45 – Regulation gets serious Down Under, Eye-watering FTX numbers leaked and an NFT Market wrap-up | w guest host Dave Haslop

Tracey: [00:00:19] Welcome to the Crypto Curious podcast designed to help you navigate the dynamic world of cryptocurrency. We here for anyone who is interested in crypto at all. Maybe you've already dipped your toe in the water, or maybe you don't know anything about it. And this is the very beginning. But we recommend heading back to the early episodes to get your footing. However, if you think you're ready to dive in headfirst, then let's do it. Coming up in this episode, we talk about the world first token mapping exercise, which will bring more regulation to the Aussie crypto scene. We talk about the Bend Dao NFT insolvency crisis which might flood the market with some cheap board IPOs and we give some free tickets to the Gold Coast Crypto Con, which is happening next month. My name's Tracey and this week Craig and I are joined by guest host. We've got our my Dave has love on the show. Dave is a host of that up and coming Australian crypto convention, which is happening on the Gold Coast next month. And we're going to tell you a little bit more about that later in the show. So to intro Dave, he's a professional trader and educator in the crypto space. He's been teaching people all about crypto since 2017, and you're correct me if I'm wrong there. He's got a group called the Crypto Den, which is actually one of Australia's most active crypto communities. So Dave, it's great to have you. Welcome along. [00:01:39][79.9]

Dave Haslop: [00:01:40] Thanks for having me try. So I'm excited to help co-host the show. [00:01:43][2.8]

Craig: [00:01:43] So Dave, welcome to the show. Tell us a little bit about yourself and your journey into crypto. [00:01:48][4.8]

Dave Haslop: [00:01:49] Sure. So I got into crypto at the end of 2016. So 2017 is seriously by chance. So I just happened to stumble across a Facebook post about a cryptocurrency and piqued my curiosity and I started to research it and thought, I'll just throw some money at this and see if it goes anywhere in the data. After that, I obviously discovered Bitcoin and Ethereum and like most of us sort of went really deep into that rabbit hole and, you know, did did well out of a couple of early investments. And so to myself was definitely something in this, but I need to learn more about it. So I sort of committed myself almost full time and really like just I became obsessed and then I lost a bit of money and I thought, well, that's not as easy as I first thought, so I definitely need to learn how to do it properly. So I started studying a lot of literature around trading and investments from legacy markets and things like that. So and then obviously through that I was able to bring that information and sort of a skill set that I guess I had a natural aptitude for over into the crypto space. And since then I started teaching other people how to do it and it's grown to 50,000 members in the crypto den. And I've been I've sort of helped educate thousands of people over the years. So it's been a pretty good journey actually. [00:03:08][78.7]

Craig: [00:03:08] Bitcoin, Ethereum Dive. What's your preference right now? [00:03:10][2.3]

Dave Haslop: [00:03:11] Oh, Bitcoin. [00:03:12][0.5]

Tracey: [00:03:14] Okay, we can still be friends. Look. [00:03:16][1.9]

Dave Haslop: [00:03:17] I'm not a total max. I'm 80% max. Really? So, you know, I think bitcoin is is never going to get in when you're comparing it to all the other crypto coins and tokens and what have you. Ethereum has definitely so much more utilities and everything that's sort of been built or modelled often. Ethereum has an amazing amount of utility, but there's also a lot of, for lack of a better term, garbage out there too. So I think Bitcoin will always be number one in the in an economic sense. [00:03:46][29.3]

Tracey: [00:03:47] Yeah, absolutely. And then you would have seen like the major rise of Defi and then the Nfts and Web3. So yeah. Yeah. Wait, where are you sitting on all that? You just happy to sit back and see it all happen? [00:03:59][11.5]

Dave Haslop: [00:03:59] Oh, yeah. Oh, God. Did me toe in and get involved and learn as much as what I can. But I think at the end of the day, it's Bitcoin still here and it's not going anywhere. So absolutely Bitcoin will remain king. [00:04:12][12.8]

Tracey: [00:04:13] Absolutely. [00:04:13][0.0]

Craig: [00:04:13] Tracy seems to think that Etherium might flip Bitcoin one day. Do you do you just laugh at that or do you think that's an actual policy? [00:04:22][8.3]

Tracey: [00:04:22] Well, I was just about to say that you are the one that thinks that eth because we've got a we had a bet going. [00:04:28][6.1]

