$VIRTUAL Is Down 88%. Is the AI Agent King Dead? | Daily Crypto IQ

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

3:56something. Down. Heat. I think that we're just holding on to something. Let's go. Welcome to the underground crypto deep dive research show token autopsy report. What's up all my undergrounders? Thank you for being here on a Wednesday night. It is Wednesday, right? Hope everybody is doing well.

5:11Let me fix my camera here. It's always something, guys. Always something. All right, there we are. Get in the frame. How's everybody doing tonight? Hey, Crypto Pump. Are you Are we friends again? Are we friends again, guys? Are you friends with crypto again now that it's pumped back to like 81,000? Who's scared? Are you scared? All right, enough of that. Welcome in everybody.

5:42We're going to be talking about virtual protocol tonight. Here, I can even turn the game board off on a minute. It looks weird without the game board now. All right, let's bring the game board back. Hope everybody is doing well. Just rushing in from the gym to be here with everybody, >> which has become pretty normal for me now. We're going to talk about some news and then we're going to kick off this token

6:10autopsy of virtuals. Give a minute for everybody to roll in. >> Let's talk about it. Circle reports 13.9 trillion in USDC transaction volume and 182 million from ARC token pre-sale. Some some big numbers they're bringing in here. 13.9 trillion. I know I read that number and you didn't it didn't even register. 13.9 trillion in USDC transaction volume. It's volume. So I mean it's it's not actually $13 trillion, right?

6:50Circle releases its third quarter financial results today, revealing significant growth across the stable coin business. Of course, 13 trillion in transaction volume, which is up 50% year-over-year, 865 million in total revenue and reserve income, up to 17%. 226 million in net income from continuing operations, 182 million revenue from private pre-sales of ARC. Remember ARC is part of Circle that is Circle's Arc

7:27blockchain. And Circle announces 5% workforce reduction. So they make more money and they get rid of more employees cuz hey, we have AI. Circle is evolving from a company primarily earning interest on stable coin reserves into a operator of blockchain infrastructure. The ARC token pre-sale is especially interesting because Circle is entering the market for its own blockchain network while maintaining USDC's role across competing ecosystems.

8:00Welcome in Melissa. Glad that you could be here with us. I need to I need to turn our game on. There we go. Now the game's on. Schroers. Shrouders. I don't know how I'm supposed to say that. Bringing emerging market bond fund to Salana through Centerfuge. This is what we called a real world asset tokenization story. So global asset manager Schroers Schroers I don't know how you're supposed to say it which

8:41oversees approximately 1.1 trillion announced its first tokenized investment strategy on Solana. The project uses tokenization infrastructure. It represents actively managed portfolio of emerging market government and corporate bonds. Investors hold tokenized shares in a feeder a feeder fund rather than directly owning the underlying bonds. Centerfuge currently reports more than 750 million in tokenized assets on its platform. So it is not a small fry. Most

9:18early institutional tokenization has focused on US treasuries and money market funds. Emerging market debt introduces different credit currency and economic risk. This is an expansion of what traditional finance is willing to bring onto public blockchain. Does putting sophisticated investment funds on chain actually increase accessibility or primarily improve infrastructure for existing institutional investors?

9:47Where we at? Where are we at? All right. So then we have blockchain investigator Zack XBT. So, French banking giant confirmed cyber attack amid a reported 133 million crypto theft. More security problems out here. All right. So, this Zach XPTt, which you probably are familiar with, identified French banking group, these guys, as the suspected victims of a cryptocurrency theft exceeding 133 million. The bank

10:28confirmed fraudulent transaction, but has not confirmed the reported loss amount yet. Blockchain analytic from Bitquery traced approximately 108.8 8 million in USDC withdraws from accounts at Kraken, Crypto.com, and OKX. Notice Coinbase is not in there. Much of the money was reportedly converted into Ethereum. Crypto.com confirmed it blocked funds associated with the incident. Investigators have not

10:59publicly established how the attackers access the exchange accounts. This demonstrates that in institutional cryptocurrency accounts can be compromised just as individual accounts can. Unlike the Binance attack, though investigators have not linked this incident to the North Korean hacking group, right? Are financial institutions truly prepared to secure cryptocurrency holdings at scale? And then of course,

11:26North Korean hackers resume moving bit uh Binance funds through Thor Chain. And I believe Thor Chain is one of those ones that's like not playing ball with freezing and stuff like that. So that's very interesting. They're going to be more ostracized than they already are. All right, I guess we turn the game off for a minute. So again, let's talk about some virtuals tonight. And we'll come back to that uh North Korea hacking group resumes that

12:13Binance money that they stole through Thor Chain. We'll come back to that after our token autopsy. Tonight we're going to talk about virtual protocol and I'm going to continue to raise my crypto IQ. I hope you guys will as as well. Uh I'm not sure if I said something I wasn't supposed to on YouTube or something, but man, the numbers have taken a hit. Did it everybody's confidence just drop out of the market? We're back to 81,000.

12:39Since it is like a bit of a slower day, I wouldn't mind showing that off real quick. Satseeker says, "The Lazarus group extracting more than the Cabals." Yeah, right. Maybe I'm not supposed to say that word. Anyways, all jokes by the way. It's all good. We are at Looks like we bottomed here their support multiple times at 68,000, right? Right there. You can see we're very close. Whoa. What was this? A weird

13:22YouTube link. Let's get rid of whatever that is. I wanted the brush. Just wanted to show. There you go. I mean, that one's close. These are on on par. This is close. This is on par. And this went through it clearing out all the people who were sitting under there. And once it cleared out liquidity, once it flushed liquidity, it went bang straight up. That's how that usually works. Now we got like this flag here. I should be using the proper tool, but

13:56either way, it's hilarious. And where are we going? All right, let me stop playing around. Use the proper straight tool. And I mean like to the bottom. If this thing breaks out, which again, this is the hour, so you'll probably see it do something maybe more like this. Wow, this thing doesn't want to cooperate at all. Probably do something a little longer in pattern, I would imagine.

14:32What is going on? So weird. They must have changed this. Usually you can click on these, okay, and manipulate them. I don't know why it wouldn't let me do that. Anyways, this will probably turn into a bit of a longer pattern for some consolidation. What we're waiting for is the 21 to come up and interact into price action there. And we could get a bang. This could be a parabolic curve. There could be a lot of

15:05momentum tied up here, right? I don't know if that green line is really the best, but all right. Really messed that up. We don't quite know where this parabolic curve is going to go to, but I would be looking for something like that. But when it starts doing this type of action, usually you're going to get some kind of that's two. >> I don't know. That seems to even make

15:39more sense. Something like this. All right, we'll keep monitoring it. Let's go to the 4our chart. The 4our chart that almost doesn't even register. Let's delete all of our work here. I'm just looking at this for a second cuz we pump pretty well back above this support here. Some people like their pattern. Some people support and resistance. Some people know how to use all of it. It's all good. Whatever you like to do.

