Space Summary
The Twitter Space #BitcoinAlpha: Rally soon? VC insider hosted by MarioNawfal. Gain exclusive insights from VC insiders on potential cryptocurrency rallies in the Alpha Group space. Uncover unbiased and verified news related to #BitcoinAlpha and navigate the volatile crypto market with expert guidance. Learn the significance of avoiding echo chambers, staying informed 24/7, and following industry shows for a comprehensive understanding of market trends. Get ready to make informed investment decisions and seize opportunities in the dynamic cryptocurrency landscape.
For more spaces, visit the Alpha Group page.
Questions
Q: Why are insights from VC insiders valuable for predicting rallies in cryptocurrencies?
A: VC insiders often have privileged information and can offer valuable insights into market movements.
Q: How can investors benefit from unbiased and verified news sources in the crypto space?
A: Unbiased news sources help investors make informed decisions free from potential misinformation or agenda-driven narratives.
Q: Why is avoiding echo chambers crucial for accurate market trend assessment?
A: Echo chambers can limit perspectives and lead to biased decision-making, hindering the understanding of complex market dynamics.
Q: What benefits do reliable industry shows offer for understanding cryptocurrency movements?
A: Industry shows provide diverse viewpoints and expert analysis, enriching investors' understanding of market trends.
Q: Why is staying updated with breaking news important in the crypto market?
A: Access to real-time news allows for timely responses to market shifts, enabling investors to capitalize on opportunities and mitigate risks effectively.
Highlights
Time: 00:12:45
VC Insider Predictions on #BitcoinAlpha Rally Insights from VC insiders hint at a potential rally for #BitcoinAlpha in the near future.
Time: 00:25:20
The Significance of Unbiased News in Cryptocurrency Investing Unbiased and verified news is critical for making sound investment decisions in the crypto market.
Time: 00:35:14
Echo Chambers and Market Analysis Discussing the dangers of echo chambers and the importance of seeking diverse opinions for accurate market assessments.
Key Takeaways
- Insights from VC insiders can provide crucial indicators for potential rallies in the cryptocurrency market.
- Unbiased and verified news sources are essential for making informed investment decisions in the volatile crypto space.
- The importance of avoiding echo chambers and seeking diverse opinions to assess market trends accurately.
- Following reliable industry shows can offer unique perspectives on cryptocurrency movements.
- Staying updated with breaking news 24/7 is vital for responding quickly to dynamic crypto market shifts.
Behind the Mic
Initial Greetings and Technical Issues
Yo, what's up, Jackson? I'm hoping. I was having some spaces issues. I'm really hoping that these invites are still getting sent out, man. Like, for people who. People who had set, like, a reminder for it, man. I don't know what happened to Twitter has been really testing me as of late, but I think we're good crypto. Billy, let me know if you can hear me. Would love to do a mic check. I see a little blue circle typically saying that your rugs, but I'm hoping you're. You're on with us. Alright, if you're talking, I can't hear you right now, so if you want to pop down, I can bring you right back up. And Jackson, I sent you an invite to speak. Let me know if you're getting them. Hoping everything is going well. I'm gonna play some music for a couple minutes here. Welcome to the show. Josh shot you an invite. Let me know if you see it. Super hyped to chat about the markets today.
Market Discussion and Industry News
Yeah. So we'll kind of just let people trickle in. I'm super hyped to chat. There's a bunch of things going on in the crypto world right now. I'm sure people are aware of some of the news. There's a bunch of people talking about the ETF's, and they're also talking about SAB 121, the crypto conversation about whether or nothing, you know, these banks, institutions should be listing all the assets as liabilities. Like all these cryptos. I've read a great analogy actually talking about it because there's a bunch of people fighting it. I've seen a lot of the consensus around crypto, Twitter and people's opinions that they're like, yo, we do not want this. We for sure want to get this removed because it gives us a little bit more flexibility, and it's kind of ruining the fun. It's like sucking all the fun out. It's kind of like one of the analogies I read Washington. It's like forcing everyone in the cafeteria in high school to wear a helmet because they might slip or something like that. And it's just ridiculous.
Analogies and Crypto Regulation Discussion
Like, to put this level of protection almost. And another analogy I read that was really cool was, and I'm just rambling here because I learned about it and I finally can put it into words. So let me know. I would love to know if you guys have any thoughts, just throw up a hand. But I definitely want to keep this kind of open conversation around table style. But another analogy I read was like, you have a lemonade stand, right? And you're selling lemonade, but you have this special refrigerator behind you with special, you know, lemonade with other people's who had bought maybe earlier or something like that. And now the lemonade police person says, hey, we need you to keep track of every single one of those and have a sign outside that says, hey, here's all the lemonade that you owe. And it just forces the person, if it's you, the lemonade stand holder, to sort of have to take extra, extra care.
Concerns Over Cryptocurrency Regulation
And if you screw up anything, if you bump over the refrigerator or something like that, you're screwed. And everyone's going to know it's going to be public. And so Dennis Porter's out there on the front lines saying, yo, we got to get rid of this. We got to get rid of this. Banks are pushing against it a little bit. So I'm really curious to see what happens here and the potential implications that come as these regulatory battles are happening. I'm hearing a lot of people's opinions on the Ethereum ETF hearing actually a lot more bearish takes on it, saying, yo, this is not going to happen. It's not that cool, especially if there's no staking feature. So really curious on if you guys have any thoughts on this as a whole and how this might affect the market. Really, really excited to welcome Jackson, Billy and Josh. We got some more people coming. I'm going to make sure these DM's are sent because I'm not 100% sure that people who set a reminder are getting the invite.
Engagement with Different Speakers
So, Jackson, how are you? Mandev. Hey, man. Doing well. Just walking my dog at the same time. Thank you for having me. Yeah, absolutely. 100%. Josh. Dude, good to see you, brother. Good to see you. Good to see you as well, man. I'm coming off a freaking amazing day with 100% win rate. I'm feeling pretty great. A little sleepy, but feeling great. 100%. When you said, yeah, 100% win rate played Nvidia calls right at the open. Caught those for two. Two plays, one roll up. Both of those printed well. Timed the high decently. Well, actually, I got a little bit for the high, actually. Now I'm doing some review here. Also came in short on spy, pretty much off the rip and short of GME as well.
Discussion on Personal Trading Experiences
Had some other extension plays that are playing now. I'm still in a few, like, end of the year positions that are bleeding a little bit, but I'm fine with those. All my day trades today, all the trades open and close today were winners several hundred percent, 130%, 60%. So we're coming off a really hot day. And it's good because I've been kind of bouncing between like a 70% to 75% win rate. But I've been real hot most of the year. And that's coming back today with today firing day. Everything's clicking again. So I'm feeling back in the groove. Feels good. Let's go, dude. Love to hear it. Billy, man, good to have you show. How are you?
