As-salamu alaykum everyone. I hope you are doing well. Jemaah Mubarak. And today is February, September 27th. Bitcoin is at 66,300. We're flirting with 67,000 as we speak. And yesterday I was asked about SUI. And there's been a lot of talk about SUI recently. It's done rather well. If you look at the weekly gains or monthly gains. So for SUI, this bubble here, 106% on the month. So one of the best performing cryptocurrencies. And obviously when you have a crypto go up as much as SUI has, the question becomes, Hey, are we missing out on something? Should we be investing in this? And I'd like to answer that question. Now I'm going to tell you my take on it. And I'm going to take an approach that I think is probably different from other commenters on the topic. So while other commenters have been, I think, diving into the technical aspects of the project, I'm going to tell you my thoughts on just generally, does this even make sense? Let's first familiarize ourselves with SUI. By the way, if you're enjoying this live, do leave a like. I'd really appreciate that. All right. So let's first familiarize ourselves with what SUI is. There's a very simple definition for what SUI is. And that simple intuitive definition is the following. SUI is a groundbreaking layer one blockchain platform designed to support the needs of global adoption by offering a secure, powerful, and scalable development platform. At its core, SUI leverages a novel object-centric data model, as opposed to non-object-centric data models, which we don't like. And secure move programming, which is also something that you're always looking for. Move programming language, as opposed to all of the other programming languages that are no good. To address inefficiencies prevalent in existing blockchain. If inefficiencies are bad, this addresses inefficiencies. So just from that about, my question is, what did you get from that? Seriously. What are we even doing here, guys? This is just garbage. Groundbreaking layer one blockchain platform. So it's a smart contract platform. Who's using smart contracts? Why are we continuing? We have so many layer one blockchain platforms and nothing using them. We have no apps. We have smart contracts that need layer one blockchain platforms. No users are using smart contracts in any way other than to gamble on crypto. So why are we continuing to try and optimize layer one blockchain platforms before we even have any apps or smart contracts that have widespread adoption? SUI is just the number 100 layer one blockchain platform that is trying to do things a little different. We have move programming language, as if that means anything to anyone. So all of these people that are pumping, and I've seen a lot of YouTubers pumping this token. I don't know if they're getting paid or not, but I doubt any of them has any idea what they're talking about in terms of the technicals of SUI and why it's even needed. Now, if you're just trying to, okay, make a quick buck, you don't really care about utility, you're a trader, you're just trying to figure out, yeah, is this sucker going to go up or not? With crypto, what I've found is that you want to be in a crypto that has limited dilution. They're not going to dilute you into the stone age. And you want to be in an area, a sector that is hot, because in reality, all crypto is just meme tokens. It's all meme tokens because none of it has any use. The only use that crypto has is a way to transfer value. That's it. And that's what meme tokens do. Other than that, all of this garbage is just for show. It's just to give the illusion that there's some substance here, there's some utility, but there is no utility. It's only theoretical. All of this engineering work is very analogous to the engineering work that students do on a project they're assigned. It may be good in terms of training the engineers on engineering, but the work is going to be thrown away at the end. So with regards to, is this a good place to be investing your money to just flip it for a profit? If we look at the sectors that have performed the best in the last month, AI has been the most profitable sector, meme coins the next, and data availability in third place. So just in terms of optimizing our chances for being in the right area, level one blockchain, smart contract blockchains are not in the top three areas you want to be in. They are, let's see, smart contract platforms, way towards the bottom here in terms of average returns, at least in terms of the last month's performance. And so if you want to be in the hot sector with crypto, you're looking for the greatest chances of appreciation. Then smart contract platforms is not where it's at generally. And then the second thing that I think is really important to look at. So you want to be in a hot theme with crypto if you want, if you're just here for the trade, but you also want to be in an asset that's not going to be diluted like crazy. And if we go to SUI and we look at its dilution, first of all, circulating supply right now is 26.8%. Let me enlarge this. It's 26.8%. Basically there's 75% left in terms of dilution here. If we look at the unlock, the unlock schedule here for this token. All right. So we are here and there's clearly going to be a pretty big jump in the number of circulating tokens. I don't know, perhaps this is why so much marketing has been going into SUI because they want people to buy these unlock tokens and support the price while dilution goes bonkers. But we do see a pretty steep climb here in number of tokens in this upcoming period. Not only that, I think it fails in terms of being in the hot sector in terms of cryptocurrencies. It fails in terms of dilution. If we zoomed out here and we looked at it as an investment, it fails in terms of having any meaningful utility that makes any amount of sense at all. And we look at the market cap here. It's 4.5 billion dollars. 