Chat 3: Chats with a new Etherean

Transcript

I did not pick my nose on camera hey I'm super Fizz uh this is my third chat with Jason regard I just scratched my nose with Jason regarding uh like uh an intro to ethereum like he's brand new and we're just like having some daily chats about getting into it um so I had some ideas for what we might talk about today and I think you have some questions right I do I do correct and people should know we don't plan it at all like we have maybe like three DMS that are like hey are we doing this you know at 10 o'clock or whatever but we're not we decided we just I decided I mean I don't even ask you but I just

like we're gonna record from the moment we start to the moment we stop and not like have a setup this is very organic yeah it's um not a lot of smoke and mirrors going on uh okay where do we want to start uh well yesterday I post the the question to you or you know what a couple of days ago you asked me if I had a Twitter and I have a an account that that I really honestly don't don't use I never really uh uh had the opportunity to sink my talents into the twitterverse or anything but uh uh given um the subject of ethereum or

cryptocurrency in general it seems to be that that might be a a worthy uh Avenue to look into uh why uh if you could tell me why how what Avenues are recommended uh what sort of content to uh expect yes uh so one of the most important parts about getting started here is is finding your spot like your Niche um because I know for a lot of people they spend months kind of dancing around like they have like they're buying things and they're trying things but they don't really have a niche uh so yeah I can spend a few minutes talking about the niches um and we mentioned Twitter

there are three basic platforms well actually they're telegram so really the platforms we're looking at um they are Twitter Discord Reddit uh and telegram but I don't most of my telegram is DM I don't it's direct messages I don't do a lot of like public telegram rooms so I'm probably going to skip Telegram but uh Twitter is like High information low social engagement so you can learn a lot but you're not going to make a lot of friends Reddit is like medium social engagement medium uh information which is good like for some

people that's a perfect balance and then Discord is really high social engagement like you can make friends for life there um but because there's so much chatter it tends to be lower information uh and so uh yeah so I'm gonna share my screen for one minute see if this works screen to I really want this one that's a tab all right I'm gonna take a risk and share my whole screen um so can you see your browsing as a guest now yep uh so if we start with Twitter um starting with Twitter we're not actually starting with Twitter there's a site called ultrasound money and when

you go to Ultrasound money you'll see um the bat spreading its wings at the top okay I'm not I'm not none of this is well this is all important but none of this matters right now really what I would ask people to do is scroll down and there's kind of a a curated list of um of Twitter people that you can follow and this is not an exhaustive list there are a lot of people who are not on this list this is an opt-in list the people on this list have added something special they've added this uh this ultrasound bat to their um to their Twitter profile

and that's how they show up here but it's a really great way to get started with knowing who to follow so this guy is Anthony sassano uh we call him Sasol foreign he is a great follow on Twitter this guy's David Hoffman he does bankless so and this is Ryan Sean Adams these three guys are uh like the media uh for ethereum uh Anthony sassel does susano does the daily way and these guys do bankless then you have Justin Drake uh he's an ethereum researcher um D5 dad also has a um a a great podcast that he puts out

sorry how do you spell guay g-u-a-y g-u-a-i g-w-e-i it is the lowest you it's the the smallest unit of measure of ethereum gas where did you see that uh you mentioned it uh oh daily yeah I'm sorry so because I I do it all day like I so I'm gonna take notes sorry yeah yeah this guy uh so you can follow him I guess at sasol.net it's at Sasol ox but I think you already so I'm like somewhere that's I'm there on that list one thing you can do is look at people and see who they're following um there are a lot of

you'll just kind of see the the web follows um one of the difficulties with Twitter is there is a lot of what we call Maxi Warfare um and I I don't want to spend a lot of time talking about Maxi Warfare but it's essentially juvenile foolishness uh and I I mean that in the most sincere way possible it is platforms attacking each other and saying ours is better yours is stupid it is so insanely childish uh I I actually spent a ton of time just blocking people who um reply with just

wild like uh unrelated stuff who want to just put a Bible and clickish and uh really not rooted yes yes and so um one of my roles of superfizz like one of the things that I'm always promoting is like let's not be tribal let's all work in our own Direction and not waste all of our energy attacking each other like it's just it just doesn't make sense to me all right there are like academic um oh what e-sticker um I didn't realize we were that high that's pretty awesome um there are there are legitimate critiques between platforms like there are legitimate ways that other platforms might critique

