MARKET UPDATE: Alts Ripping, Economy Crushing, Scammers Scamming — What’s Next?

Avi Felman (0:00)

And so here I am, Jonah. I am about to raid the bank of the scammers. I am about to take everything from the scammers, and I'm gonna put on my party hat.

I'm gonna wear my party hat as I take every last dollar from the people that scammed us. And I'm gonna wear this thing on stream, and I'm gonna say, f*** you if you've scammed. F*** you if you've stolen money. F*** you if you've lied. Now we can talk about real shit.

Jonah (0:29)

Bravo, that was a good rant. That good rant, Avi.

Avi Felman (0:33)

Yeah, I wanna be clear, Jonah. That wasn't a rant. It was a f***ing promise. It's over for the scammers.

Oh my God.

Jonah (1:01)

Oh my f***ing God, Jonah.

Avi Felman (1:06)

I'm so glad you're here. I'm so glad you're here. I'm so glad you're here.

Jonah (1:10)

How are you doing, Avi?

Avi Felman (1:10)

That's actually all I have to say on what has happened in the last week.

Let's ride, let's break it down. It has been a total absurdity of the, basically since Saturday, I've been battling tremendous allegations, and it's just been so fun, and I'm not going to lie, and it's been one of these things that really lights a fire under your ass. I've been in this industry now for nine years as a professional, have managed a billion-dollar hedge fund. When I was at Blocktower, set up the crypto arm of this $70 billion hedge fund called Golden Tree, have basically made it my goal in life, to do crypto right, to do everything in a proper fashion.

And as part of that, I have basically sworn off trenching and meme coins and have told my audience that over and over that meme coins are a dangerous place. And I failed to heed my own advice in many ways. And I got involved with this asset called RuneScape Gold. Because I love RuneScape. And for the first time in a long time, crypto felt quite fun. I was part of a community. That was just the best. I mean, people were pumping out memes like crazy. Everyone was having a great time because price was going up. And as we all know... Is this GP?

Jonah (2:54)

The ticker is GP.

Avi Felman (2:54)

This is GP. The ticker is GP. And as everybody knows, when price goes up, it's very easy to be happy. But when price goes down, that's when the sharks and the snakes come out.

One thing that I didn't know enough about was the distribution of this thing. And turns out that there were people out there that held a lot more of it than I thought and had hidden it on side wallets and whatnot. And they tried to get me to promote their scams like cracker and all these other nonsense assets that drained liquidity out of GP. And I nuked them. I nuked the scam assets and I bought GP and made a lot of people very angry. And so then they sold all their GP and went on x.com and tried to tell people that I was this rugger and that I was destroying things and that I had stolen money. And candidly, Jonah, I have no desire to steal $250,000 from people when my equities portfolio goes up and down a million dollars a day.

Jonah (3:58)

Yeah.

Avi Felman (3:58)

And it's just been this quite fun adventure to realize just how people are struggling out there. I mean, I have empathy. If people are fighting for scraps, then everything feels existential. And you get people like Point Farm Cap coming out there and trying to pin things on me when in reality he was the scammer the whole time, as evidenced by the fact that he exited GP and I stayed in. The chain doesn't lie, Jonah. That's the beauty of crypto, is that you can't actually scam and get away with it because everyone can see everything. So I just suggest take a look at FOMO, take a look at the chain, take a look at who bought and who sold and you'll come to your conclusion there. But it was for a minute there, he had turned the tide against me. For a minute there, people that didn't know who I was, that didn't realize my reputation, that didn't realize that I've spent nine years of my life dedicated to this space and have never even taken, I've never even taken a paid Tweet. And I've been offered six figures sometimes to Tweet about things. Never even done that. The fact that people could think that I would rug this. In fact, all it's made me do is double down, bigger and better than ever. I mean, I do not ever endorse buying meme coins. So I'm not even gonna endorse that you buy GP. But if you want to ride, if you want to be part of a fun community, it is quite entertaining. And I'll show you one thing that I got, which is pretty fun. So I don't know if you've ever played RuneScape, but one of the iconic items in RuneScape is the party hat.