh, I'll get to that. [David] [16:50] There is such a cavalier attitude when it comes to crypto and your assets. [David] [16:58] There really is. It's like this cavalier attitude. Like who doesn't matter, I'll get to that. [David] [17:09] Some of you guys don't even write down your seed phrases. Some of you guys screenshot your seed phrase and have it go to a cloud. And a cloud can be hacked. It's just like I don't AI is here, boys and girls. [David] [17:25] AI is here. [David] [17:33] And you have people that are good with security, by the way. You have people that are really good when it comes to security, especially for crypto. And they've told you what you need to do, what's what is necessary to keep you safe. [David] [17:50] And you refuse to listen to these people. You absolutely refuse to listen to people that are giving you advice on how to be safe in crypto. And that's crazy. That is absolutely insanity. [David] [18:10] So doom and gloom, right? It's you you tuned into the program. It sounds like I'm telling you crypto is over. It's not. [David] [18:19] That's not the point of the conversation. The point of the conversation is I'm extremely disappointed that this happened. [David] [18:27] And I know that if it happens to Binance, it will continue. Now, was this an inside job? And when I say that, was this the banking system sending a message to crypto to make us look bad? [David] [18:42] Because now they can package it and say, look, these guys don't know what they're doing. They're not secure, and they have no insurance. [David] [18:53] Come with us. [David] [18:55] Come through us. Where and who knows? They're coming out with their own platforms. If let me tell you real quick. If you think that institutions are going to tell people to go to this exchange or that exchange and they don't own it, ain't ain't happening. [David] [19:18] What I see happening sooner or later is they're going to come out with their own exchanges. They're coming around with they're coming out with their own DeFi platforms at this point. They're going to come out with their own exchanges. And you're going to go ahead and participate on their shit. [David] [19:34] And they're going to tell they're going to tell everybody, hey, we we have insurance. We got you covered. Don't worry about it. And it goes against everything that crypto is about. [David] [19:54] I've also talked about how the web2 world, the classical world, the classic computers and all, they're in danger more so than crypto. I mean, let me give a there's one thing I I do have to give props to crypto for. Crypto is probably more secure and more battle tested and ready than the web2 world. [David] [20:19] You see every day there's a hack on a on a web2 on a web2 product or company. We've seen it 23andMe, Equifax, I can name a list. [David] [20:42] But this [David] [20:47] this is like us dropping the fucking ball, man. This really is disappointing. It is it's disappointing. Like I don't want to blame Binance. I mean, Binance did everything possible, right? Binance did everything possible to make sure that they're secure and an exploit still happened, right? North Korea came in, boom, attacked the exchange and took the money. [David] [21:11] But can crypto rebuild trust? Can this ecosystem make people feel good about coming into it? [David] [21:22] I'm not saying people won't buy Bitcoin anymore. I'm not saying people won't buy Ethereum. I'm not saying people won't buy Solana. They just won't come into this space to do it. They'll do it through ETFs. That's what I'm talking about. [David] [21:36] They'll do it through ETFs or they will do it through products that have been built out by the institutions. That's it. A DeFi product that is being built out by the New York Stock Exchange, that's where they're going to go. For perps and all all their trades, they're going to go there. [David] [22:01] They're going to create an exchange or they're going to buy one out. They're going to make sure that the shit's secure in all facets and your money's good. [David] [22:12] This is how slowly the shift of the guard happens. [David] [22:19] This is how the shifting happens. [David] [22:22] So we shifted away from the centralized world, and now the centralized world is telling you, [David] [22:31] they're literally telling you, [David] [22:34] if you want to be safe, [David] [22:37] you'll use our products. [David] [22:40] Otherwise, you're taking a hell of a chance by going into that crypto ecosystem. You already see what they're doing there, right? You see what they're doing in that crypto ecosystem. All they do is shitcoin all day. They launch tokens, they hold for 13 seconds. [David] [23:03] Think about that. [David] [23:07] Think about what I'm saying. It's the truth. [David] [23:14] Again, good things that came out of yesterday. If you want to talk about some good things that actually came out of what happened yesterday, okay, let's talk about some good things. Everybody rallied together. A bunch of big names, Tether, Circle, Ripple, Tron, all these all these entities rallied together to make sure that they can nip it in the bud, they can stop it in its tracks. That's a good thing. [David] [23:43] We had a good and it was fast. [David] [23:48] Usually it would have took like 80 96 hours to have any of this stuff happen. It happened quick. It happened really quick. Okay, you could take that out of that. [David] [24:04] You tell me how you can recommend people coming into this space. I will still, obviously, and I'm sure a lot of the veterans, we will still continue to tell people, hey, this is an amazing space. You should go ahead and come here. There's a lot of opportunity. A hell of a lot of opportunity. [David] [24:25] Still till this day, 17 years in, still a hell of a lot of opportunity for people to build things, amazing things. [David] [24:43] So I'll bring it down. [David] [24:46] The timeline is just really sus. That's all. Do I think Binance hacked themselves? No. [David] [24:55] That that was being pushed out there. [David] [24:58] There was no in between. Yesterday it was either you love CZ and Binance or you hate CZ and Binance. And also, Elon got into the mix yesterday. So Elon started trolling CZ, and CZ said, well, we own shares of SpaceX. [David] [25:21] And then the co-founder also came out and started talking about, you know, pushing it out there that hey, [David] [25:31] we own SpaceX. [David] [25:40] I looked at the situation, the way I assessed it, number one, obviously people are going to be on edge. If I'm CZ or co-founder or anybody working for Binance, I'm on edge. We're on edge. We just got hacked for $5.6 billion. [25:54] Biggest hack of all time in crypto. I'm on edge. [David] [25:59] I'm absolutely on edge. [David] [26:06] Absolutely. [David] [26:08] And Elon's trolling. Like Elon is absolutely trolling.

[Part 3 of 6] [David] [00:00] Elon was absolutely trolling the hell. I mean, I can pull it up here. I can pull it up. Let me go ahead and first show you some of the things that I talked about yesterday. Let me show you a few things here. Or I should say yesterday and today. Here we are. Let me go ahead and put myself on the screen. Hi. So I said this. Here's me four hours ago. These hacks are going to cost crypto a lot more than the money stolen. If you're worth $50 million and you keep seeing exchanges hacked, wallets drained, what's your incentive to bring your money here? You believe in Bitcoin and you say, I'll just buy it. You can believe in Bitcoin and say, I'll just buy the ETF through my broker. You get exposure without having to manage wallets and private keys yourself. I think a lot of wealthy people will do exactly that, and people who were already skeptical will feel like they were right to stay away. We're losing the trust of people who haven't even made their first purchase yet. I believe this to be fact. This, when I wrote this, when I wrote this today. And I obviously, I give thoughts to everything that I write. The last line for me was, you're losing the trust of people who haven't even made their first purchase yet, and that's real talk. These are the people on the sidelines who have said, you know what? I might give crypto a chance. This happens and now you've lost the trust. And it's not because Binance is bad. It's not because CZ's bad or or this one is bad or that one's bad. Has nothing to do with that. By the way, I forgot to do this. Oh my God, thank you for reminding me. Thank you for reminding me. Thank you for reminding me. Forgot to do something. It's crazy. All right, thank you so much. Thank you for the reminder. I forgot. Welcome to the breakdown. So that's And another thing that I wrote. Yesterday, 16 hours ago, I said, well, if you have liquidity on the sidelines and you've been waiting for an opportunity to get into majors, here's your chance. I hear a lot of people, oh, oh, I'll wait, I'll wait, I'll wait. Well, here's your chance. You can get in. Also, I wrote this. Being that I've been studying AI for months now, for months I've been studying AI. I use AI on a daily basis. I understand AI and and its capabilities. I'm telling you, AI is capable in the right hands, it is capable of doing great things or it can destroy shit. AI is moving fast and I don't think crypto is taking what comes next seriously enough. We're already dealing with exchange hacks and drained wallets. Now imagine attackers with better tools and your entire financial history sitting out in the open. This is why I believe privacy protocols will be a major part of crypto's future. Privacy alone won't stop hacks, but protecting people's money and their information shouldn't be a, it should, should have been a priority from the beginning. All facts. By the way, definitely recommend Cake Wallet. I did say this. What, what if the banks attack crypto? And I just left it with the dot, dot, dot. Think about it. And then I wrote this, when, when all this happened, I wrote, why are some people happy about Binance being hacked? You guys need therapy. And it's true, like I don't understand how anybody could be happy about one of the biggest products, exchanges in our space being hacked. I don't, I just don't understand who raised you. Like who raised you people to be happy when an incident, in a situation happens like this. You understand the effects that it has on, on crypto, right? Yay or nay. Anyway, welcome to the breakdown. Episode 815. Episode 815. It is, um, I keep thinking of how, I keep thinking, I'm sitting here and thinking, like I'm thinking out loud, how can you, what can you do to reassure the people in crypto and those that thought or have had thoughts of coming into crypto, how can you reassure them that everything will be all good? That's what I keep thinking about. How can you reassure them? By the way, the latest numbers on the hack, about $6.3 billion. $6.3 billion is where we stand on the hack. And all, all things point to North Korea. All things point to North Korea. By the way, still hype up on a red day, which is let's, let's look at this right now. Hype is up on a red day. Crazy. Let's go ahead and look, let's look, let's look at everything. Let's look at the heat map. Ooh. Let us look at the heat