PancakeSwap, NFT Farming, Stoner Cats and A Nostalgic Use-case For NFTs

PancakeSwap, NFT Farming, Stoner Cats and A Nostalgic Use-case For NFTs

About this Podcast:

Welcome back to “The Valuart Podcast”: a weekly appointment with art, crypto art & technology.

In this episode, we discover the latest and hottest news from the NFT and crypto world. The first news is about Bitcoin: the most famous cryptocurrency, in fact, reaches 46k dollars. This happened because the demand is higher and less available, so the price goes up. Find out more in the episode. Then, Mark, Eddie, and Izzy talk about Stoner Cats. This is a project made by Mila Kunis and Ashton Kutcher and it is an animated series. But to see the show is necessary to have an NFT of a stoner cat. The project involved the creator of Ethereum and was a tremendous success. How has the world of collecting changed from when we were children until today? This is one of the questions asked in the podcast.

Valuart is an NFTs oriented ecosystem. Founded by Vittorio Grigolò, Michele Fiscalini e Etan Genini, Valuart has the final aim to enhance artists and their artworks. Valuart will introduce by the end of the year several Unique NFT’s of some of the Masterpieces ever made.

Listen to the specific part

00:02
Intro
00:50
Bitcoin rise to $46K
07:55
Bored Ape
10.15
Stoner Cat
18:39
London Hard Fork
23:24
Polygon Punks
29:06
Old and Modern collectionism
35:08
Real Life NFT
40:47
UN NFTs

Episode Transcript:

