Kaspa (KAS) Token Autopsy: The Fastest Proof-of-Work Chain — But Who Pays the Miners?

0:00That's Yeah, yeah, yeah. You can't do it. hey. I never knew it. I never knew. Hey, hey, hey. I think that we're just holding on to something.

4:03Heat. Heat. that we're just holding on to something. Hey, hey, hey. I think that we're just holding on to something. think that we're just holding on to >> What's up everybody? Welcome to the Underground Crypto Deep Dive Research Show token autopsy report. Going to be an interesting one. Tonight we are going over Caspa. Have you ever heard of

6:29Caspa? I'm thinking most of you probably have. Let's get this microphone in a little bit closer. Shout out to all my undergrounders. Hopefully we get a few more of you guys popping in here in a minute. I say let's start with a little bit of news while we let people roll on in. So, the CFTC approves stock perpetual futures in the United States. All right, it says major regulatory development.

7:05See what's going on in the world of crypto here. I know the market's down a little bit. That is something that happens if you've been here for a while. So, the Commodity Futures Trading Commission, that's what the CFTC is, has cleared the way for perpetual futures tied to individual US stocks or to trade on registered American exchanges for the first time. Perpetual futures allow leverage exposure to an asset without a fixed expiration date. The trading model

7:36has become especially popular through crypto platforms such as Hyperliquid. CFTC chair Michael S, what is it? Saleig, I forget. I've heard people say it. Sig, I'm pretty sure. Struggle hard. Welcome in. Welcome in. Yeah. So, the CFT CFTC say that a bunch of time. Chair Michael Saleig uh described the decision as a way to bring trading activity into regulated US markets. The announcement follows ISIS, not the ICE you're

8:11thinking of, uh recent investment in trade XYZ, which operates using hyperlquid infrastructure. Almost like they knew that was coming, right? a financial product popularized by decentralized crypto exchanges is moving into traditional American finance markets. This is a significant example of crypto influencing Wall Street rather than simply copying it. If regulated stock perpetuals become widely available, will traders prefer

8:41decentralized platforms or traditional exchanges? Check out that chat. Yep, we're all caught up. Shout out Melissa. Shout out Struggart. So, Arbitum Security Council moves 30 million without hackers private key. Well, this is very interesting. So, Arbitum Security Council uses emergency upgrade authority to recover approximately 30 million in cryptocurrency associated with the

9:14Binance hack. So I guess they had moved some of this to arbitrum. The recovered assets included approximately 8,425 ETH and 74 million arbitum. Nine of the security council's 12 members must approve emergency upgrades. Council members temporarily modified a core network contract to authorize transfers from the suspected attackers's address. This has a lot of implications here.

9:48I mean, it's good, I guess, that they got their money back from hackers, but like they're telling you what they're capable of doing. The contract modification was reversed after the transaction. The recovered assets were placed in a holding address, which future movement requires DAO governance per uh approval. So, the council recovered funds associated with an extraordinary theft, but the methods in which they've done it

10:16raise an important question about decentralization. This is this is sauce right here. If a governing committee can authorize transactions without someone's private key, how much ultimate control does the wallet owner actually possess? Sounds like if they want to take your money, they can take it. Arbitum Security Council exercise powers granted through the governance structure, but those same powers demonstrate that certain layer 2 networks have mechanisms

10:43capable of overriding ordinary transaction authorization. So, is this responsible security intervention or a warning about centralized authority within a supposedly decentralized network? And Binance reveals how hackers pulled off the $6.3 billion attack. Binance provides new details today about the October 29th breach, describing a sophisticated operation that allegedly began months before the money was

11:20actually stolen. Attackers use fake job interviews and malicious software to compromise employee devices. They gained access to internal systems connected to exchange wallet infrastructure. According to Binance, attackers exploited permissions associated with Ethereum's EIP7702 to enable unauthorized transactions. Binance reports approximately 2.85 billion in assets have been frozen. The exchange says it has replenished

11:54approximately 98% of affected tokens using its own resources. This wasn't simply somebody guessing a private key or exploiting conventional DeFi smart contracts. The attack reportedly combined social engineering compromised company systems and advanced blockchain transaction permissions. Could Ethereum or Ethereum's increasingly sophisticated wallet functionality introduce security problems

12:24that even major institutions are going to struggle to manage? And of course, we've been talking a ton about privacy coins. If you're in here, smash that like button and subscribe. Aztec, which is a privacy project, launches major privacy upgrades. Transactions become twice as fast. As a matter of fact, we've talked about Zcash, we've talked about um ANOMA, we talked yesterday about um Rail Gun. So, Aztec's kind of one of the ones left

12:52on the list for us to do. Transactions become twice as fast. The privacy focused Ethereum layer 2 network. Aztec launched its Tira Alpha V6 upgrade. So according to Aztec Foundation, the update introduces a fix for critical security issues identified in V5, private transaction proof generation that is approximately twice as fast, Ethereum to Aztec messaging reduced from roughly 2 minutes to as little as 12 seconds, and an AI assisted

13:24security testing system. So Aztec also highlighted applications using or including zk.money for private payments uh ni for private perpetual trading and this galactia glacia galaxia I don't know why I can't say that right for privacy preserving AI that's the point privacy remains a major limitation of transparent blockchains is working towards making privacy a built-in feature for everyday applications rather than an addition

13:56additional service users must check out. And let's go ahead and move over now that I've given a minute for people to hop in. I don't know where all my people are recently. Shout out to the undergrounders. I guess the market has just been really brutal on people. It is like election day here in America. So, they're all out voting, I guess, but we're going to talk about Caspa regardless, right? So, Caspa, ticker KS,

14:36number 78 by market cap, chilling at about 3 cents. Market cap 847 million. circulating supply 27.7 billion out of about 28.7 billion. So very well vested here. Does it give me a percentage? I'm sure it will in our breakdown max chart here. I don't know why we're on a 24-hour chart. Let's go to the max chart. Looks like a token generation event about tw June 4th, 2022

15:19with a high uh it'll give us the high down here. No point in trying to hover over it perfectly. A high of about 20 se uh 20 1.5 cents, right? So almost 21 cents. Call it 20 cents, right? That is 0.207. And of course alltime low is like 0.17. And so it's up a crap ton since then. And you can see this complex shoulder, shoulder, head, shoulder, shoulder. And if you take the measured move, it definitely gave you all of that measured

15:55move. Now, it's on a max chart, so it took a little bit of time to do. And again, that is 847 million in its market cap. This is under a billion dollar project. It is proof of work that you should know. You don't see any contract addresses here because it is running off of its own layer 1 proof of work made in the US and directed a cyclical graph. What we usually call DAG and we will refer to as DAG most of the time but

16:25that is directed a cyclical graph. All right, we have a whole token autopsy on it. So, I don't want to get into the details on here when I have them all pulled up and nice for you over here. Shrugart says, "I don't even know where I am." Lol. Okay. Are you talking about on the map? On the game on our digital board game where you don't know where you are. Lambo. >> All right, so we have the token autopsy

17:09of Caspa tonight. I was very much thinking about holding off on this until sentiment picked up in the market, but I don't have time for that. I got to keep deep diving and researching and learning every day because I actually had some money I wanted to throw into the market today and I didn't know if I should buy Caspa and I was going to put off this. I'm like, "No, let's just get it done." Because a big part of this channel is me raising my own crypto IQ as well as

17:35trying to help you raise yours so that I can become a better speculator in the market, never financial advice. Let's talk about Caspa. So, the fastest proofof work chain, but who pays the miners? Mining rewards shrink every month. Think about that. All right, let's get into it. So, the question tonight, who pays? Caspa has no staking yield, protocol burn, or launch treasury. Demand for the coin and transaction fees

18:12must support the network as mining rewards shrink. Technology and monetary demand face different tests or scrutiny. Right. It's Caspa the crypto ghost. Exactly. Not to be confused with literally like Casper because there is a project called Casper. Carl to the moon. All of those kind of things. A lot of controversy. That's not what we're talking about tonight. We're talking about Caspo with a K.

