13. Is Crypto undervalued Now? NFT's Market Update + Customer Acquisition Strategies & Lessons

Will Ethereum flip Bitcoin? Like, will the market cap the value of Ethereum, flip Bitcoin? I personally don't think so. I think Ethereum's had, what, five, six, eight years to try and flip Bitcoin. Bitcoin is the biggest. Bitcoin was the first mover. It's also trying to take up, in my opinion, bigger market share. It's trying to be a digital gold. It's trying to be a new payments rail system for the global monetary system.

Welcome Back to episode 13 of the Ben and Berg show, where your favorite college dropout and MBA sit down and talk about web three, crypto, investing, life, food memes and whatever else comes to mind. Bergs, how are you doing?

I'm going good, man. So it's not a bad Monday. It's a bit rainy and miserable out here, but I'm in good spirits, mate. I'm loving it. Get to see you, get to do a podcast, mate. What could be better?

Bergs, how was your Father's Day yesterday, mate?

It was awesome. I got breakfast in bed, got some pancakes, absolutely brilliant. Tasted delicious. From, from my daughter. She's little, so I got a little card and my wife had to write in it what it was. And she's like, dad, you're the best dad. This is amazing. You look like Graham with your beard. It's like giving me crap. And I'm like, you're too young to be doing that. That is absolutely ridiculous. And then like, and then a couple of like, sentences just slightly sledging me. And I'm like, what the hell? And then she's like, but I love you. And I was like, okay, amazing. And it made me laugh, like first thing in the morning. It was great. I got like a few bits and bobs. One of the awesome things was at my daughter's school, they've got a little Father's Day table and you can go up there, it costs like a couple of bucks and you can choose something. And one of the parents made like a spice rub for barbecue. And I smelled it. I was like, this smells amazing. This smells like the, that I use. So I looked at like the little label and it was literally every ingredient that I use, like salt, pepper, garlic, cayenne pepper, paprika, all this stuff. I was like, oh, this is amazing. Like, saves me making it up so good. Got a whole bunch of other stuff. Got some scratchies as well. Oh. So, mate, I gotta tell you the scratchy story. So usually I don't win anything, right? I win nothing, absolutely nothing. I had like five scratchies. I'm onto the fifth one and it's got this thing with different locks. So there's six different locks and each of them has like five numbers on them. You scratch your numbers at the top and then you scratch the locks off. Okay, cool. Let's go, let's go. I'm going through and I got one lock, I got two locks, I got three locks. And eventually I got all six locks. And I was like, holy shit. And I saved like, say somewhat, trying to maximize the dopamine, right? So in the middle of them they got a little prize thing. And you scratch the prize and you find out what you win. So I'm like, oh, man, one of these is going to be 75 grand for sure. Oh, let's go, baby. Doing the big Europe holiday. All right, let's go. So I can scratch the first one, 5 bucks, second one 5 bucks, third one 5 bucks. All the way down, all of them were 5 bucks. I end up winning. 30 bucks is still really good. You could buy me some lunch, right? But I was like, oh, this is gonna be the big one for sure. I'm like, this in my head. I'm like, I'm going through scenarios. I'm like, this is a misprint ticket. It's definitely like, I've definitely got the one. This is what you see in the movies. I'm winning for sure.

Flights.

Oh, that's it, mate. That's it. And caught up with the in laws as well. That was really good. Had some afternoon tea there and just a really, really awesome Father's Day, mate. How about you? How was your weekend?

It was good, dude. I had the. I had a webinar. I had to do it 2am Friday night. So my, my body clock was all out of whack. I didn't get to bed like 4am Friday night.

You flew home on Friday as well, didn't you?

Yeah. And then stayed up. Smash smashed some V just to stay up. And then did the webinar. About 400 people tune in. So that was pretty cool.

That's huge.

Yeah. And then sort of hung out Saturday. Didn't do too much and had a nice Father's Day yesterday. Went out for a lunch with the fan, which was fun, amazing. But mate, today I wanted to. There's a few things we're chat about. So first of all, we're going to chat about crypto. A lot of money being raised. It hasn't been deployed yet. We'll talk about the mergers coming up. A couple of Charts as well. Bergson I getting some charts, a couple of different ratios, giving us some pretty good buy signals. And also development on bitcoin, which is going to be pretty interesting, I'm sure, about NFTs, where the NFT market's at, what you should be doing if you're first in NFTs or looking to buy some. Then at the end I'm going to go through a bit of a sales and acquisition strategies that we've been using and just some lessons learned. If you're running a business and want to acquire customers, I'm going to chat about that at the end, so that's awesome. Power Punch episode today. Burgs I want to start with though, mate. On the weekend. How good is the footy?

Holy, mate, amazing. So we went out to the pub and my mate got there like an hour early and he got a booth, right? I was like, oh, nice lad. What a lad. How rich do you feel when you sit in a booth? First of all, like, seriously, you feel like you, you know, top of the waza. So he's sitting there and he's like, oh, guys, come down. I'm like, man, you're there way too early. And he's like, now just come down early. And he's telling me, like, he's sitting there, he can't go to the bar, he can't go take a leak, he can't do anything because someone will take the table. So he's literally just camped there for an hour, which is absolutely hilarious. But then we get there, the footage just started and, oh, mate, it was at a, like an American place. They're having burgers, chicken wings, we're playing cards, watching the footy. What a cracking game. That was probably one of the best games I've ever seen, mate.

Dreadful. In the first half, it was like 40, 40 to nothing, basically. Doggies up. And then the second half, my goodness, I don't know, I didn't even think Frio played that well. Honestly, like, I think. I don't know what happened. The doggies, they just went to like.

Yeah, honestly, like, man. After the first quarter, everyone was ready to go home. Even when you're looking at the footy, the crowd was just ready to stab people. They're like, what is. It's like 42 to like 2. Yeah, it was ridiculous. The game was over, right? They need a mercy ruling. Footy. If they had one, they would have played it for sure. But then slowly but surely, they just started coming back and my mate had the craziest multi Where? I don't know. He. He was like 6 to 1 and he needed, like, Frio to win. Some guy to get 25 touches waters to score, like, two goals and another crazy thing that would just never happen. And by the end, we're like, ah, you idiot. Lost all your money, sucked in. We're just giving him crap. Like, first quarter, second quarter, third quarter, and the fourth quarter, he got it.

That's unbelievable.

Doggies didn't score a goal for nearly an hour.

Like, that's ridiculous. Okay, so for everyone out there, if you're not used to AFL, if you're 40 points in front, you're pretty much going to win.

Yeah.

Seven goals in front.

I was looking at the live betting. They were paying a dollar three at one stage. A dollar. Oh, three and Freo were 11.50.

Yeah. Another one of my mates, he went heavy on the doggies and he cashed out after the first quarter, luckily. Yeah, but it was just. It was one of those games where it's like, you come in, you know, you're all excited, you got your jug of beer, you got, like, your chicken wings. You're watching it. The pub was just full. Like, it was ridiculous. Like, it was like you had to, like, go through the crowd. Like, I've never seen a pub that packed for ages, mate, Ages. So the atmosphere was just crazy. I had a plane through the. Big speakers, big projectors, lots of TVs. It was absolutely going nuts. And we're just like you, screaming at the tv. But then, like, everyone just gets deflated more and more and more. Because we're all from Perth, we like to hate on the doggies. And, like, it's all over pretty much. We're just ready to go home, order some more food, play. We got bored, so we started playing cards on the table, like, watching it. And slowly but surely they were just coming back. We're like, oh, you know, a couple of goals are still gonna get flogged. Actually, they're only one goal away. Holy. They're in front now. They scored another one. It's like, now there's a turnover. They scored another one. Now they're two goals in front. It was just so good, man.

Dude, how good are finals footy?

Like, finals footy, amazing.

Like, Geelong, Collingwood was a cracker game. I've never seen a better game. That was on Saturday before. Before that.

Yeah.

Packed out MCG92,000, people. It was goal for goal. And then Thursday night, my Lions, I didn't see a bloody minute of it because we're over in Perth. There was 17 lead changes in the Brisbane Richmond game. That's like two points. I went home after our night at Perth Angels and I went home and I watched the last two minutes like six times just to watch Richmond lose because I hate Richmond.

The best part about this, so we were at an event. Ben was doing a talk, so we didn't see any of it. You know, we're on our work game and one of our mates, Josh, he's like a massive Richmond supporter and he was just. He was trying not to show up, but he was so defeated. It was so good. And we actually had a Lion supporter because no one likes the Lions, right? But we had Ben in the room and he's just like, yeah, it would have been so good, man.