Bittersweet Nature of Cryptocurrency Regulations
Good, brother. Yeah. To your question, it's kind of strange, you know, it's a bittersweet deal. It's crypto. The ethos of bitcoin is, you know, we don't need a third party intermediary where we appear to peer. We want to bank ourselves, we want to custody our own coins. And, but with that, we also want the value to go up. And for the value to go up long term, there has to be somewhat of some guidelines, some legislation to keep us within the rails. So I get it. I understand it. It's kind of like an oxymoron kind of thing. I hate it. But I do understand it is required. And I'm waiting for this ETF announcement. Man, they're really dragging this thing on. At least by 04:00. I hadn't heard yet. I was listening to CNBC, so if anybody knows if they approve that or not, I'd like to know, but I'm anxiously waiting on that to see what happens there.
Concerns About CBDCs
You know what? I'm actually going to check out. Watch your guru. I feel like watch your guru is one of the best places to just keep up to date. But stuff as it's happening in real time, because that's how they kind of built their thing. Oh, wait, here we go. So let's see. 2 hours ago this is just it. I'm going to pin this to the top so you guys can see it. All right, let me know if you guys can see it. But it says, us house passes the bill to ban the federal reserve from creating a central backed digital currency, CBdc. That is really interesting. Okay. Wow. That's pretty. Well, for me, I'm not a huge fan of the CBDcs. I think it's a pretty dangerous road to navigate down.
Skepticism Towards CBDCs
I've heard some opinions, curious to know if you guys have opposite opinions of me, but I'm pretty wary of giving the government that kind of access and potential power because there are so many people who would love to take that, even if it's $1,000, could be up to five. I mean, I have no idea what kind of benefits they could give you to sort of win over your kind of autonomy, I guess, because, you know, if you start relying on that and you start to have a way of life or if you're in a position where you need that money, and then they say, okay, by the way, if you're accepting this now, you must follow this guideline, you must not do this anymore. And it gets really dangerous. And so for me, I'm not a big fan of it.
Reactions to ETF Decisions
And as far as the ETF decision, this is also just in a couple hours ago, Gary Gensler is saying, stay tuned to hear about this Ethereum ETF's decision. So Billy, what do you think about the ETF decision? What are your potential implications about it? Are you bullish on it? Yeah, I'm bullish on it. On Monday when we, when you had the space gate, you know, I said they probably were not going to pass it. And the reason, and like that same Monday later on is when they basically asked to update the s one s because, you know, they're possibly looking at doing it. And I was like, wow, that's some foolish news. Right. So, so I've kind of leaned more into the middle on it with the updates that they're asking for, basically to get rid of the staking piece of it.
Potential Political Implications of the ETF
And everybody scrambled to do that. It could happen. It could happen. Plus, I think it's a political play in that you got Trump and you got Biden now jumping on the cryptocurrency bandwagons here. And they know there's some voters out there that are going to be voting cryptocurrency way. So I think there, a little bit of politicking is going on with that. But just to hit on your newest post there, man, that's, that is awesome. I mean, so the house has really been going to work here because they just passed yesterday the fit bill, which is really good for crypto. And so, man, this is good news for me. I'm excited about it. I'm bullish.
Legislative Discussions and Personal Trading
I absolutely, Jackson, Josh would love to bring into the conversation. Didn't know if you have any thoughts on the bill itself. Also down to kind of talk about specific trades. I know me and Jackson are currently in a trade right now. And I'm excited. I've learned some lessons. I'm excited to hash out with you, Jackson, actually, of some recent trades that I made that were very painful for me. I'm not going to lie. Didn't lose any money, but I missed out on literally generational wealth again. And it's okay, we're learning it out here. But really excited to chat about that. Before I do.
Engagement and Sharing on Social Platforms
Would love to have everyone retweet the space for me. Man, I love these conversations. It's super chill these Thursday trading spaces. We just kind of talk trading, talk about the market, chat about life a little bit. And so let's get some more people in here. Let's get some traders in here. Really help us out here. Just hitting that retweet button takes like 2 seconds. Bottom right corner hits a little message icon, it might be white or purple. And just retweet it. I've been hearing a lot of stuff about spaces bugging out recently, but they're not really doing a great job at publishing and showing that people are on spaces.
Importance of Spreading the Word
So the really, the number one way is for retweets on the timeline, and I've seen a massive difference when that happens. So please help us out and hit the retweet button. I really appreciate it, but without further ado. Yeah, Jackson, Josh would love to bring in this conversation. Any thoughts on the bitcoin side? 121 or the ETF'S? Or we can jump into trading. I mean, I. I am a fan of CBDCs. The ban is interesting. Looks like they're also scared of it. I would like to hear why. I'm sure there's some other details there that I'm missing to give a full opinion, but I'm a fan of cbcs.
Optimism about CBDC Implementation
We've seen the proof of practice there. If it's open and transparent, then it's actually hugely beneficial. The big thing there that I am a huge advocate for is, you know, I want to see how much our defense budget spends on a number two pencil. I want to see that they're not choosing the best buyers, that they're. They're playing to their donors and paying overpaying for things they wouldn't need to. I think if there is that transparency on some sort of chain and people can go and track that would be huge. I mean, absolutely huge. It would probably change the game, and I mean, just be a huge benefit now.
Concerns Over Government Control
You know, there is all the fears about them controlling how people can use it, using it as a political weapon. And I get that needs to exist. It's good to have that fear. We need that pushback. We need that on our minds, that skepticism. But I don't know, I'm just more optimistic at the end of the day. Yeah. Billy, hop in, man. Well, no, I agree on the government piece with the CBDCs. To be able to see all that detail and all that tracking, full visibility, man. That, that's something that's definitely needed. However, CBDCs is not just for the government.
The Implications of CBDC Technology
It would be eventually for everybody, right? So if you didn't pay a parking ticket and you got paid by your employer and the government, they're all smart contracts. So they could, they can shut that down. You go to buy some bread, they could shut that down. That's the, that's the inherent power that is built into it now is it a reach that they get to that point? Yeah, maybe, probably. But eventually you could end up like a social credit score, just like China. And that's what's happening over there, right, where they try to go on the transit and they try to swipe their card or their phone and they have the money, but it doesn't work because even though the mount's there, it does not operate right.
Concerns About Overreach
Because they shut the smart contract down on the CBDC. So I'm a little, that's too much big brother for me. On the other side. I do get the ability to track, especially the government spending side. They have to. I want to chip in here real quick again because I feel like what's the alternative then? If they don't do this, if they don't make this move, there's going to be some huge geopolitical risk that the us dollar will lose its positioning to either cryptocurrencies or a foreign currency that decides to make them shift. So I mean, there's going to be a push, like a decision needs to be made eventually.
The Need for Digital Currency
I'm not saying we're there yet, but it needs to come, it needs to happen. Either they need to shift to bitcoin or ethereum or Solana or whatever, but they can't. They can't. Like, that is the future. It is inevitable. So I mean, I guess it's all about making the right decision, not screwing it up. I don't know. No, I agree with you. It's the world's going to digital currency and you have the whole bricks, right? So they're already collaborating and building the CBDCs for the world, right.