18:40Three tests. The tech. Does the block DAG deliver fast proof of work? Does it do what it's supposed to do? And we talked about what DAG means, directed a cyclical graph. So the launch, how clean are the supply in early distribution? The economics, can users and fees support the miners as new issuance falls? The final score weighs all three questions approximately. Cash price about 3 cents right now. I remember when it was at like 14 or 15 cents. We traded

19:16it with the lifers all you know with the lifer right with Sam uh in his group. We we traded this thing all the way to like 14 cents. I remember getting in at like 9 cents on a scalp trade and getting out at about 14. So, with an $858 million market cap and a 0.2 or about two cent high or 20 cent high, sorry, misspeaked there. About a 20 cent high on July 31st, 2024. It shows a 36% oneyear decline, which that one year was pretty much the bare

19:49market, so it makes sense. Uh Melissa says, "I have that two Casper, the one associated with the Cass ecosystem." Okay. Cuz yeah, there's there's actually like three. There's the one that you mentioned first, the one we're doing, Caspa, then there's like Casper, which is associated with this ecosystem, and then there's another one that starts with a C called Casper. That's why tickers can be very

20:21important. Remember the ticker for this is KAS. So if you're looking at Coin Gecko, Coin Market Cap, Crypto Rank, make sure you type in KAS and nothing else if you want to get the right project. So approximately 27.7 billion almost actually 27.8 billion out of about 28.7 billion. So you're only about a billion off here. Uh let's see. Roughly.91 billion remains under the published emission schedule. So we're very close

20:51to 100% vested 96.8%. Bested right now or out into the circulation right you might not understand that terminology. So identity check right native Cass Caspa is a proofof work layer 1 coin. There is no token contract. mainet begins November 7th, 2021. And the rusty Caspa is the reference node. Rusty Caspa, I like that. So, wrapped Caspa an Ethereum ERC20 representation at this contract is a bridged claim.

21:28It's liquidity and contract risk differ from native Caspa. So if you're getting an ERC20 coin called Caspa, it is like a wrapped version of Caspa. Definitely know which network you are using. So how Caspa started? Well, you have this guy right here, uh, Yo Yonaten. Yonatin. I haven't tried to say his name before. Very interesting. Uh, with a crazy last name. and Aviv Zohar adv they were researching this advanced

22:07ghost and ghost DAG idea then I guess was born DAG labs right the historical company raised about 8 million in equity led by Polychain then they launched IP rights were waved open mining began without a token sale is this bullish we will get into that in our token autopsy is it bullish that IP rights were waved. So, Company Equity did not grant a Cass allocation. So, I guess they didn't give themselves some of the token is what it's saying.

22:46So, around 856 a.m. tomorrow, November 4th, the reward moves from 2.06 to 1.94 cast per block. Scheduled daily issuance falls from about 1.7 million to 1.68 million. Basically a flat fee and price miners receive fewer CASPA. So final we have this KCC1 KCC2 and KCC20 or 20 become final on October 21st.

23:23These are upgrades and things that they're doing, right? They define shared interface for covenants, authority, and fungeable tokens. A final convent uh yeah, a final convention coordinates builders. It does not change consensus. So, we're getting into these KCC standards, right? Contract testing. We have red team. So, Casperio Labs released an open-source silver script attack simulator on November 2nd. A community account

23:56highlighted a minor drip v1 fee flaw found in review and fixed it in v2. A useful testing tool is not a full audit though, right? So why block dag and what is block dag? Right? So on a single chain parallel blocks can become orphans. This you'll understand more in a second. Ghost DAG keeps compatible parallel work and agrees on an order. So one one chain or a normal chain, right, is linear and parallel. And you could have B1, B2, and

24:36then B3 just this parallel block may just kind of be out here on its own, aka orphaned, but just out here on its own. And then you go straight to B4 and B3 is not even included. With block DAG, you would have B2 and B3 generated parallel actually counted and combined in order before it goes on to the next block. This is some blockchain tech uh dev type stuff here. So more blocks can count without abandoning proof of work. So fast proof of work. So proofof work

25:10security roughly 1 second block inclusion and live covenant features could give people a reason to transact in Caspa. Actual usage and fee demand still needs measurement. And of course proof of work and people always asking what is the next Bitcoin? Could it be this? in order to like technically be the next Bitcoin. And you know what people are looking

25:40for? They're they're looking for things that are doing the the numbers that Bitcoin did. That's what the average person is looking for when they say the next Bitcoin. They're not looking for the next proofof work token, right? That that's a store of value. They're they're not looking for that. They don't even know what that means most of the time. They just know Bitcoin went up crazy and they would like to also get in on that,

26:04right? So, Caspa a lot of times referred to because of its proof of work, like it could potentially do stuff like that. Because it's proof of work, does it get to have some kind of uh value of some kind of digital gold or digital silver kind of store of value narrative? Let's get into it. Three lesserk known details here. Well, research lineage ghost preceded Caspa. Ghost DAG made parallel ordering practical. So, equity, not actual coins. So, DAG

26:41Labs, the people behind the research and the creation of Ghost DAG and and Caspa and Ghost, right? Uh, equity raised equity rather than actually selling CS tokens. It's an it's an idea that I'm surprised is not done more often because then you don't have to have all these coins out there, right, to get dumped on everybody. Early hardware idea. Well, the team even explored optical mining chips before the company launched. The

27:13launch story matters to supply analysis. So community funding rust a 100 million cast community pool supported the node rewrite. Then we have dag knight a separate 70 million caspa community pool supported research and implementation. Remember the supply is like max supply is like 28.7 billion. So 100 million and 70 million are drops in the bucket as far as actual percentage of supply. That is important. So, communityf funded exchanged exchange

27:48efforts have occurred. The cited effort is paused. So, communityf funed exchange efforts have occurred. The cited effort is paused. I know that they were pushing hard to try to get Caspa on Coinbase and for whatever reason, I don't think it happened. A fair launch does not eliminate the need for fund deployment. And who knows, they didn't sell a bunch of tokens to venture capitalists. Maybe they should have.