the valuart podcast hey everybody welcome back to the valuart podcast eddie and izzy and mark here with you no guest episode today because yeah just a lot of moving pieces and some scheduling issues and uh yeah so we're just gonna talk some news and uh catch up with each other and then that'll be it um so where do we start what's uh what's the what are you guys feeling what do you wanna start with you wanna start with nit news or i'm honestly excited for this week um i don't know about you guys but i feel like so much has happened in the crypto and nft space this morning until i woke up looked at my wallet and finally i'm happy again you're rich you're rich again not yet well i mean i mean not rich yet yes but um everything's looking good um so as you guys saw this week bitcoin finally hit 46k again so now we're thinking i'm feeling bullish pretty much everybody's feeling bullish but at the same time we're kind of like is this a trap um but yeah so there are some theories around something that there's a supply squeeze which i'm hoping of what does that mean so bitcoin hitting 46k why is the price like rising like that um people say that you know the cycle should be over and that it's showing you know that it should have been like 2018 but it seems now that the cycle is gonna be until uh springtime 2022. and this is because old bitcoin holders right compared to 2018 are not letting go of their bitcoins so when a lot of people are holding it on their exchanges these bitcoin holders are holding it on their uh physical wallets right so what does that mean it means that there's less available so there's more demand and less available and this is going to make like the price spike isn't bitcoin finite anyway isn't it like there's a limit already predefined to the amount of bitcoin so how does it change whether it's on a physical it does change just because you know uh still you have to have a certain uh amount available on the exchanges right um but the fact that they're on the the physical ones now there's not much to buy on the exchanges and of course you can buy you can still buy um it's just that the price of course uh the price spikes up because the demand is so high so yeah we're seeing that on everything as well as that that every all the ethereum's up like 30 in the last week cardano all the big coins yeah card is sorry and i think it's quite it's finally i don't know if it's the ecosystem is merging and there's good news on bitcoin and then the theorem that it's hard fork and so that's increasing cardano is about to release it's getting towards its smart contract capability so if that's going crazy the nft space is going nuts i saw today that the um open sea has overtaken uni swap as the biggest source of ethereum usage and i think all together with as is he said with this limiting limited supply hodlers hodlin it's just been a an incredible crazy week hasn't it yeah really happens so can you explain to me the cycle you mentioned that the cycle was people were expecting the cycle to end in 2018 and then now they're expecting what does that mean what is just like the the bear bowl cycle they expected like every three years to have this cycle right um so it was supposed to end this year in 2021 and this when there was like the bearish market these these months everybody's like okay the cycle's over let's we'll see you guys in three years to see like a major bull run but at this point like the market's going crazy so people are like you know it's not over my housemate was saying that they're predicting this cycle at the end it was supposed to be september right so wouldn't it make sense that there would be this push right before a dip in say september october could be that's why i mentioned there it could be a trap and i i've been looking i've been looking everywhere uh there's the theories that it's gonna be until april 2022 and some that are saying that this is like the last bull run and then everything's gonna dip but we're only gonna find out towards the end of august for the charts so waiting for the end of august the the most important thing to do in this case is you know to protect yourself is maybe like each week to start taking out a percentage out of your wallet um maybe put it into stable coin um that's like the most important thing like this this morning actually i already took out a percentage out of cardano just because it spiked so much and i was like you know let me protect myself let me just like take them out but never everything just because i am like a hodler um and of course i still want to to grow but i think it's also very important to you know protect yourself can i ask you how you're because we talked like a couple weeks ago i think you mentioned you're staking ethereum right yeah because i i'm taking a lot of things are you using some a platform to do that or have you set up like your your own node like what are you doing more than staking what i i do with a lot of like i'm i also do like farming but not like with ethereum in particular i do it like with um with pancake swap for example there it allows you to do farming with a lot of tokens and what's really cool about pink pancake swap is that it allows you to get profit every day what what tokens are you farming on pancake swap so one is um exceed me except that now exceed me i'm like waiting for it to grow um it's been growing a little bit these days but it's it's really slow but still it it gives me some amount every day while i'm farming so that's one one is also genesis um that one though has crashed these days so it's going really bad i have to check that out um later but but it's okay because you know these ones like i i discovered farming lately and i love it even more than staking then what i stick to is eagle eagled in my opinion and i do that on the meyer app do you know guys are you guys familiar with e-gold no tell me about it oh yeah so last week it was at around 50 dollars and now it's around uh 116 dollars if i'm not mistaken they have their own app and the community is wild on on twitter such a huge community so i'm going on here e-gold eagle and 25 in the last 24 hours yeah and it's so practically you have your hero tag so in my case mine is izzy 94 and it's wild because on the community everybody on twitter puts their hero tag on twitter right just because the community they're so um unified that sometimes they even gift each other e-gold right so it becomes like a social network and that's kind of their goal and they're going to be introducing even other projects with nfts it's amazing so what's i'm trying to get on there you go these communities to me sometimes just seem like cults like they just feel very cultish yeah i was reading about the board ape uh community this morning like a little bit this morning did you guys know about the board entities yeah they they i i saw them they've grown they've exploded they're they are exploding and i and the community is like such a strange it's like the most fundamental part of of the and to me that's like okay that's a cult like that's all that is the but the artwork is cool too i'll give them that i think the board a part work i i really like compared to the crypto punks and a lot of the others