Down Badly

UpOnly returns with Cobie and Ledger, as they are joined by Cred and Jim Talbot to discuss the state of the market.

Audio Version


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Show Notes


– 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”

LUNA unwind

– 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?

– 6

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”

Notes by Kevin and Luke

Music by GiovanniPickle