00:36:45 · John Coogan
[00:36:45] S0: Some customers complain that they've paid high fees while the chances of winning rewards are slim. Only 4% of users get any payout based on their trading according to f... According to FPFX. In social media posts, people describe themselves as prop firm customers claim to have lost thousands on fees. So, they've done these $100 a month challenges, a couple of them for a full year, and they never got a payout because they never won the challenge because it's very hard if you're just an average stay at home trader. What was your stay at home day trader? One of them, Sameem Sharif, 28, an accountant from London, estimates he's paid about $10,000 to simulated trading firm Pip Farm since last year. When you have a bad streak, it's easy to think, I'll just buy one more. Before you know, you've racked up a lot in losses. Sharif says he's lost trading challenges because the rules are so strict. Simulated trading customers are paid only if they adhere to certain conditions, which the companies say they spell out in advance. They vary from firm to firm, but most of them stipulate a profit target, daily loss limits, a minimum number of trading days, and leverage restrictions. Some require profits to be earned consistently rather than in one large trade. Trading around news events can be banned, and many don't allow positions to be held over weekends. PipFarm says Sharif failed dozens of challenges by exceeding the amount of losses a trader can sustain in a day. A pip is a price move in foreign exchange trading for for reference. When he eventually passed the hurdle, the company introduced a 1% risk per trade limit for him, he and the company say. That means a customer can't risk more than 1% of his capital in a single transaction. The company calls it a standard industry practice for traders with an unsustainable approach, a restriction Sharif says is unfair. Sharif and PipFarm say the company recently committed to making some payouts based on his successful trades. So you can't just find one stock, bet it, and win. You have to be diversified into over 100 positions, potentially, to actually deploy all your capital, I guess. Adam Khalil, a former operations employee at Singapore based PipFarm, says the majority of users breach the rules and end up repeatedly paying sign up fees. People lose one time.
00:39:08 · John Coogan, Jordi Hays
They want to make the money back, so they buy another challenge, he says. So this is the I blew my account. Like, you zeroed your account. You you lost your $100. You gotta buy back in. It's like a casino with a with a ticket at at the door or something. It's crazy. [00:39:24] S2: It's so it's so fascinating. [00:39:28] S0: Okay. [00:39:28] S2: Yeah. Like, why would you just not [00:39:31] S0: Dollar cost average into the Russell 2,000? [00:39:35] S2: No. Why would you just not take the money? Why why why... I mean, I I understand it. [00:39:40] S0: It's because they The sold the dream [00:39:42] S2: dream of [00:39:43] S0: of you will be given a $100,000 to manage, and you could five x that, and we will give you a portion of those profits, and you could win $400,000. [00:39:52] S2: So [00:39:52] S0: the the pitch is definitely a $100 to try this. If you're good, you could make a $100,000 very quickly. [00:40:02] S2: Needless to say, all of these businesses should be banned from operating in their current form.
00:40:02 · Jordi Hays, John Coogan
[00:40:02] S2: Needless to say, all of these businesses should be banned from operating in their current form. [00:40:09] S0: Channeling the soccer and jetty deep down. No. It it seems rough at the very least, like, stronger FTC regulation around, like, how these are marketed, all the influencer workflows that are happening. Because it's very clear that the info products lead you to a sign up form that has a referral fee attached to it. So Yeah. So they will go put out those viral videos that are bleak, then it's it's buy my free trading course, then it becomes sign up. For this particular prop firm, I get $40 when you go in the door. And so lots of lots of odd stuff going on. Anyway, let me tell you about Shopify. Shopify is a commerce platform that grows with your business and lets you sell insights online, in store, on mobile, on social, on marketplaces, and now with AI agents. What's going on at the top of the App Store, Jordi? I know you watch the top of the App Store like a hawk. [00:41:01] S2: New camera called Chromograph Okay. Camera. Is it good? Rocketed to the top. [00:41:06] S0: Seems like it must be good. [00:41:07] S2: Created by Ryan Johnson. [00:41:10] S0: Oh, that's amazing. Yeah. [00:41:11] S2: He said, I recently badgered my cinematographer, Steve Yedlin, into making my ideal iPhone still camera app. It shoots raw, bypasses the iPhone's look processing, and instead uses the same image processing we use on our movies. Went super viral. Cool. This thing is, like, clearly printing. I think it's $13 to download it.