it's kind of much more creative it has like garage vibes right do you see that you see the gorilla similarities yes yes yes i honestly love it but anyways what's cool is that it it kind of like it's on the elrond network right you said out lron yeah the lro network yeah so oh means what exactly because it sounds like the leader of the scientology it's one of the characters in the lord of the rings you know the one so maybe maybe not related to ron hobart then okay that's good because we were talking about colts a minute ago and and then we said now run what's going on here in fact like when you are um you know when you buy um eagles practically then you have a global ranking on a network okay and you are assigned also some stickers so what's cool is you know people in the community are like oh i got to um i'm now like a dwarf i'm a whale so you really get these stickers and it's it's it's fun it's engaging nice did you end up getting into actually infinity because that just passed a billion in revenue yeah i didn't play it yet i i have to i just like i'm so sad we didn't invest in it um we were just saying that the other day we were like oh my gosh we we could have chose axe infinity and balmly in that moment that moment we chose bonley oh what a turnaround that was quite a swing those two situations turned out very differently exactly so it's um so you did end up buying an nft recently and it was in the newsletter so what what was your talk to us about that yes yes so the other day i didn't know i ended up buying a stoner cat i know we've been talking about it eddie for quite some time so i you know after when was it on the 27th of july when they released the stoner cats but had that like massive delay um you know with the transaction volume and the spike in um all the transaction fees i waited a while i just wanted to see the vibe and everything but then i just like started looking at all these cats and i was like i need to get one i just like need to so you got on the secondary market i assume because that sold out in like 20 minutes or something like that something it sold out yeah so it sold out i can't remember i think it was like in yeah 30 minutes something like that and then what they did is they meant it they said okay with the first release of the series we're going to be minting other 3000 cats so oh exactly so they minted up another 3 000. and that's where i purchased my reggie so you haven't it's not even a secondary purchase you got it directly from the i bought it on openc uh so when you go on the website on stonercats then it redirects you to openc and and that's when i started looking at all the cats and mine uh that we can show right here now can we say it let's say it but so if you want to see it that are just listening to the podcast you can they can check the newsletter because reggie made an appearance in the newsletter this week exactly exactly he made it in my newsletter um yeah so i was like looking at all of them but i always fell in love with him because i don't know he just i love cheese he's holding cheese during the middle finger i like it yeah it was a cheese so what has happened has has anything changed about your like your image of what it means to own an nft now that you have reggie like has that yeah because i was going to ask as well about have you what do you get access to a community that nobody else can access with this stoner cat do you now feel all powerful special is there are people contacting you because i do yes people have been contacting me because they were like no like you have to definitely like share the episode with me right and i was like so i think that but it's on youtube i know but that's like as soon as they find it they're gonna take it take it down i would think that if i purchase a stoner cap right and i pay money why should i share it on on the web like it goes against myself somebody did it right that's the only way it would have gotten out there um i think yeah i think it's you you i would like to love to believe that these communities that are popping up supporting the art like this which i think is great and i can't i can't wait to see what they're how they're going to expand this into like a network of series of other series and like how to help other creators actually do the same thing but i i find it kind of disheartening to see that it's it was immediately leaked like the the link was immediately yeah that sucks it really does suck there's some spaces like for example telegram that if you take a screenshot of a photo you get like the notification that you're taking a screenshot so i think that maybe in the future is there a way that they can kind of integrate something that if you're like i don't know yeah i i've been thinking about this for a couple of years now because i wanted to try to reimagine how we distribute films and there's no way around avoiding like you can always record the media of the device in some way or another whether it's through screen recording especially on like desktop computers it's it's really hard to do it's really hard to have the same to place the same limitations on software that you can on a phone um plus you could always just have somebody record their screen like that's always going to happen you know that that's been happening forever people going into movie theaters and recording with their camcorders from their like armpit you know i know oh yeah those those early bootleg films yes that's how i saw those early films yeah bad quality so even a hardware hardware solution wouldn't even change it would it because you just use another camera too no yeah there's got to be another way for you to create uh scarcity and that's why i do love that about the stoner cats approach because it's there's other incentives right besides just the the videos there's also going to be other perks that you get eventually or what's the what's yes yes definitely so it's not only a matter of content but you know also in the community i'm i'm part of like the discord channel right now and they say there's going to be some really special they didn't like reveal what but they said there's going to be something special for you guys especially the ones that came since the beginning um so i'm curious to see i mean i wasn't like the beginning beginning but a week after uh but i guess i i'm gonna be some seeing some interesting things and you know like you said i i think that this is a huge step um when it comes to you know bringing back ownership of content to the creators i think this is huge one of the most exciting things to me was like they raised eight million for an animated series of episodes that are five minutes each and i was like that is brilliant like that's better than kickstarter that's better than patreon that's like how can i do that i want to be i was like researching how can i make my own token i want to make my own are you going to do it are you going to get a stoner cat probably i probably won't get a stoner cat but if they make some sort of if they design some sort of platform that allows like if they could white label it or is it the right word white label it white glove yeah whatever if they could offer it as a service as a software as