Episode 2- Time To Get Transparent About Cryptocurrency 

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Transcript

Find below the transcription of the video from Amit Vyas and Andrew Thomas.

 

Andrew

Hey Amit, how are you doing?

Amit

Good Andrew, how are you?

Andrew

I can't see you, I need to give it the lean otherwise it's going to be a bit strange. We obviously gotta look in the camera, look here. Welcome everyone to the Web 3.0 Digest. So little 10-15 minute burn of some of the cool things that are kind of floating around there and web 3.0 at the moment. How are you doing? How's everything? 

Amit

Excellent. 

Andrew

You look pretty good for no sleep. 

Amit

I've had literally no sleep like literally no sleep. 

Andrew

Getting in training. So what has kept you up? Let's dive straight in. What's kept you up?

Amit

Mate, basically this. This - I kind of, part of the show we said that we want to talk about different projects and things that are happening. 

Andrew

Yeah, giving people the opportunity to jump in.

Amit

Yea really kind of gives people almost like a bit of a 

Andrew

Heads up. 

Amit

Yeah, almost like a semi-live update in terms of what's actually going on. So last night... We've spoken about this black hole that we occasionally dive into and we kind of don't know where it kind of ends or comes out and this just kind of happened last night. So one of the projects, I think we may have spoken about it previously, maybe not, but it's a project that was launched by some guys who started the Crypto Packaged Goods, NFT Project, which I think was about a year ago, one of the early players like a super successful project that they launched. And I think it started with the initial kind of launch price or the mint price was 0.2 Eth. The current price today is 18.5 Eth. So you're talking about to really like to be a part of that sort of community, you know you're talking about an investment of about $40,000, that's today's prices. So it was interesting, they launched their second project but obviously didn't want to go in there so cheap this time, there was a big demand. People have been trying to get into that initiative, that initial kind of genesis project for a while. So they went to market at 3Eth a couple of weeks back and there was, you know, there was a different kind of community that would give you access to that. So we jumped in there and again quite a kind of sizable investment really, we're talking about the best part of maybe, you know, even with those prices $6,000 - $7,000. But I guess what kind of separates this project from some of the others is a lot of them are kind of Discord-focused. This one's on Telegram. Telegram is kind of used very sparingly but figured out really how this kind of Web 3.0 and NFT world kind of lives on Telegram. So I decided to tackle that last night, unlocked some sub chats which were kind of specific to different projects, and literally that was the black hole. So I think I made the mistake of starting at about 10:30 last night. Thinking I'd need like only an hour.

Andrew

Yeah, yeah, exactly. 

Amit

At four AM I'm still kind of finding my way around. 

Andrew

Yeah because the US is awake right, they're banging away.

Amit

This is when we realize we're probably not in the best part of the world because this whole community is awake and then we're kind of living off fumes at this point. But yeah super interesting. So this project actually, the second project was called The Pop - The Pop Crypto Packaged Goods - and there's been a lot of backlash from the initial launch because you know, the price was 3 Eth and it went down to 1.1 - 1.2 Eth. So you had a lot of people who had a lot of people who actually minted at a slightly higher price because the value of Ethereum was price came tumbling down for this NFT and so you've just got a barrage of people on the main sort of Telegram chat, saying that this is a scam, this is for the owners to make money and they're like look if you want to get out of this community, get out of this community, but this is long term, we're going to make sure that there's enough value in this community that everyone sort of benefits from it. And people are like we don't care and we need to kind of get out and they're like look if you bought this just to flip, it serves you, go for it. You know, we never said this was a short-term play. This was very much kind of medium- to long-term. And our other project is kind of, you know, a testament to that. So, super interesting. Got into one of the sub chats yesterday and you can see, I mean, it took me out, took me five minutes to realize the value of it, and I was like, blown away by just actually how engaged the community were, but not just that, just in terms of somebody other opportunities and opportunities. Yeah, I mean, a lot of kind of insider information, I'm not sure that's legal yet in the NFT world, but there's definitely things that we probably shouldn't mention that were being shared. And there's a few projects I think we can potentially talk about, but what's your, what's your take on all of that kind of stuff?

