Michael Keller

We have AI attention dominating.

Unless AI attention slows, it's hard for crypto to get a run.

Secondly, debasement trade on pause.

You could see this in the global liquidity.

And then third, it's the four-year deleveraging cycle that we're seeing.

So some of this has to get washed out and deleveraged.

No, I don't think crypto is over.

No, I don't think it's like the end.

This is just the point in the kind of the big meta cycle that we're in.

I've seen some of his brand is like Grifter, Schiller, and Dump, like Pump and Dump type of brand.

Yeah.

Meanwhile, the only crypto asset that is pumping, you call this chart, into the agenda is something called cards.

I've never thought about this, but it'd be interesting to go deep, deep dive in the Pokemon cards ecosystem and just understand how the central fiat issuers of Pokemon cards, how they like manage supply, like how they make sure that they don't print too many Pokemon cards or like what that because it's in a context.

I swear, seeing Pokemon cards go on a tear gives me some optimism for NFTs again, the rise of NFTs.

These are just NFTs.

These are just NFTs.

They're real world NFTs.

David, we've got more to talk about.

The EF is cutting back, but ETH Labs is stepping in.

What does this mean for Ethereum?