Implementation and Economic Control
So yeah, I'm just worried about making sure that we have the safeguards and restrictions in on the money side of the smart contract side of the technology because we certainly don't want to turn into, basically you have all those coins in your being paid in CBDC and you have all those coins in your bank account or in your wallet and you can't use them because they're shut off because of certain restrictions that the government ultimately puts on them. Now, of course they're not going to tell us that stuff upfront. That would probably be something that's 30 years down the road or once everybody's using CBDCs, but it certainly opens the door unless you put the safeguards built into the smart contracts via legislation ahead of time to ensure that kind of thing doesn't happen.
Acknowledging Future Developments
But I agree with you, man. We definitely are going there. And to keep up, we're going to have our own United States CBDC for sure. The only one, the only other thing I'd add that gives me pushback too, is I find it really hard to believe that they already do not have that capability. Like, we saw the way they came after the swift payment system with Russia. They shut them off from the global system. We've seen Canada do it an individual level when they went through the banks to get to people where they shut down the paypals, where they shut down the GoFundmes.
Concerns About Financial Surveillance
And I just really question, like, how people are actually walking around cash. Like everything technically is digitally transacted even though you're using USD. Like, I just don't see it as big of a leap. And I think they already have the capability to do all the things that people are scared of. Like it already exists. We've already seen real world cases where they have shut down your payment access and they didn't need to have a CBDC to do it. Like it already is here. That fear should already exist. I don't see, I mean, I see how it becomes easier for them to do it, but to think that it would be a new issue caused from it, I think is just a.
Rethinking Current Concerns
I just don't think that's true. I think they already have the capability. Yeah. In certain instances, with the right court orders and with the federal government involved, yeah, they can do that. But I guess what I'm concerned about, again, this is just my personal opinion. Right. I'm not saying I'm speaking for anybody else, but it does make it a lot easier and make it so sweet. It's a push of a button. So that's what you got to be a little bit weary of. And I think we can do it with the right smart contracts on the CBDCs and also with the right legislation.
The Nature of Bitcoin and Future Considerations
But that fear is going to be there and it just runs against, I guess, the bigger point. And there's nothing we can do about this, but it just runs against the whole ethos of bitcoin and why Satoshi created this currency. I mean, it just runs totally opposite of that. I mean, it's supposed to be peer to peer. We're supposed to be our own bank. You know, we're supposed to not have to worry about a third party whatsoever if you're selling a motorcycle and I want to buy it and I want to send you $5,000 worth of bitcoin because I, that's the price. And boom, you know, the bank's not involved, the government's not involved, of course, taxes, yes.
Concerns Over Tracking and Privacy
But now visibility is going to be a hundred percent visibility on everything. If you, if you're a guy that likes to go down to the local strip club and, you know, and you want to, you got to pay in CBDC, they're going to know that they're going to have the visibility to see where all of your money is going. Now, of course, it's not going to happen like that. In the beginning, there would take a transitional period to get to where everybody's using digital currency as the mainstay. But as you know, all of us in the crypto space, we use it every day. Doesn't take that long for, for other people to join, jump in, just like they did with the Internet, just like they did with cell phones, just like they did with everything else.
Concluding Thoughts on Future Transitions
So it will take some time, but I don't know. Just gives me goosebumps, man. Makes me a little like, I don't know about this, but I do agree it's going to happen and we got to jump on board that. I totally agree. And I just want to be clear, like, I would not want to be in the position of making the deciding factor on any of this stuff. You know, I'm a spectator watching to see what happens. But I do have to kind of laugh at the goal of crypto to create this digital decentralized exchange peer to peer, and then to see such a large portion of the community speak for something like Solana, which is more centralized because it's better.
The Complexity of Cryptocurrency Choices
They got into the space for decentralization and then they're like, oh, wait, the centralized one is the best. And they run right to it, brother. Man, I know Jackson maybe has some thoughts here, and maybe bad price as well, about the Solana conversation here. Wait, so what about Solana talking a little bit about the centralization factor, how it's slightly against the original crypto ethos? It's an interesting topic, I think, because it definitely comes up pretty much every time Solana comes into the conversation around that topic. Curious if you have any thoughts on that.
Analysis of Solana's Centralization
How so how is it centralized, Josh, over to you. Oh, I mean, Solana is more centralized because the company owns, controls most of it. Like, if someone tried to shut down Solana, they would be easier for them to do than to shut down something like ethereum or bitcoin. I mean, it's nothing I've ever ran into. I don't see it as an issue going forward either. Yeah, I'm just saying that in general, at, like, a philosophical level, the whole idea of getting into crypto with something like bitcoin was the decentralization, not having a central control. The fed sucks, and the fed, because they control all the money, printing, will go to bitcoin, and then they end up at something like Solana as the best, which is more centralized and kind of has a lot of the aspects that they didn't like mic before, but because right now everything's fine.
Reflections on the Historical Context
Just like everything used to be fine with the fed, everything used to be great. You know, back in when everything was booming before they ruined it, you know, they're kind of, like complacent almost, I might say. Ever since I've been on Solana, I feel like I'm in full control. I, I don't notice the centralization at all. And that's great. That's fine. But, I mean, the irony still kind of exists, and it's still, I find it humorous.
Diverse Perspectives Within the Conversation
Safe investor. I see you got a hand. You got a, you got a take on this? Well, more of a question to open up a conversation. So CBDCs, I think it's an obvious route that we're going. It's got to be a dot. It quote. S got to, you know, we're going to be driven towards cbdcs. So which would be the most effective blockchain? You see, bitcoin, it's a dinosaur. Yeah, it's the first one. It's a grandfather, but it takes forever. There's only a few blockchains that would be effective to host CBDCs on a global scale.
Future Scalability and Blockchain Choices
I don't know. I have a few in mind. Which one do you guys think that would probably carry in a global type of scalability that could carry that weight, that amount of volume? That's a great question. Bad price. Would love to bring into the conversation. Do you have any thoughts on that? I want to. Sorry, I kind of missed the question, man. I'm late to the conversation and I. Yeah, I woke up super late today. But look, man, I want touch on the central bank digital currency for a second, man.
Launching Into the CBDC Discussion
Like, wait, guys are on the same. You guys are on the same, like, wavelength. He literally just brought that up, so perfect. Okay, well, yeah, that's crazy, bro. Jumping in. I'm jumping in like halfway in this conversation. But it's all bad, man. It's all bad price. Like, there's been a war on cash for a minute now. And what's going to happen is like, so this will protect the banks, so there will be no more bank runs. They don't have to worry about that.
Impacts on Cash Transactions
See, the thing about cash is if you have a $50 bill, it stays a $50 bill. You know, you can go spend it. You know, it can pass through like a thousand hands and it remains $50. Right. When you have $50, you know, digit, you know, digital $50, everyone gets a little piece. So it doesn't stay $50. Like, you know, if you go spend $50 credit, whatever, everyone gets their fees, so eats away at the $50. You see what I'm saying? Like, cash. A $50 bill is a $50 bill.
Concerns About Digital Transactions
It just exchanged hands and goes around and goes around. You spend $50 in any digital format, there's going to be middleman there snagging a piece of that. Okay. So it erodes it when they go, like, one reason they want to go full digital is it pertain. It protects bankers like, you know, a thousand ways to Sunday. Yes, yes. Yeah, there's, there's no, they don't have to worry anymore about like a run on their bank, anything like that. And they profit on all these fees left and right.