00:41:11 · Jordi Hays, John Coogan
[00:41:11] S2: He said, I recently badgered my cinematographer, Steve Yedlin, into making my ideal iPhone still camera app. It shoots raw, bypasses the iPhone's look processing, and instead uses the same image processing we use on our movies. Went super viral. Cool. This thing is, like, clearly printing. I think it's $13 to download it. [00:41:32] S0: Oh. Didn't pick this up. This looks pretty attractive. [00:41:35] S2: I picked it up. I haven't really been able to [00:41:37] S0: Okay. [00:41:38] S2: Properly use it yet. But... [00:41:40] S0: No. I've I've been really excited about the the the the prospect of taking raw photos with the iPhone camera and then having a different way to manipulate them, potentially some AI in there, but not AI image generation, like AI fine tuning all the knobs of, like, contrast and levels and color grading and all of that stuff. I don't know how much it does that. Yeah. There's some of the photos here from Brendan Hodges you can pull up. I took the app for a test run. Looks great to me. I I think these are cool. [00:42:12] S2: Yeah. It ends up looking like it was taken on a on a on a...
00:42:12 · Jordi Hays, John Coogan, Ice Cube, Luke Igel
[00:42:12] S2: Yeah. It ends up looking like it was taken on a on a on a... [00:42:15] S0: Yeah. And I think a lot of people have gone through the Instagram filter era on the low res iPhone and then sort of migrated to just stock iPhone photos, which all have the same look. And it's cool to sort of bring back that more filtered, more aesthetic, more Yeah. More taste driven look. Cool. Exciting to see people having fun with this. Nishi, now wishing I took more raw. I'm in love. These are some nice photos of a pool and whatnot. So go check it out. Go check it out. Tyler, you're on very thick ice, bro. I love you. That's just such a funny post. Telling someone that they're thick on a... On thick ice, on very thick ice instead of on thin ice. Thought that was funny. Anything else before we bring in our first guest of the show, Jordi? [00:43:06] S2: No. It's time. [00:43:07] S0: It's time for MongoDB. Let me tell you about MongoDB. What's the only thing faster than the AI the AI market? Your business on MongoDB. Don't just build AI. Own the data platform that powers it. [00:43:19] S4: Triple blades. [00:43:20] S0: And we have Luke from Kino, building collaborative video editor. Luke, how are you doing? Welcome to the show. [00:43:30] S3: Doing amazing. Happy to be on. [00:43:31] S2: Kino. Great Great. Name for a business. [00:43:34] S0: Great name. [00:43:35] S2: Powerful. Powerful name. [00:43:38] S3: I imagine if it wasn't called that. It would be much worse.
00:43:38 · Luke Igel, John Coogan
[00:43:38] S3: I imagine if it wasn't called that. It would be much worse. [00:43:40] S0: Totally. Introduce the product. Like, at what level of abstraction do you see the modern video editor operating? [00:43:47] S3: Yeah. We've all seen the videos, including my launch video co director Donald's where Opus 5.5 by itself can create unimaginably good motion graphics plus videos. In general, combining motion graphics, real life footage, and everything that FAL AI can give you. Yeah. We are giving that a home, in all of the things that you need to do real work where all of your teammates' footage and all of your teammates' edit decisions are in one place. And to prove that this is something that is worthwhile, Donald, my colleague, and I, we spent the past few days living in one giant editor timeline, Figma style, while swarms of my agents and swarms of his agents all just chipped away at the same mega timeline. [00:44:27] S0: That's cool. [00:44:28] S3: I think that we've been working on for a while. [00:44:29] S0: Awesome. So how do you see the how do you see the business positioning between building a harness and building like a SaaS workspace where AI work gets done? Like, these are blurring, but there are definitely companies, I'm thinking of, like, Slack with Slackbot is AI powered, but it's still mostly a software product. Most people would not refer to Slackbot as a as a harness, but then you have, like, a, like, a Cognition, a Devin, which is, like, a harness on top of the of the coding agents. How are you seeing the positioning of your product?