So this Friday, I've just bought tickets to Brisbane Melbourne in the semi final at the gate. Knockout final.

You're flying up to the G?

No, no, it's. Sorry, McG.

Oh, okay.

Yeah. So. So I've got my TEDX talk on the Saturday. So my dad, my mom and me brought tickets. Three of us in the members at the MCG knockout final Friday night against Melbourne.

Unbelievable, mate. Unbelievable. How much are they? They cost you a fair penny, mate.

Well, you could get different tiers. I went tier one, so I think it was 92 bucks for a per ticket.

That's really cheap.

That's ridiculous. Yeah, it's not bad. We're in the M, so on the. On the bottom. Bottom level, sort of halfway back. So you get a good view of the. The game. Like just on the wings. You're gonna get a good view.

Oh, just being there made it be sick. Atmosphere. So atmosphere be mental.

Yeah, I reckon there'll be 80, 90, 000 there. I reckon maybe 70. Depends.

Brisbane, that's so good.

Last thing before we get into crypto. So.

Got upgraded today. Bergs on my frequent flyer because I've been flying around.

Here we go. Here's. Here's the story, mate. Here's the story. Come on. Come on with it.

So I usually fly Virgin. I like Virgin. Virgin's good. Get the lounge access, whatever. And they've got partner airlines. When I've been flying overseas, we usually book through Virgin because you get the points.

Yeah.

Got upgraded to the top tier this morning on Virgin. It's taken me about three or four years to get there. What is that here?

What does that give you, mate? What is platinum free?

Get this, right? I don't know how many. I think there's like a 44 or 5 free upgrades to business get fucked free.

I get platinum tier with the Hilton Hotels, platinum T on Eurocar. Free economy X. So the emergency aisle and then Virgin had the economy X. So like extra legroom, free upgrades. Get this right, if you want to get on a. If you want to get on a flight where they've booked out the economy, don't worry, mate, you're platinum. You just ring up and they'll book you on air booked out planes. I don't even know how that happens. I don't know if they kick people off or what the hell they do.

Probably, man, they'll kick someone like me off.

If you want to get on a plane. Oh, that's Bergslip. We're boot Bergs. Your platinum, mate. On you go. Unbelievable.

Unbelievable.

Yeah, so anyway, that's incredible. Yeah, it's good though. And then. Yeah, you get lounge. Anyway, it's pretty good version. Pretty good usually. So, I mean, shit, I've done some flying over the last. Jesus. Oh, yeah, bracket those points, mate. So anyway, want to mention that also? Quick, quick shout out to Carlton supporters. Jetty and I, Chris, Jad.

Oh, your best mate.

We're doing a talk on. On Friday, the Monash University. So we're doing a crypto talk, mate. They had to move us to the. The big stage. They've had to.

I saw, I saw this post in Slack about security. What's going on there? Mate, you don't need security. Geez, look at that head. That's enough to scare people off. Yeah, isn't it?

Yeah, yeah, it was. I said, Johnny, mate, that security's not for me, mate. That's for. That's for you. But it's gonna be good. So we got a little panel. They've had to move us the main, the main stage because there's that many. How many folks so attending.

So. So for those that don't know, Judy is Chris Judd, used to play for the Eagles and Carlton. He's like a big, big personality. Like basically, if you're in Australia and if you're an AFL player, you're a legend. Everyone knows you. Everyone will say hi to you, everyone will like you, kind of respect you, that kind of stuff. Unbelievable. You're on a stage with this guy.

Yeah. So Jetty's a big investor now, I think. He runs a fund big into your stocks. You know, NASDAQ listed companies into crypto. He's in a property then he owns a few horses. Well, he's probably in the investor game.

I've seen a Lot of people? Well, not actually, not a lot, a small percentage, but there's a pathway. Now when you're kind of on the tail end of your AFL career for some reason, you start studying something like business or you get into crypto or finance and you know, for the last couple of years you'll be studying something like your mba where, you know, Pav's done it, Brad's done it. A few other people as well. I know a few of the Eagles and Dockers saw them when I was studying as well. And then they go into, you know, media or they'll go into finance. It's, it's. Or consulting is another one. That's huge.

We think these guys, they get paid big dollars to play in afl. Like, you know, some of the top players are on, you know, million 1.5 a year, so probably coming out with liquid cash. You know, I don't know, 3 to 10 million in cash. And they're, they're businesses, they're brands, they've got social media, they're, they talk in front of the camera. You know, they're known people. Right. So like it's a natural pathway. I think when you've got cash, you already know what you're doing. You've run your own businesses yourself as a player, brand deals, sponsorships, da da da. You know, Jenny probably does commentating, I don't know. Like there's, there's a lot of different.

Avenues there and, and this is the other thing, like a couple of hours from the, the UWA, NBA, they went on to work for Bain and McKinsey. And could you imagine you're going to a top consulting group, right? They charge an absolute, Was it like the top, top tier and like the second tier, they'll charge over double for sure. Right. And could you imagine like an AFL player rocks up that's actually skilled in the thing that you want and that brand presence that you're bringing to that know, 10 or 50 million dollar engagement. Unbelievable.

100.

Yeah. Such a good pathway that.

Follow me. Definitely, totally agree. But that's a good, that's a good segue into crypto. So we had an event on Friday, last night, Thursday, Thursday last week in Perth, it was the Perth Angels event. So there was a bunch of angel investors, web3 investors, a lot of non crypto investors as well. And we did a presentation on crypto and the portfolio structure and it was a good night. Like there was a lot of newbies into crypto and we're looking at like what the opportunities are. There was A big discussion around the ETH merge that's coming up. So we're less a couple of weeks away from the east merge, the dangers, opportunities. So.

And I gotta say, mate, your, your talk, I was like, so I rock up, right? And you know, it's a work thing, so, you know, I dress up nicely. Ben's there wearing his like bum clothes as he usually does. I'm there, got a nice suit, jacket. He comes up, starts harassing me straight away. Anyway, Ben's up first and he does his talk and I gotta say, mate, it was epic. It was, it was the talk of the night. It was really good. It was so structured. Loved your stories, loved your graphs and how you talked up bitcoin and eth not, you know, shilling stupid projects or anything like that and really gave people a simple understanding. And your analogies were great. Well done, man. Like, I had a lot of comments afterwards on that, even one of my mates. So one of my mates attended. He's never bought crypto in his life and over the weekend he was messaging me about how to buy crypto and bought his first crypto.

Nice. That's what we're here to do. I love that. So that's one of the biggest mistakes beginners make when in the beginning of the crypto they chase the old coins, they chase the hype, the mates telling them the work to buy this random old coin. They buy it and then within weeks it goes down. Structuring your portfolio as a beginner, I think should compose a Bitcoin and Ethereum. I think it should be about 70% Bitcoin, 30% Ethereum and learn about what money is. Because money, once you understand it, is what gives bitcoin so much value. Because bitcoin is hard money, it's limited supply, it's deflationary and it's really going to, I believe, take over, you know, most currencies and the store of wealth down the track. So start out with Bitcoin, Ethereum, don't get into the weeds of trading old coins and FTs too early. Start at the top and work the way down.

Absolutely. And go to a reputable exchange, something like Coinbase. Something's been around for a while. Start off there and eventually get to your hardware wallet and self custody and make sure you know all the risks and everything around that. Jump on the Collector Shift website. It's all free, you can learn it all there. But definitely btce, that's the way to go. That's that perfect starting portfolio with Ethereum Bergs.

I Still haven't listened to Checkmates. Bearish analysis. It's on my list to listen to. But you know, there's a big discussion last week around what's going to happen around the merge. You know, there's a lot of unknowns, there's a bearish case, there's a lot of bullish cases. What sort of, what's your take on the merge? Are you selling your eth? Are you keeping it? Are you just holding on? What are you doing?