16:04Definitely a W double bottom pattern, right? See what the measured move of that W would have given you. Bang. Right to it. Right. Anyways, let's get into our token autopsy. What we came to do. That was just a little bit of extra extra looking at the market here. Virtual Protocol, how does the token do? That's what we want to know. A lot of my crypto circle has been quiet lately. I think everybody was kind of

16:44holding their breath on what the market was doing, right? I think it was pretty obvious that we're we put in our low for the bare market. Nothing is impossible, especially with black swan events and uh you know, here we are now. We got a little bit of a pump. Can we continue? People are always so shocked at how fast BTC can recover. Like a day or two, we can recover a week and a half, two weeks, three weeks worth of price. So,

17:18does that mean it's going to happen? I don't know. I'm here for the ride just like the rest of you. I'm worried about researching other things right now so that I am prepared when things get moving. And at some point, long enough time frame, they're going to get moving. So, Virtual Protocol is chilling just barely under 60. It is up 4,320% at the time of recording. on the MAX chart with an all-time high, it's easier just to come down here of $5.7

17:48and an all-time low of about 0.007 which was 3 years ago. All-time high was 2 years ago. And we did have that AI agent craze. A lot of it went through virtual protocol, cookie dow, stuff like that. We've got 391.4 million in market cap. Hopefully by now you guys are figuring out your tokconomics a little bit. If you don't know your tokconomics, throw it in the chat. I'll go over it for you. But

18:17otherwise, we're going to move right along. We have 117 by market cap. Oh, it just went to 60 cents. Nice. We have Ethereum contract based Salana, Robin Hood, and ARC. We were just talking about ARC. So, you should know that ARC is USDC Circle Group's project, but it at least has an Ethereum contract, which is good. It is artificial intelligence, AI agent, Launchpad, AI framework, robotics, base

18:44native. It's got a lot of good tags here. The only thing it doesn't have, I guess, is privacy. And of course, where can you buy it? Let's go to centralized exchanges, where most people would be familiar. Mexi, Binance, Gate. I guess I have to stop saying Gate.io. Uh, Kraken, Bitex, you have nine pages of exchanges. Coinbase. I mean pretty much everywhere you can get this thing. Bit biggat. You can always go to decentralized exchanges as

19:13well. Get it on Aeroslipstream for base multi- uh or sorry unis swap v2 v3 all of these things. So easily available coin to purchase. Just to make that clear for everybody. I 99.999% sure I don't own any. If I do, it's a very tiny amount somewhere. But I'm pretty sure just to be transparent, I don't own any of it, but I still would like to know if maybe I should own some of it. So, we're going to get into our

19:46virtual protocol token autopsy. If you're in here, smash the like button, subscribe, let us know that you're hanging out, throw something in the chat. Virtual Protocol, the AI agent economy. Was it AI or hype? Let's find out. So activity, revenue, and holder value face separate tests. They have a pretty cool symbol. I like their symbol there. Seems creative. So the question tonight is platform

20:18reported agent GDP contrast with about that's 482 million platform reported agent GDP contrast with about 59,000 of treasury revenue in the last 30 days. Which number actually describes the business? And how do we judge it? Well, product. Do agents perform useful work for paying customers? Do they do what they say they're going to do? Supply. Is the fixed supply clear? And who controls the treasury, aka governance, or what type of system

20:56is set up for them? Token, the actual virtuals token. Does the network use produce does does network use, sorry, produce durable demand or cash flow for virtuals? Did I mention I just rolled in from the gym? I got to get locked in here and get some of this coffee rolling. A busy launchpad can pass one test and then fail another one altogether. Market snapshot. It was just chilling under 60 cents. We just watched it go to 60 cents. about 131

21:28about 391 million low slowdown circulating market cap and 594 million fully diluted value virtual was roughly 88% below its $5.7 January 2025 high its one-year high change was about 56%. price alone does not identify product demand. And that's a big part of a token autopsy is product demand because if we have good value capture and we have good product demand, we have a good loop for

22:04money into the market cap of the token you hold. That is the idea. Never financial advice, just research. token identity. We have Ethereum address, base address, base token. Of course, that's more for if you need the contract address, go to Coin Gecko, Coin Market Cap, stuff like that in real time if you want to check it. I wouldn't expect you to try to come to my slides to get it, but I got to represent it on here. The product agent platform, that's

22:33what it's supposed to be. Virtuals lets builders launch AI agents with their own tokens, wallets, and jobs. Virtuals is intended currency beneath the agent token marketplace. An agent token and virtuals the token are separate, right? So, if you launch something, it's like pump. Fun, right? Pump. Fun has the pump token. It is the token associated with the product, but you can launch your own tokens on there, but none of those

23:01tokens that you launch are the token pump. You get what I'm saying? It's a place to create. It's like a sandbox, right? Well, one of our favorite projects, shout out Kendra, had a lot of fun doing the uh sponsored stream the other night, going over Iron Lake. We'll probably be doing that about once a week. But they actually launched Kindra on virtual protocol. It's probably the most notable project right here, right now, today that's relevant to me over

23:32there on virtuals. So, let's talk about the agent problem. Well, money. An autonomous agent needs a wallet and a way to hold and spend funds. It needs function in the ecosystem. It needs an agreement, right? It needs a way to agree on work and confirm deliveries, especially if you're putting money in it or something. It needs to know when you want it to spend it, how much to spend, does it have a cap, a

24:03limit? Did you just give it your credit card? Like, what is it doing? Then you have payment. It needs settlement without a human manually running each job or it would completely def defeat the whole point of having an agent, right? And again, that's an AI agent. X42 protocol for anybody who doesn't know X42 protocol micro payments for agentic networks. Uh you might want to look up some of those coins. This is a little bit of sauce for you. Virtual

24:31packages these pieces up for developers. the agent rails. Well, you have economos or economy OS operating system, right? Wallet, card, email, compute for agent identity. Then you have this ACP. An agent can hire another agent using agreed terms in escrow. So now you know your agent that you make may be highly specialized in, I don't know, social media growth on a certain platform. I may have an agent that's managing my life.

25:04I can hire your agent or my agent would hire your agent to grow my Instagram. I don't know that that type of thing where we can specialize certain agents out usually in a lot of these ecosystems and and look forward to this pretty much being everywhere. They'll have ranks, they'll have status for how well they do whatever they say that they're going to do, right? And then you can hire them based off of it and they're going to charge you based off of it. So they have

25:29a really high success rate, really high status. It's a trading bot. it's 98% accurate. Uh you're going to be paying for that one versus maybe another one that's 70% accurate. Be a lot cheaper. But why would you buy that one, right? You get my point. They can hire each other. They can specialize and create markets themsel. And then you have tokenization. Well, builders raise capital in a token paired with virtuals. So when you launch a token, I guess it

25:57is also paired with virtuals and that's how you actually get in and out of your token. So the stack covers operation, commerce, and capital information. So what are we talking about here? Well, we're talking about virtuals. We're talking about the products in the ecosystem that make the ecosystem what it is and breaking them down for you so you can understand how all this works. So products and standard, we have Eastworld's robotics lab test agents

26:24activity in the physical world. So that would be robotics labs East World just remember that part. Then you have the butler virtuals app brings a consumer AI trading assistant to mobile web to web mobile right then we have an ERC8183 that's usually a type of coin on the Ethereum network a proposed agent commerce standard ACP is its reference implementation so a proposal and a beta