Andrew

I think it's interesting what you said about the timing of this, and I just kind of asked you about Discord there and trying to manage Discord. We spoke a bit about this, about this being taken away from other things, you know, and it just dominates your time. You know, it just seems chaotic a lot of the time as well. It's very intense. So I just wondered like, how much of that actually fuels some of this interest, right, if you've got, you know, and I think we've spoken about that community piece where you've got a community of engaged users and say 200 people, they're all in the space to throw a couple of $100 at something. You know? And it's almost like that just 'why don't you go for it' kind of stuff. I wonder if you know where that balance is off of kind of what's actually driving the price versus transactions and you know the value and things like that. And obviously yeah there's people it's interesting in the sense that there's people there for different reasons. You know. I think at the moment we're very much in that space to learn, like you said, jumping into this particular NFT because it had Telegram. So the best way as we all know to learn something is to dive straight in, especially in this space. And there's other people that are allowed to learn. There's other people that know a lot more. There's a lot of people that are just starting, there's a whole bunch of people that are just flipping and using it almost like gambling for fun. So I think it's interesting.

Amit

Yeah, this is a job, they make money from it. 

Andrew

There's a kid here at the moment that's flipping NFTs every day, recording it live every day on Tiktok showing his transactions and he's trying to get to $10,000 in 30 days.

Amit

How much did he start with?

Andrew

He's 17, $10. He's been really honest, he's like look I'm taking this day today. I'm not buying today, I'm researching this, I'm researching that... There's a lot of time that goes into it. And I think that's probably where people don't realize that they see the big headlines of buying an NFT and the next day I'm a millionaire. It doesn't work like that. 

Amit

No, and I think this very much feels like a mad, mad, mad sort of gold rush. But in terms of what drives it, I think it's really interesting because we're definitely at that point of utility where people are like, okay, I'm gonna buy it, what am I going to get? You know, like I said this Pop Crypto one - the utility is very much access to the community.

Andrew

They were honest about that. Right? 

Amit

Yeah. I feel like what we want to build is the absolute best sort of community within the space. Whether it turns out to be the best or not, I'll probably know in a week or two like some of the NFTs that have come to fruition. But the point is, you're just getting information.

Andrew

You're just getting learning. And that's the thing you're pulling in. You mentioned there that they spoke about a couple of projects to have a look at, do you want to share that with the guys?

Amit

Yeah so look I think partly what we want to do is like open some of that up. Yea like I said, we've obviously invested in this. And we're kind of accessing a lot of information. We want to kind of share as much about how it's possible, you know, like if we can all kind of, you know, and by all, I mean everyone that watches or listens to this show if we can all find the next sort of Bored Ape you know, that that would be great, right? We can run our own events and celebrate together. But the idea is that there's enough very early stage projects that were being exposed to. Um and so some of the ones that were kind of being spoken of yesterday were quite interesting. So Goblin Town.wtf is one definitely to keep an eye out now. Now, this was only minted a couple of days ago and I think it was a free mint or very close to free. It was not very expensive at all, possibly just for gas fees and in the space of 2.5 days has increased in value to at the moment it's about .5. So you're talking like a standing start to the best part of $1,200 now. And actually we were looking at the transactions going every minute. Now in terms of utility, we can't really see anything yet. I'm sure there's an active Discord, I just don't know if I've got the bandwidth for yet another active Discord. But the reality is, you know, there's definitely a couple of things in here, right? One is this just FOMO and people are like, I just want to make sure I'm in it. I don't want to miss out. I think there's definitely that. And I think at the moment people are like, okay well now it's 1,000 bucks, do I kind of wait and see what happens? And the price is kind of tapered off a little bit, but I think it's definitely one to keep an eye on. And I think when the US opens again today, I definitely want to see it. The other one which we both had a bit of a chuckle about earlier is Hot dogs. 