28:16It's a hard We keep talking about all these different dilemmas in crypto and it's one of them. Like as somebody who thinks like not saying myself, but there's a lot of people who believe that, you know, venture capitalists pretty much sell as soon as they possibly can because they're already up 10x or more probably on their money. And there's probably some truth to that. But when a project doesn't sell privately, venture

28:42capitalists, whatever, well then they don't have money to market or campaign or have developers or like do anything that could give you just the same problem. Sure, it didn't come out and then dump, but it also isn't pumping to the moon or isn't going up significantly. Now, if you come back to when Casper was created, that's a different story, right? So, the group chat analogy, right? So several miners can find blocks at nearly the same

29:10moment. Caspa keeps the post then reaches a shared reading order. So minor A finds a valid block, minor B finds a valid block and so does minor C. Ghost tag agrees on a common order. Parallel blocks become part of that common history. The honest block cluster. So, Ghost Dag identifies a well-connected group of honest blocks and uses it to establish an order. An attacker would need enough work to overtake that history. Fast

29:45inclusion and strong finality are related, but they are different, right? Crescendo 10 bps. The May 2025 upgrade set a target at 10 blocks per second. Claims of 100 blocks per second remain roadmap discussions without a released activation plan in the snapshot. 10 blocks per second is live, not 100. That is to come later on down the line. Throw something in the chat if you're hanging out. Smash the like button if you love cryptocurrency even when we

30:17have a little bit of a pullback. So, let's talk about Anna, right? She is our madeup person for this illustration, right? You have 500 Caspa Cass token Caspa same thing and a cent from a self-custody wallet worth about $1545 at the cited price. Her example payment incurs a small transaction fee for using the network 0002 cas out of 500. That's pretty low. A block includes the transfer quickly under normal conditions about 1 second.

30:55Now this is all for illustration. To the best of our knowledge, these things can fluctuate both time and fee. The recipient, a freelancer can see inclusion quickly. Confidence increases as more blocks actually accumulate. The minor receives Anna's fee and schedule block reward at two tasks. The subsidy is roughly a thousand times her 0002 cast fee. So a fast payment can still contribute little to minor revenue.

31:30Base layer the product stack. So the products behind this right in the way that they're set up. The base layer ghost orders blocks at 10 per second. Programmability. Well, Tokata put put wait to put covenants and silver script tooling on mainet in June 2026. I wanted to read that totally different than what it actually was. Again, Tokata put covenants and silver script tooling on mainet in June 2026. So, that was very recent. So, there are

32:05some things going on with this project. Common interface will KCC standards align apps, tokens, and wallet behavior. These layers do different jobs. Ecosystem layers. Well, we have Casplex, a KRC20 and zero knowledge EVM based rollup approach for Caspa. What is this? Airaa. IG. I don't know if you're supposed to say it as an acronym or as a word, but Agiraa. I like that. an EVM layer 2 with early mainet node sets. Then you have

32:41Argent composable covenant uh example and complier work in active development. So I guess that's not out yet. An ecosystem demo does not establish sustainable demand. Live versus research or things to come, right? What is live is ghost stag 10 bps blocks per second and native covenants are on mainet. Silvercript has a released complier. What is in progress is DAG Knight remains a proposed consensus upgrade. Full VProgs are under

33:16construction and not a stable external API. The road map should be scored after it activates. Maybe we'll do an update to this, but as of right now, we're not going to score that because it hasn't happened and we don't know if or when it will happen. Transaction history 2.44. 44 billion. Cumulative transaction in the supplied explorer snapshot through October 31st. Addresses count vary as dashboard and balance threshold. One address is not necessarily one single

33:50person. Large cumulative accounts is not user consensus. Again, you can have a wallet that is from an exchange or something like that. A treasury can represent a lot of different people. So, the stress test footnote. What spiked was May to June activity reached millions of transactions per hour while the reported active address series did not rise in step. What does that tell you? Do you understand what changed? Well, Takata raised the minimum fee

34:20substantially. Daily transaction counts when daily transaction counts then fell to roughly 70 to 85,000 while active addresses held steadier. Raw transactions need a cost in user context. Minor pay today. So what do miners get paid today in Caspa? Well, from October 3rd to November 1st, fees were about.15% of minor revenue in Caspa. Issuance supplied the other 99.85%. So to make you understand this a little

35:02bit better is that the revenue that was given out to the miners let's call that 100% of the revenue that was given to miners you understand what I'm saying out of that 100%.15 was revenue from fees the other 99.85% 85% is new supplied coins or new issuance or coins that are being minted on chain coming into the supply. Well, if that's

35:39how they're paying their miners, we call that subsidy. But the problem is twofold. First problem's very obvious. If you are only if you're less than 1 billion tokens away from being 100% vested or all the tokens are out in the supply, well, you can't then mint more coins when you hit the cap to pay your miners. So, how do you pay your miners then? First problem. The second problem is that if you are

36:10being paid in Cass, yes, you're getting more coins and you are probably accumulating some value, but all those coins coming out into supply are diluting the value of the ones you already hold. This is a problem. You really need people to speculate and buy on the open market some Caspa. So.15% transaction fees is just not going to cut it. value capture stated fairly. Now, to anybody who may make it this far into the video and see this later,

36:42understand I hold a little bit of Caspa. I like a lot of things about Caspa. But we have to be honest and fair and transparent. So just because I hold some doesn't mean I'm going to refrain from saying anything that I've found and doesn't mean that I'll refrain from being a cheerleader for it if it has really great score right because everything gets a score. So the monetary case well Cass the token is the asset people move and hold its

37:17price helps determine the value of minor rewards while transaction fees go to the minor. The catch here well Caspa token holders do not receive a burn staking distribution or protocol treasury claim durable value rests on demand for the money itself. The money thesis is different from a fee sharing thesis. The security budget, well, 20 million a year at roughly 1.78 million Caspa issued per day

37:56and at about 3 cents per token. Newcoin pays miners about 55k per day at this price. Fees add a very small amount. So, it's all new tokens. The dollar budget moves with Caspa token price and hashed and hash competition, right? So, here's a chronomatic schedule. Start off at about two. It's I know everybody knows pretty well the Bitcoin having this is a different idea, right? With each monthly step multiplies the preceding reward.

38:32So you can see it dropping into October from where it was last October. So at an unchanged fees, the schedule cap subsidy falls by 5.6% each month. This is how much it's falling each month. The November step is about 15.9% below the August rate. price appreciation or higher fees could offset the dollar impact. Remaining dilution about 3.2%

39:06which is not very much. So roughly.9 billion of the projected 28.7 billion CASPA remain left to mine. The current annual pace is nearly 6 billion CASPA and keep shrinking. Lower remaining dilution does not solve minor funding by itself or really at all because it seems like they're mostly being paid by new issuance which is subsidy. Shrugart says UG is a Casper Maxim. Ah, you got me. How did you know

39:44I was a Casper Maxi? I from very early on followed kind of the idea behind it and the tech. it's proof of work and presented itself as one of the more serious projects that are proof of work and everybody's looking for that next Bitcoin, right? Including me. So, I had high hopes. I will say it's been lackluster, but we have to be fair. The market has been super hard for altcoins. And Casper is not, you know, in the top 10 or the top

40:18five or the top 20 even. It's been very hard for pretty much all cryptos, even within the top 10 and 20, right? So, I give it a little bit of leeway with that. I'm really going to judge so many projects personally and how I feel about them on if we get another bull market, what happens, right? And not just if the price goes up. That's not what I mean. Do they get active? Do they have gettogethers and and functions. Do they

40:53do any marketing? Like stuff like that is what I'm going to be judging the activity on a lot of these projects. And of course, if we have a real altcoin season, I will then be definitely judging if the price uh seems to acknowledge it, right? Fair launch. Well, no premine, no pre-sale or insider allocation on mainet. These we would normally find to be very bullish things. The genesis included Bitcoin block hashes as timestamps for