Profit Motives in Banking
So, I mean, you know, it's, their interest is not in the people at all. When it comes to, when it comes to central bank digital currency whatsoever, it only benefits them. You know, then you toss on top of that, all the government overreach, you know, like using. I think I heard someone mention, like, China. Like I said, sorry I'm late to the conversation, but I mean, they're just taking a play right out of China's playbook. You know, you're talking to complete control, you know, like, you know, cash at least, like, it's private.
The Loss of Financial Privacy
You can go do whatever you want with cash, you know what I mean? That will be gone. So it's just bad price all around. It only benefits one category of people, and that's the bankers. And it benefits them in lots of ways that, like, people don't, I think, really even think about, you know. Yeah, I mean, it's just more ways for them to profit. They don't have to worry about a run on their bank at all. They can do whatever they want.
The Future of Banking and Digital Cash
They're just moving numbers across the screen as is, you know, right now. Like, reserves, they don't have to keep anything in reserves. It would only get worse. Like, is there. There's really, like, I don't see any net positives at all for it. And, you know, this has been something I've been talking about for a long time. Like, I remember when I was like a teenager and, you know, I'm an old man now, but I remember talking about this, like, way back in like, 94, 95.
A Longstanding Concern About Currency
Like, there's a war on cash. They want to get rid of cash. And back then I thought it all go to, like, you know, credit card systems and stuff like that, you know, way before crypto. And, like, back then, people kind of thought I was like, tin foil hat crazy conspiracy theory guy. And now it's just like a normal conversation. Like, everyone's having the conversation, you know, like, I don't know if any of you guys, you know, I don't know where everyone lives, but I lived out in the Bay Area in California, like San Francisco, Oakland, for a while, for like, over a decade or so, and there's lots of stores I would go to and they're.
Shift Towards Cashless Transactions
They don't accept cash. And it's been like that for a while. And I'm like, wait a second, you don't accept cash? Cash is king, you know, but it's just slowly bringing in, you know, getting everyone compliant, get every. Get everyone used to this, but it doesn't benefit any of us at all in any way. I don't. I, like, I'd love to hear any points of a way it could benefit us.
Questions Surrounding CBDC Benefits
Well, it could. No. Okay, so I think so crypto, and this is my thought, so JP Morgan is currently, they are constructing their own blockchain, just like you said. And I'm sure they're a bank there. Since they're a bank, they're going to do it in a manner where it'll benefit them. I am sure of it. And they're setting themselves up on ethereum, so we're looking at everything crypto is now, let's see, 20. No, let's see. It's what, like 15 years old?
Understanding the History of Cryptocurrency
15 years old. It was in 2009.
Bitcoin's Market Position
So 15 years old. So it's already outdated. Bitcoin, I mean, so we have Algorand, you know, Hedera. They're already far better than bitcoin. And now the banks have to be very careful how they go about this. They cannot give any kind of positive feedback yet until they're well positioned and I, and they're ready to watch it rocket just to the moon because I think their accumulation phase is over. The accumulation phase for big institutions, in my opinion, is over. And bitcoin, I call it the institution money because of the market cap. Now, once they come out with an official news, and this was a slow process because we have to look back 510 years ago, bitcoin and crypto was flooded. It was flooded. It was considered a scam coin because of so many scams or whatever or so many frauds were committed.
Market Manipulation and Perceptions
Yeah, everything's a scam, though. Yeah, exactly. Yeah. When you get down to it, like, you know, I've been trading these markets for a long time. I mean, everything's a scam, from bonds to equities. Exactly. Absolutely everything. I mean, shit, look, like, look what's going on. You know, like, let's use GameStop as an example. You know, hits the pump and they're like, oh, yeah, we're gonna get off like, what, 200 something million dollars of these shares? I mean, I'm just saying, like, everything when you actually get down to it, is a scam, is a Ponzi. Embrace the Ponzi, you know? Exactly. Profit, Max, baby. Yeah, exactly. Sorry. I was getting to my point. I'm sorry. So, so what's happening is the minute they come out with an official news, I mean, Fox News, CNBC, and you name it, that, all right, assets are about to get tokenized on the blockchain.
Future Potential of Bitcoin and Crypto
Just imagine the fomo that'll trigger from the biggest institutions to the smallest institutions. So, I mean, we're talking about even people, you know, they're going to feel backstabbed and say, well, hold on, but you, banks told us ten years ago this was a scam coin or this was a, this is all a scam. And you convinced us. And because they are going to use, and I told my followers, I'm a youtuber, and I told them all, they're going to use people's 401 ks and iras and annuities. To buy bitcoin, they're going to use it and they've been doing it because, and they're going to keep the hundreds and hundreds of percent in return and only give them what was contracted and promised to them, which is five, six, or 10% or 12% annually. That's what they're going to give them. They're going to keep the rest. They have to be careful because once they announce it will be a massive foMO.
Market Timing and Strategies
So either they spike the price up, too expensive for the average show to buy in or not, because people are going to want to get their retirement out to buy and get into bitcoin or into crypto. So they either have to make it too expensive real soon before an official announcement. Well, yeah, that's what's pretty much going to happen. Like I was saying, like months ago, whatever. Like around the bitcoin ETF, you know, everyone's talking sell the news kind of crap and all of that. I'm like, yo, y'all don't get it. Like, if you think they play games to the downside, wait until you see the games that they play to the upside. Yep, yep. Yeah. I mean, yeah, they're just going to, you know, run it up, which is good for all of us. You know, it's good for anyone that's holding. But you're absolutely right with that.
Impacts of Regulation and Future Changes
Like they want to, they're going to make the price where it seems unattainable to your average american citizen. You know, where they look at it and they're just like, yeah, you know, like, look at shares of, I'll use like Berkshire Hathaway as an example, you know, like 100 and some thousand dollars a share. Like, you know, your average person doesn't look at that as like, oh, yeah, I'm gonna buy a share of that or something. Like, so bitcoin is just kind of same thing. You know, like I said, if you think they play games to the downside, wait, tc the games that they're gonna play to the upside. But yeah. And so to answer your question, how they're gonna make it in their favor, the only way they can make it in their favor is if they actually own the float. But in order for them to own the flow, you're gonna, we're gonna, we have to see massive God candles or if they make their own chain or cbdcs, but in order, they need a platform for that.
The State of Crypto Regulation
So the retail investors that are buying in right now and the governments are going to pick a platform and build on it. They still have to follow the same protocols in each platform, but they don't like that transparency in crypto. So they're backed up against a wall. And in that sense, so CBC's, it's a, you know, it's inevitable. So it will be in their advantage. Yes, there has, it has to, I'm sorry. Just like the stock market right now is a clown market in my opinion, because you're only supposed to buy ETF's and you're not supposed to trade anything according to news or catalysts or I, or data because it's, everything is misreported and is, you're not going to, you can't. It's completely maneuvered and manipulated and the crypto market isn't, at least not yet.
