Latest / The Paul Barron Crypto Show / Elizabeth Warren Wants To Ban Polymarket ASAP!️🔥$UMA a 30X Token🚀

Transcript

Elizabeth Warren Wants To Ban Polymarket ASAP!️🔥$UMA a 30X Token🚀 · The Paul Barron Crypto Show

• 0:07
  Speaker 1: Senator Elizabeth Warren is back on the warpath against crypto
• 0:10
  Speaker 1: and she's going after one of the most coveted items,
• 0:13
  Speaker 1: and that is polymarket. I'll break it all down for
• 0:15
  Speaker 1: you today.
• 0:15
  Speaker 2: Don't miss it.
• 0:16
  Speaker 1: My name is Paul Baron. Welcome back in the tech path.
• 0:18
  Speaker 1: I do want to get started and thanking our sponsor
• 0:20
  Speaker 1: today that is mark X. If you guys want to
• 0:22
  Speaker 1: check out a couple of different options within marg x.
• 0:25
  Speaker 1: You can do this from anywhere in the world. It's
• 0:28
  Speaker 1: no KYC. You can do all your trading over there.
• 0:30
  Speaker 1: Copy trading, a tremendous amount of I think flexible tools.
• 0:35
  Speaker 1: One thing about mark X that I think you will like.
• 0:37
  Speaker 1: If you're a brand new trader, you can actually go
• 0:39
  Speaker 1: into this a little bit easier. They've got a lot
• 0:41
  Speaker 1: of tools that are for a trader that's a little
• 0:44
  Speaker 1: bit bad brand new. One thing that we are also
• 0:46
  Speaker 1: doing you get a hundred bucks in the deposit, but
• 0:48
  Speaker 1: also within the panel once you're in the console here,
• 0:52
  Speaker 1: if you go over to your wallet and you click
• 0:55
  Speaker 1: in this promo code. We put a promo code in
• 0:58
  Speaker 1: our description down below. Just put it and right there
• 1:00
  Speaker 1: that's where you're going to be able to get those
• 1:01
  Speaker 1: extra benefits by using our links down below, So check
• 1:06
  Speaker 1: out margxsco to marke x dot com and you can
• 1:08
  Speaker 1: get going over there. Let's talk about what's happening right
• 1:11
  Speaker 1: now with polymarket. Polymarket getting more website traffic than uniswap,
• 1:16
  Speaker 1: dox and the rest of DeFi combined. This tells you
• 1:20
  Speaker 1: one thing, and that is we're starting to see a
• 1:23
  Speaker 1: shift in a big way for polymarket, and I think
• 1:26
  Speaker 1: the use case of crypto in general, if you look
• 1:29
  Speaker 1: at just doing analytics, you can kind of see now
• 1:31
  Speaker 1: polymarket open interest closing in on one hundred million, so
• 1:35
  Speaker 1: pretty significant in terms of growth, and you can kind
• 1:38
  Speaker 1: of see the growth obviously right here. One of the reasons,
• 1:40
  Speaker 1: of course, has been the political landscape. We've seen this
• 1:43
  Speaker 1: in somewhat of the cycle of other things happening in crypto,
• 1:48
  Speaker 1: but primarily this has really been focused in on what's
• 1:51
  Speaker 1: going on within politics. Now, one thing that did happen
• 1:55
  Speaker 1: is this tweet right here. Let me kind of zoom
• 1:57
  Speaker 1: out and zoom in on this one prediction. Markets are
• 2:00
  Speaker 1: tool to basically evaluate truth and now you've got Center
• 2:04
  Speaker 1: Warren going after it. So polymarket is quoted by politicians
• 2:08
  Speaker 1: because they know it's important data. And this is kind
• 2:11
  Speaker 1: of interesting because, as you guys know, Tyt, this is
• 2:15
  Speaker 1: the Young Turks, one of the biggest i would say
• 2:17
  Speaker 1: left or moderate left channels out there. They're utilizing it
• 2:20
  Speaker 1: a lot more because of the kind of tools that
• 2:22
  Speaker 1: this prediction market has been able to do. All right,
• 2:25
  Speaker 1: So here's the letter of course to the CFTC where
• 2:28
  Speaker 1: Warren is going after all prediction markets. And this is
• 2:31
  Speaker 1: a big deal because they're pressuring to get this moving
• 2:34
  Speaker 1: and one of the things that they kind of focus
• 2:36
  Speaker 1: in on is that it's being manipulated by billionaires. Now,
• 2:39
  Speaker 1: this could be looked at in a variety of different ways,
• 2:41
  Speaker 1: but I would say when you look at what's happening
• 2:44
  Speaker 1: within the polymarket, those are not necessarily the kind of
• 2:48
  Speaker 1: scenarios that are playing out further into this. If you
• 2:51
  Speaker 1: look at the list of who's signing off on this
• 2:54
  Speaker 1: letter right here, is none other than the crypto anti
• 2:56
  Speaker 1: crypto Army. So it is definitely one of those things
• 3:00
  Speaker 1: that they're going after because it does look like this
• 3:02
  Speaker 1: could be a benefit for crypto, especially as a use case.