Craig: [00:04:29] We've both said we've both said it, I think always, always saying it. And then maybe I gave up on it. Then you started saying it may interest you of both. [00:04:35][6.7]

Tracey: [00:04:35] Not for long, but I think not for long. But it will flip and then go back for a certain period of time. [00:04:40][4.8]

Dave Haslop: [00:04:41] Yeah, no, I don't think so. I mean, it's not the end of the realms of possibility. I mean, we look at look at what Dogecoin achieved last year, you know, I thought that shouldn't have been possible but it, you know, almost hit the 1 USD it went up to I think about $0.70, which is ridiculous. So to say it's. Impossible. Silly. But do I think it will happen? No, I think I think Bitcoin's scarcity and value in scarcity will outperform everything. Every four years it gets harder to obtain. [00:05:11][30.0]

Tracey: [00:05:12] Have you been surprised being an industry? You know, like you said, since 2017. Just the passion and the uptake here in Australia. Like you've got that group now, 50,000, you know, crypto kind event. It seems like we're in the weeds because we obviously we live and breathe it on the daily. But statistics show that crypto is hugely popular in Australia. We've really taken it on here. Yeah. And you know, are you surprised at that? [00:05:38][26.5]

Dave Haslop: [00:05:39] Not really. I mean, it's easy for me to say is as an advocate for crypto that it's the future and it's what a lot of us people that are in this space already believe. So for from our perspective, it's very easy to say now definitely not surprised because we know what crypto and blockchain is capable of and where we see it in the future of everyday business and economics. So I guess it's one of those, those red pill, blue pill moments where, you know, once you once you've sort of plugged in and you actually understand it, it's a no brainer. So I'm not I'm not overly surprised at all. It's it's getting people to understand it. That's the difficult part, I think. [00:06:14][35.2]

Tracey: [00:06:14] It's not just us looking for an opportunity to, dare I say, not just get rich quick, but also look for an opportunity to build our wealth for generations to come. But it's also the all the building that's happening here. There's a lot of projects on the go in Australia that are being built out compared to to other nations as well. So I think, you know, we can be proud that we're setting the scene there and I'm going to use that as a segue way into our first story, guys. So bear with me. Here in Australia we are set for Cryptos World first as news broke this week of a major audit which will take place. This is an announcement by the Federal Government. Australia will become the first country in the world to token map the crypto asset sector as the government seeks to protect investors. So this was hotly spoken about for the first 24 hours or 48 hours, guys, with all the big players in the industry seeming to want to talk about this and woken up with open arms as well. Steve Ellis, MD for Blockchain Ipac and Caroline Ballard, CEO of BTC Markets, both had really long and positive posts via LinkedIn. So, you know, did you have a look at that? Dave, what what are your thoughts on this move in general? [00:07:21][67.1]

Dave Haslop: [00:07:22] I think it's a good thing in the sense that we we definitely need regulations in this space. But there's also a part of me that I'm a I'm a firm believer in what blockchain and crypto was invented for and that decentralisation aspect of it as well. So while I think that there's areas of the space that seriously need regulation and clarity, I suppose more than anything else, I'm also still very much in the mindset of, you know, we we built this for a reason. We built this too. [00:07:54][31.7]

Tracey: [00:07:54] Let's not lose let's not lose sight of. [00:07:56][2.2]

Dave Haslop: [00:07:56] So I think this is a very fine line to walk there from, from an industry perspective. But I think for the things like tax purposes and whatnot, we need clarity. We need to know what's an asset, what's what's a a financial product. We need to know what's considered a property. And at the moment there's just so much grey area. If you go to try and do your tax and you hold nfts and you've got long term crypto short term if you're trading, there's so many different tax implications and no one really knows what what they're doing. And there's great specialists in the industry for for tax. But, you know, there's only there's only so many of them and there's millions of people that are trying to figure this out. So we definitely need the clarity on that. But like I said, I think we there's a fine line there of what, you know, our fundamental belief system of crypto and blockchain is compared to the regulations around that as well. [00:08:51][54.2]

Tracey: [00:08:51] So really, really good point. They're bringing it back to the kind of the true purpose and where we're all coming from, but yet equally as good point around tax and those things that we need to consider. What are your thoughts? [00:09:00][9.4]