map right now. Let's look at the heat map. Oh, oh, the, the Christmas lights are on today, boy. The Christmas lights are on. Bitcoin is down almost 5%. Ethereum is down almost 5%. BNB is down 6 and a half percent. XRP is down 4%. Solana almost 7%, ADA almost 6%. Hype only down 4.7%. Zcash 9%. Nothing green. Nothing in the green. Bitcoin at 772. Now, the one thing I want to say is, the one thing I'd like to say is, if this happened in the bear market, like the, the middle of the bear market, Bitcoin's price would have probably been at 50K. Absolutely 100%. So there are positives, there are absolute positives within yesterday's hack. There are positives. I know you guys think I'm, I'm, I'm psycho for saying that, but there are positives in all this. There are positives. But again, I go back to, how do we, how do we tell people to be self-sovereign and then have this kind of shit happen and not expect them, not expect them to go through the institutional route. Anyway, we have a guest that we're going to bring on here. We're going to talk, we'll, we'll ask, we'll ask him about the events yesterday and see, you know, what takes he has on this. Let me go ahead and get the overlay out. Man, this is crazy. I got to tell you, this is absolutely crazy. Anyway, our guest comes from, our guest comes from, man, why can't I get this up here? Let me stop sharing. Look at this, it will not stay with me. There we go. There we go. I think I'm hacking myself here. Our guest comes from Moon Pursuit Capital. Let's bring him in right now. What's going on? How's everything going? [Guest: Name] [01:54] Going well. How are you? [David] [01:57] Doing great, man. You know, uh, talking about the hack that happened to Binance, $6.3 billion. Um, obviously a lot of the, a lot of the money has been secured. Tether came through. And that's the one thing that I said out of, there are a few positives. Everybody came together real quick. Tether, Circle, Tron, Ripple to stop, um, obviously the hacker or hackers in their tracks. But there's one thing that they did, which was something new, which, uh, they went to Aave and they took the dirty money and exchanged it, loaned it out, you know, took that Tether and exchanged it for Ethereum. You shut down the dirty Tether on, uh, Aave, the, the hackers got away with clean Ethereum. So what, what are your thoughts? I'm sure, obviously you heard about it, everybody heard about it. What are your thoughts on that? [Guest: Name] [01:51] Yeah, you know, I mean, this, unfortunately, this isn't the first time this has happened with Binance. Um, it just, you know, it's making headlines because it's bigger than it's ever been, uh, in the past. And, um, on one hand, um, one hand, I do feel hackers are always going to find, uh, find a way to get into these platforms. Now, now there's, uh, the, what matters here is not the platform itself, it's the infrastructure around it. And that's actually how the hackers got in. You know, sometimes people feel like, oh, the exchange is unsafe. No, it's actually not the exchange, it's the, it's the layers of infrastructure that is, that is the supposed to be the guard rails around it and, and how that impacts. Now, um, is there a reputation, um, is, is, is there kind of a fall of reputation in my opinion for Binance? Yes, you know, I mean, it's like, okay. But, um, Binance also comes with a pretty large treasure chest. And, um, and for better or for worse, they can absorb this. But what is the confidence from, uh, retail perspective, institutional perspective when it comes to investors? Um, you know, I come from more of an institutional background and, uh, you know, where there's always a lot of focus on custody, where you're actually keeping your tokens and, and a lot of that. But I feel that it's, uh, this has now come in the limelight for retail investors as well, right? And so, um, are there, um, are custody players and and companies that offer custody going to take this as opportunities to ramp, amp up their services? I do feel that it is becoming a very important thing. Um, I think cybersecurity's, uh, it's actually an area we invest in, but you know, it's like cybersecurity is, is huge. And, uh, this is happening way too much. You have a lot more players in, you know, a few years back or last, last crypto cycle per se, from that cycle and now, we have maybe 10x, some would even argue 20x more, um, actual active participants in the space. And what does that mean? It's like a feel, it's like a, you know, gold mine for hackers. But, um, I do feel that there's going to be some, uh, custody solutions that are easy to use for retail investors that have to and will be coming into play for this. [David] [04:17] So this is, this is where I lead with my question. Why, and, and I wrote this out yesterday. Why would anybody who's been on the fence sees this happen yesterday? And it could not, it doesn't have to be Binance's fault. 23andMe got hacked. It's not 23andMe's fault, right? Or they sold their people's data, whatever. Equifax, they got hacked, 325 million people's information on the black market. But what incentive do they have coming in? People have multi, even if I say multi-millionaires, but let's even keep it at regular retail who has a thousand to 5,000, $10,000 to their name. What incentive is there for them to come into this space? [Guest: Name] [05:01] Well, truth be told, profits, right? And so, I mean, that, that is always going to be an incentive, but has that, uh, has the confidence, uh, materially gone down, uh, temporarily? Yes, it has. And I, I mean, [David] [05:17] But how do you bring it back up? That that's the question. How, after the biggest hack of all time, $6.3 billion. How do you bring it back? At a point where Coldcard got drained, you have things that are happening with Ledger, Trezor, like I'll name them all out. Now Binance, which is supposed to be the most secure, right? The most secure entity that we have. How do you bring the confidence back? [Guest: Name] [05:44] Yeah, well, truth be told, the confidence is going to come back with honestly, a rise in Bitcoin. Despite, uh, you know, there are fundamentals, there are fundamentals that will, in my opinion, will be bringing it back up. Yes, right now, the market tanked. Let's be honest. It tanked because the market got scared. The, um, retail is very reactive. And, uh, and so is there a temporary breach in confidence? Absolutely. You know, it's like, um, I was literally even talking to my team, I said, you know, what's going on with Binance, right? You know, should we be, and, um, has, uh, now, here's the other thing, right? This is not, this is also an opportunity for investors to realize. Nothing against Binance. I love Binance. But there's also a lot of other exchanges. And, um, and I think there also needs to be an education in terms of, one, what are the varying different exchanges, uh, that are out there, the trading platforms. Number two, um, how can you honestly protect your, um, your tokens? Um, and three, which is probably the, the largest is that, um, you know, it is, we could be sitting here a month from now and, um, or a month and a half from now and see some rallies going on potentially, you know, and I mean, that's a separate conversation, but, you know, it's, it's more around when you start seeing profits, investors will find a way to say, okay, yes, it might, it, they might feel a little dangerous, but maybe there's still ways to actually get in in a systematic, um, way where they're protected. And I think there's an education that I feel it's going to, as much needed, and it's going to start coming out from the likes of other, uh, even Binance themselves. Uh, I think first and foremost, the varying different custody solutions, the wallet providers, and, um, and also varying other players that can make it easy and simple to give investors confidence that, okay, I can now part, um, hand my money and, and make some money off this thing, right? [David] [07:51] $1.5 billion in liquidations, mostly longs. You run a market neutral. Is today a good day or a bad day at Moon Pursuit? [Guest: Name] [08:03] The, today's an average day or a flat day, so to speak. Uh, it's, uh, we are, um, our strategies, uh, our strategies allow us to be risk on and risk off, um, at the touch of a dime. And, um, and sometimes there are, yes, are there drawdowns, uh, with these black swan type of events? Yes, there are. And just these are exactly the sorts of things that we, um, we have built in risk controls for. Um, yes, we might not make any money out of it, but at the same time, we're not losing anything either. Or if there's a, if, um, if there's a fall, we can quickly bring it back up. And so, but this is all automated investing. [David] [08:50] Last you this, Binance got hit through one engineer's laptop, not broken, uh, crypto. You've said key management is still the weak spot. Where are exchanges still getting it wrong? [Guest: Name] [09:03] I think exchanges are getting it wrong in the infrastructure. I think, um, the, you know, I mean, I'm not, um, I'm not a technical expert on ex, uh, exactly all the different pieces that the exchanges use, but, you know, where is, uh, I think there's a fundamental misunderstanding that it's not the exchange itself, it's the infrastructure of like all the, um, it's everything, we, we live in a node sort of world. Everything is connected. It, things move from one node to another to another. And so the, um, you know, you have the sun right in the center, if that's actually secure, but all the pieces coming into it have, uh, have gaps or holes in them, you know, this is just kind of in a, in a nutshell, that's where, um, I feel that the strengthening needs to happen. That's how these hackers got in. [David] [09:54] Man, you, uh, you back quantum resistant infrastructure after today, isn't the real threat people, not quantum computers? [Guest: Name] [10:03] Oh, are people the, is that what you're saying? Are people the threat? Oh, man, yeah, uh, [David] [10:08] If you think about it. [Guest: Name] [10:09] Yeah. Well, so even with when we say quantum, uh, quantum resistance, like quantum security, it ultimately boils to people, right? Anytime we talk about, it's cybersecurity essentially. Anytime we're talking, why was, why is cybersecurity even a term? Because there are cyber hackers. And, um, be it for, um, uh, you know, essentially till the dawn, from the dawn of time, they were not always cyber hackers. There were ways to like come in and grab your money or grab your barter or grab your barrels or whatever. And so, and now we're at a point where they can do it digitally, okay? And, um, as we're getting closer and closer to quantum computing, there is a real threat that, that a hacker could utilize quantum technology and be able to get into any sort of password that is pre-dated from quantum. Um, and and in my opinion, this is not a Y2K sort of situation. You know, you had Y2K, we need all these technology companies, et cetera. They're preparing for it and it's like this big hoopla and, uh, every single company was, uh, disjointed and what happened, like, nothing, right? And, uh, but this is not like that. This, there's an actual