• 3:07
  Speaker 1: So I think we will see a little bit more
• 3:09
  Speaker 1: pressure now the CFTC is actually the bad guy here.
• 3:13
  Speaker 1: So when you look at what they're trying to do
• 3:15
  Speaker 1: in the light of these developments, they break down what
• 3:19
  Speaker 1: these predictive markets would consist of. For this to be
• 3:22
  Speaker 1: illegal gaming, war, terrorism, assassinating. I think most people can
• 3:26
  Speaker 1: agree with that. But gaming could be just about anything.
• 3:29
  Speaker 1: You could game weather, you could gain anything in the world,
• 3:32
  Speaker 1: you know, esports, you could gain regular projects out there,
• 3:37
  Speaker 1: whether it's political or otherwise. So it pretty much kind
• 3:40
  Speaker 1: of gets back into the whole idea of this overreach,
• 3:43
  Speaker 1: and I think that's the challenge that this represents long term.
• 3:47
  Speaker 1: All Right, So let's go into polymarket, and I want
• 3:50
  Speaker 1: to showcase something here because why would the timing happen
• 3:54
  Speaker 1: around today? And if you look at a couple of things,
• 3:57
  Speaker 1: one of course is Harris has started to climb and
• 4:00
  Speaker 1: almost get somewhat in line with Trump in terms of
• 4:04
  Speaker 1: the presidential forecast. But remember that there was something very
• 4:08
  Speaker 1: special that was supposed to happen today and it came
• 4:11
  Speaker 1: out last week. But this is the update. They just
• 4:14
  Speaker 1: got word that the Monday meeting today is being moved
• 4:17
  Speaker 1: to later in the week. And this was in reference
• 4:20
  Speaker 1: to Rocanna meeting with the Harris campaign around understanding what's
• 4:24
  Speaker 1: happening in crypto, maybe getting them up to speed. Whether
• 4:27
  Speaker 1: or not you like that in terms of trust on
• 4:29
  Speaker 1: the Democratic side or not. The fact is that date
• 4:32
  Speaker 1: was set for today. Interesting that this letter came out
• 4:36
  Speaker 1: right before this. But at the same time, now it's
• 4:38
  Speaker 1: kind of interesting because that meeting has been has been moved,
• 4:42
  Speaker 1: and it has been moved all the way down to Friday.
• 4:46
  Speaker 1: So I want to go to a clip real quick.
• 4:48
  Speaker 1: This gets into the Crypto Council for Innovation and how
• 4:53
  Speaker 1: Elizabeth Warren is making her moves.
• 4:55
  Speaker 3: Take a look, Elizabeth Warren calls a lot of the
• 4:58
  Speaker 3: shot its on academic policy in the Biden administration. That
• 5:02
  Speaker 3: is not the case for a Harris administration. Kamala Harris
• 5:05
  Speaker 3: did not strike a deal Elizabeth Warren to get elected,
• 5:07
  Speaker 3: and she is not going to strike a deal. So
• 5:09
  Speaker 3: I want to pause on this point because I thought
• 5:11
  Speaker 3: it was so like eye really how people were like, oh,
• 5:14
  Speaker 3: Elizabeth Warren so quickly endorsed Kamala Harris, like that means
• 5:17
  Speaker 3: their cronies and this and that, and I was like,
• 5:19
  Speaker 3: it's exactly the opposite. She endorsed her, so quickly because
• 5:22
  Speaker 3: she understands that that power that she has in the
• 5:25
  Speaker 3: Biden administration in the White House is waning, and Kamala
• 5:29
  Speaker 3: Harrison Lizbeth Warren are not long lost besties. That's not
• 5:33
  Speaker 3: a thing. And there is no deal that gives Elizabeth
• 5:36
  Speaker 3: Warren a line of empowerment into again what a future
• 5:40
  Speaker 3: Harris administration would look like. So, if anything, I think
• 5:44
  Speaker 3: what you're seeing is the recognition that Elizabeth Warren had
• 5:47
  Speaker 3: better think about some of these changes that might be
• 5:50
  Speaker 3: afoot and how to position within that.
