Wizard Wednesday Recap, 2024-03-13
Following introductions from Elf, Dotta, Bearsnake, and Tadmajor, Elf expresses frustrations with his inability to talk about all of irons the team currently has in the fire.
Thoughts On the Bull Market
Dotta then says that he doesn't feel like we're in the thick of the bull market yet. He gives examples:
• He is only just starting to receive texts asking his advice from "non-crypto people"
• He doesn't see as many fundamental projects; everyone is trading meme coins.
Elf notes the Bitcoin halvening hasn't even happened yet. Bear says that, historically, there is a big dip before the "Mega Bull" (Supercycle) and asks if the team believes that happens. Elf says he thinks it plays out as normal but that the ETF is keeping it pretty steady.
Dotta says it's interesting that the ETF is accumulating inventory for the first time as new demand comes in, but he says that eventually will top out. He is curious about how much of that Bitcoin is a stabilizing force on the way up (or down) and how much they will sell back.
Borrowing Against BTC
Dotta speaks about Saylor's stance on borrowing against Bitcoin, rather than selling into cash. He notes the interest rates aren't great, but are on par with the market. Elf says that he believes crypto is too volatile of an asset and would advise against borrowing against it.
Madotsuki notes the bullish case of the ETF is that it gives people the chance to put crypto in their investment portfolio. He says that asset managers will have to take into account that BTC is one of the best performing assets and to have no exposure to it would be insane.
The Secret Tower Recommends DeFi Platforms
Dotta then mentions a few different platforms suggested by community members in the Secret Tower:
• Marinade
• Eigenlayer
• Prisma
• Jupiter (SOL)
Madotsuki says he uses app.harvest.finance—not financial advice.
Cult Questions
Favorite Cookies
Following the financial discussion, Elf dive into Cult Questions, starting with a request to know the team's favorite cookie.
- Dotta says shortbread or oatmeal chocolate chip
- Bear says a peanut butter cookies
- Elf and Tadmajor say chocolate chip
Meat Alternatives For Imps
On to lore questions, Elf is asked if imps enjoy any meat alternatives. Elf says that they enjoy mushrooms as a meat alternative, which puts them into conflict with the ghouls in the boglands to the South of the imp's forest.
Favorite Skateboarding Movies
Then the team is asked about their favorite skateboarding movies.
- Bear says Gleaming the Cube and Rad
- Dotta says he's always loved Rodney Mullen's tricks, but couldn't name a movie
- Elf says Larry Clark's Kids
Manifestiation
After that, the team is asked about their beliefs in "manifestation." Elf says, "Yes, but mostly no."
Dotta laughs, and says, "Right."
Elf says too many people in the "manifestation movement" believe that all you need to make something happen is thinking about it, when what you really need is action. He says it only works if you think about something so much that it moves you to action.
Dotta says he believes the idea of manifestation aligns with the concept that you can have anything you want in life, but you can't have everything. He says if you obsess over something in life and you are willing to make the appropriate sacrifices, you can probably get it.
Bearsnake says that it reminds him of something his late father used to say:
"The luckiest people are always the hardest working."
Bear says, "You take enough swings that something will connect."
Interest In Other Chains
Dotta responds to a question about the team's interest in chains beyond ETH and BTC for Forgotten Runes collections. He notes the Runiverse's backend runs on Arbitrum, asking if that counts. He says there are no plans for a Solana Forgotten Runes collection "or anything like that."
House of Wizards DAO Updates
Then Acideater steps up with updates from the House of Wizards DAO. She speaks about the council's move to change quorum requirements for proposals requesting over $25,000 to 3500 votes from 6000 votes.
Dotta gives his thoughts, noting the original number was an estimation.
Acid notes that the council received the template for service agreements between authors and the foundation, which will help move proposals forward. She also mentions that the special council charter will be made public on the DAO's Notion.
Madotsuki gives a brief update on the Art Ministry, saying that he wants to open commission requests next month.
Runiverse Aurora Borealis
After that, Elf answers a follow-on Lore question about the Aurora Borealis in the Runiverse, saying that it's mostly the same as it is on Earth, but with the difference that the poles have shifted—though he says he's unsure how this actually affects the lights.
Wallet Security
Dotta then speaks about how to secure Wizard assets in the wake of hacks throughout the recent past. He speaks about the different layers of crypto security from the lowest layer—a hot wallet, to the middle ground—a Ledger or a Trezor, to high-level security personal multi-sig.
Cult Content
Following the conversation around good wallet hygiene, the team round out the show by reviewing Week 60 of the Cult Content Chronicle—art from the last week within the Forgotten Runes community—aggregated weekly by Tania del Rio.
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Jack of the Wood by @da0xlab
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Wizards and Shadow by Critikal