27:01beta are evidence of work, not adoption, right? So, they're working on some stuff, but not all of it is out. The value path, well, more agents, new tokens are launched, virtual pairs, trading routes through virtual and token demand, liquidity locks, and buying interest. We're going to get into these different things as well. This is the value path to the token out of the ecosystem. very important you understand the point of a token autopsy and how we

27:30determine value capture. The path depends on launches and trading that persists. And hey, I understand completely that most people are going to come into this space or are already in this space not going to put in effort because you know everybody's top-notch at putting in the effort into life, right? They go to the gym, they eat well, they get their sleep, they do their work, they don't skip days and go to the beach, right? Right? No, most

27:57people do the complete opposite. And so, don't be surprised. It a lot of people are going to sleep on a lot of this research and understanding of how to know if your coin is actually has any value in the ecosystem that it's associated with. So, if you're here, smash that like button and understand that you understand something most people don't understand. I didn't plan that. That worked out well. So Dana Dana whoever this is our

28:23illustrative example here so you can understand better how this work creates right so first they create uh an earning call agent at no initial cost capital formation she chooses a 10 virtual option for the launch chooses a 10 virtual option I don't exactly know exactly what that means to be honest with you that's why I'm here deep diving and learning with everybody we learn as a community. So, anti- sniper, which is a great product, right? I don't know

28:54about virtuals, but just in general, the idea, it's like having me protection. It's great. And opening tax starts at 99%. And declines to 1% over 10 minutes. So, if you got a sniper bot, you got to wait 10 minutes. The tax is on the agent to uh token trade graduation. Well, threshold the curve reaches about 42,000 virtual about 25,000 at snapshot price. If you don't mess with pumpf fun and other things and you don't understand what like a token

29:26being made and then graduating usually it gets onto other platforms like deck screener or something like that where you can see it but it's on virtuals first until it graduates to be seen in other places. Right. uh the pool while the agent token moves to a unis swap B2 virtual pair and then you have the lock and the new liquidity position is locked for 10 years. So let me make sure that I follow and understand you got to reach the curb

30:01first get it up then you have pools agent tokens move to unis swap v2. So basically when you graduate you get on to unis swap v2 with a virtual pair virtual the token and then you have a lock. The new liquidity position is locked for 10 years. That's the part I'd like to know a little bit more about. A locked pool can still have thin trading depth. Absolutely. How much is locked? Whose money is locked? Very interesting. Maybe

30:32the initial money can't be the person who just bought some and now their money's locked for 10 years. Gonna be hard to sell that. Who gets paid? Well, participants like Dana receives the creator tax share. Very similar thing on other platforms, right? The Treasury gets its share. Dana's agent can earn USDC for ACP jobs. Virtual holders. A spot holder receives none of those flows directly. So if you hold the coin spot, if you hold virtuals, right? Lockers can

31:06qualify for agent token airdrops under the launch rule. So product revenue, agent income, and holder rewards are distinct. And this is a very interesting setup that they have going on in my opinion because although it is like other launchpad platforms, you have this different dynamic of an AI agent as a part of it where like if you go to pump.fun, fun. They just make meme tokens and most of you people most people involved with it just are exit

31:34liquidity, right? I want to say that kindly, but it is what it is, right? There's people over there who know what they're doing and then there's everybody else losing their money. So, supply across chains, well, there's about a billion. Ethereum's total supply reads 1 billion virtual. Base has about 497.8 8 million bridge tokens. Close to 497 million held in Ethereum's L1 bridge. So, here is a Ethereum holder review just to put it in a graphic so you can

32:05see it. Base bridge almost 50% four out of six safe. I'm not sure what that is. Some other kind of bridge or some other vault or something. 34% and then unlabeled wallets and Binance hot wallets and then other which is just everything else. The bridge represents many base users basically not one economic owner on the base ecosystem. The four of six safe 340 million one safe holds roughly a third of the supply. It received 348 million

32:40in December 2023 and has moved very little since. Broadly matching the 35% ecosystem allocation. Signers control matters even without an unlocked cliff. Treasury rules. Well, let's get into some of this. Governance published policy basically that we know of. The ecosystem allocation is capped at 10% deployment per year for the stated period and requires governance approval. So, it looks like they're saying allocation emission is capped at about

33:1410% per year. Open control on the onchain governance page still says coming soon. So I guess there's still no governance yet. The published docs do not name the six safe signers. A published rule needs visibility enforcement process. A visible enforcement process, right? We need to be able to see it. We need transparency. Base holder concentration unknown. The base uh explorer holder ranking could not independently retrieve

33:48or be retrieved in supply snapshot. The Ethereum bridge view does not resolve who holds base side tokens. Record this as an open question basically. So we don't really know who's the holders over on base supply and unlock. Well, let's get into a little bit of tokconomics here. Fixed design. The docs describe all 1 billion tokens unlocked and fully vested, which is usually pretty bullish. With no future fuse,

34:18Whoa, I am I'm really tired today. What is going on? Try to keep this energy up. If this wasn't live, I would edit that out. So, the docs, the documentation describes all 1 billion tokens as unlocked and fully vested with no further inflation or scheduled cliffs. Know you're tired when you start trying to put three four words together into one. You'd think it'd be faster. Float gap. If you know what a float is, right? So, roughly 342 million tokens, right?

34:53Separate circulating supply from the total supply. Treasury policy and signer decisions govern a large position or portion and we don't really know who these signers or safe signers are. No vesting cliff does not mean no future dilution. VE virtuals is not yield. Now again whatever token if you see VE in front of it usually is like a wrapped version of something. It usually has to do with a governance like you stake the token and

35:26you get governance rights or something like that. It is very common to see VE in front of a token and know that it is because something was done. So lock virtual no rate right no rate for locked virtual for up to two years to obtain decaying voting and airdrop eligibility. A current launch program reserves 2% of agent supply for VE virtual stakers within the 5% ecosystem allocation. So agent token airdrops are not a virtual dividend necessarily vian treasury

36:02revenue all-time high fees 74.8 million uh treasury looks like they got 41 million in the last 12 months about 11 million. Treasury looks like Treasury got 3.4 and in the last 30 days almost 200,000 and the Treasury got about 60,000 and all the holders got a whopping zero out of this money. I'm not saying that they didn't get anything but we have to do the whole token autopsy first, right?

36:36Holders revenue is reported as zero in all three windows. What the fee actually measures. So we have a 1% tax here. Agent token trading and launch mechanisms produce fees. They measure market activity in agent tokens which can differ from demand for useful agent work. Do not substitute token trading for agent revenue. Drop some in the comments if you're somebody who stumbles upon this video, especially later, and you

37:08don't really understand what an agentic network is. What is an AI agent? If you don't understand what these things are, highly recommend our free Discord, which is tagged in the chat, but you'll probably see it in the description if you're watching this later. The platform dashboard, right? So, 481 million virtual or virtuals reports 2.55 million jobs. And the jobs here that we're referring to probably not people hired by virtuals

37:42company probably jobs that AI agents do. So virtual reports 2.5 million jobs and 4.5 million of agent revenue alongside agent GDP. The dashboard is a platform reported activity measure. So if you've used virtual protocol you would know that they have a big dashboard that shows all the different AI agents. They have social scores. They have all kinds of different metrics for you to look at them, right? Agent GDP is not protocol profit, so don't confuse the two.

