Episode Transcript
[00:00:00] Out of Cycle Update.
[00:00:03] It's refreshing whenever I find somebody who is so skilled at writing something so appropriate. CryptoTalk FM My name is Leister, I'm your host. I need to get on the clock here. Okay, I got work, but I got it. I saw the email and it basically is a duplicate of what apparently went out to X where they said, oops, we're not doing the giveaway. It's not about hype. The same thing. So the email basically said that. Now I noticed that the email linked over to some sort of article and the email was taking a victory lap over the write up.
[00:00:36] So I figured, okay, chances are this write up is going to be somebody who said something positive. Because I'm telling you right now, the parallels to Saitama, Slash side of Chain and Russ the Cult Leader are staggering because that's what he would do every time somebody would hold a spaces or somebody that was butt kissing him. That's where he would go. He wouldn't go to the critical. He wouldn't call out the critical and say we need to make some changes. At least hear Anthony saying it. The problem is he doesn't really have the power to execute as we heard on this past chaotic ama.
[00:01:11] But I wanted to give the person's name's Joshua Case on medium.
[00:01:17] I wanted to give him a shout out and give him credit. I'm not going to read word for word what he wrote. I encourage you to go check it out. I'll share the link in the notes and hopefully I don't get one of those bullshit takedown requests. But I assume that Mr. Case would not mind sharing the link for the purposes of commentary. I'm not doing it to hype the project. I'm doing it because his commentary is appropriate and good and everybody in your community should hear exactly what he's saying. But I will hit some very good highlights and provide my thoughts. That's the reason I was going to do it.
[00:01:48] The title for the first ones, there's two in play. The first one, I'm doing it in reverse order because it's the only way to make it make any sense. So this first one was posted four days ago. Title I almost quote I almost wrote Block Dag off. Here's why I have it and why I'm a real believer now.
[00:02:03] An Investor's journey from Intrigue to Doubt and Belief to belief in one of Web3's boldest projects. Paused, he gives a sub note that apparently was added after the fact where he's talking about he initially had this other article and he links to it.
[00:02:19] And then blockdag was talking about that article and that wasn't his intent. So it gets kind of squirrely because then the link that came from the blockdag email took me to the second one. That was kind of weird because I thought it would take me to the first one. It took me to the second one. I wouldn't have even known about this Second1 if blockdag hadn't linked to it. So was that blatant incompetence or intent? I don't know.
[00:02:43] But it says at the top here, quote, regarding my article, I did not know my article was being used and I was not asked, obviously. Quote, I am not. I'm again not happy with the marketing of BDAG and decision making. I will write an article about that today and let's see if they circulate that.
[00:03:00] So then what he's saying is the second article is the one that he's referring to and see if they circulate the second article instead of the first. So I think what was happening was this one that I'm looking at, that was four days ago is kind of, hey, look in the summary in my lens is I saw all the. Basically, I'm using my own words. I saw the astronauts in phony marketing.
[00:03:24] It was. I was like, okay, whatever, and I'm not sold. And then they started doing the AMAs and they started communicating stuff out. And I was starting to believe that there was something here. I mean, that's the general summary of what he's saying is that it felt like hype. And then, you know, I was starting to have some concerns. He calls himself a whale without bonuses. He calls himself a whale, early whale investor in.
[00:03:46] And then later, when the AMA start to ramp up, he's starting to have some more confidence in what might be a thing. And then, so then two days ago, this is then the. I'll take. I'll take it as the response deal.
[00:04:00] This one says title quote. No more gimmicks, no more giveaways, just technology. Why Block Dag must stop selling rocket ships and start selling engineering. First of all, that's an amazing title. That's why I say I love it when somebody is a really good writer, prolific writer. This is really good. Mr. Case, kudos to you for this.
[00:04:18] So he's talking about. He, he intros very well. He's talking about how crypto, they all do the same thing. It's all hype, basically. It's hypes and to a Lesser degree.
[00:04:29] They pick a gimmick.
[00:04:31] We saw this in 2021. Some of the gimmicks were like reflections burn mechanics. They'll tell you about know NFTs became a hard thing. Now we're talking AI. There's always a gimmick that they hook onto and then hype is kind of in the middle. And this, this has always been, it's not exclusive to Block D.
[00:04:50] But he's saying that, well, we should be telling a different story now. We should not be focusing on those gimmicks. Use your technology to push you forward, which 100% absolutely. He calls out the Alpine. He thinks it's something that could be good and he could create the equivalent. And I said that, well that's assuming that you're able to match that because you're, you're making in people's minds subconsciously a promise of performance that according to their own numbers has not been met. And so that would be to their detriment instead of to their advantage. Right.