Nah, I'm bullish af mate. Love it. So, and this is the thing, we had a huge discussion last Thursday night. We had a OG member then he was talking about this guy called Checkmate who's a Descent legend and he was talking about what it boils down to. There's a lot of known unknowns with Ethereum they're going to do all this stuff. We don't know how it's going to shake out. We don't know if there's going to be censorship or centralization where they start canceling transactions or censoring them. And also they're taking away a proof of work algorithm and moving it to proof of stake. And proof of work was what gave Ethereum and an edge. Right? Like it gave it a lot of kind of. It was a really high quality thing to have. Right. Like Bitcoin's the most, you know, ignorant thing on the planet as your proof of work algorithm and we do that because it's more trustless and you're not sacrificing, you know, censorship or centralization or anything like that because there's so many nodes in the network taking that away. Going to proof of stake, what that means is you'll use less energy. The people that stake their eth will then be rewarded and there's all like rules and everything around that, but within that we don't know how that's going to play out. So for me personally I am super bullish and long eth. So for me I'm not going to sell my ETH and then wait to see what happens and if it goes up quickly buyer, if it doesn't buy more, I'm holding it long term. I'm holding that my eighth for like over 10 years, mate. Like it's just flat out that's I'm not selling, I'm never selling. I don't think I've ever sold any eth. Yeah, I'm just gonna going to stack it and just keep dollar cost averaging over time. If there is a significant downtrend I will be buying. And for me, all of these things, even though they're known unknowns, we don't know how they're going to shake out. If you look at the bigger picture and who's invested in this, how much wealth is locked up in eighth and also how much innovation is happening, how many things have been built on it, how hard it is to swap chains and do cross chain things. I don't think all of that is just magically going to go away because a small, well, it is a large aspect is changing. I think it will become a new thing and I think it's moving more towards what the market actually wants, what the early majority wants. What are your thoughts around it, mate?

Great point. Well, look, I'm not going to claim to be an expert about all the ins and outs, the micro details of what's going to happen with the merge and there's obviously a lot of risks around it. But the way I look at it is every crypto asset that is valuable solves a problem at a core. They're like businesses in every crypto project that has value should solve a problem. And to do that, to build a crypto project, to build any business is super bloody risky. And what Ethereum are trying to do, what Bitcoin is trying to do, what most crypto assets are trying to do, is try and do something that's never been done before. So there's risks with everything. And obviously there's a lot of discussion around decentralization versus centralization and at a core cryptocurrencies around that decentralization aspect. But like any technology, when new and starting out, there's always going to be people involved. Well, not necessarily Bitcoin, but you know, Ethereum, for example, they're trying to build the platform, the app store of the Web3World. They're trying to make it scalable, they're trying to build a platform that businesses can build on top of and they believe that proof of stake is going to be much, much better platform blockchain to empower businesses to build on top of Ethereum. So I'm all for it. I'm not selling my Ethereum super bullish long term, even if there's complications in the short term, like we've got the smartest minds, some massive, massive amount of capital invested into Ethereum to make sure it works. I'm, you know, long and bullish Ethereum as always.

And we got asked, well you got asked a really interesting question, I think it was to the panel and I'll ask it to you now and it boiled down to Ben, long term, Bitcoin or eth, is the flipping happening?

Yeah, it's a good question. So the question was, yeah, the flipping. For those people that don't know, will Ethereum flip bitcoin like with the, the market cap, the value of Ethereum, flip Bitcoin? I personally don't think so. I think Ethereum's had what, five, six, eight years to try and flip Bitcoin. Bitcoin is the biggest. Bitcoin was the first mover. It's also trying to take up, in my opinion, a bigger market share. It's trying to be a digital gold, trying to be a new payments rail system for the global monetary system. Bitcoins opportunity for me is a lot bigger as that monetary system versus the Ethereum platform space. But again, Ethereum goes up, Bitcoin tends to go up. If Bitcoin goes up, it pulls Ethereum up. These sort of leads one and two and for me I just think that bitcoin has a bigger opportunity. I don't think the flipping will happen. I think they're both going to be massively valuable in the future. But I'm not betting on Ethereum to overtake Bitcoin.

Yeah, I'm of the same mind as well where I think bitcoin has a long way to go and the comparison is with gold where it's like what, $11 trillion? Bitcoin's under a trillion. You know, just to have that store of value with gold and then if you think about everything else you can do on top of bitcoin, that's going to be huge. So I'm more bullish on bitcoin than I am on eth, although I'm ultra bullish on both. Right. And I think, I don't think bitcoin will flip 8th but I think if you add up eth any or on the Ethereum chain and then you add up all the things that are built on top of it, like all the stable coins, all the value that's locked in there that's already bigger than bitcoin. Bitcoin, that's huge. Right. And I think that will start to grow. But I don't think Ethereum itself or ETH will flip Bitcoin.

And just look at the. I hate the saying we're so early, but if you look at I, I actually thought the bitcoin market cap was a lot bigger than where it is right now when I was checking this point. It's only US$350 billion. It's only half a, half a trillion Australian dollar market cap gold Market cap. Physical gold has a 10 trillion dollar USD market cap. That's a 20x more nearly a 25 or 30x from here just to get to where digital physical gold is. That is insane.

Yeah.

The opportunity here for Bitcoin is not just physical gold. It's a currency, it's a payment rail system, it's a payment network. It's, it's so much more than what physical gold can do. I can't pick up my hundred thousand dollars worth of gold and take it on the airport or send it to my mate in Mexico or pay my employees or do, or pay my taxes in. You can't do any of that with physical gold. The opportunity here is massive.

Are you saying as well like we've got a couple of contractors and we pay them in Bitcoin because it's just easier instead of doing this T plus 2 plus 10% plus whatever. It's like no, here it is in five minutes. See you later.

Yeah, not even five seconds. You know.

That'S exactly right.

And you look at things like lightning and everything that's being built on top. You look at layer two on Ethereum as well. Like this space is just going to be so huge. And we get back to it where I think we're, we're more advanced and moving along, we're moving along. But then you're like we still haven't solved this, we still haven't sold that. And you still like we're so early. I remember saying in 2017, we're so early. Yeah, we still are. When you talk to the average person you realize, oh yeah, we've got a long way to go.

So many issues still in the crypto space like user experience. We speak on this on Friday night, Thursday night as well. User experience is still really bad in crypto. There's not a lot of investment being put into like the front end, you know. Decentralized exchanges for example is a topic. Yeah, they're great but they're a pain in the ass to use. And I think looking back in 10 years time we'll laugh at the technology that we're using today to interface into crypto projects. But one big piece of development bugs which I want to chat about is the, is the lightning network development and growth.

So I'm excited to hear this.

Hopefully you can see this.

It's loading up now.

Okay, so one of the coolest things in the development space right now, Bergs, which bitcoin have been working on is the capacity on the Lightning Network. So the people that don't know what the Lightning Network is, the Lightning Network is basically an extension to Bitcoin to allow more micro transactions to happen on the network. So if you think about Bitcoin as the rails as the train track, the Lightning Network is the train that sits on top of the rails. So it's able to move faster and quicker. And once those transactions are confirmed, that brings those transactions back to the Bitcoin blockchain and confirms them. So if we go to chart here, Bergs, if you can bring it up, what we've got here is the capacity. Oh no, this is the other one. Bergs, if you can bring up the Lightning Network one, it's basically showing the capacity of the amount of transactions that can happen on the Bitcoin Lightning Network. So here you can see the orange line is absolutely just taken off in recent times. And this is due to the development that's happening on that Lightning Network. So as a, as an analogy, if you think about the MasterCard or you know, Visa debit card, if you think about the amount of people that have those debit cards, you know, multi, millions of people, probably hundreds of millions, who knows and how many transactions that they would need to process at any one time, it'd be massive. Right? What the Lightning Network is trying to do is replicate the ability to compute that many transactions in a decentralized system. So that is. This is groundbreaking. It's never been done before. So the computational power required on this right now and the night, sorry on the Lightning Network is around four and a half thousand bitcoins at any one time, the amount of volume. So this is basically allowing again everyday usage of the Lightning Network to be able to be done on the Lightning Network. So as more and more people use it, they can actually use it. Because in previous bull markets when the Bitcoin network gets really, really busy, the transaction times become really really slow and it takes a long so. And it also costs you a lot in fees. So this is a really big development. Bugs, which I've forgotten see the Lightning Network being used more and more because I, when I went to Miami earlier this year, I have Bitcoin on my wallet or satoshi app and I was paying for things on the Lightning Network. It's super fast, super simple and it doesn't cost me fees. I don't have to transfer my Australian dollars to US dollars. It's all in Bitcoin. And I do foresee this being used more and more as time goes on.

It was instant. It was like pay pass. It was just so good. And if you think about it, if you meet up with someone, you're transferred in Bitcoin, you're waiting around for like minimum of kind of like 10 minutes for it to go through and be confirmed. You want to wait like, you know, a block or so so it's actually confirmed, whereas this will go straight through. And I love your train analogy. I heard, I heard another one which is really good. It's like a bar card. So if you go to a bar, put your credit card on the bar and you just get a bar card number 45, keep buying, buying, buying, you know, instant, instant. At the end of the night, you just do that one payment and you settle. And that's the equivalency of using the Lightning network. And they're settling on layer one chain.