threat. Um, and, um, I spend, I, I spend a lot of time thinking around and really looking at, um, within, um, within the Web3, within crypto industry, as well as beyond, uh, you know, Web2 on quantum threats. In in crypto, it's a real thing because, uh, you have, uh, you know, with these decentralized, uh, organizations and you have all these different companies. Um, but any solution that has the ability to, um, make it ease of use and where you can literally coat the entire system, um, those kinds of solutions become really interesting for us. [David] [12:07] You think quantum computing should be taken seriously? Because I, I personally believe with the emergence of super intelligence, that's what I'm calling it because Trump, and I say this all the time, Trump put out a post, he said anybody who doesn't say super intelligence is, is an enemy. So super intelligence, okay? With the emergence of it, do you think we get to the point of having addresses, Bitcoin addresses cracked sooner rather than later because the report was from Google in 2029. I feel like it's coming at us faster. What are your thoughts? [Guest: Name] [12:47] I think, uh, I think we're getting closer, uh, closer to that, but I also, uh, there are actual solutions. There are multiple, uh, multiple companies that are, are working on this. We're actually invested in, um, in, uh, in one very high, um, that we feel has is above and beyond what's, uh, what's out there. But there are, I mean, the good thing, um, the sort of Messiah or the savior sort of, uh, thought process in this is there are actually multiple companies that are, uh, multiple organizations that are at the forefront and really, uh, working at on on different types of solutions. Um, solutions that hit the wallet key addresses, solutions that can literally change the dynamic of not necessarily having this really, like this long character letter of keys that you can just lose versus just literally having changing that into, for example, a login name, you know, and so like, um, where you're just like an at David at that point and it's your personal piece. But, uh, very, um, to us what really matters is on the forefront, very easy to use, but the technology behind it is massive. It's kind of like, um, what we're, what I, what I foresee happening, and we already see this with companies, is the same thing that happens with like an iPhone or an Android, right? You take a phone and, um, and you have an update pushed to you while you're, you know, overnight and suddenly you wake up and boom, you're protected. You have a whole new phone and you don't know all the technology behind it. That's what's coming, um, which is going to, uh, which is going to help with, um, your encryption keys, um, your, um, the, the company themselves being quantum resistance on blockchain, on the blockchains themselves. You know, and that's an interesting piece, you know, real quick where as opposed to going company by company, the Y2K model where every company was in silos, why not coat the entire blockchain? Everything goes through the chains. Now you have a much, um, you're, you're looking at the problem in a whole, in a whole holistic way. It's like having a coat for the internet. If you've ever, uh, if you've ever, uh, have ever had drinks or you know you're about to go out and have a, and have a lot of alcohol or whatever, and, you know, some people used to, I used to do this, um, back, back when I was in college days, have, have some milk before going out, you coat the stomach, right? And now everything can pass through nicely. And so it's, it's, it's actually a little bit like what is actually happening in, uh, from quantum perspective, imagine coating all the blockchains permanently. And so they can become resistant. [David] [15:34] I want to talk to you about AI. So, I'm sitting here, I'm looking at numbers and Meta's burning through money. Amazon's burning through money. Their report came out yesterday, burning through money. Profitable, but when you look at their AI program burning through money, like every single person, Anthropic, I mean, $80 billion in quarter one of 2026, burned through. Okay? Like, all these AI, you know, behemoths burning through money. I can understand they're building, right? They're building, I get it. But they are,

[Part 4 of 6] [00:00] burning through money. Elon said, anybody who's dependent on going out there and getting money from banks, that's going to come to a goddamn end. What's what's, you know, what's your assessment? You're invested into these things. What what's what's your assessment here with with AI here? Burning through an enormous amount of money. Like, who survives? Is it Elon only that survives, you know, and rules the AI space? [00:28] [Guest: Name] Yeah, so, so AI, AI fundamentally is a revolutionary technology. It is a world, you know, I mean, there's no doubt about it. Does that mean that every AI company is a good investment? No. And um, and so the the pieces for for this technology to work, um, you know, I always go back to the secondary layer of the infrastructure and the different pieces, the picks and shovel pieces that are required to make it work. Why is the spending so high? Because all of these pieces have not gone not gotten streamlined as yet. So there's inefficiencies in aka bottlenecks uh for this space. So these companies essentially are working with service providers with uh compute power, like data centers, compute power, energy costs, et cetera, et cetera. And all of that secondary layer has has not been optimized. So thus the costs are very high. And so, um, you know, how do we look at this? Um, we're actually more focused on that secondary layer. We're not, you know, in in terms of our investments, we're not necessarily, yeah, I mean, okay, you can certainly invest in the in in in the big names, uh, for sure, but just know that until some of those bottlenecks get solved for, and even with the larger companies, what I would like to see is that how are they addressing each of those bottlenecks? How are they addressing each layer of their costs? And how are they optimizing for those? And I think that's what Elon's talking about too. And so, um, you know, like to me, um, I would I would be very happy to invest in a company that may not have dot AI in their name, but they're supporting that industry in in resolving a bottleneck. [02:24] [David] I just look at it, the the amount of money being spent, it it's wild. You have revenue though. Like I mean, like Anthropic brought in 16 point, I think 16.3 billion dollars in revenue. [02:36] [Guest: Name] Yeah. [02:38] [David] But lost a hell of a lot of money. It's just like at what point do you become profitable? And and at some point, there's going to be like, to me, in my personal opinion, one or two winners and like the winner to me is probably going to be Elon. I mean, when you sit back and you think about it, I mean, he's he can go to space. Look, that's it. He's telling you exactly what he's going to do. I mean, like and everybody else is dependent on something totally different. So, um, great time to be alive though. Great industry. I've never seen an industry move this fast. I've been on here, I've been what on this planet for a really long time. I haven't seen an industry move this fast in my life. Maybe crypto, I guess. The dot com era, okay, but not like this. This is something. [03:23] [Guest: Name] Not like this. No. [03:24] [David] This is this is different. [03:25] [Guest: Name] This is like, I mean, and the the crazy thing about this industry is that it is multiplying exponentially in terms of the pace of progress. And it's it's insane. And I do I I I I do feel, I mean, I think Elon, I mean, it's uh, he's got some points, you know, I mean, it's like, uh, this is this is not just about like one day you got like Open AI or or or Claude or I mean, Anthropic or, you know, with these others with the Grok and the varying different LLM models, what's actually all of that's going one month, next month, what's higher, what's higher. But at at the end of the day, um, I do agree with you that I think Elon's like what he's got he's I he he thinks in a different a different realm, a different plane in terms of like, what's going to happen like few years from now and where is this whole thing going to be? [04:14] [David] For sure. He's on he's on he's on some other I'll say he's on some other shit. Yeah. [04:22] [Guest: Name] Yeah. [04:24] [David] Let me ask you this last question. One trade or theme for the next 12 months. Stablecoins, tokenization or AI agents? [04:33] [Guest: Name] Oh man, can't be all three now. I think, um, from a, uh, investment standpoint? [04:41] [David] Yeah. Could be personal or investment standpoint, whatever you want. [04:48] [Guest: Name] I'll look at, uh, I'll look at tokenization and, um, you know, with the with with AI agents very close behind, but, uh, you know, I mean, they're all three of them, I mean, I think are great. Uh, I I think there's movement going on all three. But, um, tokenization is very interesting because, um, um, it has the it has the potential, um, especially tokenize, um, it it has the potential to bring different worlds together. You know, you have, um, for example, like tokenization of stocks. And, um, and you have you have the power to bring tradfi into, um, into, uh, into crypto per se, and like into digital assets. You have you have an opportunity to bring real estate and you have, um, bring varying, uh, varying sorts of energy. I mean, there's tokenization piece things going on in different parts of the world for, um, like entire like villages in Africa. And, uh, you know, and I think that, um, this to me is very interesting because the the the breadth here is broad because it can actually impact multiple industries. Tokenization would actually impact the stablecoin industry and and agents. Agentic finance and tokenization are very interconnected. How do you make payments for some of these pieces? You have you have pay you have remittance payments that are going across borders into these, uh, for example, like tokenized African villages via stablecoins. So, [06:22] [David] That's it's true. Tokenization has been I've been talking about it for years now. I mentioned it at a conference and I got absolutely laughed at for saying tokenization, but I'm like, it's going to happen whether it's today or tomorrow or now, which is years later. Tokenization, it's funny. Uh, you know, all the respectfully, all the institutional cats, uh, couldn't stand crypto. Uh, had had everything in the such lovely words to go ahead and express their love for crypto. And now every single company is looking to build on crypto. And that's the cool part. At first, they don't understand it, they diss it and then they're trying to jump onto it. I appreciate you coming on. Uh, [07:06] [Guest: Name] Likewise. [07:07] [David] Hopefully we'll get you back on. We'll we'll shoot. Uh, we'll we'll talk about more AI and uh, quantum resistance and computing and compute. The new the new word now is compute. Now everybody. [07:20] [Guest: Name] It's compute. Yeah. [07:21] [David] Everybody compute is the word. Um, but I appreciate you coming on and