38:15Onchain escrow, well, 67,71. Agent Street tracked 67,71 completed base ACP escrow jobs and about 78,000 USDC all-time high. The complete recent window showed $855 jobs and about $80 $79.25 in the last 30 days. Historical backfill was 35% complete. So this tracked subset and a platform dashboard are two different methods of I guess measuring. There will be a few things thrown in here because of the technicality of this

39:00project. If you don't understand it, that's okay. I wouldn't worry about it. Focus on what is clicking with you. Three different numbers here. We have activity, treasury, and holders. Well, activity is of course platform uh a GDP estimates the value of activity attributed to agents, right? And the reason why it has the A is because it's agents GDP, right? So, this is basically platform value activity. Treasury is trading fees. Leave a measurable share

39:31with the protocol's treasury. So out of the fees, some of it goes to the treasury. We saw that in our graph earlier. Holders. No documented fee distribution reaches ordinary virtual holders. First identify the recipient and then judge the number. See where the money is going. Where demand comes from. Well, we have routing. Agent token buys. Agent token buys can convert another asset into virtuals. Satseeker says, "Discord is worth

40:02joining." Appreciate you saying that. Definitely do our best to create a good community over there. And crypto is like a lot of things has highs and lows. You know, we have crypto's hot. Tons of activity in the Discord. Crypto slows down. There's less activity everywhere from X to YouTube to my Discord to other people's Discord. It's just how things work. So launches where demand comes from for the virtual token. You've got routing,

40:32right? Then you have the actual launches because it's a launchpad. Graduation and modules require virtual under the standard route. Then you have locks where you can lock up some virtual that brings demand because you have to buy the token before you can lock it up. And you get this VE virtuals is basically a digital receipt or wrapped version showing your position. So, VE virtual positions can qualify for agent token allocation. So, you can get some agent

41:00tokens and things like that for locking up your virtual. All three depend on continued participation where the token is bypassed or not really capturing any value. Well, first you have ACP jobs. The cited onchain ACP escrow work settles in USDC, not virtuals. more jobs there do not automatically buy more virtual there's no buyback there so ACP escrow is settling in USDC occupy route some new launches use tokenized equities as pairs rather than

41:37virtual token these pairs do not establish virtual uh liquidity demand because they're not using virtual product breath can weaken the mandatory token story because we want to believe that it virtuals is utility and demanded for all the tokens. Not if they allow pairs and other things other than virtual possible sellers here. Well, the treasury spending within the publish policy moves ecosystem tokens into circulation aka they could sell some

42:07tokens. How much? Well, that's dictated by governance, right? Creators can sell some creators can sell trading tax share they receive. So when they create a token, you get a fee uh out of different transactions, right? As being the person who created the token and that's probably in virtuals and they can sell that. So we're looking for where a sell pressure is coming from. Force sellers, this week's hacked exchange wallet adds a separate

42:34near-term source of you could get your, you know, the treasury of virtuals could potentially hypothetically get hacked or something and they could lose tokens and those could get sold. So fixed total supply still permits selling pressure. Three exits, right? How do you get out of the ecosystem? We talked about the product. How do you get into it? What it is and then now how do you get out of it? Well, virtual spot holders can sell into quoted markets

43:03subject to liquidity. Basically, if there's liquidity in these different virtual markets, you could sell it. Then we have B virtual. A locker waits until the chosen lock is ended and then they could sell it, right? And then agent tokens exit through a virtual pair, often with two swaps, tax, and a pool slippage. So, there are some things involved in actually getting out of these agent tokens. Liquidity risk changes with the asset and the route it

43:30takes the anti- sniper buyback. So opening bot taxes buy a agent token after launch. So they put a very heavy tax when a token first comes out because snipers buy coins like immediately upon launch, right? as soon as they launch to have an anti- sniper mechanism. They charge a ridiculous amount of fee and then it drops gradually over like 10 minutes, right? And this is to deter anti- it's to deter

44:09snipers, right? Snipers are just people who buy the token with like a bot or something the second it drops, right? So, opening bot tax that would have been taxed on the bot can buy an agent's token after the launch. And that would be a buyback, right? They're using the money to buy it back. Beneficiary. Well, that agent token buyback vest to the agent team after a 3month cliff and 9-month linear schedule. It is not a virtual holder

44:37buyback, but the money does in a roundabout way come back into the ecosystem. So, name the token that is purchased and who receives it. And then you can start to break it down if you're into a AI agent tokens, which right now are not as hot as they once were. But that doesn't mean you shouldn't know about how it works. Because when it gets hot, a lot of people will run in and throw money. They won't know how any of this stuff works. And that edge can be

45:05all you need to be a better speculator in this market. Of course, never financial advice. A refund experiment, right? So 60 days, the trial redirects a founders's trading tax share towards refund if the founder does not commit under the program rules. This is pretty interesting. So founder protection is separate from virtual holder income audits and live code. We have a review history. So four reports and a code for Renee Arena. Code for Reena review. So,

45:39it's some kind of review were published through April 2025, right? So, I guess we're talking about audits. That That's what it says right here. Current surface. So, ACP v2 shipped in April 2026. New product got shipped volume two. And V3 is live. Each deployed contract needs matching and review coverage. Something if you're deep diving specific coins and stuff. Administrative control. Treasury. A four of six safe must sign Treasury action.

46:09Probably meaning four out of six have to actually sign it for anything to happen. Upgrades. Well, launch contracts have upgrade powers. The difference between an immutable smart contract and an upgradeable smart contract. That's something you should definitely know. If you don't know what that is, drop it in the chat and I'll answer it even if this is later when we're not live. So, the team and its keys remain part of the security model. A multi-IG reduces

46:36signal key risk. It does not remove trust. Five chains different trusts. So we have Kenological Ethereum holds the original supply. So it was launched on Ethereum. Base has an official bridge representation. You know base a v2 of Ethereum. We put those together. Then we have Salana. A separate crosschain route has its own bridge and operational assumptions. And then new deployments are Robin Hood chain and ARC. They add further

47:06contracts and trust points. These are things that could have issues. If you hold some, I would know where you hold it. If you hold it over here on Robin Hood or Arc Chain, just know those are new. And maybe everything's not as audited and tested and hammered out as they could be. So a ticker across five chains is not one unifor uniform security boundary. If I were to guess here, and anything can happen, I would guess that the original Ethereum or even

47:34base contracts are probably a little bit less riskier, but that's an assumption. The crash test from $5.7 to 59. The protocol continued after the price decline, of course, but the fee activity fell drastically. The latest 30-day fee window is about 200K after an 11 million trailing year. Yes, we were in uh some bullish times at the time. Obviously, things are going to be higher. This should not be news to you if you're a crypto native.

48:07So, company and tokens, treasury flow, the protocol treasury retains about 30% of the agent token trading tax. So, some of these fees go to the treasury. We have already covered that a little bit, but we want to make sure that we have this pinned down so everybody can understand. The protocol treasury retains 30% of agent token trading taxes. Product business. Well, Butler, we talked about these different products.