I love that. Now, while we're also on bitcoin burks is the other chart you had there, which is called the MV RV ratio, which is what's called the market value to realize value ratio. So this is a really cool way of looking at the ratio between the market cap being MV and the realized cap being rv. So the market value, if you're going to look at the what how bitcoin is priced. The value of bitcoin, any one point in time is decided by the last traded value of a bitcoin. So if I send, you know, buy Bitcoin for $20,000 to Bergs, I'm the last person ever at any one point to buy Bitcoin. That's the price it gives you. The realized value, though, however, is basically the simple terms. The average value of the total owned bitcoins and what that value of that bitcoin is priced in at, which is different to the last trader. So it's like the last trader versus the average cost that everyone in the network uses. Now, the ratio here, historically, when it goes below $1, is historically an undervalued point in time to buy Bitcoin. So anything under one is considered below its realized or fair price and presents a potentially historic buying opportunity. And right now, if you look at this chart, this for the podcast listeners at home, basically, bitcoin has gone under this $1 price point for five times in its history and now is the fifth time. And every point in time it's gone below that $1 ratio point. It's proceeded with a bull market in the following sort of six to 12 months. So this is a really important point because I see bitcoin is undervalued right now. I think we're a great buying opportunity. It's great accumulation, period. And historically, it's followed by a bull market. So I'm really excited about this chart and more importantly, just excited about where Bitcoin is right now.

You can almost see the hardenings, like those peaks, like, just afterwards, and then the troughs when people get bored. And there's not a lot. A lot of innovation or price action 100%.

So I think it's a good time to accumulate. Obviously, this isn't. This isn't a, you know, blueprint to, you know, equally. We can't predict the future, but, you know, history does rhyme. And I think, yeah, it's a really good time to be buying up, like we've been saying on the channel for a little while now. So.

Love that. Love those charts.

The other thing in the crypto space, burks, it's been a shitload of money raised right, over the last rating months for Web3. I think we said there's been about $7 billion worth of money raised in Web3 funds alone. A lot of that hasn't been deployed. A lot of dry powder, A lot of. A lot of crypto just being held ready to invest. Matt, our head analyst, estimates here $7 billion of VC funds raised in 2021 that hasn't been deployed. Deployed yet. That's a shitload of money.

That's wild. Like, that can fund a lot of projects. Even the big ones, like moonbirds, like, they just raised 50 mil. It's crazy. On top of, you know, their original raise and then the royalties that they're getting as well from sales, that's a lot of capital that's going to flow into this space. And if you think about how big is the space, it's like under. Under a trillion.

Yeah, around a trillion.

Yeah. That's just so crazy. So it's like 7%.

No, it's like 0.7%. That's a lot of money.

Yeah, yeah. So if. Yeah, that's the thing. It's like, it's around. Yeah, about, like around 1% of the total value is, like, going to be invested, which is just. That's huge. That's a lot of money.

Like, and a lot of the. A lot of the best projects and companies are built in bear markets.

Right.

Because you only capitalize. You have to remain lean. You have to focus really hard on the product. So, you know, if you're looking to invest right now, it's a good time, I think.

Absolutely. And I think these Guys are just really particular about how and where they're going to invest. They're wary of the macro situation, so they have these huge pools of funds building up. But we are seeing a lot of quality companies getting funded, which is really exciting to see. So if you're out there and you're building something amazing, hit those people up.

One thing I try and think about as well when I'm investing in any market and one thing that I've learned along the way is there's two things things when looking at any crypto asset. One is the value, the price. So the value. And there's also the price. So the value of an asset doesn't necessarily dictate the price and the price doesn't necessarily dictate the value. You can have two separate things. So when we look back in November When Bitcoin hit 90,000 Australian dollars, the price went above the value. You know, the value of that asset, what it was actually doing, what I was doing to society, how it's helping people, wasn't valued at 90,000. So we had a sell off. Now I believe that bitcoin value is higher than $20,000. The price has gone underneath the value. And you look at any asset where it's property, stocks, whatever, if the price is underneath what you think is the value, that is a great buying opportunity and vice versa, if the price goes above the value that is delivering to society, that's a great time to sell. So it's a good way to look at, you know, differentiating value and price as an investing strategy.

Oh, I completely agree. And that's what you need to look at. Look at where things are undervalued. Can you see value and think long term where other people cannot? The. Yeah, you're right. The classic one is real estate and a lot of people do that. Like, can I buy in this area? Because I know in two years there's going to be a zoning change and then the area is going to be gentrified five years later. So I can buy that land, I can renovate, I can knock it down, build a couple of houses and then this property is worth a few hundred grand more. Those kind of things, like the, the future kind of utility and value, if you can see that ahead of the curve, you should be going for it.

You're laughing. One thing that we're looking potentially ahead of the curve of the moment, boys, is the NFT market, which is. Oh, mate, hit all time. Low volumes, I think.

Right.

The market volume's dead.

Yeah.

Are we. I mean I was, I'm not sure if you listen to the all in pod the other day, but they were basically, you know, throwing in the towel.

What's his face? The jcal JC is always bearish on crypto, you know, hates crypto. He was like throwing in the towel. He's asking Sacks, he's like, mate, is this all over? We wrapping it up? NFTs big bubble. What are your thoughts?

He's such a hype man. So I'd actually like to share some data from this. Let me go share that.

So here we go. Can you see that on your screen, man?

Yep.

Awesome. I feel like that's the catchphrase of like Covid, can you see my screen? Has that come like every time? There you go, make that a bit larger. There you go. So this is some NFT data and we'll put in the show notes where this is from because can't remember off the top of my head but if we have a look here, first of Feb was quite, quite peaky. And this is from OpenSea, this is from their contracts, from the eight main contracts. And look at this, you've got 55,000 daily users, volume was 216,105,000 transactions in February. And then if we look at our 30 day average, that's dropped to about half. The volumes come down significantly and so have the transactions. And if we go over here, we'll just see, look at that, the users. So if we go from, if we go from a peak, peak of 55,000 users, 216 million 105. So 55, 200, 100.

We're now down to about 10% of that. So if you think, just to be.

Clear, Burkes, Is this the OpenSea data, is this the amount of users on OpenSea or.

Yeah, so I think this is daily active users, daily volume and daily transactions. So if we think about this, OpenSea is like eBay of NFTs. So everything has just completely tanked. And it's a very interesting time where we're going. If I think back to even a year ago, up until February, discords were pumping. You had to be in there every day. It was like a fire hose of information, someone to have a mint. You didn't even care what it was, you were buying it, it was awesome. Everyone was happy, everyone was going to get rich, we're all going to make it. That was a catch cry of everyone, just like wag me central and now it's just dead in discords. It's basically a good morning and that's about it. Prices have come down significantly. A lot of them are down 80 to 90%. And this is the part where I get excited because if you look at those massive projects, if you look at Bored Ape Yacht Club or V Friends or mutants or moonbirds, even, even moonbirds. What's the moonbird price now, man? Do you know?

I think it was like 13 or 14 each floor. Let me check.

So 14 8th, about 30k Australian. So that's only a 3x from the mint price and it went up to 15x even higher from the mint price. So they've come down significantly. So if you believe in those kind of things long term and the price is down that much, it's down about 80% is something you should be considering if you're looking at that future value. Even I'm eyeing off a series 1v friends because it's come down so much. And the future utility that Gary has promised with things like, you know, tickets to Vcon and all the drops that he does and everything else that you can access the in person events, there's a lot of value there and it's something that you need to consider. And so yeah, NFTs have absolutely fallen off a cliff. But something interesting happened this weekend. So a friend of mine a couple of months ago, three, four months ago, she was trying to get into NFTs and I was like, yeah, cool, come over, you know, we'll set up your wallet, I'll help you out, we'll do all this stuff. She wanted to buy an NFT that was like 100 bucks and gas fees were like 3 or 400. It was just ridiculous at the time. So I'm like, okay, we'll do it at another time. Another time never came because gas fees were just, just stupid and your transaction would get stuck, you'd have to wait forever. And I'm like, look, it's not a good experience. You shouldn't be spending this amount of money just to buy this thing. Anyway, it was her birthday on the weekend and her husband ended up buying her a bunch of NFTs because transaction fees were like a couple of bucks. So now she's in the game and she's all excited, she's showing off on her phone, all this kind of stuff. So people that wanted to get in earlier and couldn't because the price action was too high and the transaction costs were too high now have a way to be able to do this, which is just really exciting for me. And even now, like yesterday was the first time I dust off my Hardware wallet in about four months. Like I haven't used it for four months. All I've been doing is buying and sending to my addresses. I haven't been doing lots of transactions but I was playing a play to earn game bridge world in Magic. It's a layer two kind of thing. I'm in a guild with a, with a bunch of guys. Oh my. Ericsson's in there, he's leading it up. And I had to do a transfer. I had to transfer some in the game mechanics have changed, they've released some new things. They're releasing like harvesters and new parts and it's this entire thing and the transactions are like a cent, a quarter of a cent on layer two. It is just amazing.