a service i would definitely use that because it seems like it seems like a viable option but then again like we're talking about mila kunis and ashton kutcher so they have a in vitalik so they have a huge audience already yeah like i don't think i don't think that that hurt their uh their fundraising how much is it down to mila kunis is how involved are the celebrities in stone accounts so they from what i understand mila and ashton are the ones that founded it there it was there like it started as an animated series and like a traditional sort of uh hollywood approach and then in the meeting because ashton's involved in like a lot of venture capital stuff it was like well what if this was a blockchain project and then it kind of spiraled into this and i think it happened really quickly i don't think it was planned to be uh released this quickly it really really did um and did you guys check out also um ashton's twitter lately like there's like the videos with mila and vitalik that like are hilarious like you guys have to see it i gotta be honest i thought they were so corny i thought they were so corny i like the the i saw it on on a youtube recap of those videos like of the of the news and somebody posted like it was like him asking miele questions and then turning into metallic and like yeah i was like i thought it was basically you thought it was corny yeah because i could i could i just knew it was coming i guess because the context i watched it in like i i knew yeah like i already knew that he was involved so it was corny to me to see the reveal like this dramatic reveal that vitalik was involved yeah i don't know i don't know very really hilarious um maybe because i kind of resonated with mila sometimes when i'm i'm learning terms in crypto and and so and somebody asks me something and i'm like it's like when you because i do get it but then when it comes out of my of my head like out of my mouth it's like what did i just say no but yeah i definitely identify with that too for sure you know when they you get something and then you just have to explain it and i feel like i was trying to explain the the london hard fork to my friend yesterday because i was like if we talk about this on the podcast i want to be able to understand it well enough to talk about it so i was like what i'll do is i'll read about it and then we'll go for a walk and i'll just tell you what i remember and that will help me kind of and then mark was saying i think last last week explaining something to to like the kids really helps to for it to solidify in your mind i was like i need to start hanging out with like four-year-olds i know they explained that yeah so talk us through it eddie talk us through the hard fork i don't i still don't really get it so i'm hoping that you guys can carry that conversation because what i the only thing that i really remember from what i read yesterday about it is that like in investors or my miners are really like up in arms about this because they're going to lose a huge chunk of their revenue because the rewards are going away so the hard the london hard fork is is the first step or like one of many steps in the transition towards proof of stake correct yeah and so the reward system for mining or for doing these what are people keep calling in math equations but i think it's just random number generation is uh it's they were rewarded with they were rewarded with two ethereum right two or two ether yeah around around and that's going away and i think what would i yeah so they're pissed off about that but i think in general the pl like the network is going to be more efficient and provide for more other revenue streams are going to be opened up because of this and this sort of antiquated thing it feels to me like the the discussion of like okay maybe this is a two on the nose but in the states there was this conversation about bringing back the mining jobs like bringing opening up the coal mines again and i was like it just feels like a dying industry like i should just move on like and that maybe is a little insensitive because a lot of people's whole livelihoods are built on on coal mining but it's like we're spending all this time talking about and arguing about something that is really not the most efficient way to provide resources and to to move to move the technology forward and i get it you don't want to have to think about losing 30 of your revenue but so that's all i remember from reading about the london hard fork maybe somebody else could do a more high level broader uh i think what is it what does it mean perfectly yeah the mine it takes away the the miners don't get the transaction fees so in theory it should make the gas fees disappear but from what i've read that isn't the case because it's just been counter balanced by the nft blowing up so much that any reduction in those gas fees has just been bought in again by the sheer volume of traffic um okay so that's what i was going to ask you on on today's conversation because what i was reading was mostly articles from like last week and they were kind of speculating what would it do to the price what would it do to the network and i haven't seen anything yet about like how since the fork happened how has that been impacted how has how has that impacted the price and the traffic and the gas prices so it sounds like if the nft hype wasn't going on if that wasn't a thing maybe it would have the gas prices would have come down but now we're seeing it just kind of cancels out so what if the fork didn't happen then the gas prices would just keep like being insane i i really i think so um yeah should we pan should we pan to i'm panda vitalic is he in the corner of your room metallic can you comment on this like i found out but there was like multiple multiple changes in the hard [ __ ] it wasn't just one thing was it it was a collection of i i i read about the difficulty bomb i have no idea what that is all about okay i i also read about it a couple a couple articles i still don't understand what the point of it is it's to prevent it's to create more difficulty and what i believe is that it's when and i might be wrong but when ethereum finally switches to pos and it joins the the main net that difficulty bomb will make it so impossible for the original chain to continue so all the might everyone will have to switch to the pos ethereum because the difficult bomb will make it impossible almost to create new ethereum i i think it's something along those lines because the point of of the of the fork is also because i mentioned deflationary earlier because that was a word that kept coming up in the articles about the hard fork because because there's no cap on ethereum it can keep new coins can constantly be generated right so i guess the difficulty bomb is to kind of slow that down stop and like or increase the the burn so even though they're being created ones are being destroyed as well that's what i understood too but i'll be honest i'm not commenting too much just because i'm trying to understand more um probably for the next episode i'll get it but i uh i i came across while reading about um about the the hard fork i don't know how i i think maybe coin telegraph