UpOnly returns with Cobie and Ledger, as they are joined by Cred and Jim Talbot to discuss the state of the market.
This episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftx
– SBF just bought Robinhood and launched FTX stocks at the same time
– Cobie is doing pretty good
– Internet sad so doesn’t help
– Keyboard Monkey went up 7 figs today then down 6 figs
– Jim not trading too much rn
– Jim: “I’m short Planet Fitness though”
– Cred is doing “Shred with Cred” fitness routine
– Cred: “If you can’t afford food you might as well”
– Cobie: “So just to be clear 0 of the people on this show are actively trading the market”
– Ledger: “I am!”
– Ledger has tried knife catching ETH 4 times now
– Jim doesn’t believe we’ve bottomed
– Cobie personally believes Tether is fully backed
– But its 0 cost to not hold risk there
Have We Bottomed?
– Ledger thinks yes
– Jim thinks no
– Jim thinks this bear market will be longer than past bear markets
– The market participants this time have been significantly dumber on average
– Jim thinks growth companies will be stagnant for next few years
– Cred: “Don’t fight the FED”
– Jim: “When the FEDs in QE mode, buy stuff. When the FEDs in tightening mode, sell stuff”
– Cred: “Survive the lows, then have capital to deploy on the new trends”
– Cobie: “The thing that’s astounding to me is the amount of industry experts who got completely nuked”
– Cobie: “Delphi Labs built all these things on top of LUNA. Hashed lost 3.5B on LUNA. 3AC bought it, Su Zhu went on a big rip on Twitter”
– Jim: “Can we take a second to appreciate GCR hedging his $22M bet with 72 cents”
– VCs have had it too good for too long, so its tough when arrogance comes in and you don’t check yourself
– Cobie: “It does feel like we’ll get a lot of regulatory repercussions from this”
– A YC company called StableGains was built on Anchor and lost like $50M
– Jim: “I try to be positive but we are fucked”
– Cobie: “I’m never short BAYC cause it just seems to only go up”
– Cred: “I hate NFTs that try to backdoor DeFi, like you stake it then get IL then xyz”
– NFTs may go out of style just like fashion
– BAYC’s challenge now is to become something like Star Wars or the Marvel Universe
What Is Undervalued?
– Jim: “Agricultural land”
– Ledger: “We’ve gone from yield farmers to actual farmers”
– Cobie: “Some land in developing countries”
– Cred: “Some type of like simping thing prob has a blow off top incoming, no pun intended”
– Jim: “Watches have topped”
– Ledger: “Things that more in line with isolationism”
– Cobie: “I think AI will be increasingly important in the world but I don’t know how you’d long it”
Is Bitcoin Narrative Still True?
– Jim thinks Bitcoin is more speculative now as it hasn’t fulfilled it’s potential, maybe failed?
– Cobie: “It sounds like you’re in a position where you’re never buying ever again mate” lol
– Cobie not so convinced
– Jim: “How long do we wait though?”
– Cred: “As long as it takes dammit”
– Cred believes we have seen this adoption to some extent already, still working
– Ledger: “Jim it seems like your ideal life is buy a bunch of land, build a golf course in the middle and just live there forever”
Jim what’s your handicap?
What does everyone think of record high longs on Bitfinex?
– Jim: “it’s hedging”
– Jim: “The higher the longs go, the more fucked we are”
How to make it over next 3-5 years?
– Jim: “Take profit!”
Jim what do you think about the merge?
– “I couldn’t give 2 shits about the merge”
Best alts to hold?
– Jim: “There are no good alts to hold. at all”
Jim how many chromie squiggles do you own?
– 6 (kidding)
Are all metaverse coins going to 0?
– Cred: “Very likely they will”
Music by GiovanniPickle