41:26the public start. Open mining shape distribution from day one. So you there's a lot to think about here. If you really want to use your crypto IQ, think about the fact that you don't have a bunch of money inside the project from say venture capitalist. And I don't know, I don't think premining necessarily would have done that, but you don't have a lot of money in the door at the beginning of the project. About 8 million I think they raised,

41:57which in crypto is is like $3. Um, to most people it'd be like having $3 in your wallet, maybe 10. All right, but you get my point. Then, so we don't have a lot of money into the project into the treasury that we know of. I don't think they've raised about 8 million at that time. Then they launch with no pre-mine, no venture capitalist, none of that stuff. And then people start mining it and people start getting the tokens,

42:27right? You get what I'm saying? So people are getting free tokens essentially. I mean they're paying their electricity but Caspa the project is not getting a kickback from your electric electricity company right so basically they're giving out value and they're not getting any value and then on top of that the fee is stupid small so they're not making any revenue and they're incentivizing people to stay inside the

42:59network and keep it hunting by giving them tokens. But where is the money? It's a fair question. Where is the money? That is the question that I'm trying to figure out right now. So, mainet opened with randomly varying early block rewards. November split. The network split interrupted the original history. Then there was a restart. A hard fork resumed the chain and later fixed an early reward rate at 500 CASPA per

43:33second. Early history has real incident, not a hidden allocation. So then we have this 11.2 million burn. A core developer solo mined Caspa during downtime. The community chose to send the amount to a burn address. So it was 11.2 million burned. There's 28.7 billion Caspa tokens. This is this is very admirable, but it doesn't do much overall, right? And it was a onetime thing done by a core developer, right? So, it doesn't

44:11necessarily help us much, but it's cool. This was an unexpected cleanup, not a reoccurring fee burn, unfortunately. We need some buyback and some burn here, but I don't know what they would buy it. I don't know what they would buy Casha back with because they don't make any revenue. And in the revenue they do make, they give to the miners. Seeing a huge money problem here. DAG Labs early mining. Well, open access. There was no reserved allocation. Anyone

44:39with hardware could access could mine, right? Anybody with hardware could access and comine. The historical company's mining is disclosed. So we don't know what I guess the company itself mined necessarily. Distribution effect will DAG labs cloud mined for about 5 months. The supplied research estimate estimates investors and former staff holding at no more than 3% of the maximum supply. Fair access and equal outcomes are separate questions. The

45:09mining pool share. Well, here are your different pools. We have this HUM pool, F2 pool, via BTC or via BTC, K1 pool, and then other miscellaneous unlisted pools, right? Humool gets about 32%, F2 20%, VIA, BTC 7, K1 about six, and then other ones that they just didn't tell us about or don't know about, I don't know if they're private or something, they equal more than even your top pool here. So, the two largest listed operators sum at

45:44about 52.8% in this reading. That doesn't make sense. That's not fair because this is a pool and this is a pool and this is a pool and even this one's an individual pool, but this is just a group of pools other or unlisted, right? I don't think that's one pool. I think that's many different pools. Anyways, I digress. What pool share actually means? Well, hashers can move. Pool operators aggregate many independent miners. Hashers can point

46:19machines elsewhere, which limits a pool's durable control. Coordination risks are there. Obviously, two operators above half of reported hash could in principle coordinate a recent block reorganization. They are not identical to two beneficiary owners. Watch both operator share and minor exit options. Basically, most of you are not going to care about that. All right? So, don't worry about it. Uh, for the few hardcores out there, salute you. There's

46:50your information. The ASIC landscape, right? So, newer rigs, a Bitmain KS7 can earn more before electricity with profitability tied to price and difficulty. A midgeneration KS5 Pro results vary widely across electricity assumptions and older rigs. Many approach break even as rewards and prices change. The maker mix and power cost both matter. And that's that's kind of your whole thing with mining in a nutshell is you have to look at it after

47:31how much money you're spending on electricity just to mine. So who runs the development for Caspa? Well, Community Core No Launch Foundation controls the coin. Elected Treasury administrators vote voted development funds, right? So adjacent groups you have this KF Caspa industrial initiative and KAT operate around the network KF named DWF labs as market maker in 2025. So it is very kind of independent and

48:10decentralized and things have to be put up and then agreed upon right for different I don't want to call them positions but different uh I guess positions within the overall architecture structure community I think you get what I'm saying so development funding delivered so far well community funded contributors shipped rusty Caspa, Crescendo, and Takata. These were all

48:41communityf funed and shipped funding risk. Well, budgets paid in Caspa shrink in dollar terms when the price falls. And they keep just putting out more coins. Luckily, they're getting to a point where there won't be any more coins to put out for good or for bad because they also won't have any more coins to give people to incentivize them doing what they want them to do. So public reporting of every distribution is incomplete in the supplied source

49:10set. Volunteer strength still needs reliable resources. Need some of those electrolytes. So Takata today while covenants are live. Silver Script helps developers express rules for spending coins and Argent explores atomic composition. The catch here is the newest application layer has limited independent audit coverage in the cited sources. Native DeFi users remain very small. So although they built some things in some

49:48applications, uh the the amount of people using it is very very small. A contract surface creates both option and of course new risk. So let's talk about Casplex indexer incident, a layer 2 risk. Well, a late September 2026 exploit reportedly affected Casplex indexed assets, not the Caspa base layer. So this is like a layer two, right? Security must be assessed by or at the layer where the

50:22value actually sits or where things actually went wrong. Dagnite status. Now, DAGNite is something online that I hear a lot of people talk about and I think it could be pretty good. But what is the status of it? Well, in design, it aims to adapt confirmations to actual network delays. The code a separate development branch and test net work exist and the release a review path remains no

50:55mainet activation date is confirmed yet so we don't know when it's coming out and open PR is progress not a network upgrade and the one thing I'll say kind of in the defense of all of this is like you have to have design and code and test net and everything before release like you can't just go to release when you you didn't even build anything yet. So, sometimes we have to be patient and let things go through. I know a lot of people want that ghost uh or Dag Knight

51:21to be done with already, but you push things too quickly and things break. So, sometimes you just got to be patient. V uh Vrogs is a prototype. Parallel native programs aim to remain composable. The runtime is under construction and has no stable production release. Treat application revenue scenarios as future possibilities. Selected spot pairs. Well, by bit has a pair here, Cass USDT about 4.5

51:56million. And then we have Pionex, Gate, Kcoin, and Kraken. They're about roughly the same. It's funny because I bought Caspa on Uphold and I don't even see that on here. These are selected 24-hour pairs, not total exchange volume. Coinbase and Binance spot were absent in the cited snapshot. So, there's some numbers here that we don't have like Coinbase and Binance, which are probably bigger than others, but for whatever reason, that

52:27information is not available. Audits for proof of work layer 1. Well, base layer evidence here. Ghost AG has a research lineage, open implementation, and almost five years of mainet history to its name. That is positive, right? The new surface here is Takata Covenants and related application code have a shorter operating record, right? We they haven't been as around as long. We haven't seen if they can perform under pressure for near as long. A peer-reviewed paper is

52:59not a code audit. And why with with the fact that we can have AI do auditing of code today, why is there not more audits? I don't understand this. And that's not just for Caspa. It's for a lot of different projects, right? So evaluate consensus and application security very separately complete or competitive sets. So now we're going to talk about competitors, competitive moat, stuff like that. Well, of course, money like Bitcoin, Litecoin,

53:25Bitcoin Cash compete for proofof work monetary use. Speed, well, you got Salana and fast proof of stake networks compete for cheap, rapid transactions. And Casper's niche itself, well, Caspa combines proof of work with rapid block inclusion. So, it's kind of like merging proof of work with the elements of proof of stake that we like. Differentiation still needs a reason to choose Caspa. So in the marketplace, right, think about the whole marketplace of its

53:55competitors. We still need a good reason for them to choose Caspa over other things. Well, what works? Of course, block DAG research, Rust implementation, public launch history, and a persistent builder community are hard to replicate very quickly. So that's good for their ability to fend off their competitors. The catch is speed alone is not a guaranteed payment adoption. Elsewhere, we have a lot of fast stuff in crypto.