Craig: [00:09:00] Craig Yeah, I think the exchanges are crying out for this mainly to protect themselves of any law changes that can catch them with their pants down. So now a few of the exchange CEOs have spoken favourably about this, but also we spoke to Andrew Bragg, who is he was a little bit bearish on Labour getting this done, but it seems like that's not the case. Labour have actually probably accelerated this to what it would have been, which is a good news. It remains to be seen if it's good for the industry or not, if it's good for the average investor, let's hope so. But yeah, I think consumer protections was a good thing, especially with all of the stuff that's happened in the last few months. You know, if we can prevent that happening, then that's always good. [00:09:47][46.4]

Tracey: [00:09:47] Yeah, like I said, I think, you know, it's a positive step in the right direction for both, like you mentioned industries and you know, the industries have been calling for more regulation, but also for the general punters and the retail. You need that added bit of protection so they can feel like that they are entering this crypto economy safely for sure. [00:10:06][19.4]

Dave Haslop: [00:10:07] I think where the protection should be is is mostly around the projects themselves, not just the classifications of the coins or the tokens, but you've got so many projects out there that are Ponzi, they're total pyramid scams. And the education sector is what should be looked after most here, not not just regulating the crap out of everything. We need people to be educated so that they can they can fundamentally look at a project and say, no, no, this is this is a pyramid scheme or this is a Ponzi and and stay away from it. And that's how you're going to protect the consumer better, rather than just regulating everything and tying your hands behind your back. Let's educate them. Let's start getting some actual government recognised courses and things like that out there that that people can do to to really understand the space more. [00:10:52][45.2]

Tracey: [00:10:53] I don't think though that this particular one's looking at that it might be you might scratch a bit closer look at it because I believe when I read through this, they're looking at a lot more things like the advertising that they're worried about. They're they're worried about the dotcoms and the sport advertising and more of those things and and people getting caught up. But you're dead, right. It's more about where people are actually getting their education because they're seeing the sport advertising. They're saying crypto, and then they're walking away and wondering where they learn more. And that could be where they're falling down. So. [00:11:26][32.6]

Dave Haslop: [00:11:26] Exactly. And you've got companies like ours that we've we've been educating people the right way and sharing what we know. And our hands have been tied, which we haven't been allowed to advertise for years, you know, so there's there's regulations that are stopping us from doing the right thing as well. [00:11:43][16.4]

Tracey: [00:11:43] We said, Where are you guys regulated? So where do you get your credentials kind of stamped? [00:11:47][3.8]

Dave Haslop: [00:11:47] So technically speaking, as far as I know, and this is this has been discussed with countless lawyers over the years where we sort of still operate in a bit of a grey area there. So until cryptocurrency is deemed a financial product, there's there's a lot of too much grey area. And that's why I welcome the regulations coming in so that we do have clarity on that. But we're also still very governed by it, by companies like Google and Facebook, where where a lot of companies now, especially digital companies, that's where we put our advertising funds. And, you know, Facebook is highly restrictive and to even advertise anything on Google is next to impossible. So it's a bit of that needs to be a bit of give and take there, I think. [00:12:25][37.3]

Craig: [00:12:25] How is the regulation going to keep up with the new the new thing like no one had heard of an NFT 18 months ago and then bought out holders, did 100 acts in six months. How were they meant to regulate that before it happens? Just can't happen like the next narrative could be soul bound tokens could be defi, whatever. It's a nightmare for them. I don't envy the people that are on this job and the government now. [00:12:50][24.5]

Dave Haslop: [00:12:50] The space is moving so fast. I don't think they can crack. I really don't think they can. It's it's you look at what what has happened in the last five years. We've started we've gone from the ICO boom, which then we see some scams and whatnot happening in that area where it probably needed the most. Regulation was back in 2017, 2018, and then you've got metaverse and people running around on the Internet. Look how far it's come in such a short amount of time. So I agree with you. I think the industry is evolving way too fast for them to keep up. Yeah. [00:13:20][30.6]

Craig: [00:13:21] Good luck to them. Try it. [00:13:22][1.3]

Tracey: [00:13:23] Well, yeah. Good luck to them. Good luck to them. I think on that note, we will leave it there. And again, it's something regulation. We say that every time we discuss it, it's so important and you know, we'll see where it goes from there and keep a keen eye on it. Moving on to our next story. Ben, Dow has been hit by an insolvency crisis as it's a theory and reserves are being drained. [00:13:46][22.7]