or something i saw this article about polygon punks did you guys read about that yeah they they've been taken off the open sea though haven't they yeah so they they were d listed from open c so polygon punks was a lot of people were considering it a ripoff of crypto pumps and because they look the same they followed like very similar uh community sort of the community felt similar and i think it was for people that didn't get uh that couldn't afford the yeah or missed the opportunity they had this new thing polygon punks that was basically like a second chance but it had no association to the crypto punks to like the the to the original series and so some people were like especially the the creators of crypto punks were like what the [ __ ] like this is our ip so this is funny because we were talking so much like the last couple weeks about copyright copyright and ownership and like how this will what will happen with this in the in the nft space and for open c to d list it is a big statement it's like yeah we don't we believe that this is infringement essentially is what they're saying and uh no matter and and they don't do research into like intention like we talked with with uh nate about intention and like fair use and open c is not a they're not like a court you know they're not like yeah this feels like it's changing the message or whatever they just got pressured by the community and they're like okay it's down and then they moved to another platform to nf trade i think there's a platform that they moved into and they're still selling but it was lava was lava labs involved in forcing open sea yeah in any way i'm pretty sure the pressure came internally i don't think it was like a public like we we don't support this we think it should be removed i think it was like because they're i mean they're moving so much money they're selling for so much it's so it's it'll be hard for i think for open seat to be in a position to say like now this is fine we're gonna let this keep happening i think is i get it i get what the pressure must have felt like for people at openc but i don't know if i agree with it i don't know if i disagree with it i did learn through reading about this that there's there's not only fines on infringing in the first like if you create an asset that is infringing on somebody else's artwork on their copyright and you sell it you you pay a certain amount depending on whether or not you willing or willfully new like that it was infringing you pay a certain amount on top of the like a fine but there's also fines like the creator can sue the people that bought it and resold it so like the secondary market and i think at that point like especially how fast things are moving in the nft space like you buy something and then you flip it in like an hour or 24 hours and you make a bunch of money you could have that whole thing take place before you even realize that this was been infringed upon i think in the crypto punks in polygon punk's case it was clear like this is infringement but there was a situation uh like like a month ago with this project built by a 12 year old call it was a weird the weird whales project i don't know if you guys saw that but like i didn't see it but i want to see it it's it was cool and it was like pretty heartwarming because this kid made this nft series himself which was i guess generated by a copyrighted image yeah and he was selling them for like really small numbers like i think the first series sold for like 60 bucks each and then so it's basically a loss because a lot of these platforms charge you to mint them right so then people started talking about it and like really supporting the kid and they were selling for like six grand a couple days later and turns out that the original artwork was was a copyright infringement and it's like whoa how do you how do you know you like really have to do your own research before before you get into buying and flipping let me see like let me see if i can find from selling lemonade outside your house to nfts that's uh quite something huh yeah a lot more money in weird whales than lemonade as well yeah oh boy so this kid made and sixty thousand in ethereum and this was in july so now what now what do you think it's worth now he's like he's 13. he's from india and he's 30 160 000 in india is like you're you're like insanely rich i think he's he's living the life he's doing it right incredible yeah holy [ __ ] i'm gonna check so but this is i i bring it up just to say like you don't you really don't know because this this stuff is moving so quickly you really don't know what you're buying or who who truly created it or owns it that's true you've got to be careful you've got to be careful kids do your research do your own research just as you mentioned nfg trade you can still get the poly punks on that website on that platform yeah i was on nf3 nft trade earlier this week as well looking at nft farming because izzy was talking about her farming on pancake swap earlier and now you can do nft farming where you stake your tokens and you're rewarded and unique nfts which then you can then sell on i'm actually doing that like staking some nfts uh you remember when i shared with you mark i think you kind of missed them um so i i have some nfts uh the pokemon pokemons which are not like the pokemon uh they're like these cool cute unicorns i don't know if you know them um and sounds cool you want to see them eddie can we upload them can we put them on the screen when future editing i'll try to edit tour any of the editors so these you can actually stake them and that's what i've been doing but still gotta like see the results then i'll let you guys know how that's going did you guys collect things when you were like younger or like have you ever been into collecting like something like baseball cards or pokemon or like beanie babies like i want to talk about the correlation or like the some of the parallels between those phenomena and and nfts if you have any personal experience there's a collection people collect for different reasons i've i collected cds and books and things i've never collected toys or stamps anything in that vein yeah that's cool yeah no i i never collected toys i i collected pokemon for a little while when i was a kid but that's just because it was a social thing more than anything i didn't even know how to play the game i just wanted to be included in the in the recess you know conversations i i think there's a couple packs of them in my parents basement along with like thousands of of like sports of trading cards of like different sports because my uncle gave me a shitload of them because at the end of the 80s in the early 90s uh there was like an influx of of trading card production because like the like tops trading cards and like the other like mba and mlb they realized like oh there's a lot of money to be made in this because people are spending a lot of money collecting them so they there was like a they were overinflated the amount of the market with uh these cards so i have like a that like probably ten thousand cards that are worth nothing in my parents basement because my uncle thinks that one day they're gonna be worth something