Andrew

Hot dogs.

Amit

Which is a collection. But it's not a new one actually. So I think what was interesting about this is this was launched in March. Getting some decent traction actually. So it was one that had a bit of a following. But again the price kind of died off. And then for whatever reason, over the last sort of 24 hours I think, probably even less than that. it started to get a lot of love. And again, I started to see that kind of chatter and that buzz on some of these groups like what's going on there? Something's happening. And again, FOMO kicks in right. So the price yesterday, again we're talking about Next to nothing - 0.0070 Eth suddenly jumping from that to 0.5 Eth. So you're still talking about 8-9x.

Andrew

About a good 89 bucks or something like that. 

Amit

Right? Exactly. And you know, typically when it's something like that people buy multiples. Again it's not unfeasible,  someone said I will buy 10 or 15 of these, and literally they now maybe you know $1,500 a space of a few hours. So it's really kind of interesting and I think the last one and I think this one, I'm kind of leaving it right to the end. This again was a recommendation for somebody who was a part of the Pop Telegram channel and basically said look I've just got wind of this. If you guys want to do it, go and buy an NFT called The Probably Nothing Genesis. The owners have definitely been vetted. He's ultra-successful. Basically, I've just gotta wind that he's done a deal with Warner Brothers and Boaz to help them launch a collection of NFTs. Anyone who's got this Probably Nothing Genesis has a chance or is basically going to be given a free enough NFT from either Warner brothers or Boaz? So really kind of media and all that.

Andrew

Media value.

Amit

So that basically, that was the one just as I was putting my laptop down went what's this and lifted the lid up pretty quick. And again, I think the price we got and that was about 0.1 ETH and price this morning I think when we had a level was 0.16, you're talking about 60% lift.

Andrew

Crazy

Amit

In the space of a few hours. We're talking about, we're talking about the kinds of returns, um you know, it kind of reminds me of the old days, you know, trading sort of, you know, penny stocks. But I just think with this sort of community and 

and you know, the access to people in the masses,

Andrew

Well look, I mean big reward, big risk. I think that's the other thing, right? Because as much

as it's 10 x now, it could drop, you don't know. 

Amit

Absolutely, yeah. 

Andrew

This is all part of it, right? It's part of that and I think that's part of the energy associated with it. I think the energy associated with it is the excitement, the buzz, the FOMO. You know there's that real whip right of trying to kind of pull that thing in. But I think the thing is sort of hope is that what we try and do in this, as you mentioned for people is, you know, we've fed as much as we can right, but I think do your own due diligence as well and kind of jump in and make some decisions of your own obviously. I mean we have to be very clear on these, right? This is just a couple of guys talking about some NFT projects. Do your own research, this is not financial advice. Gotta put disclaimers in there. But look, guys, again, what we're trying to do is we're trying to keep these, lively. We're trying to keep up to date on some of these projects. So I think we'll cap it there. Hopefully, you guys can get in touch and tell us what happened with this as well if you jumped in on some of those ones. I think on some of these ones in all honesty, it's just fun having them. I almost feel like, you know when you're a kid collecting Panini stickers and stuff like that, I mean there's no real value in your sticker album, unless you get a shiny or something, but I feel like NFTs are a bit like that. Like that Hot Dog, that Hot Dog stuff - brilliant. Like it doesn't matter if - just looks cool, right? It's fun. 

Amit

Yeah, I think it's definitely some... Look, I think I think there's money involved and sometimes when there's money involved, it becomes less fun. But actually, this is

Andrew

Depending on where you are though if it's a moment of discovery

Amit

Yeah

Andrew

And it's a journey versus that gambler that's put in his last 10 bucks on.

Amit

Yeah precisely, but I mean if you're talking about some of these projects which are you know, free

Andrew

You can just go for it, yeah.

Amit

Yeah, exactly. It's really interesting how some of those have worked out.

Andrew

Yeah. Cool. Excellent. Thanks guys, See you later, cheers.