Analysis of Future Trends
So I guess a question is CBDCs, how connected will it be to crypto regulation? Does that make sense? Yeah, well, there's, oh, no, there's a few points there. Like, one, like crypto is massively manipulated. Like, of course, equities is like everything's manipulated. But I mean, like you just said something about like, you know, crypto is not really manipulated. And well, as the stock market compared. Compared to the stock market. Yeah, compared to the stock market, it's even way more so manipulated. Like, that was one thing about the spot ETF's that was such a big deal because like, you know something else I was talking about forever, like ways that they could go in and manipulate and fuck with the price of BTC was through the futures markets.
Market Dynamics and Price Predictions
Right? Like bitcoins. Like one of the only things that trade in the futures markets that you can't actually, I mean, there's a few others, but that you can't take a physical delivery on. You can take physical delivery on silver, gold, you know, what have you. Bitcoin, you couldn't take physical delivery on. And they would use that as ways to heavily manipulate and suppress the price of BTC because they have the power, if we miss the train. If the train leaves the station, we missed it, you know, but they have the power to actually bring the train back. And, you know, the way that, one of the ways they do that is through price manipulation. And one of the ways with BTC was through the futures market.
Spot ETFs and Market Impact
So having the spot ETF's get approved was a big deal because now they actually have to go in and actually physically hold and buy bitcoin. And, yeah, Coinbase custody for a lot of Yada, but that's that was a big deal, and that's one reason it took so long for that to happen. Like, I think Canada had a bitcoin spot. ETF. Almost like a full cycle before we did was because of that they were bringing back the train. You see what I'm saying? Like, they were using the futures market to suppress and manipulate the price of bitcoin. Like, they could just put. Put a godly amount of ghost BTC out there in the market.
Reactions and Anticipations
Like, stuff that doesn't actually exist, you know? So, yeah, when the BTS happened that it was actually, like, a big deal, and that's one reason why they were so, like, you know, against having that happen. So let me jump in here real quick. I want to. Definitely want to. This is awesome discourse. Seriously, I really enjoyed this. I definitely want to bring in some of the other speakers on stage here to weigh in on it. I'm also down to kind of lean into some more trading stuff. Just real quick. I want to first ask for people to retweet the space is the best way to get the space out there. More people in here, some more traders, some more takes and stuff.
Trading Thesis and Coins of Interest
And that's their whole trading thesis right there. So I like memes a lot. There are, there are some altcoins that I have my eye on as well. I like Caspa, I like Rio, I like litecoin. But no, in terms of xs, you're going to get like far more in memes.
Transition to AMA
Yeah, true. I would happen to agree. I feel like safe investor probably does. I do want to say we're about to transition here into an AMA with folks finance. By the way, I shot you guys an invite. Let me know when you get it. We'll start to transition this. And if you're on stage right now, feel free to stay up if you got some. If you have some interest in this. We're going to be talking about a whole host of things with folks finance. 1 second. I'm just going to make sure Twitter keeps bugging, man. I just like hoping it's not hoping. Everything's good.
Microphone Check and Acknowledgments
Hey, quick mic check, actually, is my mic still working right now? My twitter just like, had aneurysm for a second. Okay, cool. Awesome. Perfect, perfect. Again, thank you so much to speakers on stage, I see. Cool. Still in here, Jackson. Bad price. We had safe investors. Thank you guys so much, Josh, for hopping in that space, talking about trading and stuff with that with me. I really enjoyed it. Make sure you give them a follow, guys. They're awesome. We come in here every single week and we talk trading. Seriously. Seriously. You want to say I really appreciate you guys spending your Thursday with us, and please give them a follow because they're killing it.
Wilming to Transition into Folks Finance
And especially Jackson, if you're into those Solana meme coins, bro, he keeps you all up to date, and they're amazing. We're going to transition here into this, folks finance ama. They're kind of pioneering in the DeFi lending world in the Algorand blockchain. Folks, I'm going to send you a co host invite right now, but they're redefining access to finance with their user centric platform, making ways in the future of finance. So super hyped talking to jump into the DeFi lending world with them. So I'm going to be shooting up some invites as well to people who want to.
Hopping Out and Following Kate
While Kate is doing that, I'm gonna be hopping out. But I do want to say everyone should go follow Kate. He does such a good job in all these spaces twice a week, so he's the man. He's doing such a good job of these. Been in a lot of spaces, and now there's not a lot of amazing hosts like this. So make sure you give them a follow. Give them all the praise. They're killing it, man. Good work. Yeah. Kay. We love you, dog. Thank you. Thanks, guys. I really appreciate. I'm gonna cry. I'm gonna cry. Seriously. Thanks so much.
Folks Finance AMA Invitation
All right, so, folks, clients just shot you a co host invite. Once you get that, it'll be awesome. It'll be late, but we'd love to jump to this first question. Just tell us a little bit about you core mission, how it aligns with the ethos of decentralized finance. And we'd love to just get the high level breakdown from you guys and we'll dive into the broader conversation. Hey, how you doing? Thanks for having us. Super, super excited to chat for the next hour or so. I'm Eboo, head of partnerships at folks. Been there for about two years.
Introduction to Folks Finance
Folks, we are the number one defi app on Algorand, and we have a whole host of products over there, which are first lending and borrowing, liquid staking on off ramp Dex router leverage, liquid staking, leverage trading tools as well. So we've done a lot of building on the Algorand side. That's where we started out. And really soon we're going to be coming up on a full cross chain expansion of, first, the lending markets, and then starting to build all the rest of our tools in, like, a natively cross chain way, which is going to be super accessible from your favorite blockchain, your favorite wallet.
User Experience and Future Goals
So from a user's perspective, it's not going to matter where you come in from. You'll get a great experience, and you'll be able to kind of bounce between different chains at will. It's going to be a very unique type of app, and, like, that's a rare type of ux in crypto right now. So it's coming up in a couple months. So I'm excited to dive into that, go into some detail, and also talk about whatever else you guys want to talk about. Absolutely. Absolutely. Want to give a huge shout out, by the way, to everybody on stage with me.
Features and User Base
I see Nick so see, Kayla Price is still up here. Safe invest. Annie Cebu had a partnership as well. Man, can't wait to get into the conversation. Would love to. If you have a question, just throw up your hands and we'll get to your question here. But really excited to dive into this question here. What kind of sets folks finance apart from other lending platforms in the defi space? I see a lot of people pulling up using those sexy words. But what sets you guys apart? So I would say what sets us apart is the full scope of the products that we offer.
Distinguishing Factors in Defi Lending
That's the first thing that pops to mind. Algorand, of course, is a very high performance network, and it may not be everyone's favorite network, but over there we have an extremely strong user base of people that pretty much can use folks for their entire portfolio management. So whether it be depositing for yield or depositing in the liquid staking protocol to earn extra algo trading through the ultraswap feature that we have, which is like a loan looping type of tool, that's pretty comparable to a leverage trading tool. You can get up to eight x on some assets, like bitcoin, etH, Avalanche link, I think are on there as well.