but i'm like that it's not true and they're not in good condition so i i wonder if this is gonna be a similar situation with like a lot of these nfts like the crypto punks or the board ape like people are like ah these are gonna be worth something someday uh they're already proving to be worth something now but that same thing happened with beanie babies where like there was massive rushes to the store for people were like trampling each other to get their hands on these [ __ ] stuffed animals or like selling them on on like ebay for insane amounts of money and if you look at them now it's like there's still a small market of like die-hard fans but nobody's talking about it you know was that um just the sheer volume of beanie babies though where everything is much scarcer in theory with nfts or you can keep the scarcity down if they're if they're very if they'd only been 10 000 beanie babies would they all be worth more more i think you had a lot more to do with the media coverage of it which is exactly what we're seeing with nfts like a lot of people talking about uh talking about it and then people feeling fomo like wanting to be part of it and wanting to because because what the what these nft series come down to is the community aspect of it like people just want to feel especially since we've been like two years now sort of isolated from each other it's like a way to feel like you're you're part of something you know i think that's a huge part of this and that is one aspect of of like the physical memorabilia like beanie babies that wasn't it's not as prominent in that i guess because that was like pre-internet right so now you have these discord channels popping up and you have like telegram and all these other ways to stay in touch with your peers and i think maybe we'll see some more longevity out of these things because of that but i'm really curious like five years from now what does the crypto punks community look like like are people still hanging out talking about it or is it like i'm so tired of talking about these 8-bit characters well can i just so i've been doing a little bit um on the metaverse in the last week and there was a you mentioned the cults of nft the court of these nfts and people kind of attached their flag to one particular collection you know if you collect crypto punks you don't you don't collect apes and then these kind of avatars be becoming your identity so yeah they become they transcend what they originally are they become your identity you take your identity into the future of the internet and whatever guys it takes and so these nfts yeah they become your identity so their use case in the future does change from a collectible item into how you are perceived on the internet in the metaverse do you identify with reggie well i mean not being stoned but with the cheese i do and your boyfriend because you guys you guys share like you're co-owners of reggie right yeah exactly we're co-owners and that's when things can get a little bit difficult um yeah that sounds complicated it is complicated because you know also um so what our our strategy is with crypto is like we have a lot of tokens we invested in so some i get them he gets them and then we keep them like in the same wallet um and you know sometimes like i i nail them he doesn't and whatever but with the nmts there was like a little bit of a dispute because i want to keep the stoner cat for a long time and he's like you know as long as when it's it reaches this amount we're going to sell it now i'm like don't touch okay so you like you have different philosophies or different outlooks on how this pans out i guess i would love to hear his perspective on why to do that is it just a it's just a fiscal investment it's just like i'm just gonna capitalize on this moment and then move on and you have some attachment to it i have an attachment to my reggie to be honest i'll be honest i have attachments so i i guess it's kind of hard when you have you know when you do share nfts so this could be maybe something like you know uh in the future crypto couples um crypto couples well you'll just you'll just have to stay together forever exactly together for the kitties so it's interesting because mark i sent you that article about the nft the baja bauhaus nft did remember it did you get a chance to read that yeah didn't read that no okay the guy that the author of that article was talking about how he he's approached like on a daily basis to like support a nft drop or to like write about like a new you know exclusive project and he's like i don't really care it's like it's such it's so scammy it's such [ __ ] and then he got approached by one it was like a music related nft drop and instead of being really rude to the girl who reached out the marketing girl who reached out he just sort of let her speak and it she offered him a chance to be like uh to have a sneak peek and to get early access to uh an nft that had an experience uh associated with it which was like a meet and greet with a with a band that is comprised of four members of a band that he loved growing up and have like pure nostalgic sentimental value to him and he was like that's when i understood like that was a moment for me when i was like oh nfts are do provide a lot of value to people and ken can have some substance some some substance to them and i was like okay i haven't i haven't experienced that yet and i'm being a 90s kid i feel like there has been a lot of nostalgia capitalization and i haven't seen anything that i'm like i need to be a part of that but if there was something like yeah if there was like a some sort of community that you could join with only access the stoner cat's approach of like giving access to the media through the nft is great if there if that was a thing if somebody came to me i don't know if i want to include this but if somebody came to me and was like there's going to be a boy meets world reunion and uh you can only access this world reunion with this nft i'll be like yes sign me up take my ethereum i want to be a part of it the real life experience is what gives yeah or what can give it the value to you definitely if you can provide me something that i couldn't get otherwise like if i could meet one of the stars or be or or like sit in a writing group or like i don't know be a be listed as a producer like this is already happening with patreon this is already like what the like the perks of patreon or the perks of kickstarter or indiegogo or whatever if those things become more part of the conversation rather than it just being like investment speculation or like people trying to to make money i i don't really care about that it's sort of hollow to me but if you can give me something that really touches like my my inner teenager then i'm like i'm on board 100 that sounds great i totally agree but i don't see a lot of that i really don't see a lot of that me neither i'm totally on your side and that's why um like stoner cats just got me i think it kind of reminded me well i mean you know i used to watch tom and jerry a lot so do you like that real quickly what did you think about the actual episode i loved it i'll be honest with you you didn't know what it