How do you distinguish between being early or simply being wrong?

I think things just look different than people projected.

You know, we had a certain intelligence, artificial intelligence being created, and then people just thought, okay, at this rate of improvement, if I extrapolate two years, this is where we're going to be.

they wanna call it AGI, they wanna call it whatever they wanna call it.

I think what we've seen is that in some of these categories, yes, like it is just seeming to be, you can project the progress, but in some of them it's not, it really sort of stalls.

And so you get what they've started calling like a spiky intelligence where, you know, you get these spikes of like really high performance and then other things are lower.

So it's very uneven compared to ourselves because we're always just judging these things compared to what humans can do, which is maybe maybe a bit biased because we ourselves are very spiky, you know, like our own intelligence, if we compare it to other animals or, you know, other theoretical objective forms of intelligence, we're extremely good at some things.

You said FOMO,

And then they-- It was kind of hard to get people to join the two, I actually think.

Yeah.

You know, Grass has been a very interesting one.

We've been seeing the reaction to the investor call where they said, "You know, we were making, like, 50 million, um, cash," and the token sold off, like, a third.

Like, what kind of, you know, shitcoin goes down by a third, uh, in a single day on good news? And it kinda shows that the liquidity in crypto for altcoins is bad.

And, you know, we, we've talked to the founder a bunch.

Andre says, you know, i- in many ways, if he were an equity play, he would be valued, you know, at some very high multiple.

What, what do you do? You buy locked shares.

Give us your take, especially now seeing the market weaken a little bit on the MSDR side with stretch still holding up pretty strong.

I mean, I've never been an MSTR holder.

So in terms of why people buy that instead of Bitcoin, they're kind of betting on his alchemy to, I guess, compound Bitcoin per share, you know, these metrics that he's targeting.

Obviously, the most important thing is Bitcoin doesn't go to zero because then his whole balance sheet is worthless.

And then all the other products that he's kind of built up on the balance sheet also don't matter.

And the stock doesn't matter.

I think what he's done is sort of one, like get a huge amount of cash suddenly, which again, he's had to sell a lot of stock and I'm not one of the stockholders.

What is your positioning with the trenches?

Give us your take, uh, especially now seeing the market weaken a little bit on the MSTR side with Stretch still holding up pretty strong.

I mean, uh, I've, I've never been an MSTR holder, so in terms of why people buy that instead of Bitcoin, they're kind of betting on his alchemy to, I guess, compound the Bitcoin per share, you know, these metrics that he's targeting.

Obviously, the most important thing is Bitcoin doesn't go to zero because then his whole balance sheet is worthless, and then all the other products that he's kind of built up on the balance sheet also don't matter, and the stock doesn't matter.

I think what he's done is sort of, one, like get a huge amount of cash suddenly, which again, he's had to sell a lot of stock and I'm not one of the stockholders, so, you know, I don't...

I guess that that's what those guys signed up for, right? Like sometimes he has to dump on them in order to keep, keep the, the game going.

So that was quite a large amount.

The previous month, previous weeks, he was doing sort of three, four hundred.

Wait, what is your positioning with the, with the trenches?

You know, this is why I sort of was mentioning open source models, and maybe this is where Venn is kind of, there's some sort of renaissance of crypto and open source and what have you, and some AI kind of things, Ron.

Yeah.

Well, it's a, it's a very, it's a very valid framing.

I, I think, you know, first, like the Solana thing, I was always kind of maybe like the only person really warning that the Solana thing was not gonna last, because at the end of the day, it's not money.

They're not trying to make it a monetary instrument, and then when you-- And it's not a good monetary instrument, because it has unlocks, like for years.

Like it's, it's not-- doesn't have the things that you want as like a monetary instrument.

And when you take that out of the way, like is it, is it worth 250 billion based on a multiple of like, you know, fees burned? Like it, it doesn't really like make sense, and I think people have kind of started capitulating on that being on chain Nasdaq.

Go figure it out.