Money Stuff Podcast: Memecoins, Moonshot Pay, and 24/7 Trading

JP Morgan and Debanking

• 💡 A correction was issued regarding Jamie Dimon's attendance at the JP Morgan Healthcare Conference; he was indeed present.
• 🍻 The JP Morgan pub, located in their new office, serves excellent Guinness with potential for custom latte art, including images of the building or Jamie Dimon.
• ⚖️ JP Morgan and Jamie Dimon are being sued for $5 billion by Donald Trump, alleging they debanked him and his businesses for political reasons after January 6th.
• 🧐 Brian Moynihan, CEO of Bank of America, was reportedly excluded from a White House Davos reception due to suspicions of debanking.

Memecoin Logic and Creator Funding

• 🚀 A memecoin named 'gas' was launched, linked to the open-source project 'Gas Town', with royalties directed to the Gas Town developer.
• 💰 The developer received approximately $70,000 in royalties by setting up a crypto wallet and promoting the coin, which he blogged about as an "engine that fuels creation."
• ⚠️ This practice is also viewed as "cryptogrifters recruiting open source AI developers," highlighting the potential for exploitation alongside creator funding.
• 🚫 Matt Levine received a similar memecoin but declined to name it or claim royalties due to journalistic ethics and a desire to avoid encouraging trading.

Moonshot CEO Compensation

• 📈 A study by Equalar found that many "moonshot" CEO compensation packages, defined as having a notional value of at least $100 million (or 10,000 horses), have underperformed the S&P 500.
• 🎯 These packages are designed for aggressive growth and transformation, with the expectation that most will fail but a few will yield enormous returns, similar to startup equity.
• 🤔 The psychology behind these packages involves CEOs being optimistic about achieving targets, with boards sometimes adjusting or canceling options if goals are not met.
• 🏢 While common for startups, applying these "all or nothing" packages to large public companies is seen as a bold bet, with Tesla and Elon Musk's compensation being a prominent example.

24/7 Trading and Blockchain

• 🌐 The New York Stock Exchange is exploring a 24-hour, 7-day trading system using blockchain technology for tokenized stocks and ETFs.
• ⏳ This move aims to address the settlement delays inherent in traditional trading by enabling real-time settlement, aligning with retail investors' desire for constant trading access.
• 📱 The concept involves integrating digital assets into the digital wallets of the next generation of investors.
• 💻 The transition to 24/7 trading may involve shifts in market maker liquidity and the need for overnight supervision of automated trading systems.