we'll make sure that you come back and we'll we'll dive deeper into it. Obviously, unfortunately, Binance got in the way, okay? Binance today got in the way of everything, okay? Uh, but I appreciate it. Thank you, man. Have a wonderful have a wonderful weekend, man. [07:36] [Guest: Name] I appreciate it. Thank you. You too. Cheers. [07:42] [David] That is uh, hey, listen, just talking here about, you know, AI. AI is big, man. AI is big. A lot of institutional cats have pivoted to AI because there's something there. There is something there in AI. Keep saying that there's something there. You could decide, hey, I I don't want to I don't want to have anything to do with AI. That's fine. You can go ahead and miss the boat. You can go ahead and miss the boat on on that AI train, man. Welcome to the breakdown. Let me just I'm trying my hardest to get something up here. Hold on one second. I'm trying my hardest. Like what is going on here? What is happening? On a day, yeah, like, you know what? I'm not really happy. I'm not really happy today. Not happy from the standpoint of, you know, you got you guys know, I'm always happy, but I'm not happy from the standpoint of here we are. We're talking about Binance's Binance being exploited. That's what we're talking about. That's the conversation. That's the conversation. Today's conversation, can you today, you imagine 2026, where where two months away from 27, we're still talking about exploits. That's bothersome. And then I keep thinking about it. Every single time I think of DeFi, I go back to yesterday's news that I reported obviously about the New York Stock Exchange developing their own DeFi protocol. Which can you really call it DeFi once it's is that really DeFi? Because to me, that's CeFi. Like I'm sitting here and and I'm talking to my friends and not a single person has said, hey, is it really DeFi? Because at that point, it's CeFi. It's centralized. It really is. It's centralized finance. It's not it's not decentralized finance. You can say whatever you want. Like I don't care what any I'll debate any one of you guys. I've been here for a really long time. I know what DeFi is and I know what centralized finance is. Do you need a reminder? Except here, here's the reminder. Look, Celsius was CeFi, right? That's not going to happen with the institutions. So I I'll give them that. That that won't happen with them. They got multi-million dollar clients. They're billionaires, okay? They're they're not going to do it. Nothing stupid like that, I don't believe will happen on their side. And if it if there were an exploit, they'd be able to cover it with the trillions of dollars that they have. But that is not DeFi. You guys want to argue with me about it being DeFi. It is not DeFi. Do me a favor. Save that for somebody else. Save that for somebody who doesn't understand crypto. Save that for them. Not for me. You guys are talking that's DeFi. You kidding me? Unreal, man. Unreal. In two minutes, we'll have we'll have a guest on here. Speaking of DeFi, we'll have a guest on here. We'll talk about we'll talk about Binance. We'll talk about the situation that happened in now space. We'll talk about DeFi. We'll talk about talk about a lot of things here. We'll talk about a bunch of stuff here. Man, I am I am so disappointed, man. I've been saying and I and I sound like a broken record, but I I really am disappointed. Really am, man. We should absolutely, 100% should be better. 100% should be better. Anyway, let's bring let's bring on our next guest. [12:21] [Guest: Name] How's it going, man? Appreciate you taking the time to come on to the show. [12:25] [David] Hey, David, great to be on. All right, let let's start with uh Binance loses six billion and uh hype goes up. Is money actually running to on-chain venues or is that too uh neat, man? [12:39] [Guest: Name] Extremely pertinent question given all of this went down literally yesterday. Uh, I I think that longer term we will start to see a shift to capital more from uh third-party exchanges to self-custodial platforms like Hyperliquid. So, obviously, this is an unfortunate event for the space. I was just listening to you a little bit earlier about how this is continuously still happening, but uh I think the move towards self-custody and um managing your own wallets, managing your own keys is going to be a very important shift that we see happening as a result of this going forward. [13:09] [David] Isn't this though a talking point for the institutions and even Congress, people like Senator Warren to say, look, I've been telling you guys that this place is not safe and look what happened yesterday, the biggest hack of all time in crypto, $6.3 billion. What's your take here? How how do you how do you win the general public over even those who are willing to jump in now looking at the space saying, listen, if something like Binance can get hacked, why would I go into this space? [13:39] [Guest: Name] Well, I think it depends on what the individual or organization wants to actually accomplish. So, I think if for for many people you can you hear about uh a lot of Bitcoin OGs, for example, now hold IBIT offered by BlackRock as a way to maintain Bitcoin exposure without having to be responsible for hardware wallets or or keys and anything like that. So, I think the merging of traditional finance and institutions adopting crypto or at least being able to provide mechanisms for exposure is going to be increasingly important. And so now you have, you know, ETFs, other kind of financial products, DATs for some that may be interested in other forms of exposure as ways to get access to crypto that is more protected and then leaving it more so to the experts to manage custody and and securing these large amount of assets that we do expect to grow in value over time. [14:24] [David] I mean, somebody who's looking into crypto sees uh what happened yesterday, you're definitely going to IBIT route. Like in my mind, if you have money, if you're somebody who's already a multi-millionaire, you got to be calling up BlackRock and saying, okay, I'll take an IBIT ETF here on Bitcoin. I'm not going to not your keys, not your crypto type of thing. I'm out on that. I I've seen, you know, what happened with Coldcard. I've seen what's happened with Ledger. I've seen I've done everything. And you know what? A lot of people in this space, they're like, I've done everything right. I've done everything you've told me. I've watched all these shows. I've studied all these educational tutorial videos saying, not your keys, not your crypto, get a hard wallet. And I still got drained. So why would I go here? Um, tokenized stocks, what's driving the surge right now and who's buying? [15:16] [Guest: Name] So, I think Robinhood uh rolling out over the summer, Robinhood Chain specifically, has been a big driver. You you did see some interesting DeFi primitives such as pairing uh tokenized equities with uh launchpad tokens or or meme coins and and seeing a really immense amount of reflexivity. And you start to see that kind of pushback, I think from organizations like AMC and now more recently with like Goldman, Microsoft and a few others as they uh as they're pushed with OKX to to list uh tokenized versions of of stocks on onto these various exchanges. And so, I think that this is a part of a larger uh trend shift, but given that it's such a fresh rollout, um it it's going to take some time for it to be meaningfully implemented into the blockchain technology. [15:58] [David] JP Morgan, Coca-Cola and Dell said no to OKX and Ice plan. Is Wall Street protecting investors or is it moat? [16:09] [Guest: Name] To be honest, I I think at the most simple level and and this is coming from our perspective as well as the as a publicly listed company is it's easier to say no, right? Your your option to opt out is easier than uh and then being able to opt back in later and while you still have controls over your own rollout. And so when you talk about firms like JP Morgan and Goldman especially, they have their own tokenization infrastructure and and platforms that they're building out in real time. And so I I don't think they want to just provide a potential competitor with the rights to use their tokenized assets in a way when they can build their own fee structure, value capture and value accrual around it um from an internal build. [16:44] [David] If I'm a regular investor, uh what does 24/7 stock trading get me and what's the trap? [16:51] [Guest: Name] You're probably stuck on your device much much more than, you know, people are even are today, right? Uh, I I think about it is kind of an a tangent, but you know, Starlink being available on flights now, right? You you really can't be unplugged. Um, and at the same time, that means you're always in time in tune with things that are happening uh globally, right? And so we've seen so much of how macro internal events are tied into financial markets and everything being 24/7 means that if you have a view that you want to express, you're able to do that um on chain, off chain, 23/5, 24/7, perpetual, option, spot, there's just so many ways to um get that get that expression out and I think that's what's really pushing the markets and the volatility today. [17:33] [David] You've said tokenized uh shares could become collateral. Doesn't that just mean more leverage on a day with 1.5 billion liquidated? [17:42] [Guest: Name] Yeah, again, it's it's funny how almost a year from that massive event in 10/10, which was which was just completely, um, you know, unexpected and had a substantial impact on uh many participants in the space and having it occur almost a year later. But at the same time, right, it's it's what needs to occur in order to build the industry stronger, right? And so you realize, okay, you can't have stable coins depegging, you have to have robust forms of collateral, LTV, liquidation processes. And so, uh longer term, right, you will be able to access a very unique position where tokenized treasuries, money market funds, other yield bearing instruments can be stable, generate yield and also be used as collateral. And I think if the risk controls are properly approached and designed, uh it will be a better access, better means to access finance for all. [18:32] [David] You warned an AI market exploit could look like 2008. After today, how close is that? [18:39] [Guest: Name] So, I think in the initial um hours after the Binance exploit, a lot of people, um, you know, people that we we work with, people that we've spoken to, obviously on on crypto Twitter as well, have been speculating, is this an AI driven exploit? Um, from the information that we have as of most recently, it was due to an internal exploit from a developer ops laptop that was um be able to be exploited through more of a social engineering component, right? And I I I think that there is still a possibility that AI, we don't know the full implications of what's possible. If you look at Anthropic's S1, they're they're very clear that they care that the agents care about self-survival, they are willing to do things and are capable of doing things outside of what we have specifically instructed them to do. So, anything