Speaker 2: [00:13:47] Many board ape nfts are in danger of being liquidated. So nft lending platform ben dow has collateralised almost 3% of the entire collection. And now they say that a lot of them are very close to being forcibly sold. Now, Bento is a peer to peer lending service that lets users borrow Aether against their NFT. Customers can take a loan that is equal to 30 to 40% of the NFT collection's floor price. Now, with floor prices tumbling along with the price of Aether, some people might find their nfts on auction very soon. [00:14:17][30.8]

Tracey: [00:14:18] Now NFT depositors have rushed to withdraw their funds, creating somewhat of a bank run type scenario that could collapse the NFT market. Craig There's actually a little bit more to this at the moment if you want to explain what's going on with the market. [00:14:32][13.9]

Craig: [00:14:33] Yeah, we've spoken about these NFT collateral platforms before and essentially how it works is if you have a bought OAP, so you bought up worth 100 faith, you can borrow 40% of the eighths value and then you lock up the border chip to bend down. You know, that's how it works. So you get you get a fair number, you have to lock up your NFT. Now, what's happened is these assets, as we know, are very. And the full price can move quite quickly and quite drastically. And what's happened is a bunch of nfts have triggered the liquidation price where they have to pay back the loan. And what's happened is Ben Dow has, I don't know the exact number, but had like maybe 20 or so bought tapes that weren't paid back. And they actually went to auction until the buyer put in what they had borrowed back into the platform. And it caused mass panic. People were worried that this would cause a massive sell off with netease. Dave, I know you're a btc maxy. Not the most NFT lover, but do you think this is just another case of nfts infancy as a market? [00:15:44][70.8]

Dave Haslop: [00:15:45] Honestly, I think it's a mixture of the infancy, but also the utility of it as well. So my my personal opinion is that a lot of these nfts in the art space, for example, the bored apes and all the different art nfts is, is not the best use case for the technology. So and to be honest, I think it's a little bit silly. I think the best use case for NFT technology are things like property and music and movies and things like that, that that really cuts out a middleman and has that utility in it. So I think it was overinflated to begin with extremely and I guess inevitable. [00:16:25][40.0]

Tracey: [00:16:25] We thought this one wasn't going to go well, did we? We weren't looking exactly at Bend Down, but when we looked at these defi lending protocols that were putting up NFT as collateral, it was a recipe for disaster. Looking at how this market was travelling and the liquidity that was lock, just this was inevitable. I can't believe that people were doing it, to be perfectly honest. It didn't make sense to me. Well, some. [00:16:47][21.5]

Craig: [00:16:47] YouTuber called Mike. He actually put his bought out for collateral and bought a real life house, like he got a house deposit and actually bought a real house with it, which is just insane. But this is, I mean, a liquid asset. You want to have the assets that you're borrowing on hand just in case this happens. But for the day, Jen's out there. I bet a few of them got caught with their pants down. [00:17:06][19.0]

Dave Haslop: [00:17:06] The problem is that so many people in the market are filled with this bullish hope. Always, you know, it never seems to leave. And, you know, if you're if you're putting up collateral for X amount of ETHE and the market takes a 30% dive, where are you then? You're cool when you paint. Yeah. And there's no way of bringing it back. So that was always going to happen. You've got a group of people that you know all of a sudden have $100,000 worth of Etherium and then Etherium drops 30%. What are they going to do? It's it was always going to happen, honestly. [00:17:41][35.2]

Tracey: [00:17:42] And on that, I think we'll stop and take a break. But when we get back, we'll talk about some leaked numbers from folks and we'll tell you all about the crypto con event coming up soon. We'll be right back. You're back listening to the Crypto Curious podcast, getting your weekly fix of crypto news. It's not a news episode without talking about an exchange, and today it's the big dog. [00:18:06][24.5]

Speaker 2: [00:18:08] This is a pretty rare look under the hood of Texas finances. We got a copy of its audited numbers from last year, and the privately held crypto exchange brought in just over $1,000,000,000 in revenue for 2021. That was up more than 1,000% in a year. And as of the first quarter of this year, it was on pace for a similar run rate of about 1.1 billion. FCX was also profitable. Operating income was 272 million, up from just 14 million a year earlier. And operating margins were about 27%. [00:18:36][27.9]