was since did you watch it before buying or did you watch it after no no i watched it after buying so i got the full experience and then i found out like after 20 minutes that it was on youtube and then i was like ah that's sad you know but it's i i didn't like say oh man like i could have not bought the nft because i could buy it on youtube anyways i was like i still have like something special that this that like other people aren't gonna have because like seeing your meta mask there you know on the side and getting into the episode there's like that adrenaline spike that it's you can't pick that's good that's cool that's gotta have that's like a visceral response to being part of something like a software thing like that's really cool yeah and i didn't have that because i watched the the youtube link and i was like okay it's cool the series seems like it has potential it seems like it's trying way too hard to be referential which is kind of everything nowadays but i i think but i enjoyed it i i think if i had some stake in it like you do i would have enjoyed it a lot a lot more no it's we'll see how long uh you know my boyfriend let's just keep it but it's like can we get a cat and we're like so you have to be actively holding it to keep watching the series right you can't just like have had it once and okay no no you have to have it so like i don't it doesn't like we're not gonna sell it like until i finish seeing the series but then you know the second series is gonna come out so then i'm gonna find the way to say hey but you know the second series is coming out and i'll keep my kitty don't worry um i'm gonna fight for it i'm fine it's it's an us and them it kind of love that there's the two experiences and you both had the same experience but because izzy owns her cat it was a different experience and it for her and then she's going to i guess you could look at it connect much more with the community around it than you because you don't have you didn't experience the same feelings and that's the power of the nft right there like on twitter there was a the other day they said like share your your stoner cat like um that's awesome so i'm getting really nerdy on it guys but so let's transition into a little bit of the newsletter i think it's good to maybe finish off the episode with that i want to i want you to tell me about the u.n or was that in the newsletter that was in mark that was in your um yeah yeah it wasn't in the newsletter the the un uh nfts the unfts is that a thing are they calling it that they should call it missed updates yeah that would they would yeah tell us about that it's kind of using the media exposure of nfts to highlight the the climate disaster that we're facing they they're using artists they're going to hire artists and create and i can't know what the platform was they were going to use they'd chosen somebody but essentially raising awareness of climate change via nfts that's absolutely awesome like i can't believe i missed it actually when did this news come out it was just a last week or this week but i think it's just it's good to have a a use case like that i mean if you go it's all it's good to have the investment it's good to have the fun it's good to have the art but also if you can raise awareness for something perhaps more valuable long-term that's good as well i think it's good to have those different use cases and this just highlights one that's and i think it's like eddie the one you know the project that you mentioned um a couple of weeks ago and who knows maybe they can even collaborate in some way yeah i was thinking about that too when i first read it because i i had the same like comment then because they're still on proof of work it's still ethereum i don't know if they're using ethereum for the un thing but it's still very resource intensive to do that and to like combat climate change with something so resource intensive is like why just do it another way but maybe the platform they chose isn't on ethereum maybe it's on something else that's proof of stake or like not in any way as resource heavy i don't know i would imagine that it's i don't think they use it a proof of work blockchain are they that would be a bit of a pr disaster yeah exactly but i i wonder too because like are they doing the research you know like are they just trying to jump in on the conversation without actually understanding it because i get i get the sense that that's a lot of what these projects are especially the ones that are coming from like politicians and and institutions that are are like you know it's it's like the corny old like the out of touch teacher that's like trying to trying to make the joke in class like just shut up newsletter is the amendment in the u.s that they're trying to release that hasn't officially been released um in regards to regulating uh the crypto space uh tax wise right um so that's gonna be interesting i thought that we would already have a response this weekend of like what was going to officially happen but it seems that they're still finding in agreement uh there was a tweet that i read this morning from ted cruz senator ted cruz that you know a lot of people uh like it was like he said something smart and a lot of people don't don't uh get along with ted cruz as you know right uh so they were like oh my gosh like i don't like ted cruz but he's saying something right and i was like what did he say he said like how are like can we regulate something we don't know anything about and that's true because most of there are some really cool senators that that get it right but other ones that they don't know anything about the crypto space and like are just talking about pure nothing like doesn't make sense but do you have to record because you're you're a us you're a dual citizen yeah i have so you have to record u.s taxes right you have to report your your taxes to the u.s um so not at the moment just because my residency is in italy so i think that you have to for for your whole life always you have to report you maybe maybe you don't have to pay but i think you have to report your u.s tax your taxes to the us no matter what i think please don't put this because i might be i wanted to ask you because i really want to understand so like i i'm curious what it happens when you buy like an nft like crypto art and you don't like instead of instead of like putting your money from a coin into a like fiat converting it and you buy crypto art instead do you have to pay capital gains on that like do you have to pay taxes over that digital asset i don't know what the situation is yet around that and i haven't bought anything kind of because of that because i don't know i don't know right now i've been holding like everything that i've had for like over two years so i don't have the capital gains tax and i haven't taken anything out of the market as far as i know so i want to if i want to buy an nft i want to know is that a liquid asset i don't how does that work like when you do cash out right from investments in the crypto space um in general like here in europe like in italy at least if you go over 50k then you are taxed for i can't remember the percentage at the moment just because