In this conversation, Darcy Ungaro and Rupert Carlyon discuss various topics including the Japanese carry trade, the VIX, the new normal of good news, Bitcoin, and the property market in New Zealand. They explore the unwinding of the carry trade and the impact it has had on investors. They also discuss the volatility in the market and the role of leverage in trading. They touch on the correlation between good news and market reactions, as well as the potential effects of interest rate cuts on the property market. The conversation concludes with a discussion on the price of Bitcoin and the factors that may be influencing its performance.