Tracey: [00:18:37] That that is mad. Craig, did you see did you see that get leaked? I think you did actually, because I message you about it and you weren't aware of it. But do you want to give us the recap of exactly what came out, what? Well, what was leaked? [00:18:49][11.3]

Craig: [00:18:49] Yeah. I don't know where the dark hearts of Twitter you're hanging out, but you tell me about it. And I researched it. Pretty mind boggling numbers. I'll just give a bit of an overview here and then we'll have a chat about them. So revenue went from 90 million in 2020 to 1.2 billion in 2021. That's yearly growth. Operation income went from 14 million in 2020 to 272 million in 2021. They're sitting on $2.5 billion in cash, which is why you can see Sam being linked to every man and his dog on an acquisition. They've acquired 15 smaller companies around the world to expand their global footprint and surprising start. The US business only makes up for about 5% of total revenue, so they really are a global exchange. FCX is an US even though they've, you know, they've bought the Staples Centre, they're doing massive sponsorships over. There are only 5% of their revenue. Yeah. Miami. Hey was it. Oh the Staples Centre wasn't it. Was that crypto. The Miami Heat. [00:19:50][60.7]

Tracey: [00:19:50] Miami Heat. Yep. Miami Heat. So I can just, you know, point for that Sam did because it was leaked obviously supposedly. But Sam did tweet straight after that. FBI numbers are correct. Ballpark. So they're just huge numbers. I can't even fathom that. Dave, you're trying to have you used FDX. What's your thoughts on these guys? [00:20:11][20.2]

Dave Haslop: [00:20:11] Yeah, I have used FDX. I actually really love FDX. I don't use it as my my staple exchange that I tried on, but I've used it quite a bit and it's, I mean, it's brilliant. You can, you've got so many different asset assets on there and asset classes. So for diversification in investing versus trading or investing and trading, it's a really, really good platform. So they've done a great job. And to be honest, I'm really not surprised that they've taken off as much as I have. [00:20:38][26.5]

Tracey: [00:20:38] What's your thoughts on Sam as a personality? Like what's your thoughts on human crypto in general? [00:20:44][5.4]

Dave Haslop: [00:20:44] I like him. I think he's got to he's got this real selflessness about him, which I actually really love. And every time you see the guy, he's just he's nice and casual. He's not wearing shoes half the time. He's definitely doesn't brushes hair and yeah, he's he's just so himself. [00:21:00][15.4]

Tracey: [00:21:01] I don't know if he could. [00:21:01][0.5]

Dave Haslop: [00:21:03] Yeah, I actually I quite like him. I like his attitude and the way he does things. So yeah, I'd love to be able to meet in person. Maybe he even come to us crypto comics. [00:21:10][7.5]

Tracey: [00:21:11] Honestly, I was thinking next year thinking that I know you've got some wicked guests this year, but maybe next year you can hit him up. Yeah, because I'm pretty sure he gets a lot of a lot of business from Australia. Yeah, I'm pretty sure he does well from Down Under. [00:21:24][12.8]

Dave Haslop: [00:21:24] I think his business to Australia definitely picked up when BINANCE'S derivatives shut down because if he was still able to operate. [00:21:30][6.5]

Tracey: [00:21:31] Well that's that is when I moved to business finance was my easy on ramp for for fee it still is because you can't with FDX and FDX is where I trade unless I want to do some really unusual stuff. But you know, I'm still all about the Aussie home going platforms as well. So BTC markets for me was where I first started years ago because it was easy to get the funds on and I'm a massive fangirl of Caroline Bell. I think she's the best. But Dex for me is still, you know, I love I love sweepstake and love everything those guys are doing. And that's my segue way into your event. Crypto context effects are the major sponsors for you guys. That's correct. [00:22:07][36.3]

Dave Haslop: [00:22:08] Yeah, that's right. So the naming rights sponsor of the convention and they've they've been brilliant to work. [00:22:12][4.5]

Tracey: [00:22:12] With and they're up where you guys are because you based up in Queensland. [00:22:16][3.8]

Dave Haslop: [00:22:17] Yes, yes. Yeah. I'm on the Gold Coast in Swift X are in Brisbane. So that's been our way. [00:22:21][4.2]

Tracey: [00:22:21] Yeah. So tell us more about this event because we're really excited because Craig and I are going as bamboo to this event and you have got so many speakers, every time I speak to you on that, there's a new speaker or someone else coming along. It's going to be amazing. We're super pumped. So please tell us more about the event. [00:22:41][19.7]