[00:05:24] That's my lens. I would, I'm, I agree with conceptually where it should be a positive, it's. But that assumes they perform. In other words, he's talking about community. He's talking about how you could do strong marketing, not the giveaways, dinners and all the other stuff that, and he gives a really good salient line that I wanted to add, quote. Let me be clear. No one's buying in for giveaways, dinners with CEO or bonus tokens. Those might attract short term clicks, but they don't build long term clicks. Conviction, stop. Absolutely.
[00:06:00] Very well said. 100%.
[00:06:03] Another line I'll quote, lead with technology and real transparency. The technology should sell the project full stop.
[00:06:13] Absolutely.
[00:06:15] It's, it's really that simple.
[00:06:17] He talks about all the other things that are on the technical side.
[00:06:23] And in the other ama people were saying, well, we don't want to hear about the tech stuff, we want to hear about the finances. What's going on there.
[00:06:29] Now I want to give my opinion. Okay. Both are important. You need to understand the financials because without the financials none of the tech stuff's going to happen. You need to understand the technicals because the technical is what's going to make the thing succeed. You're in a chicken and an egg situation all because certain in your community. We're not calling them out publicly from jump.
[00:06:50] They were calling them out privately maybe and nothing changed. Which means they could have called him out publicly to help it get to that point before it got so bad and expose what was happening because those had an inroad to be able to do it and they chose not to use that power. And then they attacked certain other people who were telling them, you got to call this out publicly. Why are you taking softballs publicly? I'm not saying that they're not doing it now. I'm saying that they should have been doing it months ago.
[00:07:19] You have to, you have to avoid it hitting to this point of so much frustration because it's it. I don't want to say too late because I have no idea. I'm saying that now it's going to be harder to write the ship and we don't know what's really going to happen with all the stuff that's been learned. So the technical does matter. And I want to be clear when Mr. Case calls it out, the technicals do matter because it's the only way you're going to sustain. Which is why I said all you have to do is launch a damn thing. That that's easy. It's easy.
[00:07:50] My guess, they were prevented from doing an accelerated type launch. Which might be good because if we look at say PI Network, PI Network was out for years before it actually launched. Well, it's been years on block dag the end. And PI Network had some major issues when it did launch.
[00:08:09] I don't contrast to cast but I know people do because they the white paper and stuff. I don't contrast to caspa. I contrast to PI because I see parallels in the pre sell strategy, in the tokens, possible lockups, all the chaos and suspicious behaviors being called a scam. To me the parallel is PI, not caspa. And if we just look at what happened with PI, it tells the story of what likely would happen with blockdag. But again the financials were always a problem because they were mismanaged all this time the technicals do matter.
[00:08:40] Token quote Tokenomics should reflect scarcity and strength.
[00:08:45] Giving away tokens in any form related to a purchase devalues the tokens. If tokens can't be sold based on technology and utility then something is wrong.
[00:08:55] This may not be popular but I'm in favor of tighter vesting not the current 4020 2020. I'd like to see a linear release for all non bonus over 128 months 18 months with strength and scarcity and maintain market integrity while adoption of utility grow. Bonus tokens pushback and released in 24 months let the technology and community drive the demand and not dilute that with flooding the market with token flows. Stop. So I am not necessarily a fan of what he's saying, but it's hindsight speaking that because he's correct that you should not be giving away tokens, that he values the token. But that starts with the token supply. That starts up a jump. Most of these other ones are in the millions of tokens. Why do you need billions of tokens? Because there, it's another form of BS marketing. I have countless amounts of tokens and so it gives me this illusion that I'm somehow wealthy in the crypto world when it doesn't matter. The token number doesn't effectively matter. You need enough tokens to run the chain.
[00:09:54] A lot of that has to do with the mining side, not bonus giveaway stuff. That's the flaw. So you could have gone with no more than 1 billion tokens and arguably probably had a better experience. You could have then implemented strategic burns, which is what BNB does to manage the supply when needed, mint when needed, as a managed supply. And I think it would have had more traction if you support that with strong technology. So the lockup he's talking about there, where the bonus is held back. It's not that I disagree with why he's saying it. I'm saying that the whole concept of a bonus token is flawed. You don't need to do that personally.
[00:10:35] This whole article then. It's my close. This whole article, the other article, I'm giving major kudos to the writer, Mr. Case. Excellent work, excellent writing and I'm glad that. I'm glad to see that there are people who are still.
[00:10:52] There's still, I don't want to call it cautiously optimistic, that's not the right term. But they've not taken their eyes off the prize. They're concerned, but they understand what it could be.
[00:11:03] Right. That's where the frustration really comes from is what could it be?
[00:11:08] So you see these blatant fuck ups and you're like, well, I know what it could be.
[00:11:14] That's what's driving the frustration.