48:33We have Butler, Eastworld, and partnerships sit in the operating team. The supplied source shows no automatic distribution from them to virtual holders. So there's no like smart contract automatically moving or distributing that from these products to virtual token holders. The product can succeed before the token actually acrru value and there will be a a score out of a hundred that we score everything so we can compare it to other

49:04projects. The competitive set right so let's talk about some competitors and what they got going on. Well, launchpads, it's easy. Pumped out. Fun. You should know that. Pumped. Doth fun style markets can copy token launch mechanisms. Agent systems like Eliza OS and Olus and BitTensor compete for builders and agent activity. They're not the only AI agents in town. Although I don't see any cookie dow here. So, Open Payments X42 Protocol, I

49:33hinted at that earlier, has settled agent payments without requiring virtuals. If you want to know how big X42 protocol like projects and narrative will be, just know that Amazon has built its own X42 type structure and infrastructure. They didn't do that for no reason. They did that because they are fully aware that these things are going to happen. And when you hear them fighting with Elon Musk about letting Grock bots buy things on Amazon, they

50:06will gladly take the money. They've built XO X42 payment rails. Even if they're I don't know how I don't know if they're completely implemented, but they built a lot of it and they're going to continue to build and they're going to ship it because they built it. They spent money to build it. They're going to put it out, right? And who uses those? Well, AI agents. What's agentic networks? What are AI? Right. um Grockbots and a lot of other things as

50:28well will have those options. They built the rails for these AI agents to be a part of the ecosystem. They're not going to shut them out. It's a bunch of hoopla, a bunch of noise. It just builds the narrative and the excitement and puts people on a side. It is the spectator event. It is the Roman coliseum. So, the buyer can choose another rail or no platform token. And I just added that little bit of extra something in there that had nothing to

50:53do with virtual protocol other than AI agents and agentic networks. The moat, what is a moat? It is a project or company's ability to keep their competitors at bay and win out over their competitors. So what works a category brand builder network 10 years of virtual liquidity locks for the virtual tokens, which I still don't fully understand who's locking their liquidity for 10 years. and work on ERC 8183 are hard to assemble overnight. So

51:24basically what they're saying is that competitors are going to have a hard time copying the actual brand, right? And the how well known the brand is in this space. The builder networks, developers and stuff, the 10-year virtual liquidity lock, I don't know why they would need to copy that. And then this ERC 8183, whatever's going on with that, they would have to copy it if they wanted to beat them in these spaces. They could also just beat them in other

51:51spaces that they're not even competing in. So the catch, the launchpad pattern is replicable. The launchpad style uh project is not hard to replicate. AI agents add a little bit of complexity but not impossible especially for AI because AI could just replicate whatever and agents can move. They can go somewhere else. A locked pool cannot lock in a customer. So just a lock pools do not chain a customer somewhere. Execution in 2026 though well what have

52:24they done right? ACPV2 expanded the commerce system. That's good. chains expanded to Robin Hood and Arc deployments brought in the footprint and November Butler opened Android and web betas after its iOS trial. So, they are moving into other things. And of course, we do not score a project based off of things that they're going to do at some other later date. If they do something dramatic and big, we'll do an update. So, shipping is visible. Usage evidence

52:57is the next step. There's got to be demand, right? People got to want it. And AI agents and cryptocurrency and stuff went crazy. They're not going crazy right this moment. Things like privacy are are what everybody's into, right? So, market structure 43.5 million a day. Quoted trading volume. Again, it's volume. You could trade the same 10,000 or million dollars multiple times a day. So 43.5 million is not saying $43.5

53:28million of the of new money or not the same money. You get what I'm saying? Hopefully you understand volume. So this was about 11% of the 391 million circulating value. Price was down 30.5% over the last 30 days. And Binance Hot Wallets, I said that really weird. Binance and Binance hot wallets appeared among top Ethereum holders. A liquid token market is not the same as a user

54:01market. The regulatory question in case you were wondering, I know somebody out there is going to ask the question. Well, the supplied review did not identify a pending action against virtuals at a snapshot date. So basically when we looked at it which was today um November 4th 2026 it's down here in the corner we didn't find anything about pending actions against virtuals the company open issues well creator revenue

54:28share token and agent payment cards raised questions about security treatment identity checks and consumer protection. So that is some of the red flags. Butler web beta is invite only. The November 2nd web beta watches macro releases, security events, social points, and onchain signals, then prepares trades for user approval. The launch announcement does not establish any usage, and it is a beta, so it's not fully rolled out for everybody. It's

55:01invite only. Android and copy trading is in a private beta. It's like a beta beta. It's in more of a beta than a regular beta. It's private. So, virtual describes Android access and Butler features that translate a quant x post into strategy ecosystem buybacks in the same update concern agent tokens. They are not virtual token buybacks. Then we have hackers wallets. Well, 1.9 million an onchain monitor linked to 1.9 million virtual transferred to the

55:36Marquo Bitcoin attack. So, we just talked about this the other day. Now, remember Marcato, Marco, however you say it, doesn't matter. It's a South American Bitcoin or South American crypto exchange. I don't live in South America, so I don't pay a lot of attention to it. But, they had a hack as well right after Binance and things. Um, I forget what the total amount of money was, but there was 1.9 million virtual in that attack and uh

56:051.9 million virtual transferred to the Marcato Bitcoin attacker and observed sales in 30,000 to 40,000 batches. The transfer is about 2% of the supply. Somebody stole some virtual tokens or they stole money and they moved it into virtual. I'm not exactly sure, but they probably had a strategy. The full transfer balance was not confirmed sold necessarily. Weekly education, we got three layers, activity, revenue, and holder value. An

56:36agent dashboard counts work through ecosystem throughput. So, it's a measuring tool of activity, right? Revenue is actual protocol fees describe what the treasury retains. So we have protocol fees and then we've described to you what the treasury gets out of it. Then we have the holder value. A distribution or burn would connect the cash to virtual holders. And so far we haven't heard anything about about a buyback or burn. Tonight's first two

57:04layers have numbers, but the third is absent, meaning we had a lot of information on activity and revenue. Holder value, not so much. And I'll admit like uh even though like we're not big on YouTube or anything yet, like a lot of these token autopsies are exposing the heck out of these tokens. And to be fair, some of these tokens were never designed to go up in value. Like they really

57:31weren't. They weren't designed to do what Bitcoin did or even Ethereum or these early cryptos. A lot of them were designed to be governance tokens and things like that. But do you know the difference? Do you know which ones are and which ones aren't? The token value capture test or token autopsy to me is the most valuable thing you can talk about cuz let's talk about virtuals here for a second as an example as I go on a little bit of a rant. Hopefully you

57:58enjoy it. Virtuals the project could do phenomenal. It could. But that does nothing for you. Your only exposure talking like you know an analysis right an analytic would your only exposure is the token. So if the token doesn't do a good job or is never built or intended to do a good job of capturing value in the ecosystem why are you holding it? Who promised you that the token was supposed to benefit from all the success