is possible, um as we see agents and more finance move on chain, I think those are risks that we have to be very conscious of and I think that's why it would be very critical to have trust and trusted humans or organizations in the loop. [19:38] [David] Do you think do you think the crypto industry has taken AI's evolvement seriously? Like, have they put enough money into cybersecurity? They can say all they want, hey, we we have people that handle security, but have they really invested into security? Look, you have a lot of people that invest into projects and, you know, they're investing into founders or they're investing into concepts that they think can absolutely solve a real use case in in the world today. Are they really putting aside 15 to 20% of capital towards cybersecurity, especially with the emergence of super intelligence? [20:24] [Guest: Name] Yeah, that that's an exceptional question. So, quite frankly, you can even look at quantum as another threat that is simultaneous to AI and what the Bitcoin community has done about it, which is from my sense very little. I think the most that was done was Sailor announcing some kind of quantum initiative uh several months uh ago and haven't really heard much from from that side of things. And then AI is obviously much more important because these are more not fully sentient, but actors that are capable of moving capital, of being able to speak or look like people that you know and uh are totally capable of social engineering. I think that is the most the most realistic threat that we'll see in real time. And so from Hyperion's perspective, where we manage uh capital that is on chain and also have built lending products or yield products, vault products that are all available on chain, what we do is we take a very robust process of having humans that are trusted that know the proper processes involved to approve each each transaction or or prevent capital from moving outside of certain uh approved addresses, right? So I think that intrinsically these kind of protections can be built in, but if you look at events that have happened throughout the year, um with like Bybit as well, right? It's it's it's it's actually more of a social engineering thing that's been done more so from from when more capital is put at risk and it will become more challenging because I think uh these these malicious entities could potentially be using AI to further their ability to exploit capital and and move it very quickly on chain. [21:54] [David] I'll ask you this question quickly before I move on to the next one. Um, it's crazy because I'm thinking still 2024, 2026, we're talking about things being hacked and it when an entity like Binance gets taken for 6.3 billion, it's the biggest of all time in crypto. It's crazy. That means that everything's open season from some sense, right? Like it's just like if Binance can get hit, then anybody else here in crypto is susceptible of having the same thing done to them. Am I am I off on this? [22:32] [Guest: Name] Yeah, I would say so, but it's also a very clear, this is no longer the warning shot, right? This is like, hey, the largest exchange, crypto exchange just got hit. Everyone else needs to sit down with all the important people at the firm and say, hey, what what what how are we operating today? What systems do we have? Where could there be potential exploits? How do we ensure that this doesn't happen again, right? I think one of the things that really stuck out to me was the speed at which Tether and Circle moved to to freeze the capital. So, call it half of the $6.x billion was was unable to to continue to move, but you could see on chain how quickly these these um actors were were, you know, able to convert and and move the capital. And so, I think what what's what's an even greater threat is now if you have those that are controlling the stable coins get exploited. What happens then if the digital if more dollars have gone digital and then those are able to be frozen or they determine that you can't move your capital. Um, it's going to be more likely and I think more possible potentially longer term in the future. But I think this risk is not such not only a time-based thing, but, you know, it it can really happen at any time. It just requires anyone to slip and and kind of, um, if you look at not to be too tangential, but if you look at what happened with Nvidia's CEO, right? And the and this Alice person who got closer and closer to him, it it's not always necessarily hack-based thing, but social engineering, I think is again what comes to mind, uh, as we continue to move forward in the space and more assets are controlled by, um, you know, like specific organizations focused on these things. [24:05] [David] Were you impressed because we can look at this hack and say it was impressive from the fact that it's the first time that I've seen here's a hacker or hackers, North Korea, is essentially what they're confirming. North Korea comes in, a bunch of hackers take this money, 6.3 billion. They take the money in Tether, they go to Aave, they switch the dirty money for Ethereum and they bounce. They don't give they don't care about getting back the the Tether and Tether shuts that money down. So now you have Aave who lent out fresh money and now is stuck with money that's frozen that essentially should be going back to Binance. Was this one of those things where you sit back because I sat back and I'm like, man, they were really sophistic they had a plan. If plan A doesn't go well, we got plan B here. [25:01] [Guest: Name] Yes, sophisticated was the exact word that uh had come to mind for me as I looked through the kind of timeline uh of what happened. And in many ways, what becomes our most powerful tools can also be used against us, right? If if the actors recognize, okay, Tether takes amount X amount of time to freeze or Circle will do this or if I go to Aave and this happens and, you know, uh call it like 95% of the of the protocols that have been built in DeFi are not really utilized. A lot of there is a lot of concentration across core lending protocols, Aave, Morpho, Hyperlend, and then the the swapping platforms and then, you know, every everyone likes to rotate to ETH and then use uh Tornado Cash, right? So, it's it's going to be very interesting to see how the response does occur, but to your point earlier, David, right, that it wouldn't be DeFi if if it's it's not even really DeFi today because you can have an entity like Circle just freeze the dollars. So, uh, it's it's very interesting times. I mean, again, for for my takeaway, I think we just need to be internally for every organization extremely intentional about what is what is security mean at the at the base level and how do we ensure that we can still interact on chain without creating risk to the organization?

[Part 5 of 6] [00:00] but more importantly the users, right? That's why these people won't be comfortable until these kind of events are more substantially mitigated. [00:08] Would you agree that uh the current uh build out of the DFI protocol that's backed by the New York Stock Exchange is really not DFI, it's more centralized finance. [00:20] So, I I I think it's just trying to take a more regulated approach in creating a market structure instrument, but at as I'm even speaking to you now, it's it's not really DFI. But what I think is is actually going to be enabled is if you look at platforms like Hyperliquid, which we do view as DFI, right? Because it's permissionless, anyone can trade on it, you can list a derivative of any instrument as long as it becomes liquid is if you have, call it traditional markets as they exist today, then hybrid kind of tokenization, but it's it's traditional finance rails and everyone has to be um KYC AML, you got to know your counterparty, and then the decentralized rails, right? They're all kind of going to be speaking to each other because at the end of the day, all this really is is just hyper financialization of assets that have existed for hundreds of years. So, I I I think it's it's more about user preference and the users still should have their right to privacy and protections around their assets, but in order to bring on the next, you know, trillions of dollars of capital, it does require a a more easing approach, and I think that's what teams like OKX and and Ice and and others are trying to build out here. [01:23] You think there's any coincidence uh Hyperliquid, uh New York Stock Exchange comes out with the news yesterday in the morning, hype goes up 20% and all of a sudden Binance gets hacked. Any coincidence there or no? [01:38] You know, I think it's always really fun to speculate. Um, I I I try not to be anyone that misses uses what could be a good uh I let people plead the fifth on this show. Like it's unfilthy. I'm not I'm not a I'm not CZ. Um, I don't know what happened. I I I I I guess in hindsight, you know, it it could be seen one way or the other, the timing of it, you know, it's maybe in some ways, maybe even the malicious actor saw this event as as a time where, you know, prices were elevated and and they could take advantage of potential, um, you know, bullish bullish sentiment in the market, but, um, I don't really have a clear answer on whether or not it was something coordinated. Ideally not. [02:23] Did you see uh the conversations between uh CZ and uh Elon? Elon was trolling uh CZ on on X. Did you get to see that or no? [02:33] I haven't seen that yet. What did he say? [02:35] He was just trolling the hell out of CZ. So CZ came back and said, well, I have SpaceX stock. So it was just it was I didn't know they had beef. I really didn't know. He was like, CZ basically said it's this not the time to troll. And I can get it too. I mean, the man just lost, well, he's not running Binance per se, but 6.3 billion, I'm not a happy camper either. Uh, I want to ask you this, uh, why own HYPD instead of hype? [03:03] Yeah, so HYPD, uh, we're we're publicly listed on the Nasdaq and we view ourselves as an operator in the Hyperliquid ecosystem, but more so broadly DFI. And so what that means is we build institutional grade products and services directly on chain. Uh, what what that means in in terms of a business or operating model is we have validator operations, we have a product we built called the Hype Asset Use Service or HOUSE, and we are effectively able to deploy the 1.5 million hype that we have on our balance sheet to support the launch of new products. 