• 5:54
  Speaker 1: All right, So this could mean good things on either
• 5:57
  Speaker 1: side of the aisle, meaning that if we do see
• 5:59
  Speaker 1: a democratic administration, especially led by Harris, that could be
• 6:03
  Speaker 1: the end of day's first Senator Warren in terms of
• 6:05
  Speaker 1: the head of the Financial Committee. And if you see
• 6:08
  Speaker 1: a Trump administration come in, most likely that would be
• 6:11
  Speaker 1: the case as well. So she's really in a bit
• 6:14
  Speaker 1: of a predicament here, unless of course, something changes at
• 6:18
  Speaker 1: the DNC this year, which a lot of people are
• 6:21
  Speaker 1: also talking about that. I want to go to another
• 6:23
  Speaker 1: clip here on Nick to Tomiano talking about this on
• 6:28
  Speaker 1: the CFTC versus Polymarket. Take a look.
• 6:31
  Speaker 4: Specifically, it's the CFTC is basically able to deem some
• 6:35
  Speaker 4: markets legal and other markets illegal. And if you ask why,
• 6:41
  Speaker 4: a common answer you hear is, well, you don't want
• 6:44
  Speaker 4: money and politics too closely aligned. That's pretty funny, actually, right,
• 6:50
  Speaker 4: because we all know how much money and politics actually matter.
• 6:54
  Speaker 4: And I think what that really means is we don't
• 6:57
  Speaker 4: want people's money, you know, the guys.
• 7:00
  Speaker 5: Money and politics to too closely come together. There are
• 7:03
  Speaker 5: smart lawyers that think that if this goes to the
• 7:05
  Speaker 5: Supreme Court, you know, this could actually be overturned. And
• 7:09
  Speaker 5: there's actually a non crypto prediction market, Calshi, that is
• 7:14
  Speaker 5: suing the CFTC on this issue. I think there's a
• 7:18
  Speaker 5: lot of signs that at some point prediction markets are
• 7:23
  Speaker 5: going to open up in the US.
• 7:27
  Speaker 1: That is a factor I think that everybody needs to
• 7:30
  Speaker 1: kind of understand. Because he mentions the company in Calshi.
• 7:34
  Speaker 1: We've got a clip from their CEO talking about the
• 7:37
  Speaker 1: impact that this could have if we don't actually get
• 7:41
  Speaker 1: it legalized here in the United States. Take a look.
• 7:44
  Speaker 2: So Calchi is the first and only legal prediction market
• 7:46
  Speaker 2: in the US. You know, the industry has been seeing
• 7:48
  Speaker 2: explosive growth in the last year it's been absolutely incredible.
• 7:51
  Speaker 2: Susquehanna Jeff Jeffiasis Susquehanna has now committed to first dedicated
• 7:55
  Speaker 2: institutional market maker to trading on these products. There on
• 8:00
  Speaker 2: your board, right, they're not on our board. They're just
• 8:02
  Speaker 2: committed to the ASA class first large institution to just
• 8:04
  Speaker 2: set up a division that will trade prediction markets and events.
• 8:08
  Speaker 2: We went the legal route. We spent three years and
• 8:10
  Speaker 2: a half with the CFC to get regulated upfront. We've
• 8:13
  Speaker 2: got approved by a bipartisan five zero vote, which is incredible,
• 8:18
  Speaker 2: and we've seen the kind of tremendous growth since then.
• 8:21
  Speaker 2: I think what I do know is that there's a
• 8:23
  Speaker 2: lot of internal dissent within the Commission. There's disagreement on
• 8:26
  Speaker 2: what happened, and some are even calling this blockage potentially
• 8:30
  Speaker 2: illegal and against the First Amendment. But also we're seeing
• 8:33
  Speaker 2: a Congress upheaval with a number of letters being sent
• 8:35
  Speaker 2: by centers and representatives about this. Because you're setting a
• 8:38
  Speaker 2: precedent of banning categories of legitimate economic activity, you're potentially
• 8:41
  Speaker 2: recreating the conditions for another FTX. You're pushing this activity
• 8:44
  Speaker 2: from onshore regulated companies with customer protection to offshore illegal
• 8:48
  Speaker 2: companies that can steal customer funds, all.