54:23Caspa's dist distribution remains concentrated among cryptonative channels. Technical advantage and commercial distribution are two separate things. Corporate versus the token. Well, no company toll, no current launch company takes protocol fees from users or scams Caspa from shareholders. No company budget on the other hand, no network or the network also lacks a central company obligated to fund

54:55listing sales or business development. Probably one of the bigger issues going on within the moving the ball forward for Caspa to be what everybody wants it to be in this market. Open questions. Well, users, how many distinct people return to Caspa for payments or apps? How many people have used it? But how many people keep coming back and using it day after day? Fees can minor fees grow materially while transfers remain cheap.

55:30We want them to remain cheap, but we also want revenue to pay the miners. This is that dilemma again. If you use a product, you want it to be fast and cheap. If you hold the coin and that coin captures value out of the ecosystem, well, you want there to be revenue for it to pull that value out of, which means fees have to be higher or a large volume of fees. You need one or the other. Preferably both, but that's that's that's asking way too much

55:58at this point for most crypto projects. All right, just one or the other at this point. So, miners, will pool share disperse? Will pool share disperse right from being so concentrated and hardware competition widen track activity revenue and concentration together weekly education security budget. The minor paycheck has two sources newly issued Caspa tokens and transaction fees. The first declines every month. So

56:30new Caspa scheduled subsidy and it is a subsidy. I've said that all along falls monthly. Why is it a subsidy? because it's being paid for by money that is not being earned. All right? If it was coming from fees from the network, then it wouldn't be subsidy. So, we have New Caspa coming out into emissions paying like 98% of minor rewards. That's not a good thing cuz that's just driving up the circulating supply

56:58and you're less than a billion from hitting max supply. What do you do then? Increase the max supply or just stop paying your miners? What do you do? You got to turn them fees up. And of course, fees are paid by people making transactions. Most of you should know what a fee is. So, for dollar security to hold, price fees or minor costs must adjust. Something's got to give, basically. And then, of course, it wouldn't be a token

57:24autopsy without our strongest counterargument. Well, the monetary view here is money should be judged by demand, not dividends. Caspa combines open mining, most of the supply issued, and serious protocol research. The response, well, monetary demand is crypto's hardest product to prove. The demand for that monetary product or that crypto current fee share is tiny, very tiny, like 0.15

57:58tiny. and documented payment adoption lags the engineering. Both claims can be true at once. And then we're going to get into the scorecard and how it scores and how it stacks up. But first, I just want to say one thing. Many, many, many times in a new emerging tech environment, space, category, whatever you want to call it, niche, there's going to be this lag behind cool tech and things that come out that can do cool stuff.

58:28And then like the everyday big companies and people that matter caring about it and using it, there's this big gap, right? Usually at the 20% marker where to get real adoption, you need to get at least 20% of people using it and then all of a sudden you'll skyrocket to like, you know, 80 something, 85, 90%, the majority, but first we got to get to 20%. So I just always want to be fair to a project and say a lot of this stuff is early. Most tech in any industry is

58:58subsidized for sometimes a long period of time. Some companies are subsidized for 10 plus years before they get it all nailed down and get everybody that matters to care about it and buy in and use it. It's a big deal. So I hope hopefully you know what I'm talking about when it comes to big tech. Crypto blockchain blockchain technology and stuff like that is really no different. It's a new tech. Struggle heart says 33. Hey, that's

59:27Chris Goss's line. Welcome in. Smash that like button. I see a few people rolling in here. All right, so let's talk about the actual score of Caspa. Well, it gets a 13 out of 20 for utility and adoption. I think why should be pretty obvious. Then we have token value capture. It gets a eight out of 20. That is a very bad score. So, not off to a good start. Tokconomics and supply, a 13 out of 15.

1:00:02That's actually a pretty good score. Probably mostly because it's close to its max supply. Competitive mode against its competitors, 11 out of 15. That's actually a pretty good score. Security and decentralization, a 6 out of 10. A little bit wanting there, but not a horrible score. I've seen worse. Catalyst and execution, a 6 out of 10. About the same. Not so bad. It's about a medium score. And risk and unanswered questions, a five out of 10. Also not so

1:00:28bad. Altogether though, the first categories, the first two categories are the biggest. 62 out of 100 is not a good score in our token autopsy. Now, our token autopsy is meant to be difficult. Our token autopsy, this is for all the people who are going to get mad at me. All right, I hold Caspa. I get it. I like the tech. I like what they've been saying and doing. This is a token autopsy report. This is about how the token captures value and

1:00:56how well the ecosystem and the products made benefit the token. That's what the score is based off of. This is not how well Caspa researched, you know, directed a cyclical graphs. That's not what the score is about. So, if you're mad at the score, understand that this is just about the token. But if you're mad about the score and you hold the token, you might want to watch the whole review. Hopefully,

1:01:21you did. Uh because there are a lot of issues here. And the number one issue here is money. Where is the money going to come from? Turn the fees up. Here's the problem. Uh there's not a lot of people using this. They don't have a lot of users that we know of, like native everyday constant users. So, we got to get that up, which means what? Maybe more marketing. I don't know. I don't know what the answer is. And you know, fortunately, I

1:01:49hold some. But it's also not my job to fix every crypto project, nor am I trying to or or am I acting like it is, right? But we have some serious issues here. Turn the fees up. Turn the marketing up. I don't know. Build something people want to use. Build Caspa Tik Tok. I don't know. But we have a lot of projects in the space and everybody's fighting for a very small amount of real users. That's

1:02:15the that's the real key issue here. I know I'm on my soap box a little bit. I'm ranting. But understand there are only so many people who even know cryptocurrency exist. And I'm just talking about like Ethereum and Bitcoin. I don't know. It's like five or 6% and that is generous. It's actually like 3 or 4%. But let's say five or 6% of people on this planet even really know that like Bitcoin, Ethereum exists, yet alone XRP, CASSPA, stuff like that.

1:02:44Now, out of that five or 6% of the whole planet, it's actually a lot of people if you did if you just ran the number of people it was, it'd be like, I don't know, millions of people. How many of them are Web 3 native and know how to work an address and stuff? How many of them know how to know what chain they're on and and appropriately use a chain, right? Caspa is a little bit more niche. You see the issue? You see the problem that I'm working towards here?