500,000 hype is required to to launch a new uh perp exchange via HLP3, or prediction markets via HLP4, and so we've backed teams on each side. Uh Entropy, which is our HLP3 team, has launched the largest markets for pre-IPO trading for Anthropic. They've also done Open AI, Nvidia, Nebius, and so on. And we've seen a lot of success and growth on that side, and that is a revenue opportunity for the company, right? So we're able to compound hype or earn a multiple on hype more so than any other entity or ETF that exists in this space. Um, in addition to that, we also really have a lot of belief in the Hyper EVM or smart contract applications built directly on Hyperliquid because it is a unified shared uh um liquidity liquidity layer, excuse me. And those products encompass institutional credit, uh vault infrastructure, structured products, RFQs, and support for RWA assets. And the reason that's valuable is that as we talked about with um smart contract applications a little bit earlier uh on the session, is users will use the permissionless instance, but institutional entities or those that want to take a a more um kind of crawl walk run approach to onboarding to the blockchain, they come through us. And so we're the institutional gateway to Hyperliquid, um if they want to tokenize RWAs, create lending product around them and and then ultimately financialize these products, bring them to to Hyperliquid core, eventually have a perp or an outcome product, we are the the conduit to do that. And so it's a very unique positioning and we we're very proud of the work that we've done over the past year or so to build out all this infrastructure, and now the goal is to go to market and continue to monetize that. So, for the investor, not only do they get exposed to hype, but also the revenue opportunities tied to each of those verticals, in addition to what we call option value, which is the fact that we have token or equity exposure to all the partners that we work with. So it it's it's kind of a triple dip as our CFO likes to say. [05:25] That's dope. Um, my last question would be, where do you I've been saying this and I want to I want to get your take. I believe in the next three years that 90% of these cryptocurrencies, even more, maybe 95% of these cryptocurrencies that we currently have out here, I think they'll be gone. I'm not talking about the things that are coming off of launch pads. I'm talking about the, you know, your ICO era, you know, protocols, the faster protocols, when everybody was into fast and who's fast, who has the fastest TPS, whatever. I feel like three years from now, 90 to 95% of them are going to be gone and I think the institutions pick the winners. What do you stand on that? [06:11] I think ultimately it comes down to two things. Lindiness, so it's been around for so long, but it's also been integrated into the financial system meaningfully, like BTC. Potentially you're seeing a lot of support for that on the Ethereum side with organizations like Bitmain and and uh JP Morgan and others like, you know, creating money market funds and putting it on Ethereum. And I do believe that as it exists today, although it's not the fastest, it is definitely the most decentralized and most secure. And then when you look into the smattering of to your point, faster L1s or applications specifically tied to one product or purpose, the the one that kind of encompasses it all is Hyperliquid. And I don't say that from a biased perspective, but when we started Hyperion, we looked at the landscape of every digital asset that existed, but Hyperliquid was already at the top of the list, right? After the token generation event occurred in late 2024, they announced the assistance fund, which you which uses 99% of all the fees generated on the Hyperliquid exchange to buy back the hype token. And so annualized, they're doing around $750 million worth of revenue, plus or minus, and that's already earning more than any other blockchain that exists today. And so you have this consistent next next buyer, which shows why Hyperliquid has been the best performing digital asset to date. Uh, year to date. And then more importantly, you have the utility. Hype is needed for uh trading fee reduction, launching HLP3 and 4 markets and what whatever could happen in the future. And now you're seeing with uh Druckenmiller getting involved and Ice getting involved, right? Is there is an entire world outside of the crypto bubble that still does not know how significant and substantial the Hyperliquid opportunity is, and they're just starting to wake up to it. So, as those kind of flywheels continue to accelerate, there will be a few standout winners in the entire space. And for any investor or allocator or anyone that's interested is able to pick amongst those winners, that I think they will benefit greatly from this huge paradigm shift that we'll see in how finance operates. [08:05] Last question, I promise and I'll let you go and enjoy your weekend. Um, price target for hype. You can pass and say, I have no answer for it. But what where do you where can you see hype hitting in terms of numbers, give or take 18 months from from today's date? [08:29] Um, I'm no good at 18 months, but I will say long term, hype effectively trends to infinity. [08:38] Wow. [08:39] Right? Because if you have, as long as they make fees and they generate revenue and you know, 99% you know where that's going. And then you have companies like us that are continuously buying hype to build new products, then you have the ETFs, then you have large allocators, and then you have the entire world of TradFi, and now you have Ice that's that that that bought what around $300 million worth of so of OTC. I'm not saying this is all going to happen again over the next year or two, but long term, if the vision where Hyperliquid becomes the blockchain to house all finance, I could see it, you know, shooting for Ethereum at least at at at minimum, right? I think it's already on par or slightly below Solana, so maybe Solana is the first target, but we don't think so much about um price targets, we think about the the quantity of hype, what we can do with it, and how we can be the best operator in this ecosystem to help support that growth and actually turn that into a real. [09:28] I'm with you with that. Like I can care less about the price from that standpoint. I like going into things that are well built. you know, gains come after. If you have a great if you're into a great product and it's it's successful, the gains will be there. So it's just like, you know, kind of but we have people who tune into this show who are all about obviously price. Does does it go to $1,000? $2,000? I can see it going there especially with, you know, obviously with the latest news of New York Stock Exchange coming in. I think the institutions have picked the winner pretty much when I look at hype. So, uh, and I'm pretty sure you probably agree with me on that. Uh, what? No, like they pretty much picked the winner. [10:13] Yeah, yeah, I I I do agree. So in fact, so maybe maybe the the one fun thing I'll say is, um, you know, when a price of of an asset gets very close to a a certain inflection number like a hundred, usually it gets there. And then from that point, will it go a little bit higher? Usually it does. And now people are like, okay, it it broke this magical, you know, kind of um target number of a hundred, so it probably goes a little bit higher. But yeah, again, I I I'm um, I'm very optimistic and I think the news yesterday has made things even more bullish because of the the name brands that are getting involved, because of the the huge wave of capital that will eventually move on chain, and the fact that, you know, if exploits and other things are are putting capital at risk at at third-party venues, then it is important to also focus on on maintaining some component of self-custody as well. So, all a balancing act, all does require the individual to act with caution and a lot of intention, but ultimately, you know, I think there is, you know, crypto is a $2.5 trillion asset class combined compared to the hundreds of trillions of dollars that exist in um equities and real estate and bonds and every other asset class globally. So, the growth is really I think just the beginning. [11:25] Would it be a conservative number to say that this bull run will we could potentially hit $10 trillion with all the money on the sidelines waiting to come in? [11:37] $10 trillion. We hit 4.2 what was it? 4. I think 4.2 or 4.5 trillion dollars last cycle, which was more of a Bitcoin run than anything else. It wasn't really anything but a Bitcoin run. So, can't we go ahead and look at everything and I I don't feel like retail has ever come back since 2021. I feel like this is the first time they we might see retail come back. And obviously we have institutional money that's ready to come in or they're probably coming in at this point. $10 trillion, conservative number for a total uh market cap for the entire space. [12:14] I definitely think it's possible. What I would say is that it's we've seen this happen again and again every cycle where it's a function of liquidity. So eventually the Federal Reserve will have to cut. When more liquidity is released into the market, where will it go? I think from an institutional level, if we also get uh more regulatory clarity, right? Things like the Clarity Act and that time and how uh major institutions can get involved. Yeah, I mean, these guys are holding trillions of dollars. Should not be challenging. But again, I think it's always about like what captures that tailwind. And when I think about retail or or just kind of like the average individual today, how are they participating in the markets? And I've heard a lot more about, you know, prediction markets, especially sports betting, parlays, um some some more of the uh the general um pop culture or economics markets, and then perpetuals as well, right? So, I think the the products or services that are well positioned for that like Kalshi, Robinhood, and Hyperliquid, um can can see tailwinds if the the retail individual continues to participate and also invest, but I do think it's really on that institutional capital. And so I think regulatory clarity and and reducing risk of coming on chain is going to be pivotal. And if those things happen, $10 trillion, totally possible. [13:24] Appreciate you coming on today on a day that after the aftermath of of uh Binance being hacked. But it sounds like everybody, you know what? A lot of people that I know who've been here for a long time, they're like buying opportunity and they went right after, you know, Bitcoin, Ethereum, Solana, hype, also, even hype, though even hype was up still during the whole, you know, hacking situation. Hype was up and people were still bullish on it because it was up. Um, thank you for coming on. Appreciate it. Hopefully we can get you get get you back on during the bull run. [14:02] I'm looking forward to it, David. Thank you so much. Appreciate it. [14:06] You as well. [14:07] Man, uh, listen, two guests on today. Everybody's nobody cares. In the sense that we're going to keep we're going to keep working. We're going to keep on working. You he's he's going to win. This guy's going to win. Cuz hype is hype is a beast, man. Hype is a beast. An absolute beast. An absolute juggernaut. You'll have so much money. It's crazy, man. To think hype has been picked by the institutions. That's it. That's it. Man, what a time. What a time. I I I'm like thinking back to when we were praying that some of these ICOs would work out. And now we're at a time where like we've really built some really great products. Institutions are coming in. There is liquidity. There is absolute liquidity here waiting to come in. 100%. And what I mean by like when cryptos disappear, what I meant by that was the 90 to 95%. They're dead, done. They