That's awesome.

And yes I dusted off through that in and then that's starting to pick up again which is really exciting.

Well it goes to show like you know those games and even you know. So just think about this trying to buy a hundred dollar NFT. It's going to cost you $400 a transaction. Yeah, but you go to the coffee shop and buying a $7 coffee and MasterCard charges you $35 like it's unusable. Ridiculous. So I think right now is a good time to start to dabble and that's why Ethereum is trying to go through those upgrades to make it much easier and cheaper.

Exactly. And you can just see I really like June analytics. So this is a great site. You can go on to, you can write your own code and it goes straight to all the contracts and give you the data. And this, this is just a really telling tale. So we've got kind of you know, October 2020 ramp up through this is in quarterly to May and just look at that start of the year. Oh sorry mid year then all the way up to last year, even the start of the year things were still pumping and now it's just fallen off a cliff again. It's actually quite a nice like little normal distribution there. And even in the last kind of from the 7th of June until now, so pretty much last quarter you can just see that massive downtrend where you're going from, you know.

Daily volume you're going from 1.5 million to like 20k. And this is just this part here.

I reckon this sort of volume burgs is like very representative as well of crypto exchanges. Like yeah, 100 volumes are probably down 80, 90%. Right. Like we, we spoke about this other week of crypto companies laying off more people. You Know, this space generally is in a bear market. I was on Oz Biz this morning, online TV show, and they sort of asked me around this. And I think the reality is we're still very correlated with equities. Stocks market, you know, the stock market had a huge sell off. And it's not just crypto that's going through a bear market. Like it's all macro factors. People have less money to spend, everything is costing more money. Retail investors generally are not interested in assets continually going down, nor do a lot of people have a lot of spare cash to invest right now either. So, you know, especially NFT flipping, right.

Your mortgage alone's gone up 2 to 400 bucks a month just in on the, on the cheaper side, right? Yeah, it's crazy. And yeah, all the money's dried up and crypto's gonna get hit harder. Cause if you think about on the risk curve, you've got things like, you know, relatively safe, where you've got cash, real estate, equities, derivatives, and then you've got crypto, then you've got NFTs. And just this last graph here is just really telling. So this is OpenSea fees. So it's the fees that OpenSea have and the seller fees as well. And that has absolutely just fallen off a cliff where you're pulling in, you know, over 300 mil a day to now, 1.5 mil. And you have to feed this massive company. So these are the things that crypto companies are going through at the moment.

Yeah, so for the listeners at home, yeah, OpenSea monthly fees, the amount of money that they've made. When you go back to January, February, in one day, it looks like. I'm not sure this is not a daily chart, but it looks like maybe a weekly chart or something.

Yeah, so sorry, it'd be monthly.

Yeah, monthly chart, yeah. Pulled in over $300 million and now it's close to 1 million. That is a pretty much close to 95% down. That is extraordinary.

It's insane. And to think about this, your. You have overseas notorious for like bad service, right? Like you send in a service ticket, you get it back like six years later. It was the same when Coinbase first started as well. So what they've done is they've got this thing, they've got product market fit, they were doing it for years and all of a sudden, bang, it just happened. And they have to scale up and they've got heaps and heaps of employees and now you're not raking in all that cash and hopefully they've got good fiscal management, a lot of working capital, because otherwise they're going to have to reduce their staff as well.

Well, it's where a lot of projects back in 2017 didn't manage their money well. They held a lot of their capital raised in Ethereum. Ethereum tanked, and they're sitting there with massive bills and no money.

That breaks my heart. So this is the thing we were talking about this last week, where people want to build a thing. They're in maybe sales or marketing, and you got a technical person as well. You build a thing, you raise a significant amount of capital, and then you get the oh moment, because you have to run a business and you've not run one before. You don't understand accounting, you don't understand finance, you don't understand working capital. And you saw like, one of the guys, old mate, that was bloody trading, they raised like 15 million. He's like, trading in and out of things, and you're like, no, you need to put that somewhere secure. Like, you need to lock that money in. Because think about it, you got 15 mil and you're like, great, I'll keep it in Ethereum. And theorem goes down 90%. You've now got 1.5 mil in your working capital. You are stuffed and you have to hold on for dear life. And you've raised all this money and people have these expectations on you. You've got this money, you need to deploy it, you need to deliver value, you need to deliver utility back to the people that are bought into this, and you're unable to do that.

That's a good segue bugs into the second half of our show where we want to talk about acquisition strategies and, you know, how the lessons learned from our company about acquisition strategies, because it's been a fairly new thing that I've sort of started to develop over the last 12 months with Aman, our chief growth officer, coming in, learning about the world of marketing, because marketing is massive. It's like crypto, right? It's. It's huge. And one thing we like talking about on the podcast is, you know, Web3 startups and crypto. So it's a good sort of integration for those listeners at home, whether you're running a business, starting a business, you're in marketing, whatever it might be. This is sort of our lessons learned along the journey. And I'm just really gonna map everything that's going on or everything you can think about in marketing, because there's so much berge you've Got brand, you've got marketing on sales, you've got online physical, then you've got going to your numbers, you've got you know, cost per leads, your conversion rates, CAC, LTVs. Then you've got your individual strategies like affiliates, SEO, YouTube, podcast, pre roll, post roll. There's a lot of different terminology and stuff going in that space.

So.

All the, all the VC metrics.

Mate, all the VC metrics. So our product is a B2C business to consumer product where we sell digital products and we're trying to sell it online. So you know there's two real things you got to think about when you're looking at acquiring customers is marketing and it's sales and they're not the same. Sales is very much more shorter term driven sales. So it's transactional, it's hey, I've got this pen burgs. It's, it's you know, going to retail for $2 but today I'm going to sell you, sell it to you for A$30. Do you want it? Yes or no? That's more sales. Marketing is about brand and building up a, you know, think about Nike or Adidas. They're the better world leaders, Coca Cola world leaders in brand because they build story, they build emotion, they build feelings behind the brand. So this isn't just a two dollar pan. This pen has been, you know, built handcrafted in the lakes of Tasmania.

It's, it represents freedom and prosperity and hope.

It allows you to document your life. It gives you a vision, a strategy. It gives you something that no pen could ever give you before. You know, and that out of all.

The pens, this is the pen you need that will solve all the problems in your life. Yeah. Do you, if you're not writing with this, with this pen, you are not living your best life. You are not working to your full potential.

That is marketing.

So good businesses really mix a bit of both. You know the best, the best businesses, the best companies in the world are very much great on brand. They spend billions and billions of dollars on building out their brand. You know, if you look at any Coca Cola ad, Coca Cola doesn't tell you the price of their cans of Coke on their ads. It's all about, you know, I think when I'm at Coca Cola it's like you're at a beach with friends at summer, you're cracking a can open, big party, big party. You know, it's, it's life changing, it's you know, euphoric, you're making friends, it's you know, Coke is about a, it's a dream, it's a lifestyle. It's not a two dollar can that you get the servo on you, you know, on the way home from work.

You know, it's the same with Starbucks, man. Like they offer coffee, but the experience you have when you go in, they know your name, the customizations. And then you walk around with this Starbucks with your pumpkin spice latte inside and you're all like hoity toity and you're like, it's just, it's a signal to everyone else that hey, I can afford this thing. I've experienced this thing. I'm a Starbucks customer 100%.

So like any business, you need to have a product to market. I think I'm a big believer having a good product. If you have a ship product that you sell, you know people aren't going to come back. And one of the best ways to sell your product is through word of mouth. So word of mouth is when I say, hey Berg, so I bought this pen the other day and my God, it has changed my life. You should definitely get this pen right? If I bought this pen and it was shit, I'm not going to talk to Bergs about it. In fact, I'm probably going to give a negative review.

That's it. It's like you ask anyone, why did I buy that? Because a friend recommended it. If there's 50 options out there, you're just going to call somebody. I don't have time to go through all these. What's a good one? Great, I'll get that.

And that's free Burges, isn't it? This pen business is not paying me to do that. I've just said that naturally because of how good of an experience I had. So if you can deliver a great experience, number one, that's going to really change the game. Word of mouth is really big for us and you can build on the top of word of Mouth an affiliate program. So a lot of crypto projects use this. I think Coinspot's been the winner of this. The $5 $10 referral system. Back in the day, if you refer a friend, you get $10 free of Bitcoin. They absolutely killed it. That's how they got most of us share back in the day. Affiliate programs is a great way to grow your brand naturally.