1:03:10So, what do we need? We need ah that's going to sound like I'm tooting my own horn. We need people like me who are coming on here and trying to raise people's crypto IQ and tell them something about something so that they can understand whether they choose to use it. I'm not even fighting over. People will choose to use things that they understand. So, first we got to get people out here to make it easy to understand

1:03:31the tech, why you should use it, stuff like that. So, maybe Caspa should sponsor the channel. But really, what I'm really saying, that's that's just a joke I threw in there. But what I'm really saying is that maybe Caspa should focus more on marketing and education. But what are they going to do that with? Because they didn't make any money. I don't know. That's the That's the dilemma here. And a lot of people I'm driving that point home because a

1:04:00lot of people get are very hard on projects for selling tokens to venture capitalists and stuff like that. Okay. But at least they have money for development. At least they have money for marketing. Now, do they spend it well? That's a different question. That goes project by project, right? What could change our verdict here? Well, upgrade evidence fees rising to 2 to 5% of minor revenue would be a good start. The largest pool falls below 25%. So,

1:04:29you don't have as much um you know accumulated centralization if you will in the pools. DAG Knight reaches public test net and then of course mainet and the KCC 20 active activity persists. Right. What would hurt your verdict here is a downgrade of evidence of hash rate falls sharply. One pull exceeds over 40% and the Covenant exploit harms users. Development funding dries up, which is probably going to happen when

1:04:57they run out of token. Less than a billion tokens left, which at 1.78. I don't I can't do the math off top of my head. Uh, and it gets keeps getting cut in half or cut down 5% the amount of tokens coming out. But anyways, at some point in a year 2, three, four, I don't know, they're going to run out of tokens to give out for free to incentivize people and that's going to be a problem. Well, you see it here, our leaderboard.

1:05:27This is 1 through 17. You can see a and link are the only projects that passed. And I think to be as fair as possible to our leaderboard, the past verdict is like the obvious, you should really look at this coin. All right? Never financial advice. You do your own research. You do what you want with your money. If you blame a guy on the internet for where you spent your money, then you're a fool. And I'm going to leave it at that. I'm going to stand

1:05:52on that because it's true. And I have to think the same thing as somebody who spent a lot of time watching crypto YouTube and a lot of people. There were some people I bought some tokens just off their word cuz I liked them and I followed their stuff and I was very new in crypto. Let's add that in there. And uh you know, I own it. Some of them did well, some of them did not do well, but I made those decisions and I would like it if everybody could do the same. But

1:06:17accountability is a dirty word nowadays. Anyways, uh we have 18 through 34 here and you get into CASP. Here's what hasn't performed very well. Again, this is token autopsy stuff. This is about the token and its relation to the ecosystem. ENA got a 62. Caspa got a 62. Ono got a 61 H bar. Mega and Xan all got very low scores as well. We will have the luxury of coming back to this stuff after we get a little bit farther down the line, a year or two, three, top of

1:06:55the bull market, all that stuff. We'll see. Remember, the verdict that's under watch is speculative, right? Things that are highly speculative can really surprise us. We'll have to see. Casp delivered unusual speed for a proofof work network. That's one thing it's done well. Its next test is durable demand that supports miners and riskrewards. Now, I want to keep in mind that things can change very quickly, very

1:07:21drastically, right? Casa could come out and say, "Hey, we're going to do a buyback and burn." I don't know where they're going to get the money from, but they could do a buyback and burn and they could burn a lot of the supply or something, you know, and that could matter a lot. They could do a really heavy marketing push. They could push out a new product that people find highly useful around privacy. Like I don't know what they

1:07:42have rolled up their sleeve. So I wouldn't count Caspa out, but I would say we have some serious issues with our token autopsy report as it only got a 62 out of 100. Shout out to my people who are here. Satseeker, what's up? What's up? Smash that like button everybody. Make sure you're subscribed. free discord in the chat. Speaking of a free discord, I want to tell you guys about something that I'm not sure about the jurisdiction

1:08:11or I'm not sure where all it's available, right? I'm in America, so it's for America. For me, I know holiday seasons are coming up, right? And this is not cryptoreated, but could put some money in your pocket. It is legitimate. I've I've been doing it here in America. It is called Tik Tok Pro. But let me tell you what it is first. Let me get you over to the Discord. Now, if you pay attention to the Discord, if you don't pay attention to the Discord, I don't

1:08:38know what you're doing. I don't know why you joined it if you're not going to pay attention. But that's a story for a another day or a rant for another day, I should say. Let's go to the main hangout here. You'll see I posted this. This is just me trying to uh help everybody put a little bit of money in their pocket. Maybe you got kids or something like that. Yes, I get something when you sign up, but that's not what's important. in order for you to refer people. This is

1:09:02Tik Tok Pro. It's basically for rewards and I believe it's like sponsored by the NFL. So, this is not like some weird little application, right? This is directly integrated with Tik Tok, right? And it's mostly sponsored by the NFL, so you know it's legitimate. Anyways, I just wanted people to know like I really did post this. This is not a scam of somebody who copied my profile cuz it could look like that. And I even put here that I'm going to bring it up there

1:09:28in the stream so everybody knows it's legitimate. But basically, you click on this in the main hangout. You sign up. Then you refer other people. They click on the link and they sign up. Your mom, your dad, your wife or significant other, your brother, your sister. You get $50 per person who signs up. What's the catch? Well, the catch is you can only cash out $50 per day. And you cash it out as an Amazon gift card. Now, when

1:10:01you cash it out as an Amazon gift card, it happens really fast. It's almost instant once you actually do the little process, right? It's going to ask you to take a selfie. Biometric type stuff is everywhere nowadays. So, if you're like one of those people who lives in a hole and you're scared of like the camera at Walmart, this isn't for you. But if you would like 50, $100, $200 for some Christmas money for the people you love, I'd tell whoever it is, mom, download

1:10:28this thing so I can get you something cool for Christmas. My brother, you know, I'd tell him, download this. I did tell him like, download this so I can get you something cool for Christmas. You know, but the you can only cash out $50 a day. There's not a whole bunch of hoops to jump through. Once they download it and make an account, which is like one click if you have a Gmail account, you just click which Gmail and it makes you an account. Uh you pretty

1:10:52much get your your whatever they are, tokens or raffle tickets, whatever they are that you cash out, right? You need 750,000 to get a uh $50 uh Amazon voucher. And that's what you get for one referral is $750,000. So you basically get 50 bucks for each person. You can only cash out $50 a day. I don't know when it ends. Why am I telling you about it? Cuz it's free money. And I had a bunch of my

1:11:20people in my inner circle of friends and stuff. And I made sure all of them were getting I mean almost all of them got at least 100 to 150 if not 200. I'm sitting at about 4004$450 free dollars. And I know it works because I've already spent it. like I already got the Amazon voucher and I already spent the money, right? The products are already shipping to my house. I can see the tracking. So, anyways, uh it's not very often that I

1:11:46put something up that's not cryptoreated, but it's free money, guys. Come on. I know people out there need some free money. Now, if you live in Australia, like SatSseeker, no idea. I'm pretty sure Amazon's in Australia. If you live in Canada, like Blues Guy, I don't know. Just look it up. Either way, I won't harp on it too long. I wanted to make sure everybody knew about that. Moving on to other housekeeping and business

1:12:14sponsored stream. Kendra sponsored stream tonight. Um, Iron Wake. We're going to be playing some Iron Wake. I'm going to be streaming it in the gaming category. I don't know how many people are going to show up. It's It's been weird lately. All right. We do have a lot of holidays going on. There's crypto a lot of or crypto there's football on the weekends and also like Mondays and stuff like that especially here in America that can