4.5 billion dollars. That's the market cap for SUI. Now let's look at SUI in terms of its metrics. Because I don't know what other commenters are doing here, but they're like getting into the weeds of daily transactions, daily active users. And all of this is just people who are trading the token. No one's using this for anything. Unless it's gambling. If we look at the fees and revenue for this token. Look at this, seriously. I just said it's 4.5 billion, the market cap. The value of this project right now is 4.5 billion dollars. And only 25% of tokens have been issued. 75% is yet to be issued. So it's going to be diluted like crazy. So keep that in mind. So fees here for SUI. 14.9 thousand. Revenue for SUI is three thousand. So if we click on revenue, they're making three thousand dollars revenue. That's top line here. Keep in mind, folks, we're talking about we're not talking about bottom line. We're talking about top line. Three thousand dollars. This is like McDonald's. One McDonald's store makes more revenue. Like I'm not talking about the company, I'm talking about one location. One McDonald's location makes more revenue than SUI. And that one McDonald's location, you can bet, is not being valued at 4.5 billion dollars. And so what are we doing, guys? Is this low end? Is this real life? Three thousand dollars in revenue for SUI. What is that a month? That's ninety thousand a month. A year, you're at a million. You're valuing this at 4.5 billion. So obviously, assuming no growth, it's going to take you four and a half thousand years if you bought the entire project and if the revenue was going straight to your pocket and you had no expenses to recoup your investment. What are we even doing here? I'm laughing, but am I the only person that's seeing this? Why is no one else seeing this? Am I missing something? Maybe I'm missing something. But what are we doing here, guys? Revenue is three thousand dollars a day. It's a project that's being valued at 4.5 billion dollars. The fully diluted market cap, by the way, get this, fully diluted market cap is 16.7 billion dollars. What is going on? Anyways, listen, I could have made this analysis a month ago and it went up 100 percent and the analysis fundamentally would have been the same. This is an overvalued project. I don't know why people are pumping it after a month. It's up more than 100 percent, as we saw. So maybe it goes up more. I don't know how much more it goes up. Maybe it goes up to, maybe it doubles again. Probably won't do more than that. It may double if you're lucky as a SUI holder. But from a valuation perspective, from a fundamentals perspective, from a make sense perspective, this doesn't make any sense to me at all. And it's just indicative of the sort of general state that cryptocurrency is at. As I see it right now, cryptocurrency is good for one thing and one thing only, and that is blockchains, I would say. And that is a creation of artificial scarcity and the transmission of value and preservation and transmission of value. That's what I see as the utility. We don't need another level one blockchain because we don't have any apps yet. We don't have any smart contracts to begin with. I'm not really sure. Maybe I'm not getting it, but I'm not going to invest in something that I just don't understand how it's being valued and the way it is being valued. I was not really active during the dot com bubble, but there is a historical precedent to what we're seeing in crypto regarding valuing things based on comparables. Because every time anyone values SUI, they say, oh, how does it compare to Solana? They don't value it as, okay, this is an asset that's producing cash. How much cash is it producing? And therefore, what can I conclude a fair value for this asset is based on its cash generation now and what is expected in the future. No one's doing that. They're doing, and because that will obviously expose all of crypto basically as being complete, with exception to the cryptos that I mentioned, which are stories of value and means of transactions, which are meme coins, basically. Bitcoin, I don't care what you say. Fundamentally, Bitcoin is the value of Bitcoin is in the adoption that it gets and the network that comes from that. And because it's proof of work, there's scarcity there that's built into it. But ultimately what gives it a moat is the fact that it is adopted by a large number of people. And therefore there's a network effects there, which is, you could argue is a meme coin. There's no utility there. There's no fundamental value produced other than people accepting it. And the same, I would say with Dogecoin, which is another meme coin, basically, it has the same code base as Bitcoin with the exception of a small and decreasing inflation