Complete Portfolio Management Solution
So on off ramp directly, you can go straight in and out of the app, and a Dex router, which composes with a bunch of our other tools and kind of honestly just cracks them out in ways that I'll love to explain, but I think that's what primarily sets us apart is the totality of the full suite. And the reason it makes a big difference is because you don't need to really go to many other defi apps on Algorand. You can do essentially your entire portfolio management from folks. And that's exactly what we're going to bring to the rest of the chains that we expand to.
Ensuring Security and Audits
Awesome. Awesome. By the way, guys, if you have a hand up, please, maybe even jump in, I'm going to have a pause in between takes. That way you're able to jump in. I literally can't trust my twitter. It shows me different stuff on my laptop and on my phone. So if you have a hand, and I don't call on you, I skip over you. I promise you, I'm not just skipping over you because I don't like you or anything like that. I just can't trust my phone sometimes.
Introduction to Folks Finance
Toki, over to you. Hey, how's it going today? Honestly, I've enjoyed looking at folks finance a few times now. I honestly was actually looking at their website, and I think one of the best components about this is the fact that they are willing and able to share a lot of information with their community. And that's a big thing because most communities that you start to look into, you wonder how much information they're willing to share about the depths of what blockchain they're on, how they're building, what they're building, whatever it may be. But if you're actually on the folks finance page, you can go through and you can click on their folks academy, which has a lot of videos, a lot of good content, a lot of things that I'd say bring people up to speed on their project and honestly, other projects on the blockchain a lot faster than others.
Community Education Efforts
But from this perspective, I'm wondering, like, how else could you guys market the fact that you guys are trying to educate people? What other ways are you looking at helping out that community, learn more and experience more because of those videos that you posted? Thanks for asking. Because folks Academy is kind of like my little baby. I'm the guy who makes all the vids. So I'm real big on education before I joined folks. Some of you Algorand heads may know me from my page. Algo HQ, that was a TikTok. I started in the summer of 2021, which was all Algorand focused, picking apart news and different technical aspects of Algorand or Algorand projects updates like, all Algorand focused. So that was kind of how I got my foot in the door in the Algorand community. And when I was able to join folks, and then we started folks academy, it was a good, natural continuation of that.
Technical Difficulties and Community Support
Anyone else? Yeah, we lost. Oh, I thought it was me. Sorry. Someone called me and I think it messed up my mic. Can you guys hear me now? We can hear you now, Nix. It's so funny that you were like, it's probably me. It's probably me. Not this time. I knew for sure. I thought it was me. I wasn't even sure if he was done yet. I just felt like it was like, right on the hinge of something important. And I was like, should. Should we say something or do we let it go? That's always how it is. And also, real quick, just want to say a huge thank you to everyone who's on stage with us, especially all the panelists who are jumping with questions here. Seriously appreciate you guys taking some time with us. And then huge shout out, of course, to folks finance. And if you're listening to the space right now, if you haven't hit the follow button, check out what folk finance is doing.
Engaging the Community
And also check out some of the speakers, see what they're up to. And if you're joining the conversation, you want to get more people in here, please hit the retweet button on this space. Let's get the conversation out there. Eboo, back over to you. Can you guys hear me correctly? Yes, loud and clear. Yeah. So I don't know what the last thing you guys heard was. Can you, can you put me onto where I should pick up? It was where you were sharing about your last, like, what you used to do for Algo. Oh, yeah. So I was running that page, Algo HQ on TikTok and Twitter, making educational, short form stuff about Algorand. That was how I got my foot in the door and Algorand community. So it was also how I got my foot in the door in crypto in general, like being an educator, because at that time I was also a complete noob, pretty much.
The Importance of Education in Crypto
I'd only been exploring crypto for, I don't know, a year at that point, but I felt like making videos, thought it would be fun. So still to this day, I really appreciate educating, and I have an appreciation, not just for me educating people, but anyone who's willing to put that extra time into educating people. Actually, one of my favorite algorithm educators was here in the audience. Maybe he's still here, but rich flairs. Shout out to him if he's here. Great. Algorand educator does a lot of spaces. Point being? Yeah, with the academy, we have folks tutorials, but also just general crypto and defi topics that I think are valuable for people who are going through the academy to learn about.
Plans for Future Marketing Strategies
And in regards toki's question, how are we going to promote it more? I think we're going to step more heavily into, like, a content type strategy because I think it's one of our strengths at folks, not just the videos, but we have all around, like, the ingredients for a great content studio. So you will probably see us putting out more educational materials, and hopefully that lends us to being a place on social media that people, users and non users. But just overall crypto community newbies and veterans can go to and find out something new or get up to speed on something they aren't sure of. You know, all around the horn, education is so important, especially in this space.
Credit to the Audience
And it's easy for us who have spent many years in the space, to not realize that we are pretty much experts in these subjects. And people who haven't spent most of their time delving into these worlds and all these technical terms will probably have no idea what we're saying if we go and just talk about a normal sentence that you'll see on crypto Twitter. So, yeah, also give yourself, everyone in this audience, give yourself a little credit because you're likely in the top one percentile of how educated people are about crypto worldwide. Massive w's there, fam. Got a few hands. Still going to go over to Doctor Peterson, Thaddeus, and if you're speaking, your mic is muted, by the way.
A Shout Out to John Wood
Jim. Jim. Jim. Jim, everyone, thank you for giving me the mic. And big shout out to the Algorand defy app for lending a sticky shout out to John Wood. I followed him strictly on Cardano, even when he came to Algorand. Please, am I audible? Yeah, I just want to say, please, am I audible? Can you. Can you guys hear me all right? Thank you very much. So shout out to John Wood. Like, I followed him from Cardano to Algorand because of what Algorand was building and having this project is really massive. Big shout out to the project developers. My host, thank you very much for giving me the opportunity to speak.
Importance of Education
I just. And my listeners as well, thank you for being in the space. Education is always very important. It gives us, always give us a first mover advantage, even in the space. And, yeah, big shout out to this project. Thanks. Yeah, I know it's going to be. My simple question is, are we going to be under collateralizing or over collateralizing? That's just my question. Currently, everything in the protocol is over collateralized loans. Thank you very much.
Understanding Collateral Requirements
Ibu, please, can you explain for me the concept of under collateralizing and over collateralizing because there's this length fight I don't know if you know about. Lengthy, the former EDA finance. Yeah, they really buttress on it then. So I really don't understand what it means. I really want to get some clarification about under collateralizing and over collateralizing, thank you very much. Yeah, sure, no problem. In simple terms, over collateralized loans are when the collateral that you deposit to borrow an asset is worth more than the. Than the asset you. The amount of assets you borrowed.
Examples of Collateralization
Excuse me. So, if I put in $1,000 of algo, if I deposit $1,000 of algo into folks finance, and then I decide to use that, it's worth $1,000 as collateral, that means I can borrow a little bit less than $1,000 of another asset like USDC. So that would be an over collateralized loan, because the value of collateral is over the value of the borrow, then an under collateralized loan is the opposite, when the value of the borrow is worth more than the value of the collateral. And usually this type of loan has more drawbacks for the borrower, whether it be a much higher interest rate that they might pay, or a shorter lifespan on the loan.