• 8:51
  Speaker 1: Right, and that is a concern because if you look
• 8:53
  Speaker 1: at the top countries that are going over to poly market,
• 8:57
  Speaker 1: of course the United States leads the way, and it's
• 8:59
  Speaker 1: likely that even some of these in the rest of
• 9:03
  Speaker 1: the countries could be VPN you know, traffic itself, so
• 9:06
  Speaker 1: it could be even much greater. All right. So when
• 9:08
  Speaker 1: you look at polymarket, obviously powered by Polygon, but one
• 9:13
  Speaker 1: thing that you have to kind of consider is the
• 9:15
  Speaker 1: engine of truth behind all of this is coming from
• 9:18
  Speaker 1: a project that we've shown you before, and that is UMA.
• 9:22
  Speaker 1: So what does that mean for what this could do overall?
• 9:26
  Speaker 1: If you look at some of the historical analysis of this,
• 9:29
  Speaker 1: this is kind of interesting. Vitallic created the idea for
• 9:33
  Speaker 1: UMA back in twenty fourteen. This is insane for that
• 9:37
  Speaker 1: to be that old and now starting to have what
• 9:40
  Speaker 1: could be an impact even on the United States presidential
• 9:44
  Speaker 1: election to showcase how real poll numbers are coming out,
• 9:47
  Speaker 1: because remember Nate Silver's done polls on this in the past,
• 9:51
  Speaker 1: of these predictive analysis, but this is the first time
• 9:53
  Speaker 1: we've started to see this in real use case to
• 9:56
  Speaker 1: give what is really happening out there. Here's a note
• 10:01
  Speaker 1: back from twenty twenty one. This was a batallic Beater
• 10:03
  Speaker 1: in asking or wondering if uniswap should become an oracle token.
• 10:07
  Speaker 1: So he already saw this kind of coming down as
• 10:10
  Speaker 1: a potential, especially around a defile system. So I think
• 10:16
  Speaker 1: the fact that this has been going on this long
• 10:18
  Speaker 1: and the fact that we've started to see real use
• 10:20
  Speaker 1: case is pretty interesting for the future of this. Also,
• 10:25
  Speaker 1: if you look at Italics investment side of it, this
• 10:28
  Speaker 1: is around forty five million investment in polymarket, well over
• 10:30
  Speaker 1: seventy million overall. This company is starting to become a
• 10:36
  Speaker 1: very big power player, maybe in a global predictive market
• 10:40
  Speaker 1: that we may start to see in a legal scenario
• 10:43
  Speaker 1: playing out very soon. All right, So I have one
• 10:45
  Speaker 1: more another clip here that we'll get into a little
• 10:48
  Speaker 1: bit of the utility of UMA. It does have a
• 10:51
  Speaker 1: unique use case that's a little bit different than most
• 10:53
  Speaker 1: projects out there. So take a look.
• 10:55
  Speaker 6: We are going to explore how you can earn up
• 10:58
  Speaker 6: to thirty four percent APR on your UMA tokens by
• 11:01
  Speaker 6: staking and voting on disputes in the optimistic Oracle. Here's
• 11:05
  Speaker 6: how you do it. Select steak to choose how many
• 11:08
  Speaker 6: of your UMA tokens you want to steak, and then
• 11:10
  Speaker 6: approve and confirm in your wallet. Once your UMA is staked,
• 11:13
  Speaker 6: you will be able to participate in active votes. Remember,
• 11:17
  Speaker 6: if you vote accurately, you will be rewarded, but if
• 11:20
  Speaker 6: you vote inaccurately, you will be penalized and lose a
• 11:23
  Speaker 6: portion of your staked funds. The accurate vote is whatever
• 11:26
  Speaker 6: the majority of voters end up voting for. When a
• 11:29
  Speaker 6: vote becomes active, simply choose your position, sign the transaction,
• 11:34
  Speaker 6: and commit your vote. You will be able to track
• 11:37
  Speaker 6: how many votes you participated in and your current earnings rate.
• 11:40
  Speaker 6: You will have the choice to compound your rewards by
• 11:43
  Speaker 6: staking them or claim them straight to your wallet.