Dave Haslop: [00:22:42] Yeah. So, I mean, it's it's been such a mammoth task putting together something on this size. Originally, I never set out for it to be so big in the beginning. So what actually got me to think about. Doing this was that every sort of second person that I came in contact with and would preach crypto to would still think that cryptocurrency was a scam, despite the fact that you've got government stopping in banks and you know, and the general consensus was always, you can't believe everything you read on the Internet. And I thought, well, let's take it off the Internet. Let's, let's put it in real life and give people something tangible that they can see and talk to and feel and touch and, you know, be a part of something and actually learn from people in person. So that was the idea behind it. And initially, we we hired out a quarter of the space at the Gold Coast Convention Centre and now we have the whole thing basically. So, you know, it's the interests grew really, really rapidly and and we're still getting dozens of requests every day for people that would like to speak at the event, exhibit at the event. And the response has been massive. [00:23:48][66.4]

Tracey: [00:23:49] Considering it's crypto winter, it's quiet. That's amazing. [00:23:51][2.2]

Dave Haslop: [00:23:52] It is. [00:23:52][0.2]

Tracey: [00:23:53] You know that the interest is still there and everyone still pumps. [00:23:55][2.2]

Dave Haslop: [00:23:55] So yeah, that's really good. And I think that's that's probably going to be an important driving factor in the coming years as well. The more in-person events we can get and educating people in in-person in real life, then I think that's going to help drive people into having more patience and security when we're going through a bear market as well. Because the last thing you want to do is be one of those people that just gets, you know, has enough and just sells out everything and laughs and says, this is crap, I'm moving on. [00:24:25][30.0]

Tracey: [00:24:25] But I think that's what people don't realise is that in a bear market when it's like this is it, when people who are involved in crypto, we're building, we're doing things and making things happen. And then people who are in who are in retail who want to know more, then that's when you should be researching and learning and trying to understand and upskill. So this is the perfect time. And so that's why an event like this is happening at the right time. [00:24:48][22.6]

Dave Haslop: [00:24:49] And there are so many RV companies that are building some really, really cool stuff. So I've had the pleasure of reading so many different pitches and white papers of companies that have requested to be part of this event. And even my team will ring me and say, Hey, Dave, check out this project. This, this is actually really cool. And all the ingenuity is, is really quite amazing in this space. So many people are doing some really cool stuff and that's the type of thing that we want people to see in person to see that crypto and blockchain is more than just bitcoin, you know, as a bit more of a Bitcoin maxim, not total things credit, but there's heaps of utility in this space and people are doing some really, really cool stuff. So, you know, we hope to showcase all that at the convention and obviously we can't have everyone. We've got space for 80 exhibitors, which is a bit more than what we set out to have. And I think we got over 100 speakers coming now. So the idea is indication and you know, sharing some of what these companies are producing. [00:25:49][60.4]

Craig: [00:25:50] Which speaker are you most excited for? [00:25:52][1.8]

Dave Haslop: [00:25:52] Jessica I get to speak to Michael silent, so I can't really yeah. Any compare to that and yeah, he's. [00:25:59][6.7]

Craig: [00:25:59] The biggest Maxy of them. [00:26:00][0.8]

Dave Haslop: [00:26:00] All and we're going to going okay. Yeah. So I'm excited about that. I'm really excited to listen to Travis as well from, from Binance, Australia. I really do enjoy watching his keynotes. I think he's got a lot of value. Steve Hours of course as well. I'm looking forward to some of the education sixties as well. So yes, I do intend on on coming to some of the NFT workshops. So we've got workshops at the convention as well so that people can learn more about it. We've got DEFI workshops and trading workshops and you know, I think sitting in on some of those sessions as well is important for me as well because I don't claim to be an expert, I don't know everything and there's going to be a lot that I'll get to learn as well. [00:26:38][37.8]

Craig: [00:26:38] Yeah, that's great. We're really excited to come and we're also pleased to say to our listeners that I've gotten this far into the show, that we're giving away three double passes to the convention. So that would be what are they worth each? David One tickets worth 250 bucks. [00:26:57][18.7]

Dave Haslop: [00:26:57] Yeah. [00:26:57][0.0]

Craig: [00:26:58] So about $750 worth of prises. [00:26:59][1.9]