And this gets back to customer acquisition costs. So if the lifetime value of your customer is $50, you will likely be willing to spend up to $49 to acquire that customer. So if I offer you, and I think the $10 is really good. Where is $10 for you and $10 for the person that you refer? And they've worked out the lifetime value of the customer is obviously more than that $20 that they're willing to spend to attract that customer to their business.

So let's talk about that. So that's what we call VC metrics, or really, at a really simple level, what you pay to get a customer needs to be less than what you can get out of that customer. So the two real key metrics here is cac, or customer acquisition costs. The other side is your ltv or lifetime value value of a customer. So if I have this pen, how many times or how much did I pay for this pen? And do you think I'm going to come back and buy another pen at the end of the life cycle? So let's say this pen's worth $15, then my CAC, my cost of acquisition needs to be lower than $15. Because if I'm paying $30 to receive 15, you've got a broken system. If I'm paying $5 to get $15 back, you've got a great system. That's where you can really leverage it up and scale out your business. Business. So digital businesses are great like that. You can really track your CAC and LTV really simply. And there's a lot of different strategies to get that CAC and where you get those customers from.

And you see examples where, like the broken system, the broken business, that's Uber, right? Where for years and years they just raise more and more capital and they're deploying, they're offering you free rides, they're giving you free meals, they're giving you free everything because they want to capture the majority of the market. And what they've done is your lifetime value might be a hundred dollars, they're spending 200 bucks. So where do they get that money from? They go to VCs and they raise another round and another round and another round. And they were not profitable for a long time. I don't even know if they're profitable now. But what they were doing was trying to capture the entire market, absolutely dominate and then reduce those incentives and then, you know, raise their prices or whatever they're going to do as a path to profit. Profitability. Profitability. Once they're one of the market, the dominant market player. Yeah, and you see that a lot where people just pump more and more money in and it's crazy and crazy. You hire more people, you're spending more and the VCs need to keep feeding that in order for the game to stay alive, in order for you to IPO and exit and dump on retail. And then when you have to start do all your quarterlies, your earnings and everything, they see how bad the business actually is. Which is why when we see all these, you know, tech companies and they IPO within the next couple of years or they spac if they want to go on quickly, it's like an 80% downtrend.

Yeah.

Which is because now they scrutinized by the, by the market and they're not using VC metrics anymore, they're using traditional.

Metrics and it's important to differentiate that. That's, you know, some of the biggest companies in the world that are raising that money are looking really to own that market share and they're going for customer numbers above everything else. But for most businesses, you're looking to try and get profitability or cash flow. And you know, that's what we are. We're not heavily VC backed and not looking to do crazy things like that.

Yeah, you want to have a sustainable business. Yeah, that's what you want. Like any mom and pop store, like if you've got a hairdresser, you need to be making bank. If you're spending more than you're earning, that business closes. It's always really good to bootstrap. If you want to go really fast and you want to hyperscale and you need rocket fuel to get there. That rocket fuel is cash. That cash comes from rich people. Those rich people are vcs.

I like that. So one of the biggest strategies that we've used that works really great is about brand and that marketing aspect. So we put a lot of time and effort into podcasts, YouTube channels, social media, organic content. That's all about delivering value. It's all about delivering value to your customer and potential customers around the product that you're selling. So we had the Ben and Bergs podcast, Aman has the Alfalfa podcast. We've got the Collective Shift podcast. We've got the YouTube collective shift, YouTube. And then we've also got organic content and a bunch of other social media stuff we do as well, all about delivering value and we cut up those clips, books, we do the Bennett Burger stuff. And then we have a social media team that cuts up those clips because a lot of people like the shorts, A lot of people like, you know, YouTube shorts, tick tock reels, Instagram, Instagram reels like the shorts. Because it's faster and easier to consume. So after this video, we'll have our social media team that go up and click this content and they'll distribute that on the, on the other platforms to try and get that more reach and distribution. And TikTok right now is insane for distribution, you know? Yeah, some of the clips we do here will get 10 to 15,000 views. A little 30 second clip, which it's insane.

Literally Ben will show me because I'm not on TikTok yet and then he'll show me, he'd be like, bro, your clip has like 5,000 views in like a day. And it's just like my head talking about something. I'm like, how does this even work? And I even saw like one of Gary Vee shorts where he's like, everyone's just copying TikTok now, like their algo because that's where attention is, it's winning. That's the thing that you need to look at.

So the algorithms have changed from the old models. Where it used to be how many followers you had gave you a weightings on how much reach and distribution you got. But where TikTok has changed the game is it's weighted by interests and engagement. It doesn't matter how many followers you have. If you have a cracking video that people love and will watch, it will distribute it out no matter how many followers you have, which is really distributing and balancing out the ability to get engagement and reach based on the quality of your content, not based on how many followers you have, which has changed the game completely.

That is so good. And I really like it when it's, what do people like me like? Because I probably like the same thing. And you see this on Amazon, like people have bought this, have also bought that. And then when it's based on interest, it's so much better than just the big dogs that, you know, pump out the, the same old stuff all the time. Getting into those channels. And I've noticed this a few of the other algorithms has changed as well. Even Twitter slightly as well, getting random people that have like eight followers but the contents bang on for what I would engage with.

Yeah, it's better experience. Yeah, yeah, that's the Brett.

And then also we do a lot of offline stuff that doesn't scale. And everyone will tell you, you know, you need to scale, you need to have leverage, you need to have this, but you also need to do the offline things as well. And this is Ben, you going to meet ups or you flying somewhere and doing a talk or picking up the phone and talking to someone or you know, a customer or whatever it may be. Those things are really high touch and high value interactions and you don't get the scale of heaps of people but you do get a really deep interaction with someone and they're more likely to take action from that. And the classic example is my mate that's never bought crypto in his life, took your exact words, took his money, bought BTC and eth, didn't buy any shitcoins and now he's set.

Yeah, and probably a long time follower now that we're adding value and yeah, 100%. So that's all good marketing and strategies should be mixed with some sales as well. So we have a sales strategy where we're basically built out funnels and we create different value products where people can buy and basically upsell based on how excited and how engaged and how much they want. So at the top we might have a low tier offer where it might be like 5 or $7 where we offer something of value, they sign up to that and then we have different upsells where they can get more value based on how much they're interested. So you know, the other night we did a webinar and then we were able to sell our top tier product where we, let's say there's a thousand people or 100 people to sign up. You then you get probably around 50% conversion into the, the, the upsell and then you probably have about a 10% upsell into one of our, you know, memberships for example. So it's all about creating value offers and giving people because people are at different levels, they might be just interested in the lower product, they just want to get started and then they might be really interested, want to get going straight away. So you give them all those options and that's been a really good, good.

Sales strategy for us and it's brilliant. This is how you find customers on the Internet. So with us as a company we had three tiers, 25, 99, 199amonth. But we're still building our brand. We don't have that brand presence and power for people to just sign up and just go in there like we're not Apple or something like that. Right. So what do we do? We run ads, we run webinars and we have lower tier products so people can come in. Look, we know we're amazing, our customers tell us we're amazing. We just need more customers. But in order to build that we will offer those Lower tier products, those cheaper products, so people can get in, they can have a little taste. It's not a recurring monthly payment. They can see it. If they like it, then they can step up and they can become a member. It's just a beautiful way to find customers on the Internet.

So there's a lot to do with marketing. We probably have a whole episode on it. But that's. So some of the lessons that we've learned also to be careful. One of the, one of the things that we learned pretty early on, especially when it comes to influencer marketing, is that there is a lot of crap out there. A lot of YouTubers will actually pay for their followers. So you look and go on their YouTube channel, they might have a hundred thousand followers and get 10 to 15,000 views on an episode. But if you actually look closely, you can plug in some of their data into like a website called Social Blade. And Social Blade is where you can analyze historical, historical data of any YouTube channel, Twitter, whatever it might be. And you can see the spikes when they got in followers or engagement. And some of these YouTube channels, actually a lot of YouTube channels buy their followers. So you see no engagement. And then one day they just add like a hundred thousand followers in a day, which is obviously not right. And then what they do is they buy views, they buy bots to comment, and it's all a big facade. They look like they're actually a highly engaged YouTube channel, but the reality is the only person that watches it is their mom at home. And they've got no one following it. And they show they're charging 5 to $15,000 for an advertisement. And it's all a facade. So please, please be careful. When I did this, Honestly, no joke, 50 to 55% of the people I was looking at, about half were fake. Yeah, it's actually quite difficult to follow. So drop any link before you buy any advertising on influences or podcasts. Whack their link into Social Blade and have a look at that data. You need to do your own research before following.