58:38of the project? Who told you that? You have to ask yourself this question because it's one of those things that was assumed a long time ago and people just ran with it and never really questioned it. So, the best counterargument here is reserve asset. Virtual has a fixed supply, long lived agent token pair and a team still shipping. If agent token demand returns, that's the big one, if and it probably will, but when or if

59:07those pairs may drive demand for virtual token, which is normal speculation in a market. So, understand that if you go into a bull market, there will be like kind of a rise of all ships with the tide, right? You'll see money flow into a lot of things that have zero real value. That's okay. And I'm not saying that that is virtuals. Virtual token has a position. Understand what that is. But as you look out across other tokens you might be holding in your portfolio or

59:33considering the thought should come into your mind or it comes into mind is it capturing any value because if it if you can combine value capture because remember the ecosystem of the token is also going to be on fire is also going to be seeing a lot of volume and revenue. Look at virtuals. It went from like 11 million in fees to like 200,000. That's the difference between a bull and a bare market. So, not only are you go if if your token

1:00:04captures good value, you're going to get both regular speculation in the market and the value capture, which means more than if you just had speculation alone. I hope you guys understand that because that is why this is so important and I feel like it goes over most people's heads. I'll just keep showing up every day and screaming it at the from the rooftops for everybody. You're welcome. Our response, sorry, can you tell that

1:00:31I'm tired tonight? The gym really took a lot out of me. So, the fair point, fixed supply, locked liquidity, and product execution deserves credit. Tokconomics and catalyst score accordingly. The gap here is the return of speculative demand is very possible. Durable revenue from agent work and holder pass remain completely unproven. Again, the difference between token value capture and just pure speculation in a bull market or in a

1:00:58market in general. So, utility and adoption 12 out of 20. Not really a good score. Token value capture a 6 out of 20. If you want to see the breakdown each one of these, they will be in the discord under our forms. Tokconomics and supply 11 out of 15. Then we have a competitive mode. How does it do against its competitors? A nine out of 15. That's pretty middle of the road. So score just just adding the

1:01:28numbers in my head here doesn't seem like it's getting a very good score. Security and decentralization a 6 out of 10. Catalyst and execution its ability to move forward the stuff that they're shipping. And there's a lot a lot of unanswered questions. And I'm not going to I'm not going to lie, this is pretty much exactly what I expected for virtual protocol because there's a lot of unanswered questions and there's a lot of lack of token value capture. The

1:01:54thing that we have to ask ourselves, again, I'll keep saying this forever is who told you it was supposed to. Don't be mad at them if the token doesn't do a good job of doing something nobody told you it did. Again, don't be mad at the project if the token doesn't do a good job of doing something, capturing value in the ecosystem that the project never told you it did. So, who did tell you that it did? Who did tell you that it did a good job of going up,

1:02:26increasing in market cap? Who told you that? It's a critical high crypto IQ type of thinking. And the whole point of this is to raise your crypto IQ. Now, I'm not trying to stand up here and act like I'm the smartest guy in the room or the smartest, most knowledgeable person on crypto, but this seems rather obvious to me, and I want to make sure that all of my people and my uh ecosystem understands this, right? Upgrade and

1:02:54downgrade test. Well, upgrade, verified ACP growth, a million plus monthly treasure uh treasury revenue, and live governance with named signers. This is what we want to see. a public butler release and a clear holder pathway. There's hope out here. And remember, a treasury or something can turn on buyback and burns. It can put up a new uh incentives and rewards and stuff. It can do all of that at any point. So, you

1:03:20never want to count any token out. We do a token autopsy. Understand the token, especially if you're interested in it, right? Mostly the ones you're interested in. There's too many cryptos to understand all of them unless you do this every day like I do. And I still don't understand all of them. I got a lot of token autopsies to go to do. I I combined do and go. That was fun. Anyways, uh I'm in a rare mood tonight. So,

1:03:46this is what we would need to see moving forward. These are like the key things you put in the in your back of your mind. And if in like six months from now, you see like they're like, "Hey, public butler release. Oh, hey, we're going to do buybacks and burns." Oh, that that that piques your curiosity because you knew that that's what you were looking for, right? Well, downgrades, things that would make this

1:04:10worse are treasury transfers to exchanges so they can sell and ACP or bridge exploits. any any problems with that just means worse tokconomics. More nonverirtual pairs becoming more popular on the platform. Basically cutting virtuals token out of the loop, out of utility. That's a problem. And continued fee erosion, fees going down month after month. Set the triggers before native changes. And again, I don't know. Oh, Hyperliquid could get into the business

1:04:40of a of AI agent. Like another big platform could just implement something during the beginning phases of a craze and that could completely cut people from running back to old programs or old projects. These things happen all the time in crypto. Just because something was big once, doesn't mean that when the narrative returns that people by the masses, some will, but by the masses will return to that project. There's no guarantee in that at

1:05:09all. And if I've been in crypto long enough, it's almost guaranteed that they don't, then a new project will come out or a project you're already familiar with will launch that side of their company. Satseeker says, "Thanks for raising my crypto IQ." You're absolutely welcome, Satseeker. Thank you for being here. And I know that this is information for a very highly niche type of person, but we're going to benefit greatly from it

1:05:35in my opinion. I'm pretty sure I'll benefit greatly from it is what I'm really trying to say. And I just want everybody to be better speculators. And I got to raise my crypto IQ so that I can do a better job for my life, my family, my finances. And I figured why not come along with me, right? Join the Discord, hang out, become part of the underground crypto family. We are growing slow, but we we're doing the quality over quantity thing around here.

1:06:00We don't have a million subscribers and stuff like that, but we have real people who care about crypto and are way past how to download a wallet, how to protect your seed phrase. We love beginners. Feel free to come into the channel. We would love to help you raise your crypto IQ, but we have a lot of more advanced, which I think there's an audience need for. We just got to get ourselves in front of them because a lot of these channels out here are

1:06:27still just giving you headlines and like that's about it or how to set up a wallet or just the next coin that they're being paid to shield. It is what it is. So, here's our leaderboard. You can find our leaderboard in the discord and you can find a lot of this stuff actually organized. What it loves to do is pull related projects. So virtuals, VVV, TAL, ENA, very related, right, for different reasons, but very related and they all got better scores. VBV and TAL

1:07:00much better than ENA and virtuals. And again, this stuff is here for you to look at as well. So not wired virtuals has built an ambitious I want to say ambiguous no ambitious agent machine. The cited data shows limited onchain work and no and no automatic treasury flow to virtual holders and of course resources. You can find that if you pull up the slide which will eventually be in the discord.

1:07:32How's everybody doing out there? How are all my people? Congrats sat seeker as you get closer to your child being born. I'm very excited for everybody. I like I just have my third. So very excited for anybody who's rather becoming first-time parent or of course expecting another child. It is uh what it's all about. It leads me to another thought, right? Finances, money, all this stuff. Maybe you kill yourself at a 9 to5 to have a little bit of extra money to invest,

1:08:01however you choose to do it. But remember, if you don't have your health, it's not going to matter that much. You better get some life insurance if you're not going to take care of yourself. So maybe try to do start small, right? Totally uncrypto-reated, start small. Go for a walk every day, something. Start small because if you hit it big in crypto or anywhere else and your health isn't very good, then you don't live very long.