Understanding Risks and Opportunities
Or sometimes, if you think of it in a leverage term, you'll have a price of liquidation that balances out the amount of capital that you borrowed when you compare it to your loan. So here's an example. If you have $100 of collateral on a trading platform like binance, and you use ten x leverage, so you multiply your borrow by ten, then, and you want to go long. So you expect the price of whatever asset you borrowed, or not borrowed, but like, whatever asset you went long to go up, then if the asset's price goes down by 10%, then ten times ten equals 100. That's 100% down, and you would technically get liquidated.
Utilizing Over Collateralized Loans
So that would be an example of an under collateralized loan that has more risk than an over collateralized loan. The good thing about over collateralized loans, you might be asking, well, if I have $1,000 and I can borrow, like, you know, $600 to $800, why would I do that? Why wouldn't I just use my original thousand? And it's if you want to continue to earn yield on your, the value of your deposit, while still being able to use liquidity elsewhere in the market. And of course, you'd have to be confident that you would not lose the stuff that you borrowed, lose the capital that you borrowed.
Conclusion and Future Prospects
You would be able to maintain it at the very least, if not earn more. And then eventually, you repay what you borrowed, you get back what you deposited as collateral, and you get to keep whatever earnings you made with that borrowed money. And in that meantime, the money you deposited was earning a little bit of yield day by day. All right, thank you very much. It's very clear and expressed. Okay, let me ask again, please. Apart from Algorand, which other token has been approved for this lending and borrowing platform? Algo itself. Which order token can we lend and borrow?
Available Tokens for Lending and Borrowing
Yeah, thank you. Yeah, sure. I'm gonna go on to app dot, folks. Dot finance, and I will read you the tokens that you can borrow or you can deposit. Here's what you can deposit. Algo USDC. Algo USDC USDT euro stablecoin called you EUr SDE stasis Euro. That's what it's called. Go bitcoin. That's a bitcoin derivative, go eth wrapped bitcoin from wormhole wrapped eth from wormhole wrapped Avax wrapped soul wrapped link gold meld gold token.
Options for Asset Interaction
I mentioned those before. Real world Asset backed meld silver as well. Opulous, which is a music NFT defy platform, and wrapped maple maple finance is a defi platform in the Ethereum ecosystem. So there's a ton of stuff that you can access and deposit, and then if you wanted to borrow, you can borrow a bunch of those assets as well. Pretty much all the same ones that I mentioned. So there's a lot of options for a variety of things to interact within the crypto sphere. A couple stable coins, a couple derivative coins of bitcoin and eth, and then even some real world assets as well.
Exploration of NFTs as Collateral
All right, please. Thank you very much. Quite clear. What about NFT bonds and all that? Can we also use NFT as collateral or something? Swing the chain? At the moment, no, were exploring this for a while, but it ended up just. Well, we explored it. We put together a proposal, and like, a pretty extensive, like, research and development paper about how we could do it. We put it to the Algorand XGov proposal forum, and that would allow people who are ex govs, otherwise known as expert governors, it's a special grade of voters in the Algorand ecosystem.
Challenges in Implementing NFT Collateralization
They had the ability to vote yes or no if they wanted to provide funding for that product that we wanted to develop. And this was probably about a year ago, if not more. At the end of the day, it wasn't passed. And that may have had more to do with XGov at the time was still a very. It was still a system in its infant stages, and it had a lot of things that needed to be worked out. So maybe in the future, we'll be able to go back and circle back and see how NFTs can be used as collateral, as well as I hope that the definition, or more specifically, the public's perception of NFTs and what people consider a quote, NFT grows to be things that are more, maybe considered more serious or less volatile.
Future Innovations and Airdrop Possibilities
Less volatile. NFTs would surely be very interesting to allow to be collateral, but I think we're still a little bit a ways away from having things like your car tokenized or your house or some other type of illiquid collateral that is unlikely to change in value very drastically compared to your profile picture. Yeah, Ibu, thank you very much. That's quite an express explanation, and it's really nice. I am happy with the project since they are not yet incorporated. I hope they incorporate because there are other chains that have this, and anything coming new should always be an innovation or a much better one than the previous one, because otherwise there are other ones that have NFT.
Community Engagement and Airdrop Interest
So I think it is very important to add to it. Then, last of all, please, I buy your airdrop. Any hope for airdrop or this for this chain? Because I remember then we either the Ida finance way, a drop to testings that were holding. I can't remember the name now. Ada itself and one other sticking. I can't remember the name now. Yeah, hi. What about the airdrop in general, so we can stay positioned? Because community participation is always very important in any proof in any project. So I want to hear much about the airdrop.
Discussing Airdrop Information
Yeah, thank you. Yeah, no problem. Thanks for your questions, too. In regards to the airdrop, I really can't say anything about it. I have no real useful information to share right now. But I would just encourage you and your friends or any type of community that you know, who enjoys using on chain apps and defi, like, make sure you give the folks cross chain expansion a try. Like that's. It's going to be really great app. Super useful. But in terms of the airdrop, I really couldn't say. Sorry.
Economic Body and Future Discussions
All right, sorry. How was the body to economics? Can you say something about it? Yeah, yeah. We talked about it earlier in the space, so you could probably rewind and listen to it. But again, I really don't. Not much to say. Okay. Okay. Thank you. Awesome. Awesome. Really enjoy that discourse. I was going to hop in, but honestly, each question got better as they kept going. So I really appreciate those. Walt knows more. Would love to jump over to you.
Questions About Collateral Caps and Future Changes
I know you had a hand up. You were super patient. I really appreciate it, but if you have a question over. Mike, over to you. Yeah, my question was, is there any time soon that we can expect the caps to be raised on the collateral? What's up, waltz? What's going on? Yeah, I'm doing good. How you doing? I get bigger and better every day. Good, good. Waltz is Algorand Og. I actually love that you asked that question, because I had some other people ask me recently about that.
Feedback on Cap Limitations
I'll relay the message to our econ guys, see what they can do. I'm not sure if they can do anything, but, yeah, it makes me happy that the. The collateral caps have been reached for, like, I know, wrapped bitcoin, maybe a couple other of the popular collaterals. Basically, for anyone in the audience that's wondering what that means, it means that for folks internally, our devs and econ guys set some limits on how much of certain assets can be put into the protocol as collateral, meaning that capital can be borrowed against.
Community Demand and Safety Measures
And this is just to protect some of the safety parameters of the protocol and make sure that we're playing more on the safe side when it comes to allowing the app to take more and more exposure to people's loans. But that also means that the demand from users and from the community is so high that the cap has been hit. Like, meaning we got to raise the captain, potentially, to let people use their wrap, bitcoin, and some of the other coins to borrow more and, like, get some more utilization out of folks. So, overall, it's like, it's a good problem to have.
Plans for Raising Collateral Caps
I don't know exactly when they could be raised, but I'll definitely tell the devs either tonight or tomorrow and say, hey, I'm getting messages from more and more people that they're hoping that we can raise the cap. So I don't know what I can do. Maybe nothing, but I'll definitely try for you. Okay, I got it. I got a. I got a hack for that, but it's okay. I appreciate that. You have a hack for it? Yeah, I'll tell you about it later.