Some of these guys, definitely. And the majority of them, like, we get approached all the time. People want to pay us to review their project or their coins. And a lot of YouTubers take this on and they will do it because it's how they get paid. It's the model that they have. Our brand is built on trust. Like Ben and I say buy Bitcoin and Ethereum. We get nothing from that, from telling you to do that. There's no Mr. Bitcoin or Mr. Ethereum that's going to pay us for doing that. You know, these are decentralized blockchains, decentralized coins. But we do that because we want to educate people. We want to bring people into crypto. We want you to have a good experience. And then when we do our research and analysis, we have bullish and bearish cases in a video and a write up where you can read it. And then that's like your starting point. And now you're quite knowledgeable on it. You can then go and make a decision elsewhere. We're not like, here's the buy button next to it. You have to get this, you have to do that and sign up and I'll give you 10% off. Get in early and do all these things, all this crap that you see on YouTube. And when you're looking at these, you know, because it's very hard when you're first starting, if you're looking at a YouTube channel, just think in your mind, how is this person incentivized? And incentivize their. Take away their incentives and then you will get their motive for why they're doing something. So if they're talking big on a project and the things aren't really adding up, you're like, this person's probably paid. Look for the little sponsored content in the corner and see why they're actually doing this and recommending it to people on the Internet.

Yeah, I love it. Burks, mate, that's been good as well. Really good. Deep dive in the strategies. Let's head into middle of the week. Man or me world. Is that you want to meme or still me, man.

Let's pick it up. Let's do a meme. All right.

So this is an older mate. Older me, but mate, he's come back. He's come back.

What a classic.

So good, so good. All right.

Here we go, mate. You know who this is?

Yeah. What's his face?

So this is, this is Hezbollah Megamedov. Right? So he, this guy is an absolute menace. So he's been running around Australia, punched Shaq in the face, even following for the like the last sort of three or four months, even the last six months. He's, he's a menace. He just goes around, he just punches people. He just puts like, tries to get into fights. And he's just, he's an absolute legend. 19 years old. He's just, he's, he's been, he was on the Kyle Jackie O Show. Anyway, let's get into the meme. So Hezbollah is sitting on A plane. He's got his mask on and he's just got tons and tons of cash. And the caption is, said I had a disability. Yeah, disability to get this bread. And man, it is so good. He's such a menace. Like if you go to follow me on Twitter and also follow Hezbollah Hive, it's, it's amazing. It is such a crack up. This guy's life is amazing. Hangs out with all the MMA people, gets up to wild stuff. He's in crazy cars. He's just, just does not give a. He's so small, he's like maybe two feet tall, but mate, he gets amongst it. And mate, mate, I've got a second meme of the week for you.

Oh, good too.

He's back, mate. Look at this. Pete Davidson holding Melania's hand. And the caption is, two weeks after Trump goes to jail, mate, he's working his way up that Illuminati ladder, going right to the top. He's going to find our baby.

So good, so good. Couldn't stop laughing at this one. This is going to continue forever. I love it, man.

And just so the listeners at home know, I met some of Burgs mates the other day in Perth and they were telling me before he worked at Collective Shift, basically his full time job was posting memes all over Facebook. He'd be posting like 20 to 40 a week, mate.

It's how it got by.

Oh, classic. Meal of the week burgers go first.

Yeah, you go, mate.

Okay, so meal of the week bergs this week, believe it or not, I have a chicken burger now.

Look at that.

You have seen the chicken burger because you took me to this burger place in Perth last week and oh my goodness, this was unbelievable. First of all, the bun, the bun was soft, it wasn't like greasy, it was fresh. We had the fried chicken also. Don't know how they did it. They deep fried it. But again wasn't like filthy oily, it was like a clean chicken burger. I went the upgrade, I had bacon and cheese which I paid for afterwards. But during the time we had the coleslaw on the top, we had this wicked aioli, mayonnaise and man, the cheese.

Look at that cheese.

Just a piece of cheddar, like, like thin, cold, not like melting. It was just like beautiful. We had to skewer down the guts. We had potato jams to accompany it and wings. Oh, and wings. And a nice fresh glass of coke.

Oh, and, and what happened was because Ben, he's a bit of a potato. So what he did was he booked the podcast from 12 till 2 peak lunch hours. Right. So I don't have time to eat beforehand. It's like 12 to 2 then we've got to upload all the stuff. So it's about bloody three o' clock by the time we got to this place and I'm ravenous. We're doing the podcast, stomachs are just rumbling. So we get in there and we're so hungry. It's like when you go to the shops hungry and you buy all this dumb. So like, right, we'll have the burgers, we'll have wings, we'll have potato jams. Oh, mate, we're paying for it afterwards.

This is great though.

What would you give this out of 10?

What's been my high so far? Was it the Launceston airport? That's been.

Yeah, that's like a nine point something, man.

I think that's a 9.2 or 9.3.

Yeah.

But this is a 9.4.

Yeah, boy, this is.

It's probably the best chicken burger I've had. It was just. Although it paid for it afterwards, during the time. Just up. Yeah, it was top, top notch. What was the name of the place? Burgers in Perth?

Royales. Royales. I never miss. Amazing, mate. All right, let's go to my meal of the week, mate. Bang.

Chicken burger. Hell yeah. All right, so I got the Chicken Royale. So it's chicken, a little bit of slaw. I got extra slaw as well because it only came with a little bit. So it's like nice creamy kind of mayonnaise. Saw lots of crunch. You got the beautiful like tomato. The tomato was great because they seasoned it as well and the cheese actually tasted like proper cheese. It wasn't just like random melted yellow and they didn't even melt it over. It was just so delicious. The bun, it wasn't sweet or anything, but it was just, it was, it was thick. But you bite into it. You know when you bite into it just goes really thin and it's just moist and like. Yeah, man, you're right. Like they use chicken thigh and the way that they cook it, it's not too greasy, but it's so juicy and you can just smash this whole thing. Even the bottom of the bun is toasted on both sides so the things that come through it doesn't leak through the bun. And mate, I smashed this in about two minutes. It was all over my face. I didn't care. I got into it. I had like barbecue wings all over my hands. Because Ben can't handle hot wings because it's too hot. And then like I ate way too many potato gems with that like bacon like sauce. Oh my God, it was amazing. I was such a happy chappie after this. And I would give this a 9 out of 10, mate. It was that good. It was, it was amazing. I think. What would I do to give it a 10 out of 10? I would probably.

Like, to be honest, I'd add another piece of chicken in there.

It would be that good. And, and I've got, I've got another addition as well. So I had this, I had this yesterday. The photo is a bit dodgy, but this is, this is a beer and it's a good beer. So yeah, it's like fancy glass, like. And look, okay, first of all, it's a bit, it's a bit out of focus but you know, look at the color on that. This is, this is a golden ale. Look at the color on it, that deep richness. And just look at the head on it. Unbelievable. And even more importantly, this is a homebrew. Ben. This is not a bought beer. This is a home brew by my father in law. So he's been home brewing for like 20 years and probably just, you know, the Cooper's cans, that kind of stuff. Probably about five or six years ago I got into all grain brewing. So basically you brew like a proper brewery would brew. And you know, you get the grain, you do a mash and then you know, you, you do a boil, you add hops, you chill it, you ferment it and then you bottle it or you keg it. And he came over one day and I taught him how to do it. And mate, his beers are off the hook. So this is a Smurto's golden ale. So it's got like. Okay, first of all, just look at, look at the head on that thing. It's unbelievable. You take a sip and man, you just taste this absolute maltiness from the grain that is used. And like this is, this is like, like a Maris Otter grain. So this grain is so good. Like you know those like muesli bars that you eat and you get that sweet honey kind of taste. Like I literally had a, like a, like a bucket of grain. I'll go in and just eat it. So you get hit with that nice malt profile. Yeah, and then you just get like the sweetness of like the carapills and that gives it the head as well. And you've got Amarillo hops which are just a little Bit of sharpness, a little bit of sweetness as well. And then you get the bitterness from it. And, mate, this just puts a smile on my face every single time. And he's like trying to offer me. He's like, you want a beer? I'm like, you're gonna homebrew? He's like, yeah. And he's like, I've got Peroni and stuff. He's like, just have that. And he's like. I'm like, no, I want your homebrew. It's cracking. It is just so, so good. And the type of beer. This is called an extra special bitter. We get shitty ones in Australia. If you ever go to the uk, have one where it's just refreshing, multi amazing. And it just hits all the beer sensors, mate, this. This is a nine and a half out of ten.