• 11:46
  Speaker 1: One of the things you can take a look at
• 11:47
  Speaker 1: is coin market cap. If you look back at the
• 11:49
  Speaker 1: high right here in twenty twenty one, this had a
• 11:52
  Speaker 1: one point seventy five billion market cap, and even if
• 11:57
  Speaker 1: you look at the volume right now on UMA, right
• 11:59
  Speaker 1: around seventy millions, So some very interesting potentials here, especially
• 12:04
  Speaker 1: if you look at even price. Also where this is going,
• 12:09
  Speaker 1: so you can start to see the value here pretty
• 12:11
  Speaker 1: quickly of where this project might be going again, especially
• 12:15
  Speaker 1: with the success of what we've seen with polymarkets so far.
• 12:18
  Speaker 1: I want to go into this last clip which gets
• 12:21
  Speaker 1: into Metallic talking about how polymarket could be used for
• 12:24
  Speaker 1: things like community notes.
• 12:25
  Speaker 7: Take a look Putin's Internet Army has been doing a
• 12:29
  Speaker 7: better and better job of like attacking the notes and
• 12:33
  Speaker 7: like based with large numbers of accounts and getting them
• 12:36
  Speaker 7: taken down. Actually, one of the big complaints around then
• 12:39
  Speaker 7: was that notes were not appearing fast enough. Right, all
• 12:42
  Speaker 7: of the information, like all of that spread across Twitter,
• 12:44
  Speaker 7: but then the notes only appeared after like a day.
• 12:46
  Speaker 7: But by the time that happened, like everyone had basically
• 12:49
  Speaker 7: already formed their opinion. And community notes are like good
• 12:52
  Speaker 7: for surfacing like cross borders and agreements. But then there
• 12:56
  Speaker 7: is this whole other category of epistemics that's a very
• 13:01
  Speaker 7: good at like surfacing, like basically being able to come
• 13:05
  Speaker 7: to the correct opinion faster than other people. And that's
• 13:07
  Speaker 7: prediction markets, right, And like prediction markets have really been
• 13:10
  Speaker 7: having a moment in the past year, right, Like polymarket
• 13:13
  Speaker 7: has been getting a lot of attention, and that's like
• 13:18
  Speaker 7: the one on ethereum. So like maybe you could argue
• 13:20
  Speaker 7: that like there's some kind of like prediction markety thing
• 13:24
  Speaker 7: that you can sort of potentially insert into community notes,
• 13:27
  Speaker 7: like if you had to make like a very first
• 13:29
  Speaker 7: past naive one where you could just like do a
• 13:30
  Speaker 7: thing that just says, if you vote in a way
• 13:34
  Speaker 7: that reflects like future consensus, and like after two days,
• 13:38
  Speaker 7: then like your votes start being counted more, right, And
• 13:41
  Speaker 7: that's like a way of inserting sort of a little
• 13:42
  Speaker 7: bit of prediction marketness into this thing that by itself
• 13:46
  Speaker 7: is like a yeah, a consensus finder, right, I mean,
• 13:49
  Speaker 7: I know, like I talked to him, you know, Ga
• 13:51
  Speaker 7: Baxter from Community Notes regularly, and like he's definitely yeah,
• 13:54
  Speaker 7: you know, very aware of like all the problems that
• 13:57
  Speaker 7: I yeh mentioned and like is tracking you know, like
• 13:59
  Speaker 7: how bad they are and how mechanism can be improved.
• 14:02
  Speaker 1: So he's sitting on a lot of things. And this
• 14:04
  Speaker 1: is really around the awareness of truth. And imagine if
• 14:07
  Speaker 1: this is the case around everything from d fikes to
• 14:11
  Speaker 1: AI the use case along with misinformation, all of this
• 14:15
  Speaker 1: could be solved with something like a polymarket engine. Back
• 14:18
  Speaker 1: to the point of umah, this could actually be somewhat
• 14:21
  Speaker 1: bigger in terms of an opportunity of where this token
• 14:24
  Speaker 1: could go part. If you guys are not part of
• 14:26
  Speaker 1: the Diamond Circle, make sure and jump in right now.
• 14:28
  Speaker 1: We do these kinds of videos for you get a
• 14:30
  Speaker 1: little deep dive on some of the things that are
• 14:32
  Speaker 1: happening in the crypto markets and blockchain in general. Make
• 14:35
  Speaker 1: sure and subscribe to the channel. Follow me out there
• 14:37
  Speaker 1: on x at Paul Baron. We'll catch you next time
• 14:39
  Speaker 1: right here on tech Path