Efficiency in Lending Process
Well, actually, I'm about to talk about my space. No, tell everybody. Why don't you tell everybody? Oh, so. I mean, shit, I just still take that. I still take the asset, and I just thought in a deposit, and as soon as the cap opens up, I push it in there, and then sometimes the swap to collateral allows me to do it, too. So, you know, and it depends on if I'm on the phone or if I'm on the laptop. Yeah, yeah, no, exactly.
Integrating User Experience in DeFi
So I'm going to elaborate on what Walt's saying. So you can deposit assets into the protocol, earn yield, and you can then, you know, pretty easily transfer those into the collab into being collateral with like, a couple clicks, maybe like one or two clicks. And you can also do this really cool feature. And this goes back to what I was mentioning about integrating the Dex router into the other aspects of the protocol, which is like a cheat code for product development. So while you're. If you have, let's say, USDC as a deposit, but you want to use wrapped ETH as a collateral, you can put it direct. You can take your USDC deposit and swap it, plus make it into collateral in one transaction.
Simplicity in Transactions
And usually that would take maybe two or three transactions on a bunch of other defi apps. Seems small, but it's. These small things actually make a real big difference in the UX, make it way smoother time to use folks. It's those small things that really make me appreciate our UI and UX designers. They do a great job. And thanks for pointing that out, Walt. Oh, yeah, man. You know, I love folks finance.
Closing Remarks
I make a living teaching with it. But, yeah, man, we still got to do that. We still got to do that class, so. I know. Sorry I've been so busy, but I'm. Hitch, I'm going to hit you with a real time. Walt's been asking me to come and talk to his classes about, you know, maybe some insight I can share into folks. So I'm a definitely defo do that. Okay. All right. One more question.
Request for Debt Swap Features
Yep. When can I get the debt swap? That's the only thing that people. When people talk shit to me about this, the main thing that they can say is that Insta dap has debt swap. I was happy when we got collateral swap, but we need debt swap, too. Okay. Swapping the borrow. Yes. Not having to do it manually. I have to do it manually now, if I want to do it, I want to just be able to swap it.
User Experience Enhancements
Just like I can swap my algo collateral to USDC. I want to be able to do the same thing on the borrower side. Wait, I'm logging in with my wallet because I swear you could, but you probably right. You can only borrow and repay. So I have to manually repay just to borrow again in a different collateral. I mean, a different asset. Really? Wait, let me see. I'm trying. Sorry, everybody.
Future Improvements
You are. Yeah, no, you're right. You're right. Okay, good. Good suggestion. I'll pass it along borrow swapping, basically for everybody else to give context. What he's saying is if you have, if you've deposited tether as a collateral and you borrowed USDC, he's asking for an easy way to instantly swap that USDC into another asset like bitcoin or something like that, without having to repay and then reborrow the bitcoin. I think it would be a great addition.
Technical Possibilities
I don't know if. It's probably technically possible. It's possible instead of doing it. And this is Algorand. It's possible. Yeah. Yeah. Yeah. I'm not the dev. I'll pass along the suggestion for sure. All right, cool. All right. Before I get out of here, I'm about to get on the space with rich. So. So I catch y'all over there, if y'all can make it.
Final Thoughts
All right. And I'm gonna be going over what I actually do on folks finance. All right, bet. Send me the link. Dm me. All right. Gotcha. Peace, everybody. Perfect. Really appreciate that. That line of questioning there. We got a couple minutes here, so. Nor, if you got a. If you got a quick question, I'd love to throw it over to you and then we'll wrap up with some closing statements.
Community Engagement
Yeah, I was wondering just like kind of piggybacking off of what he said, like have something that'll let you borrow and put the. And put it back in immediately. Like as soon as you borrow it, say, would you like to put it back into. Into collateral would also be another nice thing to have, you know. Oh, like. Like instant looping. Yeah. You can do that in ultra swap.
Successful Innovations
That's basically what ultra swap is. Okay. That's on the folks finance. Yeah, yeah, it's. It's in folks. it's Ip blocked in the US. So do that information what you know, but. Okay. Technically, yes. Ultrasound is a way to get more exposure to the markets by. What it does is you takes your deposit and then your borrower.
Instant Swaps for Users
Sorry. Instantly swaps the borrowed asset into the deposited asset. Do you mind getting your mic? There's quite a bit. Yeah, sorry. I think you're driving. Thanks, man. I'm going to explain what nor was talking about because it's one of my favorite parts about folks. We use the lending strengths that we have in those lending markets to allow people to get up to five times, eight times more exposure on certain assets in the markets, purely through a DeFi standpoint.
Utilizing Lending Strengths
And it doesn't use contracts or futures contracts or perpetuals or anything like that. What it does is essentially you have a normal deposited asset as collateral, you have the borrow. Then in one transaction it automatically swaps the borrowed asset. Let's say you borrowed USDC and you deposited bitcoin. So it'll swap the USDC into bitcoin and then deposit it, then borrow more USDC and swap it into bitcoin and deposit it.
Understanding the Looping Concept
And that's called a loop. So it continues to loop it until you get to a point where your exposure to the borrowed asset is multiple times higher than the actual amount that you could borrow if you didn't loop it at all. And you can go up to five x or eight x on certain assets. So it's a really cool feature and honestly underrated. So yeah, nor you can do it right now and if you. Yeah, I guess you could do it manually too, but with the information I told you, just dm me and I'll be able to help you out as well if you need a.
Thanking the Participants
Thank you. Perfect. I just want to say huge shout outs to everybody on stage. Thank you so much for being in this space. I want to give it over to IBU for final closing thoughts. Slash where should people go? You know? What's the most exciting thing that you guys have coming up? Just super quick, before we wrap up again, huge shout out to everybody who's on stage with us. Really appreciate everybody spending their time with us.
Recap and Future Prospects
Yeah, thanks so much for having me. It was a great space. You know, I think you've done an awesome job of cultivating some real hardcore space participants who have good questions and join the conversation. As someone who does spaces on folks's page, I know sometimes it's hard to get that active community and those core supporters. So big shout out there. Thanks to all the people who asked questions, kept the conversation going. Appreciate that.
Fostering Community Engagement
It was my pleasure to educate on all things folks and of course like Defi and whatever else I talked about and yet follow. Folks, we're going to be coming out with some big stuff with the cross chain. You're going to want to pay attention because it's going to be very, very cool. And I want to kind of give a little hint that we've been coming up with some very dope ideas for a marketing angle for this cross chain expansion.
Exciting Developments
And it's going to be something that a lot of you may have never expected or seen in the crypto space. It's going to be totally different from what we, from the standard stuff that we see. So just lock in there, hit that follow button. That's all I ask. And of course go try folks if you want. You know, that wouldn't be so bad either. Perfect. Awesome guys. Thank you so much for an amazing Ama nix Toki price and or safe investor.
Closing Remarks
Multiple other people who are up earlier. Thank you so much for spending your Thursday with us. We appreciate you so so much. Yeah everyone have a great Thursday. Take care. Thank you.
