Aug 14, 2023

The developer behind bald (BALD), one of the most viral tokens in recent months, transferred around $12 million in ether (ETH) back to the Ethereum network.

Video transcript

Developer of meme Token Bald sent $12 million back to Ethereum. The Token reached an $80 million market cap earlier this month before plummeting 90%. This marks the first time more money was sent out of the base network. That's coin base layer two Blockchain. And that is according to Dune analytics will, I'm gonna toss this one off to you. What is going on here? Why is this significant? Oh, this is pretty significant for a few reasons. I think the biggest reason is because what's happening with coin based and SEC Coinbase is running a flat of what the SEC wants it to do, right? There's this ongoing litigation and while Bald and coin base is base L two is not part of that is just to speak to Coinbase whole strategy. They're interested in on boarding the next 1 million billion users of web three products and they're building it actively while paying for the legal costs for their entire uh dispute with the sec out of pocket with their exchange and they're willing to do that. I mean, I just as like a developer or someone who like pays attention to that space is applaud them for pushing forward that. But I think that's like the biggest reason I pay attention to this. Like, there is this whole stuff with the meme coin thing, right? Like it went up like 4 million% in a few days. That's a crazy, crazy number. But if you look at what they're actually trying to do, like the underpinnings of this from maybe uh more of like a philosophical idea that we should be able to make permission list systems and even businesses should be able to launch these things. Then that's really where like the bread and butter of the story is at Zach. One of the ball deploy is actually Brian Armstrong and he's just like walking the talk on permission list systems. He's like yo base is permission list. We can't do anything about it. And I'm gonna rug you guys just to show you that I am real when it comes to making a finance a thing. That would be true. Think about that though. Think about that though. I have not, I have no knowledge of that. That's actually the case. But yes, wrecking is a purity test. Huh? I mean, I mean this is like this is there. Yeah, there was a headline somewhere this morning. I forget where but it was like base is permission says coin base, right? And I think like that's gonna be the test, right? The proof is in the pudding when things go wrong that's when you really get to figure out if something is permission, right? If coin base is actually behind the scenes pulling levers and making sure people don't get rugged by the next bald deploy, then it's not really like a decentralized base layer on which people can build openly, right? So if they're saying that, hey, this is permission in the system, bad stuff like this is gonna happen. Uh That's gonna be like something that happens in unchain summer. If this indeed does find traction users, some bad actors are gonna be in there too. So yeah, interesting to see. Like I think they've walked the line it well and interestingly on, on this, right, their brand is associated with a permission list Blockchain at the moment. Uh And I don't think they've been taken to task too hard for what has been sort of allowed uh blow up even before the public launch was, was out there. So, yeah, who knows? I think, I think this. Yeah. No, I'm actually, I like um I was gonna say I like bald, but I like bass. And the reason why I like base is because they don't have a token. It is something that people can actually use and build upon and it kind of seems a little bit decentralized for me. Like I'm, I'm very much liking it. I think that it's really kind of fun that coin base took the initial crypto spirit um of the and all that. Someone said, hey, we're creating this. You can go ahead and do whatever the heck you want with it legally. We don't have a token we're safe on this end. We just created some codes, some tech you go do what you want. Have fun. So hopefully that keeps them safe from the predatory practices of the sec. So I absolutely love what they did. I think it's fun. I think it really harnesses the ethos of crypto and Bitcoin and true decentralization. And people should be able to build what they want to build with, they want to build it just as long as they're not infringing harm on anyone else. And in addition to that, people deserve to have access to their money. 24 73 65 it's a basic human, right? In 2023. So even though coin base isn't my favorite because they act like more like a corporation and they hold their heads super super high and kind of look down upon people um in the industry. But I do like what they've done with this. I think it's super awesome. Just a base fan club over here on the hash today. I think Zach, your point is really important. It's like another alleyway into Crypto university. And if you get rugged in one of these projects, you are paying tuition to Crypto University and learning along the way. I have a tweet to read here, which is all the more funny if you think that the person behind the is Brian Armstrong, which it is not. We are just playing along with a fun narrative for the rest of this segment. Um Bald tweeted recently. If you still decide to trade this token, you will probably lose all your money if you somehow haven't already. This is a meme coin. There is no road map but the fundamental value of this token is $0. There is no bald team. Uh That was part of a Twitter thread. I was about to call it a chain. Wow. A Twitter thread that was released earlier this month. And I think it's important, you know, when, when the base news launched, I think I said this is great for education. Coinbase is a trusted brand. Maybe it's going to bring people in to D I that previously were maybe only just using Coinbase as an exchange and this is an important lesson to learn. So be safe out there. People I had to make a, I had to make a comment on it really quickly. I love the fact that whoever tweeted that they let you know, hey, you're probably gonna lose all your money. Maybe it is Brian Armstrong. Who knows? It doesn't seem like a meme coin would really tweet something like that ever. In my experience. Generally you join the Telegram Degen Chats or Discord Chats and like the Dev has simply passed away. We've taken all your money and then, um, they'll come back and say, do you will, do you know who I'm talking to? I know. Well, I know that has happened. I know exactly what we're talking about but that has happened many times, right where it's like this program no longer exists, but we have all your money. Goodbye. And then we're gonna come back from life and once we come back from life, we're gonna give you your money. We're gonna give some of those funds back and then we're gonna reward a white hat for getting it. And then we're, but we're gonna use $50 million to pay for this um transplant, heart surgery or something. I don't know. But that is, that was the funniest moment in NFT history. I don't even know that. Sorry. Is that no, I mean, it makes no sense, right? It is, it is crazy. But this is the philosophical point that this person is trying to say this is what happens when you have a system that is designed for anyone to do what they want. And that's a great thing. But it comes with these personal responsibilities that people have to take upon themselves. Like don't be dumb, don't put your money in something that is just a meme coin that's totally inflated on hype and nothing else. It happens time and time again. But this is someone who's clearly trying to make a point and hats off to you

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