1:08:26It's not going to matter. And no, that is not a leadin to a pitch for some kind of health product. Maybe next time. North Korean hackers resume moving Binance funds through Thor Chain. Great. And Thor Chain has shown that they really don't want to play ball. Satseeker says, "Thanks, man. Exciting times ahead." Barry, my my youngest is like just now a little bit over a month and uh Oh, man. It already feels like a very long amount of time has passed and

1:08:56it's only been a month. Investigators report the hackers connected to the 6.3 billion Binance breach are using Thor Chain. And like I said, from what I've read in the past and things that have gone on, Thor Chain has kind of isolated itself and is doing Kota's law type stuff, which how you feel about it, right? It it's great when you want to be all philosophical. It's great. But then when your money is stolen, it changes, right? It changes

1:09:26big time. So, Thor Chain to exchange stolen cryptocurrency between networks. The FBI attributed the Binance attack to the North Korean trader trader group, which I think is the funniest name ever, but I will uh I'll leave that one alone. Attackers are converting assets through Ethereum into Bitcoin. Thor Chain's crosschain swap allows transactions without open accounts at traditional exchanges. Earlier activity involved thousands of individual deposits and

1:09:58blockchain intelligence from Elliptic believes little of the stolen cryptocurrency has been converted into conventional money. I guess offramps, right? The FBI has asked blockchain infrastructure providers and cryptocurrency companies to block activity involving identified attacker addresses. Why it matters? Well, it's a problem with decentralization ethos and where you fall again. All for decentralization code is law

1:10:28until you hit it big and your $100 million goes missing. Like you, the the person hearing this, your money is gone. All of a sudden, you're like, "We better fork it, reverse it. I don't care what it is. Pop it, twist it, give me my money back." That's that's what happens. It's kind of like the old joke, and I know right now everything is like political tension, and I'm not even going there, but it's the old joke that like when you're broke, you're a

1:10:55Democrat, but when you make a bunch of money, suddenly you become Republican. If you've never heard that, then forget I said it. But it's like the same idea, right? Everybody's decentralized, philosophical. Code is law. It's immutable. It's unchangeable until your money and your life savings and everything you have goes missing. So why does it matter? While decentralized exchanges provide permissionless access to financial

1:11:18markets, but the same functionality can be exploited by criminal organization. This presents another difficult question for DeFi. Can a protocol remain permissionless while preventing large-scale money laundering? If you provide a product, are you complicit? If you believe code is law, is there a a legal ramification for allowing it to happen? It's a weird It's a weird place to get into. Shout out Melissa. Thank

1:11:46you for your super chat. Means the world to me. Means somebody out there is liking the content. Says, "Thank you for another autopsy. Now we all know." Exactly. And I was very interested in virtuals as well, just because when we bought some Kindra and things like that, I was wondering if maybe I should buy some virtuals. If Kindra is going to be on there and if there's a trend of people building on Robin Hood using virtual protocol, then maybe it'd be

1:12:13worth something. But as of right now, I don't think that I necessarily will be doing that. Again, shout out to all of my undergrounders. It's a quick show tonight. Let's see what's our next news story. Morgan Stanley begins using DTCC, new tokenization infrastructure. Uh DTCC, the the I mean, I guess they're acronyms, right?

1:12:46These uh tickers and things like that, there's so many of them, they make my head spin, right? Like you could just say random ones to me. You're like FTC or what is it? F the CFTC, right? And it's like is that a stable coin or is that a a regulatory body in the US government? I don't even know anymore. I'm joking, of course, but it is pretty funny how many things that I've memorized with numbers. DTCC is new to me. All right. So, Morgan Stanley

1:13:18announced that it is among the first major banks to begin using the depository trust and clearing corporation tokenization service. If you were wondering what DTCC stands for, corporation, what's a clearing house? Why does that matter? Well, now you're getting into some Tradfi stuff. But hey, we're merging them together. So, now we're going to need to know both. That's going to be fun. It's going to be really fun for the Tradfi people

1:13:48who have to wrap their head around a lot of this stuff. It's pretty fun. I've been in some circles and some marketing groups and things for businesses and stuff and you always have like a financial adviser in there and I've met a cool I've met a few like cool ones but they're always like I am the smart guy in the room, right? I know the money and you like talk to them about like blockchain stuff. They're like, "Oh, well, I don't know anything about any of

1:14:14that because it's all fraud. It's all a scam. That's what they told me, right?" And so, I didn't learn anything about it, but that's because I'm smart. S smarter than you. Uh, that's the vibe that 1,000% almost all of them put off that I've been in the same room with. And it's pretty funny because now they all have to learn about this stuff. You don't think that being in in the accredited and not accredited investor, but being a

1:14:42financial adviser and stuff, you don't think they're going to start requiring them to know what a tokenized security is, how it works, and it's just going to get more complicated from there. Uh, we're well ahead of this. So, the infrastructure represents US stock and treasury securities through blockchainbased tokens. For anybody who tells you this stuff is coming, uh, it's gonna happen soon, just just tell them

1:15:08it's already happening. Like, we read a story about this or several every day. Like, it's not just happening. Like, they've thought about it, found the people, built the stuff, rolling it out right now. It's way past it's coming. Tokenized securities retain the right and protections associated with the underlying traditional securities. 20 financial institutions have joined the service including JP Morgan City Fidelity and Bank of America. The

1:15:38initial system uses Canton Network and DTCC private BESU infrastructure. We talked about that the other day. Another name ticker acronym that you you have to remember. What does BESU stand for? I don't even remember at this point, but the more I see it, the more I will remember. What is DTCC? Let's see. What was it? Depository trading clearing I don't know I'm just testing myself clearing corporation depository trust in

1:16:11clearing corporation see how quick uh you can forget it and this is the end of the show type vibe I'm reading some news stories we did what we came to do which is a token autopsy of virtuals I call it compounding education right you come to the stream every day we've for a long time learned about a lot of topics which should have prepared you for this token autopsy stuff if you were paying attention and then we get into the token autopsies and

1:16:39hopefully you can follow along. I can't believe Virtual scored lower than Caspa. So, what does it tell you? Caspa apparently does a better job of capturing value in its ecosystem than Virtuals does. Like I said, for good or for bad, I'm not here to uh cheerlead any particular product because that's not going to do anything for me and my investments and it's not going to do anything for you in your investments

1:17:09to act like, oh, this project's so great because look how many uh you know, not sponsors, but look how many collabs and look how many people they're working with and look at all this stuff. Well, does it do anything for the person holding the token? Are you capable of having exposure or the ability to speculate or profit from to make it real clear from a project other than its token? It's not the world of stocks where you have a

1:17:38portion of their company for owning a stock, right? Zcash community grants withdraw proposal to with to redirect 98,000 Zcash coins. Ze 98,000 Ze. So we did a token autopsy of Zcash not that long ago. So Zcash community grants withdraw proposal to redirect 98,000 Ze. A major funding controversy is unfolding inside the Zcash ecosystem. Oh no, a lot of people very bullish on Zcash. Um my dog Zo

1:18:19hopefully I can call him that. I believe we're friends. Uh he he did pretty well off Zcash, but as things go, I hope you took some profits, brother, because things can get choppy and thing money moves. You got to think if you're in a niche or a narrative or a project and it goes way up and you take profits or you sell all of it, whatever you do, you have more capital. And what are you going to do? You're going to look to rotate that

1:18:46capital somewhere else and make more money. Well, whatever you made your money off of is probably the old trend. It's probably old news by now. So, don't think that Zcash is necessarily all that money is going to like roll into Monero. It could if privacy coins are still hot, but what if AI agents kick off or the next narrative postquantum security? That's a big one, which actually Zcash has. So, the Zcash community grant

1:19:18committee has withdrawn its proposal to redirect approximately 98,000 ZEC towards future mining rewards. Is this bullish? Is this not bullish? We did, I believe, talk about this as a catalyst. This is such a good point right here. Right, this catalyst that we had of 98,000 ZEC or Zcash coins, also known as Ze, that's the ticker being now put towards future mining. Well, we didn't score that in the token autopsy. Why?