Tracey: [00:27:00] Awesome, right. That's awesome. [00:27:01][1.1]

Craig: [00:27:02] Prise to make is of eligible. All you have to do is jump into the crypto curious community group. All make a post about this and just say comment to make your entry and we will select someone in the group. So three passes to give away super exciting and hearing from the two Bitcoin Maxis David and Michael Saylor chatting about what's next for crypto is exciting. So yeah, jump into the group and we'll give them away in the next few weeks. [00:27:31][29.2]

Tracey: [00:27:31] Sounds good. And I think to end today, we're going to do something different. We're not going to do our short, sharp news bites today. We're going to get a round out from Craig on some NFT news. So Dave will be loving this section. So Craig, do you want to give us an update on what's going on in the NFT space at the moment? Because it isn't great news. It's not looking fantastic, is it? [00:27:51][19.2]

Craig: [00:27:51] No, it's not. So the volume on Opensea is at an all time low. Which sort of indicates that the NSA hype is well and truly ran out of steam. It is now sort of consolidating down at quite a low volume. The top ten projects with bleeding cryptopunks was is regained its spot as the top. It has been the top for a while before border of yacht club took the top four you know feels like for ages so you globs are still there in charge of the NFT market. They now own the cryptopunks but exciting little breakthrough is one of my collections that I own. I did own Pudgy Penguins, which has been a mainstay of crypto culture. I was a pudgy penguin, but that was facing the wrong way. You got to love this, David, facing the wrong way. And he sold for 400. Etherium, which is around 630 grand. [00:28:51][60.3]

Tracey: [00:28:52] Oh, is that what happened? I was wondering why this thing sold for so much. Is that what you're facing the wrong way? [00:28:56][4.3]

Craig: [00:28:56] The ultra rare pudge. [00:28:57][1.0]

Tracey: [00:28:58] Is that why yourself? Yes. Oh, my. [00:29:00][2.0]

Craig: [00:29:00] Gosh. Yes, it's it's the rarest one in the collection. Well, I will say, David, you will be proud of me. I have been a pudgy penguin. Hold up. I bought one at just under eleftheria when everything was on fire. And I'll be proud to announce, David, that I actually sold during this race at Pump. So I have pocketed some profit in a bear market. It's sad to see my pudgy go. [00:29:26][25.5]

Tracey: [00:29:26] Definitely wasn't 400. [00:29:26][0.6]

Craig: [00:29:27] Etherium So that same guy, he had a skivvy on and a backwards cap. But it is what it is. We say goodbye. [00:29:32][4.8]

Dave Haslop: [00:29:32] Can I ask what made you buy it? Is it just because he is a pudgy penguin is just a cool man? But why did you buy that? [00:29:39][6.4]

Craig: [00:29:39] The answer. Well, I bought it for about when it was about 1500 ish, so it wasn't that much. The reason why I bought it is because pudgy penguin holders get full IP rights over the NFT. And I could say that bought apes for like this. Like bought out, saw it, others bought a gene. Like people like doing some crazy stuff with the IP. So people decide to do that with pages and pages. They're making toys. And I was like, I'm just going to get one because they're cute. And also they're cute and good vibes. [00:30:06][26.4]

Tracey: [00:30:06] Oh, my. [00:30:07][0.5]

Craig: [00:30:07] God. Border soda flipped that. So I'm happy and yeah, but NFT market is bleeding. [00:30:14][6.7]

Tracey: [00:30:15] If only you got a backwards one. That would have been right. [00:30:18][3.4]

Dave Haslop: [00:30:18] And that is why the insane NFT market is crashing. Because people bought things because they were cute. [00:30:24][5.1]

Tracey: [00:30:24] Yeah. Yeah. [00:30:25][0.6]

Craig: [00:30:26] Exactly. [00:30:26][0.0]

Tracey: [00:30:27] They go point and case. Okay. Was that that. That's it for nfts. Is it where we've done with our roundup. [00:30:33][5.9]

Craig: [00:30:34] Yeah, let's call it. But I will, I will ask David before we wrap up. Obviously you're quite well versed in the space. Give us a cheeky, spooky or a cheeky coin that you're looking at during these times. [00:30:46][12.3]

Dave Haslop: [00:30:48] There's only one that comes to mind, and I don't usually like doing this. [00:30:53][5.1]