1:12:42really drop things. Uh today is like election day or whatever. So people are voting and there's going to be I don't know a lot of people watching the news maybe to see who won. I don't know if they don't know about social media. You can find out in about 3 seconds once it's actually listed. But anyways, I'm going to be doing these once a week at least probably and we're just going to see how it goes. So, this is going to happen at 10:15 p.m. tonight. I'm

1:13:10probably going to stream up to like 10:10 tonight. I'm not running off just yet. Hey, look at that. I'm live in 30 minutes. That's what I was just saying. You guys know about this game, right? So, I don't need to tell you, but I'm just letting you know that we are doing a stream on it tonight. I really do want to know where all my people are at lately. What is going on? It's one of those things. I say it all

1:13:42the time. And uh you know, we're kind of towards the end of the show or whatever. I have like probably another 25 30 minutes here. But so I'm just going to talk freely, right? That's what makes this underground crypto because we're a big crypto family. But I don't know where all my people at. That is not the right thing. There we go. Let's get back to the news. Yeah, I don't know where everybody's at

1:14:08right now. We were having really good turnout for a while now. Did I say something wrong on on uh YouTube? They blocked me. I don't know. My biggest theory is when crypto's down, people aren't clicking on crypto content. The algorithm knows, don't push the crypto stuff as hard, less people care about it right now because the price of Bitcoin's down. But does it just do it because the price of Bitcoin is down or does it do it

1:14:46because engagement actually drops? That's what I want to know. Melissa says, "Thank you for the autopsy on Cass was very informative." Absolutely. And again, I hold Caspa. A part of my rant that I was just going on. I was really wanted to say like I'm showing up here and doing this regardless because I I need the information, right? I have a dream. Wow, that sounded like I was going to go all Martin Luther King on you guys. Um,

1:15:13you know, one of my big things is I'd like to be as, here's the best way to put it. I'd like to know as much about cryptocurrency as I can humanly possibly know and hopefully that puts me up there amongst people who know it very well. Now, I'm not a developer yet. Maybe one day, but as of right now, not a developer. Do I even need to be a developer with AI coming so in depth into coding and stuff? Maybe not. Maybe

1:15:40I'm just going to tell ChatGBT or, you know, Grockbot or something like that to do it for me. uh and then I can be developing stuff without being a developer. Is developers going to be a job that remains relevant? Probably at high level, but maybe not at the basic level. Anyways, shout out to all undergrounders. Let's do a little bit more news cuz I kind of need to know what the heck is going on. Again, my

1:16:06point is I'm showing up regardless. It's that Wolf of Wall Street meme. It's like, you know, I'm not leaving. Consensus launches technology connecting institutional blockchains. Consensus announced sovereign network interoperability. They're stealing our words. An infrastructure stack intended to let independently operated institutional blockchains coordinate transactions. The announcement coincides, right? I just saw the word

1:16:36coin inside of coincides and I was like coincides. I'm like no that's not it. I must be getting tired. I still have a whole another stream to do. So, the announcement coincides with DevCon 8 in Mumbai. Uh the technology is designed to support crossber payments, security settlements, and collateral mobility and institutional asset transfers. It's cross- ledger interoperability things working together protocol uses cryptographic verification to coordinate

1:17:04activity while keeping assets on their original network. EVM Theoreium virtual machine networks support it's available now so it supports EVM networks right while Canton network connectivity is planned for the future banks are developing blockchain systems that don't necessarily communicate with one another uh consensus is addressing the fragmentation without requiring institutions to surrender control of

1:17:34their own ledgers this could be an important part of the infrastructure for token tok financial markets which we no longer need to say is coming. It's here. It is very here. Now, is it all built out and like, you know, implemented and mainet? Well, not necessarily. Some of it is, but it's just a matter of time before it's all what all of the big people run on. And these little stories about Nike

1:18:05wants to push back and Costco wants to push back on tokenized. Good luck. It's not going to matter. Near approves major tokconomic change. Lower inflation coming. So Near Protocol's House of Stake approved governance proposal HSP029. They always have some crazy names on their proposals. Don't worry about it, right? Just think 29. I don't even know if it's the 29th proposal, but just think it's proposal HSP29,

1:18:37which would gradually reduce the network's maximum annual token issuance. And once a proposal comes up and it gets implemented and then they move on to the next proposal, very rarely do we talk about like the third proposal it ever had or the fifth proposal. We don't ever usually talk about that unless you're giving some kind of historical blockchain speech or something. Current maximum issuance is about 2.5% annually. yearly

1:19:03proposed maximum issuance 1.6%. After 24 months, so that would be two years. It's weird how they wrote that. The proposal estimates that the change would avoid approximately 11.8 million near an issuance during the first 2 years and 66.1 million over six. Projected staking yield would also decline assuming staking participation remains unchanged. important here. While the governance vote has passed, but implementation still requires security

1:19:36council review, a 90day grace period, and validator software upgrade. Near is attempting to reduce long-term dilution, which is great as its network actually matures. The trade-off is lower projected staking rewards, raising questions about validator economics. I love doing these token autopsies because I am really starting to get such an indepth understanding of like the tradeoffs, right? Like if if you

1:20:10give a little bit more newly minted coins to the stakers, well, here's the problem that it, you know, like it causes. And if you do this, if you do that, I'm starting to understand the other side of the coin, right? We want to raise fees because we need more revenue. Well, that makes people le use your product less, right? That's the trade-off. People will say, "Hey, it's too expensive. Over there is real cheap. I don't really care about

1:20:35all this other stuff. I'm going to go over there and use that cuz it's cheaper." Regardless of what they hold, there is so many trade-offs and dilemas that when it comes to like building a good project, I just think it's highly interesting. I'm going to like make my own token and then just burn 95% of it. Wouldn't that be hilarious? I don't even know if I can do that cuz in order for me to burn 95%

1:21:03I would have to have like 100% which I don't know. That probably violates some kind of rule somewhere, right? Like if I launched a token I guess it wouldn't matter. I don't know. Not if it was all your own money. I was like, if somebody made a token and put like a hundred million in it cuz they were rich and then they burned all of the supply, it would make the tokens worth more, but it would still be like the 100 million that they

1:21:29have. Anyways, I'm just thinking out loud, right? But um you would still need other money to come in to make a dollar and um yeah, making tokens and messing them up can ruin reputation. So, I am super hesitant about making a coin, but I do think about how I would structure it if I did. So, Visa, Stripe, and Coinbase backstable coin consortium reveals fee structure. New reporting reveals details about

1:21:59OpenUSD, a consortium based stable coin involving major payments in cryptocurrency companies. Look at this. Another stable coin. Hooray. O USD founding partners include Stripe, Visa, Mastercard, Coinbase, and Shopify. According to documents reported by CoinDesk, the management fee is 0.1, so like 0.1 basis points of payment volume capped at 1 cent per payment. So

1:22:33no more than 1 cent. The consortium plans to distribute reserves reserve earnings to participating partners rather than retaining all the interest. Eligible partners may earn equity based on their OSD holdings and transaction activity. Visa also publishes technical implementation material for integrating OUD into their into their network. This could challenge traditional business models used by