[00:11:16] That's also why you have to call them out publicly, continuously. It cannot be in private, it cannot be behind closed doors, it cannot be in secret, it cannot be buried in email. Certainly you wanted a writing.
[00:11:31] Sure. I'm saying that you have to expose some of this. You have to put it out. And that should have been done ages ago from jump. Arguably from the moment Turner showed up as CEO, quote unquote. There should have been those questions. He should have been interviewed. Okay, you're here now.
[00:11:51] It says you're the Founder. So are you saying that you founded all this? Where's the cfo? We saw this guy was supposed to be there. What happened to him? Who's gonna. When's gonna be replaced and pin it down? People are likely were asking questions in the telescam, in the private and not in the public.
[00:12:09] Some may have been asking in the public, but only in forums that everybody else didn't see.
[00:12:15] I'll take part of that only because I didn't know even about the fucking block dag until I think this year or late last year or something. I didn't know till after all this fall de roll had taken place. So you're talking like in terms of the stages. I think it was like stage 40, maybe 30, whatever the number is. It was late is when I learned about it. And I was like, okay, the astronauts and shit. I didn't see anything worth a damn.
[00:12:42] But then I saw the B A P T. Apparently that's Baptiste. Apparently his name. I saw him in the chat chat the other day. So apparently he's just another investor. Okay. If that's true, his comment was somewhat negative. So now even he who wrote that other article I covered that was glowing over the moon now, no pun intended, about the project. Now he's got that doubt.
[00:13:07] If you're able to turn people like Reed, people like this Baptiste person, people like this, to just so much negative and yet they still don't course correct. How can that not be a red flag? Because if you're like, let's just take the cracker barrel. I'm closing. Let's take the cracker barrel. Okay? They got beat up over removing that old white man from the sign, okay? They. They thought they were doing something good. We shouldn't have this old white man on the sign. Why? What did it hurt? He's a signature of the brand. What was your problem with this old white man on the sign? He's been your brand sign.
[00:13:43] What's the problem? But you have some consultant. It was some consultant sitting over there that was trying to do DEI type stuff and not offend. Apparently not offend black Americans or Mexican Americans or something, I don't know.
[00:13:57] And try to neutralize it because they were trying to follow the IKEA model. And then what happens? They get beat up. The stock completely craps. Because they make a stupid decision that was not needed. Now they roll it back. That one at least it didn't. It didn't fix anything really. They're still hurting because they never should have made the decision in the first place. There was no logical reason to do it.
[00:14:20] When you don't listen to the voices of the people who give you money, that's what happens.
[00:14:25] Go woke, go broke.
[00:14:27] But also when you are silent about it, and I'm targeting this to specific people, when you go silent, that's even worse.
[00:14:37] Don't be silent.
[00:14:39] Speak out publicly.
[00:14:41] Say, do what we are now doing.
[00:14:45] I'm not going to say too late. I'm saying do what you're now doing. Continue doing it.
[00:14:50] Be louder when you do it. Keep. This is how you infect everything. You nullify the stream of money in.
[00:15:00] I know it sounds weird, but it's the only way to get in the course. Correct. You got to stop. You've got to keep people away until it's fixed right? You've got to do that because I said you're. Some of you are worried about your bag and you're saying, no, we want more money in. No, you don't.
[00:15:20] Because consider where that money's going right now. By Anthony's own admission. You don't want more money coming in yet. You want solid foundation. You want the house built. You want it stable, you want it secure. You want it protected against hurricanes and shit. You want it to be a running machine that on its own entices people to buy in because it's so damn good.
[00:15:45] That's what you want.
[00:15:47] What they sold you is we'll maybe get you there. Give us your money now and we might get you there.
[00:15:55] You can't do that anymore.
[00:15:57] It now has to be no more money until you show up and perform and an accounting of the money that was.
[00:16:04] Where is it and how do we get it back? Because those people. There's people that are going to be taking action if you don't get the money back. And I don't know if the. I just speculated that the vast majority of money is not going to come back. That's my speculation. I have no inside knowledge. I'm going out. The pattern, if good on Kijiros, is indeed evolved. I'm going off the past pattern documented publicly about what's happened to those projects. I'm going off of people in the community that have called it out.
[00:16:34] Allegedly digitals was somehow associated on Saitama. And I have intimate knowledge of how that whole project went from start to finish.
[00:16:42] I saw its price pattern. I saw exactly what was going on. I know that most of that was those scammers, but I also know they only took a fraction of the money.
[00:16:53] There were billions of dollars in Saitama those scammers took less than. Collectively less than $50 million.
[00:17:01] So I understand billions of dollars. It's a high number that just the vast majority of it mysteriously disappeared. And if it's true that Gigilos was involved, it tells the story of what might happen with Black Dag if they don't Course. Correct. Now.