Wow.

To take this to a ten, he needed to cold crash it after he fermented it. So everything drops out and it goes nice and clear and you get that clarity and add a bit more dry hop. That would have been a 10 out of 10. Because the thing is with homebrew all grain beers, they will, if you know your. They will always taste better than any brewery you go to. And the reason for that is if I'm making a batch of like 20 or so liters, I can add like 50 more hops if I want. A brewery can't do that. Or they can't add super fancy grain because they're working to a specific thing where they have to charge a certain amount. They've got heaps of overheads. Yeah. And, mate, this thing just put a smile on my dial. I had a good. It went over there for Father's Day and this just. This made me a happy chappy lady. We can.

Mate, sounds like a good frothy moment to try one.

Oh, mate, it was so good. I'll grab a couple of bottles, bring you over to Melbourne.

Yeah, yeah, bring it over. November.

So good.

Right. We might have to skip the books we're reading. Let's do that next week, Bugs, if you want. All right, man, we're going over time. Do you want to just fly through Gratitude and kindness of the week?

Yeah. All right, so I'll kick off with a gratitude. This is just. I'm grateful for my friends and family. So I'm grateful that on the weekend I went to my mum's place, just chilled out with her, had some good food, took my daughter along. I had to do a fucking retic. Okay, so here's the story. So she's got retic and she had some people in doing a garden and basically one of those black poly pipe and they just cut it. So all you do is you get like a little connector, put it in, two hose clamps, done. So what do I do? I go in there and I cut it to the right of where it is. And then as soon as I've done, I'm like, what the fuck did I do that I should just cut exactly where it was and connect it. So I had to go around, find some more poly pipe and then it turned a five minute job into like a 45 minute job with where I had to have like multiple joins, all this kind of stuff. But anyway, got it done. But I'm thankful for that. Thankful like just to both my in laws are still around. I can go and chill with them, you know, have a beer with my father in law. He's an awesome dude. Just have some nice food, talk about stuff. And I'm thankful for my friends as well, that I have friends that I can go and see and all friends I can call up and say, hey, come to this crypto event that we did and they rock up, we have a good time, we give each other shit, we support each other and then call my mates up. We could just go to the pub and we can have a meal, have a few frothies and it's just awesome, mate. It's just good to have good people in your life and I'm very thankful for that because not everyone has that.

Yeah, that's awesome, man. Now your mates are cool. I. It's nice to meet another week.

My sort of gratitude for the week, for the first time in a long time, it was Father's Day yesterday. We had a family. I'm back home for the four or five days. Back home with the famous. We had a family dinner last night. Around the dinner table we had chicken and veggies and it was just a throwback to when we all used to live together in the room. We haven't had like a family in for so long and it was just barely laughs like we had. There's this absolute cracking night. Just so funny. Everyone was just, you know, back. It's just good to be with the fam and very thankful for that. We had a nice family day yesterday, Father's Day. Went out for lunch and just grateful to be in crypto. Grateful to, you know, run a business. I was able to pay, you know, just to pay for breakfast or lunch for the family, you know, whether it be 2 or 300 bucks, whatever. Just throwing the card. It's just nice to be in that position financially where you can just pay for something and you don't have to worry too much. So that was nice. I'm very thankful and grateful that so, so good.

And I've got a kindness as well. So this was not me doing it. Someone else was done to me. So this was for Father's Day, so. Got treated like an absolute king by, like, the family. It was amazing. It was just. It was brilliant, man. It was. It was like the one day of the year as like a dad where you're like, yeah, I'm king. You just feel really, really good. Like anything you want, you can do anything. And it's just. It was great. And I got some good feedback as well. So this is from a mate of mine, this is Joe. And in the last pod, I was saying the kindness how one of my dad's old friends called me and I was like mid workout and I'm like, oh, you know, I wanted to get off the phone. I've got to get back to this. And they're like, why am I thinking like this? I'll just talk to her. And the end result was I had an awesome conversation with her. It would have meant the world to her. When I'm old, I hope that someone would do that to me. And from Joe, he was like, oh, man, that really hit me. And this weekend he called up his grandma, had to talk to her and then he went out to see her and it was just. It's awesome to hear that kind of stuff where, you know, there's things that we don't always do. We know we should, but we put off and put off and put off until it's too late. Get to them now. Go and do a kindness for someone because it'll mean the world to them and it'll feed your soul as well.

I like that. Do something for someone else. Makes you happy.

Absolutely.

Feeling awesome, Wilbergs. Let's wrap it up there, listeners. If you're loving the podcast, send us in a question. We'd love to shout out some questions. I know we had someone comment on the YouTube channel Burgs, I think must have been one of your mates about your Barbecue on the YouTube. But loving all the feedback. Every time I come back to launces, I feel as I'll bump into someone that's now, you know, listening to the pod and Berg's had some great questions and feedback. So, yeah, if you've got any questions about crypto web3 marketing startups, whatever. Food, doesn't matter. Feel free to drop us a question.

Absolutely. At Babyback Berg and at Ben Simpsonau on Twitter and Ben, mate, you're in the newspaper again. You. What is this? This is so like, okay, this is a big. This is a big stitch up, mate. So he posts this in our slack. He's like, win got picked up by whatever is the bloody local Lonnie Times. And the first thing is like fate. Opening paragraph. Favorite son of circular head. I'm like, come on, turn it up, mate.

My dad comes home, he said, who are you paying off to be the favorite son of Circular Head? That's exactly so Circular Head. That's like Smithton Stanley. Areas like the top northwest coast of Tasmania. It's where I was born from. And dad's like, yeah, you're the.

That's exactly what we did as well. And then like the last paragraph is like for the amazing human being that he is. I was like, get. Who in the media writes like this? This is. It's like he's written it himself and gone, yeah, here you go, I'll pay you like a couple of hundred bucks. He puts in the paper for us, mate.

So Unbelievable. So it's one of my good mates Kurt. He's the journo down in. Down in Smith. I used to referee with him and dad saw him on the weekend because they were down the coast and saw Kurt and he's like, kurt, why are you riding? Love letters to my brother to my side of the paper. Mate, what are you doing?

So good, so good. I love it when your dad picks up psych. What a load of. Mate, I know this bloke, he's a bloke, never comes home, doesn't pay me rent.

So good. He sounds like a legend. I gotta meet him.

I'll show him a photo. Made a newspaper he doesn't even read. He's like, oh no.

So good, so good. That's so Australian. Just like cut him down straight away. Amazing.

Oh, classic Manaburgs. Good stuff. If you want to get into crypto at all, head over collective shift. We've got. Yeah. So being some really good write ups recently around the Ethereum merge. If you're keen on looking at that, you can sign up for in the insider tier. Dollar for seven days. You can cancel if you don't like it. But there's some great stuff in there from Checkmate. We've recently added a new technical analysis trader. We've got more macro stuff so we're giving you A full perspective. We're giving you our technicals, fundamentals, we're giving you sentiment in a really quick, fast way so you can get ahead of the market. We don't have to worry about spending all that time worrying about what's going on. We've got a personalized dashboard now. You can plug in the assets you own, you can have a good view of your portfolio, give you personalized updates. So much stuff to come. Burgers, it's.

I heard an absolute legend made that mate, that feature. He's. He's the sickest bloke.

Tim.

Actually.

Yeah, you're right. Tim is a sick bloke. He's awesome.

Yeah, that's amazing. And Ben's right. And this is the marketing thing as well where we had like free trials. We see people go in, have a look around and do nothing. Whereas if you pay a dollar, it's just only a dollar. But it's that commitment and the views that they had just went through the roof. Like people actually commit to pay that dollar and they'll spend a bit more time in there and have a look through what we've actually got and you can really decide whether it's for you or not. And if you go for that insider T, you'll get access to 99 of our stuff. It's absolutely everything.

Yeah, yeah. And you can get 50 off your first month by using the code in the description. Leave us a comment on YouTube or DM us on Twitter if you have any questions and we'll be back next week.

Bergs, I'm looking forward to it. It was so good to have you in Perth. We're back to a long distance relationship, Ben. So yeah, don't you cheat on that, mate. You've already cheated on me with Nova. What are you talking about? But in November, mate, we'll hire out a podcast studio and look, once, once the bull market hits, we're going to build a podcast studio. It's gonna be amazing.

Love it. Bye, Burgs. See you next week, man.

Catch you later, man. Thanks, folks.

See ya.