1:23:03major stablecoin issuers. Instead of the issuer retaining most of the reserve income, OpenUSD is designed to reward the companies providing liquidity and payment activity. The terms are based on reported documents and actual adoption remains to be demonstrated. Could stable coins that share reserve earnings with partners gain an advantage over USDT and USDC? This is This is kind of genius. I'm not going to lie. Because

1:23:35from a retail perspective, stable coins kind of suck. But they're great. But they suck, but they're kind of great. And they still suck. Why do they suck? Well, they suck because they can't make any money off of stable coins. Because who makes all the money? The fee that is charged with the network using the stable coin. The only as retail, the only value of a stable coin is the fact that it's stable. Don't look at Luna Classic. Don't look

1:24:01at it. Most of the time they're very stable. And the major ones are obviously USDT and then later on came USDC. And we could call those probably the most two predominant or most widely used or have the most money. But they make all the money off of the revenue from the fees of the transactions. OpenUSD is saying, "Hey, what if we gave like a little bit of that money to the people who are participating, the people who because if you're making money off the fees and

1:24:29people like Visa are implementing it into their technology, you're making a lot of money by just having them as a partner for all of these transactions for you to make fees off of." So they're like, why don't we just give a little bit of rewards to the people who are our top, you know, contributors, and they will choose to use OpenUSD over USDC and USDT. It's a no-brainer. If you go to a big company like Visa or any of them, it

1:25:01doesn't matter what company is. It doesn't matter what bank or government it is, and you say, "Hey, you could use those other guys." And sure, you have tech that works. That's great, but they make all the money. You make nothing. We'll give you peanuts, but peanuts are better than nothing. Peanuts are better than starving. You'd rather have peanuts if you were starving. Get my point? So, this is a very obvious incentivization

1:25:28play by OpenUSD, and I I honestly think it's pure genius. I'm just mad that I didn't think of it. That's all it is. I'm just jealous that I didn't think of it. All right, let's talk about Amazon, Tesla, and SpaceX. Join opposition to tokenized stock trading, not SpaceX, too. Come on, Tesla, Amazon, and SpaceX. What are you doing? I thought SpaceX wanted us to go to Mars, but he doesn't want us to have cryptocurrency on

1:25:56blockchain. How are we going to pay people on Mars? How are we going to send money to Mars, Elon, if we don't have tokenized stock trading? I'm just messing around. Tokenized tokenized stock trading has nothing to do with sending money across planets. Anyways, resistance to the proposed OKX ICE tokenized stock trading platform continues to grow and it'll be a bunch of noise. Nobody will care. I promise. Two, three years from now, they

1:26:24will not be out here with they won't be protesting. All right? They won't be picking even if it's digitally. Uh you won't hear a peep from any of these people 2, three, four years from now. I promise. All right? I don't promise. But I I I think that's highly reasonable. Today's newly reported objections include Amazon, Tesla, SpaceX, Netflix, SoFi, and Long Research. 49 out of the 62 initially proposed companies are objecting. Wow, that's a

1:26:54lot more than a couple. Coindes reports 56 objections overall. Well, what are they objecting to? Companies are using the SEC Security Exchange Commission response process to object to certain tokenized representations of their shares. This is where it becomes very interesting. Does like Onondo or any of these people who tokenize a stock, do they need the permission from the actual stock to do it? I don't think they do. I don't think

1:27:27the actual stock has any say in it. Now, the more decentralized and the more out there you get, the less a company would have any bit of a say or any way to push and pull and make their what they want happen. Now, the more you get centralized and the more you get into Tradfi and the more those the more that you could just like go cry to your big brother, the SEC, and he might just twist people's arms until they do what you want them to do. All right, that's

1:27:56how this works. So, the tokenization industry faces an important question. Should a third party be able to create and trade a token representing a company's share without that company's participation? There, we found it. That's what it is. Participation should be like another word for revenue or money or like what do I get out of this? So you take what I built and I could see it. All right, let's sit on the other side of the fence

1:28:20for a minute and think if you were I don't know you were Costco and you're like, "Hey, I built this whole company and then you you get to just make tokenized copies of it and then benefit and make money off of me." I don't think so. You don't own this company. I own this company. And it's of course sharehold you know shareholders of course but you get my point. The technology may make trading easier but legal recognition governance

1:28:47right and issuers approval remains complicated. Of course voting rights within a company and stuff that gets really complicated. Struggle heart. I appreciate everybody who came to the show today. So we have that dog in you opens alpha a free browserbased voxil shooter. Can't wait to start doing a bunch of these. Um, I think that we're going to get back to it here probably like next week or something. Doing a gaming stream after

1:29:14our stream every night. But man, have the numbers been down. Dang it, Bitcoin pump already. Old man yells at Bitcoin. That's going to be my generation. Actually, it' probably be the next generation. Anyways, you get what I'm saying. World of dipines. I think that's how you say that. terrible at pronouncing stuff. If you haven't figured that out yet, hey, and I still show up. It's amazing. Uh, I need I need to mess up some words so you

1:29:42guys have something to laugh at. This is an interesting game. It is a Orin Oran. I have no idea. AI uh companion is being spotlighted for offering in-game navigation strategy vice blah blah blah blah blah blah uh of world of dipens soul farmer. Wait a second. Is this the project that you were telling us about? And did I never really bring it up? You should have yelled at me about that, Melissa.

1:30:12Dang it. I'm sorry. Salana browserbased farming and reward game opened its eighth competitive season October 31st, introducing full Telegram gameplay integration. The developer advertises a 100 soul seasonal prize pool. So, we'll be checking these things out more and more. As you guys know, I my my newest child is like just barely over a month old. So, we had a lot going on. So, I had to dim down how many times I was streaming a day. But hey, now that's

1:30:43over. Let's pick it back up. Let's get back to our gaming streams after every every show. And then I really want to do like a 2:00 p.m. like uh live news kind of thing. I think that would be a lot of fun. I don't know how many other big people have that slot, but sometimes you got to just not think about that and keep your head going. Anyways guys, I'm going to go ahead and jump off. Remember, I'm going to be streaming again in like uh 10 minutes,

1:31:0910, 12 minutes. I will be back again. So, come join me. Support Kendra. Don't do it for me. Do it for Kendra. He is advertising. No, he's sponsoring this stream. He's paying me in Kendra for me to do this stream for him and maybe once a week. Probably once a week, right? So, it's just awesome to say that we have a sponsor and to have it be somebody who's been so like genuinely organically like a part of our community. Shout out to Play Kindra,

1:31:42their developer or their team of developers. I don't know if it's one person or several people, but either way, it could be an AI bot, but either way, I really like I really like those people over there or that person, and I really love their support. Melissa says, "Can't come, unfortunately." That is unfortunate. I would love your viewership. I do soul farmer. It's okay. All right. Maybe we could talk about that a little bit more

1:32:06in the Discord. I assume Melissa, you got to go to bed or something like that. Uh Struggard says, "Thanks again later, everyone. Hopefully I see you guys on the next stream. If not, no worries. Maybe we'll pick up some different crowd over there. Stay underground. Stay crypto and think long term and buy some merch. I'll see you in the next episode. 8:30 p.m. New York time tomorrow night. You guessed it, right here on YouTube. Later, everyone.

1:32:37What just happened? That was weird. What the heck? All right, I went to end the stream and then it disappeared. Very strange. Yeah, I don't know what happened. Again, shout out to all my undergrounders. I'll catch you in the next one.