Tracey: [00:30:53] And it's not financial advice, folks. This is not financial advice. This is just ask just having a little chit chat with a pal. [00:30:58][4.8]

Dave Haslop: [00:30:59] Yeah, I'll personally be taking a bit of a punter and that's all that this is a punt, to be honest, but it's based on. So there's a metaverse that's coming out called TCG World that I've bought land in. I own 51 plots of land in it. You know, it's it's a new metaverse that, you know, you can buy land at the moment for, I think about three or 400 bucks, right up to 20, 20,000 bucks and the different different types of land. But what it is, is it's an open world metaverse that is also gamified. [00:31:26][27.7]

Craig: [00:31:27] So basically this is Googling. [00:31:29][1.7]

Dave Haslop: [00:31:30] Yeah. [00:31:30][0.0]

Tracey: [00:31:31] Basically what these I'm just I'm taking notes. I'm taking the. [00:31:33][2.5]

Dave Haslop: [00:31:34] You know, an open world where you can buy land, you can build a house, you can you can hunt little creatures like Pokémon, and you can fly dragons and own dragons and things like that. So the dragons are actually ultimately now owned by the like, right? So the only ones I own are these dragon nfts that you can use in the game. [00:31:51][16.7]

Tracey: [00:31:51] I hope you didn't buy them because you think they're cute. [00:31:53][1.5]

Dave Haslop: [00:31:53] All right. Oh, you should stay out of it. So I you I'm going to leave it. I that terribly, actually. I mean the cool IP but you know, they have utility in the game so you can fly dragons and you can sell them and whatnot. So that's why I bought a few dragons as well. And the TCG coin is going to be obviously the the coin and the the economics within the game. And I sort of looked at it and I thought, well, the gaming industry at the moment, as it stands before Web3 really takes off is worth $100 Billion a year. Now, that's that's the same as movies and music combined globally. Now you give gamers this biggest industry in the world, you give gamers a way to make money in gaming. The adoption of that is going to be massive. So that's why I took a quantum takeaway. [00:32:39][45.2]

Craig: [00:32:39] What you should hear are gaming episode because we cover this. Yeah. [00:32:42][3.0]

Tracey: [00:32:42] So we're all over Star Atlas, you know, Starcraft similar and all those. Yeah. Yeah. So what does TCG stand for. [00:32:49][6.3]

Dave Haslop: [00:32:49] Try. I think it's trading card game. [00:32:51][1.6]

Tracey: [00:32:51] Oh is that what it is. [00:32:52][0.6]

Dave Haslop: [00:32:52] I mean this the founder was a really big fan of poker. And Pokemon cards and things like that. [00:32:57][4.5]

Tracey: [00:32:57] If it's trading card game that I know it. If there's one out there called trading card game. Sorry, that's, that's actually quite popular already. [00:33:03][6.0]

Dave Haslop: [00:33:04] Yeah. The website. Yeah, it's, it's pretty cool. It's good if you compare the graphics to things like Decentraland and Sandbox, it makes Decentraland sandbox look like an Atari. You know, it's 4K graphics. Wicked. Really good. [00:33:18][13.8]

Tracey: [00:33:18] I do know the one. Okay, cool. Well, look, I'm with you there and I understand you have mentioned and you touched on the fact that music is a big one and we've talked about that one as well. That's huge. I'm actually taking a punt on getting Muse's first NFT release. Tomorrow is only 1000 of those going on sale. I'm a massive muse fans. I'm hoping to get one tomorrow if I can. It's, you know, those kind of things are phenomenal. And on that note, we'll leave it there. It's been a fun episode having Dave on and hopefully we'll get you back one day and hopefully it's when Ethereum's just finished the merge and it's pumping and we maybe have seen a bit of uplifting happen. You never know. Thanks for listening, everyone, and thanks, Dave, for being with us today. [00:33:57][39.0]

Dave Haslop: [00:33:58] And thanks for having me. It's been great. I'll definitely come back. [00:34:00][2.5]

Tracey: [00:34:01] Thanks again for listening. As always, if there's something you'd like us to cover, please send us an email at podcast at Get Bamboo Dot IO. Make sure you join the Facebook community. We've got those three double passes for crypto icon event going up in the next couple of days and you can catch us on the socials as well. Look forward to seeing you next week. Bye for now, take us. [00:34:01][0.0]

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