haven't done anything. And the and the 5%, like the Solanas and Bitcoin and Ethereum, like they're going to last here. They're going to be here. JP Morgan already let you know that they are going to put their token on Ethereum. It's on base, it's on Ethereum. XRP's going to be here. OCC, you already know what happened there. You already know. Somebody said, I bet your portfolio took a beating. No. I was looking for By the way, we haven't even talked about privacy. We really haven't talked about privacy at all. We have not talked about privacy. Memes to tokenize stocks, the next shift. I told you guys, or I've talked about this. I've talked about this. And I and I believe the next shift will be from uh, hold on one second. What is this? What is this? What is this? Man, I'm I'm just like looking here. Looking, looking, looking, looking, looking, looking, looking. What the hell is this? What is this? What is this? Everybody's waiting for me to talk. I'm sorry. I'm sorry. I am sorry. Man, I didn't see like I got I got so many fucking messages. Damn, man, what the fuck happened? Anyway, welcome to the breakdown, man. Welcome to the breakdown. Uh, yesterday went crazy with the politics. Let me just touch on this the meme stuff. I want to touch on the meme stuff real quick. Meme memes to tokenize stocks. Look, um, I'm still I'm still in the boat of and this is sad. You know why? Because for anybody who's ever followed me, if you watched me on Fox Business, if you if you watched me on Sky News, if you watched me on Bloomberg, if you watched me on any of these channels, I was really one of the first people to go out there and talk about memes on mainstream media. Everybody fucking knows it. And whether you like me or not, you can't deny it. I was a big, big, big voice for the memes, man. Cuz I believe memes can bring people into the crypto space and it benefits crypto, okay? Bottom line. That is bottom line. Nobody can ever take that away from me. Okay? Your I'm your favorite influencer's favorite rapper. Like whatever, whatever the goddamn fucking whatever the quote is, okay? I am that to them. I was out there. Ain't nobody us and a few cats who were delusional enough to go on mainstream media to go ahead and talk about this shit. We were out here, boy. We were out here in these streets. But, look, uh Pepe ran up yesterday. There are things that have ran up. Old school memes that have a good chance of going ahead and doing good things. But, here's my thing, man. Here is my thing. Maybe just maybe some of these memes will come to life. Maybe. Just maybe some of these memes will come to life. But I think that the meme economy as we look at it has been destroyed. Has been destroyed by the launch pads, by the greed of the launch pads. They have taken every cent. They have encouraged people to just create and create and create, trade, rotate, rotate, trade, trade, trade, and not build communities like we used to build communities. We used to Kumbaya with each other. We used to have a great time watching something that has no intrinsic value except the community backing it. We enjoyed watching it to go to Valhalla. We used to have a lot of fun. We used to have a an a a ton of fun. We used to believe in something. There was a reason for me to go on national TV and talk about a meme when the Bitcoin maxis were like, what are you doing? They invited you on for Bitcoin. Why are you going on national TV and talking about memes? Why are you talking about Dogecoin, brother? And I'm like, man, because it brings people to Bitcoin. People that don't understand how Bitcoin works, they don't have a node, okay? They don't know that they can buy a fraction of a Bitcoin. They just don't understand how a block works, okay? Like they don't get it. And you guys don't you don't make it better. You're always screaming at somebody. Dogecoin brought people in. People were happy. They were singing Kumbaya, my Lord. Kumbaya. They were singing and and celebrating. They had people all across the world coming together and hugging each other. Even if they smell like onions and unshowered human beings who don't take care of their hygiene, they're hugging each other, okay? You can smell them in the goddamn space. Whether it was Clubhouse, whether it was on Twitter Spaces, now they're called X Spaces, whatever. You can smell the body odor. But yet people still sung together. They still hung out by a fire chat singing Kumbaya, my Lord. Kumbaya. When Jesus was when Jesus was when Jesus was they were singing. People were happy. They were holding hands. They were clapping. People were tipping each other in in memes. And they were like, this is how crypto works. And they were like, oh, I didn't know that. And when people would say, I'm not buying a Bitcoin for 69k. What do you mean? You can buy a fraction of it. These things were being done in the meme communities. And now people who are Bitcoin maxis, they meme every single day and they just don't know it. Memes are never take away anything from Bitcoin. Bitcoin's the Godfather. Bitcoin's the one that allowed us to be here. Allow me to be here to be on camera, speaking to this microphone and talk about this beautiful place we call crypto, digital assets. While Senator Warren talks shit about crypto, I'm here to tell you crypto has given Main Street an opportunity, an opportunity to be successful. Yeah, shit ain't right. Shit happened with Binance. $6.3 billion hacked. Half of that's been I guess frozen. AI's evolved. North Korea's still hacking. But this is still a great place. We just got to get rid of this Fortnite attitude, man. This Fortnite stench. Crypto is not a casino. Crypto is not a casino. It is a revolution for Main Street to understand what real money looks like and building real tech that can solve real use cases. That's what crypto is. Bitcoin is sound money. Without Bitcoin, we're not here today. But when I talk about the memes, if if things don't change, we will see people within the meme economy go to tokenize stocks. And that is the truth, ladies and gentlemen. Nobody, I don't care who you are, you there is no way you're enjoying this belt to ass every single day. There's no way you're enjoying a belt to your ass every single. There's no way that you enjoy not going to sleep at night. Like there's no you're holding these things and you're praying to God. God, please, don't rug me. That that is not crypto. Crypto is not a casino, okay? This is not Atlantic City. This ain't Vegas, okay? This ain't craps. This is not, you know, three card Monte. This not Blackjack, Texas. This ain't none of this shit, okay? I'm obviously disappointed. I'm disappointed, but at the end of the day, you got to front run the narratives. And the narrative is going to be tokenize stocks. It will be. People are going to go to Tesla, like I said, SpaceX, Nike, Apple, Samsung, whatever it is, they're going to get into it. They're absolutely they'll get into Alphabet, Amazon. People are going to go tokenize the tokenize route. And they're going to look at companies that got good revenue that might not be high in price. They're going to take a chance like penny stocks. They're going to take a chance on them. And then you're going to have these communities. Listen, we know how

[Part 6 of 6] [David] [00:00] to build communities. That's the whole thing. The meme economy knows how to build a good community. They're going to go and wrap themselves around a really good, profitable business that is on the market, okay? And they're going to send that shit to Valhalla. And they know that they're going to wake up in the morning and that shit's still going to be there. That's the difference. [David] [00:24] That is the difference. Unless something changes here. We do not need 345 million launch pads. We do not need 964 million tokens, okay? We don't need all this shit. [David] [00:40] We need to rally, we need to get back to rallying around one token. [David] [00:50] That's what we need to do. Rally around one asset. [David] [00:56] I'm not saying we can't have 20 to 30 in our ports. I'm just saying rally around something and believe in the motherfucker already. [David] [01:08] It's time, ladies and gentlemen, it's time. It really is time. [David] [01:13] By the way, shout out to Midnight. Midnight is the title sponsor of the show. Midnight City could be the savior for the memes. By the way, Midnight City could potentially save the meme economy. I'm going to put that out there. And I want y'all to think about it because Charles Hoskinson talked about how he wants, he wants you to bring your memes onto Midnight City. [David] [01:41] I don't think every meme should be on there. I think that the most deserving memes should be given the opportunity to participate on Midnight City. But Charles Hoskinson talked about this, about bringing the memes onto Midnight City. [David] [02:02] That'll be great. Also, Polymarket is the official prediction market sponsor of the breakdown. [David] [02:10] I might be doing live coverage. [David] [02:15] I might be doing live coverage. [David] [02:22] Election night live coverage November 3rd. Me analyzing what is happening using Polymarket to do so, using other stats to do so. We will see whether or not the Republicans will keep the House and the Senate or will there really be this blue wave that takes both the House and the Senate. We'll talk more about this. By the way, if you have not downloaded the app, I encourage you to do so. Put in breakdown. Breakdown, when you download the application, the Polymarket application, put in code breakdown, you get $25 for doing so, okay? A lot of you guys don't got $25, you can go ahead and use that. [David] [03:08] K-Wallet is one of the most secure wallets. We talk about security right now. K-Wallet, and I'm not just saying it, K-Wallet has done everything possible to make sure that they give you the best and most secure wallet in this space for your Bitcoin, Litecoin, Zcash, Monero, okay? [David] [03:29] And then also you can go to K-Wallet, K-Wallet.com. They got cupcake, you can download it onto a factory reset phone that you currently own, you can put it on there and keep your assets safe, okay? Bottom line. [David] [03:43] And Fomo.family. You want to see me trade? You want to see others trade? Want to know what they're thinking about, why they're getting into certain things? I got into Satoshi. You can go onto Fomo.family and you can look up Satoshi paired with uh BTC and you can see why I went into it and why I believe in it. [David] [04:04] You know why I believe in it? Jeff. [David] [04:08] I believe in Jeff. The community member that is absolutely and there's a ton of community members also. But Jeff is leading the charge. This man besides others and and don't get I hopefully I'm not disrespecting anybody. [David] [04:23] But he is leading. He is out there saying he is going to send Satoshi no matter what. Delusional belief. By the way, I I I can't believe that we have not had a Satoshi paired with a with a BTC sent of a hollow already. In honor of Satoshi Nakamoto. I ask crazy. [David] [04:46] That's absolutely insane that we have not had one send yet. [David] [04:57] A man just said, nobody knows anything