i haven't done it yet either um i i've put i've been putting what i have been cashing out i've like putting it on stable coins until i am like ready to cash out but um you are taxed like over 50k though so i guess i'll be saying that when that is the case but i know that they they are pretty highly it's like 20 something percent uh so yeah i know in the us it's even worse i think it's like 50 of what you what you take out you have to pay taxes over if it's over like a certain amount of like i think over 100 grand or something like that then you it's like it's insane you lose half of what you've earned it's almost pointless to take money out yeah i don't know it's it's it's a very uh it's it should be unregulated for the time being because we still don't yeah we still don't understand do i agree with ted cruz okay yeah exactly it's like that's like if you i'm gonna send you the tweet later um practically all the comments are like people confused with themselves because they're like am i going to have tigers like what what is going on having an identity crisis like exactly yeah me too i was like i'm putting like but i don't know if they do do you know move forward with this amendment that imposes like huge taxes right on all these emerging uh you know icos then it's gonna be really bad for the us because we might be seeing something like happened in china right with the miners like in parallel that everybody's just gonna go outside the country and it's like a step back instead of going a step forward with an innovation like we're just like going back um so but the bill in america they it was kind of um and i think they've changed what they want to pass or they've changed the bill but originally it was essentially going to [ __ ] the whole industry because it was going to make it mandatory for miners to declare themselves to have all these um visibility um laws that would have which would have been impossible to do so the miners would have to declare tax and it would have just been impossible so everyone would have been breaking the law or they didn't i believe for me personally the deeper we get into like the deeper i get into holding this kind of stuff or like participating in it i'm like how bad is this gonna be when i have to finally am i going to get audited one day like i really don't want to deal with that you know i'm not moving nearly enough until like for for the irs to give a [ __ ] about me i think but i know that i have friends that are holding a lot and have been making a lot and are probably going to have a nightmare scenario for themselves in a year or two yeah and then you know there are a lot of um ways like crypto cards right um that technically you can pass your money onto stablecoin and then you can just like pay with your cryptocard and it's decentralized so i i haven't like been focusing on cashing out yet so i'm still not there but it's going to be curious too to see how we're going to do that but definitely i'm like you i'm not going to i think i'm not going to be persecuted or something for the amount that i have but keep all movements below 10 grand and the back the banks won't flag it yeah yeah yeah possibly should we have an episode about uh tax evasion i'm kidding i'm kidding all right grover's out there listening nsa on this podcast i heard tax evasion on the valuart podcast maybe we should flag that okay uh i think that's probably a good place to call it uh guys if you want unless you have uh oh actually there was one more thing i wanted to mention which we forgot to mention last week and that was in relation to the auction to the banksy drop so with the with this with the auction ending and i think the price sitting somewhere around like it was 65 ethereum i think at the time it was like 150 160 000 us dollars half of that is getting donated to to charities around the world and the first donation we're making is to doctors without borders and i think it's somewhere around 35 000 was was the was the number i'll have to confirm with ethan and giorgio what that number is exactly um and maybe i'll do a editor magic and like fix this if it's wrong but um i wanted to mention that last week because that that was a major part of why i supported the project in the first place and i think a great a great thing to do with the with the work with the earnings so um that's my last bit of of podcast update so mark uh izzy well this week's book club um i mentioned actually the first book that got me into crypto because um until last year i was like i don't know it kind of scares me i don't get it um then i read this book and i was like i need to unbank myself like you know um so this is the bitcoin standard uh by i can't remem ever know how to pronounce his name please i love your book um it's a mouse safe doane i hope i'm pronouncing that correctly i'm also safe down and it's just an amazing book that really like it goes through the whole um you know the origins of economy and really guides you through what bitcoin is and what's cool about it is that it's not like it's called the bitcoin standard but it's not going to be a book that's only talking about the the pros about the bitcoin right it really goes into the detail of everything the pros the cons and then it just like leaves uh the reader to decide what you know what he thinks about it yeah what was the moment for you where you kind of reevaluated your biases like what was the was there a standout piece of the book you were like ah yeah yeah well um i guess a lot of the part of the book where it talks about deflation uh i guess i never like in my daily life i never thought that much about deflation i mean i heard about it i was like you know okay but then there was a quote um that says a money that is easy to produce is no money at all right and and that quote like really hit me and and then i i really understood like the the value of bitcoin at that point and like the non-value of our monetary system at the moment with all this deflation and and that like that quote like really hit me and i was like wow okay you mean inflation i guess right you're talking about oh my gosh inflation yeah did i say it deeply sorry i meant inflation so one more time the title of the book it's uh the bitcoin standard and in december actually he's going to be releasing the sequel of the book that's called the fiat standard nice well thanks for that um cool i guess that's a good place to end it this week uh next week we'll have another guest on and we'll have more updates on some of the stuff we talked about today and uh yeah i think good episode guys i'm this is fun i'm glad we had mark on as a as a as a voice of yeah substance a recorded voice that was a recorded voice well yeah enjoy the just to the listeners stay safe because the news is going to be blowing up this week and there's going to be a lot of opportunity for fomo and trying to get involved in projects left right and center so yeah choose your sources carefully yeah we will okay do your research kids all right have a fun week we'll talk to you guys again next week ciao ciao for now

Meet your hosts:

Mark Fielding

Producer

Eddie Contento

Host

Izzy Godina

Co-Host

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