rate with time. These are things that I understand and they make sense to me why they would have value in the future that we're headed towards. I think it's a future of abundance in terms of goods and services. And the things that will have value are things that we make scarce or that are naturally scarce. So things like real estate can't really make more of that, although now I think artificial islands are becoming more and more doable. But what will hold value over periods of time is the things that we decide are scarce. Things like Bitcoin and I think Dogecoin and other cryptos like it. That's where things make sense to me. But this stuff, it just doesn't make sense to me. So hopefully that was useful. That was my rant for today. I think I've ranted enough. I can't believe it's 18 minutes in. Sorry about that. Hopefully it was useful. Like I said, leave a comment if you did find it useful. Let's go to questions and see what kind of discussion we got going. Abdullah says, Salam. Walaikum Salam. Abdullah, it was nice to see you. Do you think Bitcoin will get a big dump prior to another run, similar to what happens last cycle? Everything is pointing upwards right now. I think there's still an obvious hurdle right now in the is the US elections. So it's not necessarily any speed bumps ahead of us. That's still something that's visibly ahead of us that could shake the markets. But and perhaps there's a lot that we can't see that's ahead of us. But for right now, I just think that the majority of influences are bullish on the market. While it's tough to say in the near term what happens, I think the direction that of what we know in terms of influences is upwards. Do you expect any dips in Q4? Yeah, we'll always have dips. There's never going to be a straight line up. So yes, there will be dips. Don't be surprised when we get them. What do you think will be the catalyst to take BTC to 100k? Yeah, I still think that 100k is my prediction for the end of the year. I think the catalyst primarily is the monetary easing that we're seeing. And I went over this in an earlier live this week, wherein the correlation between M2 and Bitcoin is very strong, especially when the MVRVZ score is low as it is right now. So I expect that correlation to hold. And when the money supply is increasing M2, then Bitcoin responds positively to that. So that's fundamentally what I think is the catalyst. Now, you may get news events that push it in a certain time period, like for example, news that let's say MicroStrategy is doing another buy, that may push it in the very near term. But generally speaking, I think the catalyst will be M2. Abdullah says, Salaam Alaikum. Salaam Alaikum Abdullah. Nice of you to join us. Okay, people. Before he says, let's like the live all together. Thank you. That's really nice of you. Appreciate it. Dr. Boss says, Salaam Alaikum. How much do you think Solana will appreciate and how long should Ruby be invested in it? I think Solana may have another doubling in it this cycle, but we'll see. There's so many other competing level ones with Solana, but it does seem like Solana currently has the edge over all of them, especially as it relates to daily transactions and daily active users. Within the next three to five years for Solana, that's very hard, as I mentioned, because this is a changing landscape. There's always new technologies coming out. It's something that you have to keep a close eye on. And this is purely speculation. So I just went over the valuation for Siri and how ridiculous it was. But the valuation for Solana is also bloated. And so what is supporting this is accepted insanity with regards to valuing cryptocurrency and the future projections for it has very little to do with current utility. And it's all about future projections and future projections are basically sentiment based. And so it's very important to be on top of what we expect in the future, because that's what's going to shape the price. Zuhair says, Salam everyone. May Allah bless your brother again. I opened the live thinking this was a Market Pulse update, but I joined you, but I joined to you yelling at a meme coin. Glad to start this Friday with a laugh. I'm glad I was able to make you laugh Zuhair. As-salamu alaykum. I created Garden of Eden coin. Okay. No, I will not be checking it out on X. Do you have any recommendations about BABA shares? So generally speaking, I try not to invest in companies that may be associated closely with the Chinese government. And I see that in BABA. If Robotech's event doesn't go well and couldn't bet the competition, couldn't beat the competition, how do you see Tesla in that case? I think it'll go well. I'm not really worried about it. All right, guys, thank you so much for tuning in. Like I said, hopefully this was useful and join our community. If you aren't part of the community, a link to do so is in the description, become a PIF member. And on Sunday, by the way, we have a session for PIF members. I'll go over my portfolios and what we're planning in terms of moves, trades for this upcoming period. So if you want to attend that live, then make sure you become a member before then. Sunday morning, probably be around 10 AM central time. So love to see you there. Until next time, make sure to take care of yourself. As-salamu alaykum and peace be upon you all.