about crypto, not anyone I've seen on here. Well, you have not watched me. So continue to watch your people on TikTok who are trying to sell you an ebook. By the way, speaking of books, [David] [05:11] a real book for anybody who's interested in leveling up in AI, to understand AI, the million dollar AI playbook. Go cop that on Amazon. You can get it on Amazon, you can get it on DavidGokhshtein.com. [David] [05:27] Beginner's book. Remember, when you read this, it's for beginners. It gets you into the game. The book that I'm writing, [David] [05:36] which should come out in a few months, [David] [05:40] will absolutely allow you to go ahead and really take your AI game to the next level. [David] [05:54] Thank you, Sheb. Appreciate it. Shout out to everybody. [David] [05:58] So again, that's where I see memes and tokenized stocks. That's where I see it flowing. That that is where I see it flowing. [David] [06:06] Shout out to the guests this week for coming on. It is Friday, October 30th. Halloween. Guess who I dressed up as? Myself. [David] [06:17] I dress I dressed up who are you? A gorgeous individual. [David] [06:22] That's who I am. A gorgeous individual. You are looking at the most handsome son of a bitch [David] [06:32] that you have ever seen in your goddamn life. [David] [06:36] To be my age and still have black hair. A black beard, a little bit, a little gray, but a black beard. [David] [06:47] To have muscles like me. If you've seen my if you've seen my pictures on Instagram, ain't nobody can go ahead and say otherwise. To see a custom suit, to see the energy that I bring here. Then nobody else me going against I'm going against the VCs. Oh, the VCs. By the way, VCs contacted me because they wanted they wanted this show. They wanted the breakdown, they wanted me. And they wanted me. Guess what? Let's put it all out there, VC heads, and don't make me ever put out the goddamn emails. They wanted me to talk and push shit out there with their narrative. I said, hell no. [David] [07:30] And guess what they said? Well, we're going to make your life difficult. We're going to make sure nobody watches you. I don't give a fuck. [David] [07:37] I do this because I like watching myself. [David] [07:43] I like watching myself and I know what I bring to the table. [David] [07:52] You know what it really does seem like though? Lately, people don't want to hear about crypto, they want to hear my political views. [David] [08:01] That's what it feels like. A lot of people tune in and they want to hear me talk about my political views. They want to hear me talk about the Republican Party, want to hear me talk about Democrats. By the way, uh, Twitter, why am I doing better numbers on Threads? Like I am killing it on Threads. I got to tell you, I am absolutely 100% killing it on Threads. [David] [08:30] 3,000 likes, 5,000 likes, 1.3 like, like it's crazy the numbers that I'm doing on Threads. [David] [08:38] And 95% of the people can't stand me on Threads because they're Democrats. Actually, they're not Democrats. They're woke liberal left people who have absolutely destroyed the Democratic Party. [David] [08:56] I have a lot of friends that are Democrats and we get along. These people are insane. These people are absolutely insane. [David] [09:07] Anyway, [David] [09:09] anyway. [David] [09:12] Welcome to the breakdown. It's 2:33 PM Eastern Standard Time. Crypto will be good. We've been through worse. We've been through worse. But AI is here. The whole thing is AI is here. What are we going to do to make sure that all the protocols are safe, that our products are safe, that the people can trust us, the space that we built, not the institutional world, but the space that we built is safe. We need to make sure that the shit that we're doing here is safe. Privacy protocols will be the next thing that's talked about. Privacy protocols is that that's the next meta. I'm telling you right now. Privacy is going to be a huge thing here. [David] [09:58] 100%. [David] [10:00] Guess what could have stopped this? Midnight. Midnight could have prevented a lot of this shit. [David] [10:09] People say, oh my God, it's because you're sponsored by No, no, no, I'm telling you. Midnight could have prevented it. [David] [10:19] It's time to go back. It's time to go back and support the innovators. [David] [10:30] Anyway, [David] [10:31] I'll be right back with the quote of the day after this commercial break. [Midnight] [10:36] What first got you excited about blockchains? Think about it. Oh, wait. [Midnight] [10:45] I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. [Midnight] [10:58] Maybe it was imagining a world where people own their own data and get to share in the value it creates. [Midnight] [11:08] Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So, why hasn't it happened yet? We're still living with the same broken system that blockchains promised to fix. It's because blockchains can't keep a secret. Enabling open, transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. [Midnight] [11:40] And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. [Midnight] [11:48] Let's build the internet we deserve. Together. [K-Wallet] [11:55] Ladies and gentlemen, we all know this in crypto. Ownership matters. That's why K-Wallet. K-Wallet gives you full control of your digital assets, all in one easy-to-use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with K-Wallet built-in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download K-Wallet and take control of your crypto. [Fomo.family] [12:39] This is Houston. T-minus one minute until full data blackout. All eyes are on you. [Fomo.family] [12:53] Breaking news. There is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [Fomo.family] [13:04] Is that guy on FOMO? Oh yeah, that's me for crazy trades. Yeah, let's get back to it everybody. [Fomo.family] [13:23] Breaking news. There's an astronaut conducting an emergency repair. [Fomo.family] [13:30] Opportunity cost is simply this. Every position you take is a position you choose over something else. [Fomo.family] [13:45] This just in. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. [Fomo.family] [13:53] Yes. [Fomo.family] [13:56] For now, the crisis appears to be over. [Fomo.family] [14:10] Satellite's up and running. Positions looking good too. [Fomo.family] [14:26] There we go. United States of America representing. Social optimism does not work. Digital assets. Is it better to move money at the speed of light? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I am the modern day Tony Stark. [Fomo.family] [14:48] I'm glad to be me. [David] [14:59] Okay. [David] [15:00] Welcome to the breakdown. Episode 815, sponsored by Midnight, also sponsored by Polymarket, K-Wallet and Fomo. Shout out to the sponsors. [David] [15:13] Shout out to the sponsors. Let's give a round of applause to the sponsors. [David] [15:20] If anybody wants to contact me, you can go through DavidGokhshtein.com. I'll put it up here because a lot of you guys just don't know how to spell the goddamn name, so let me go ahead and do that for you here. Uh, but if anybody wants to contact me, please do me a favor, man. I'll show you two things. Number one, if you want to contact me, okay? Because a lot of people ask about that. You can go to DavidGokhshtein.com, right? You can go to DavidGokhshtein.com, the website. Um, I'll tell you everything about me. Obviously, stats and all. Um, look at that beautiful face. [David] [15:56] You'll see the latest shows on there. You can also see the latest book, the million dollar AI playbook. You can get it from my website, you can get it on Amazon. I'll tell you everything about the book. And then I'll tell you five ways to partner with me. On air partnership, you know, command the stage, you can have me on your stages, branded content, be on the breakdown. If you guys want to be on the breakdown, pitch your appearance on here to be on the breakdown. And then you can work directly with me, click book a session. That's how I'm doing it, by the way. Like my time is money and money is time. So, sorry, respectfully. And then you have everything here, down here, all the social media channels that I'm on, all verified, except YouTube, we're working on that. But everything else is verified here. Um, [David] [16:45] so you can do that. Also, also, uh, quickly, just to let you guys know, [David] [16:54] oh yeah, today I'm doing spaces. Shit, I forgot about that. I'm doing spaces today. I am doing but I'm only doing 30 minutes, so because I can't do more than that. I can't do more than that. I got previous engagements. I can't do more than that. But, ladies and gentlemen, if you need a PR firm to represent you, [David] [17:16] look no further than Gokhshtein PR. Impossible to ignore. Impossible to ignore. Uh, listen, you want to get your brand seen? You really want to get your brand seen, you can go to GokhshteinPR.com. Visit that. Um, submit your inquiry and we'll have a team that gets back to you. You can book a call and whatnot. We know what the fuck I'm I know what the fuck I'm doing. Our team knows what the fuck we're doing. Every firm rents reach, we own reach. That's the difference, okay? And I say that respectfully. There's a lot of good PR firms out there, but we're a little bit different, man. [David] [17:54] I'm out here. I don't just describe an audience, I bring one. And that's that's the difference. [David] [18:00] Uh, but you can go here. If you want to contact me, you can go ahead and go to my PR firm and that is GokhshteinPR.com, okay? Let's make history and let's make you a story. So there you go. There's there's the there's the PR firm. [David] [18:20] And you can go to Gokhshtein.com for the latest news in the world today, okay? You can go to Gokhshtein.com for the latest news in the world today. Ladies and gentlemen, thank you so much for tuning in. Uh, I'll leave you with a quote. [David] [18:35] Let's leave you guys with a quote here. [David] [18:40] Let's leave you guys with a quote. [David] [18:51] Let's leave you with a quote. [David] [18:59] Uh, is this one going to be [David] [19:13] Here's the quote of the day. I'm in the most unapologetic, no bullshit era yet. Kind when I need to be, but ruthless when I it counts. We're done playing small. [David] [19:27] I'll say that again. Quote of the day, I'm in my most unapologetic, no bullshit era yet. Kind when I need to be, but ruthless when it counts. We're done playing small. Ladies and gentlemen, thank you very much for tuning in. Shout out again to the sponsors. Polymarket. Midnight, the title sponsor. Polymarket, the official prediction market sponsor. K-Wallet, the official wallet safe wallet, secure wallet. [David] [19:57] Bitcoin, Litecoin, Zcash, Monero. If you want a wallet that's secure, K-Wallet, it is. K-Wallet.com also. Fomo.family, one of the best social fi applications that you will find today in the crypto space. Have a wonderful weekend. It is sunny out. I will be on spaces in the next 10 minutes. Only for 30 minutes to do a recap of everything that has happened, everything that has transpired in in the week. This week. Recapping this week. [David] [20:37] On that note, I'm out. I'm outie. I'm outie 2000.