1:19:49Because look, thing happens. I wanted to say something else, but things happen, right? And they've decided to scrap that idea. So, if you bought a bunch of it hoping for this and you were going to mine it because all these reward, it's gone. And that's why we don't score things based off of things that they're saying they're going to do. Even if they give you a date, be wary. Virtual chart looks like a roller coaster of death. as Sassseeker would

1:20:16know. Satseeker is pretty good at technical analysis. I really respect you for that. But uh says, "But if you were bullish, now would be the time to buy." And that's always this tradeoff, right? Um again, this is us doing our best research and understanding to be as well understanding of how things work and then the tokens in relation to their ecosystem, right? But random stuff could happen, right? Like I don't know, pick a take a pick. JP Morgan, Bank of America,

1:20:46like somebody could just be like, I'm going to buy a ton of virtual coins. Why? I don't know. One of their adviserss who they trust told them, you need to stock up on this coin. It happens. Weird stuff like this happens. And it could totally go parabolic. It's possible. But if you sit around, and this is my own inner thought, right? This is for me. I'm not giving you financial advice. But I think if you sit around and you

1:21:12just constantly throw money at a wild, hey Mary, something crazy could happen, you're going to put like $5 into every coin and when any of them move, you're not going to make any money. That's usually how that works. I know I've done it to myself. It's a cost of being here in the space. Uh I've probably done most of the stupid things that you can do and I'll probably continue to make stupid mistakes, but that is part of learning. One thing I won't do is give up. And I

1:21:38don't know why I'm on a rant tonight, but man, it feels good. All right, so the committee currently receives 8% of newly created Ze tokens, approximately 144 coins daily. I wanted to put like a thousand after that, but no, literally 144 coins daily. Critics have questioned the programs accumulative accumulated treasury and spending priorities. One competing proposal would eliminate automatic

1:22:08committee funding. Another would redirect funds toward network sustainability, development, and legal defense. No replacement proposal has been adopted. The dispute intensifies following criticism of privacy payment outreach initiative at an adult industry convention. Oh no, who knew you could use private money for questionable things? Who thought that private money would be favored among

1:22:38highly questionable activities? Crazy. Almost like Silk Road or something, right? Uh the dispute. Oh, I already read that part. Why it matters? Zcash is confronting a fundamental governance question. Who should control the funds used to sustain decentralized network? The controversy also illustrates the tension between supporting controversials. But law uses controversials. But law uses financial privacy and maintaining

1:23:06community accountability. I don't know why that that sentence did not click. The controversy also illustrates the tension between supporting controversial but lawful uses. Okay. Again, controversial things are going to attract privacy coins. Like come on. Should development grant be controlled by committees or token holders or automatic protocol rules like an immutable smart contract?

1:23:37Whoa, what is this story? We don't want to get political here. Democratic midterm victory creates new uncertainty for US crypto reg uh regulation regula legislation. Yo, I am so beat. This is hilarious. I should stop talking now. Yeah, but if you were bullish, now is the time to buy. And that that's how it goes. There will be coins that looked like even if you did your best research, and it's almost a guarantee, there will

1:24:06be coins that looked like absolute garbage, like flaming hot dumpster molten lava garbage, right? that for whatever reason will rather turn around and get their their ish together or some giant whale somewhere will artificially inflate the price. There are pump and dump groups guys, cabals with tons of money and they will pump random things and you will sit there and look at it and be like that thing was down 99.99%.

1:24:38How did I not buy at least? And you'll do moon math and you'll tell yourself, if I would have bought $5 worth, I'd have $500,000 right now. But like, why would you buy garbage? Remember, hindsight is 2020, right? Yeah. It's just about the risk management. Absolutely. And we've done whole shows about portfolio setups and the mentality behind them. Not telling you what to buy or how much to buy, but to think of your portfolio in like a

1:25:06100% and you're maybe you want to take 1%. And put it into some highly speculative, but for some reason you have an inclination about it. There's hot news, somebody, I don't know, YouTube influencers telling you it's good or whatever it is that makes you really excited about it. Maybe you're on on uh TikTok listening to XRP maxis, right? And you're like, I'm going to buy 1%. I wouldn't consider XRP like super high risk, but there are things out

1:25:34there that are that people are talking about that maybe you want to throw some money into, but if you're smart, you're going to risk management, right? And you're not going to put 50% of your portfolio in that play. But people will still do it. Anyways, guys, I'm going to go ahead and hop off. I just wanted to hang out a little bit longer. Uh, like I said, I'm a little exhausted from the day today. There's a ton of stuff going on. 33 views on the

1:26:01stream today. Like, who did I who did I anger? I angered somebody. I don't know. Satseeker says, "I buy uh shitcoins or [ __ ] all the time just for the fun of it." Yeah, if you're buying like, you know, a tiny amount, hey, no big deal. I buy a few meme coins here and there for sure. Uh I I threw a few Salana into pumpf fun and was messing with it. It was a great education. I believe sometimes you got to pay for education, right? So it was a really good education

1:26:35about things. Of course, money moved elsewhere, Robin Hood chain, stuff like that. I cannot believe the fuse today, but I can because everybody is wrapped up in some political stuff. Uh, I'm not going to turn this into a political thing. But for like this story here of Democratic midterm victory causes uncertainty for US crypto legislation, it's pretty obvious before when other party was in, it was very hard to get any clarity

1:27:03about crypto. We had this party in, it seemed like we were getting some clarity and some stuff was going to happen. Although the literal clarity act didn't pass. And when the other people, if the other people get back in, are they going to favor crypto? Are are we going to go back to the Wild West where like everybody who uses cryptocurrency is some kind of money laundering criminal? I don't know, but I'm around for it.

1:27:26We're going to find out. Stay crypto, think long term, and I will see you in the next one. I definitely messed up that outro, but anyways, Underground Crypto out. Shout out to all my people. Thank you for the super chat. Thank you for attending. And uh the attention's going to come back. We just pumped up to 81,000. get another good pump like that, everybody's coming running back and we will have been raising our crypto and educating ourselves, our crypto IQ and

1:27:51educating ourselves the entire time. So, we didn't skip a beat. Or at least I know I didn't. Later.