ethereum and they're they're valid but uh I think that I that is is not really useful is like these people on Twitter who either program Bots or spend all of their time just insulting people um and so they just get blocked it's no big deal but it is annoying uh so yeah ultrasound money scroll down uh this list is a great start um anyone here is is probably regarded as a healthy member of the ethereum community like you can learn from them so that is a starting to Twitter uh and I'm gonna do two more places and and then we'll switch gears uh so Reddit is the second place and um obviously Reddit is huge there are

thousands of reddits you can pick any Community anywhere you fit in but there's one that I want want to draw real attention to it is uh reddit.com r e finance and every day any Finance there are something we call the daily uh so if you find that daily today's is January 16th and you go there uh so it resets every night at midnight so right now there are 144 comments and the top of every day is this thing called The Daily dudes they're the best comments from yesterday so David Hoffman talks about uh criticisms of bankless uh remember he was one of the guys from Twitter he also runs uh the bankless podcast uh logri talks about curve

uh Needler talks about Bitcoin and ethereum issuance one of the things I want to point out as we're going through this you heard me say I'm not interested in markets but here we are in an e-finance sub yeah and ninety percent of what people talk about in here is number go up number go down um yeah looking at the titles to these uh articles it it gets really boring um it gets boring for all of us what really brings value to these places are substance substance that is beyond number go up and number go down because until ethereum is really successful in

five or eight or ten years number government down is just boring AF really the people who bring value even in finance related places are people who are talking about what's being built they're educating people about how ethereum is working they are encouraging people to participate in healthy ways that's that's the growth gotcha uh so yeah I as far as Reddit like uh I spend most I would say all most 90 of my Reddit time in in e-finance I I have an organization called eth Staker and we have that's pretty popular but

it we're not ready for any of that and yeah it doesn't matter right now okay but yeah e-sticker is is my thing and we'll eventually talk about it so we've got Reddit we've got Twitter with a Gateway through ultrasound um and Discord is the other one I want to talk about and so my friends will I'm I'm a little obsessive over this platform rocket pool we're not going to talk about what what the platform is but it's a gateway to the community so if you go to rocketpool.net and you scroll down to Discord uh there you can see you on our Discord I can't click that now because it will open my Discord and like all of my privacy will just dump

the reason I'm pointing this out is it's it's an example of an extremely healthy community on Discord um okay if you open up this Discord they have a place called This is finance again trading um where it initially existed to talk about trading but now it just talks about essentially uh decentralizing uh ethereum which which is very healthy to all of us um yeah don't take that to heart uh there's a lot of trolling I do a lot of trolling a lot of foolishness a lot of goofiness but uh remember in Discord it's it's a high noise low signal environment so when you get past all of

the noise you find the signal that is um building better decentralization and building a better ethereum platform okay and in that rocket pool Discord I I live in the trading uh Channel and it is it is generally the most popular okay so that is Twitter Reddit and Discord uh and then a couple YouTube channels I want to point out uh I mentioned daily gray uh this is a daily program Anthony sassano he doesn't he doesn't doesn't take ads or doesn't take advertisers um he is an investor so he talks about things that he has invested in but uh he is probably like uh the highest signal

of any like information you're going to be able to get from a podcast and then the other the other one is bankless that is uh David Hoffman and Ryan Sean Adams now where daily gray is high signal no advertisers Bank list is more of uh it's more of a commercial kind of thing it like they take advertisers um they have a lot more polish um but their their information quality is also very high so this starting with bankless video is absolutely incredible I would suggest spending eight minutes just kind of checking it out um gotcha yeah so that was a quick I know there are other things like and I

don't know I can show you where we are we're on East acre okay uh and you can see there our last two videos gotcha um I think if if we do this a while I'll add us to playlists mm-hmm so I need to probably rename that um but we haven't really gotten into staking and I'm not in a rush to get into it but it is something that uh but I spent a lot of time with and we can talk about eventually okay so yeah that was my uh my dump so

Reflections questions what do you got tabling staking is uh noted I was I did have some curiosity about the acid no so I I can talk about it for days and hours but I'm also happy to give a a five second 30 second response to to basic questions that's like I don't want to do a deep dive but I'm happy to talk about what it is well I mean uh yesterday we talked about involvement uh uh ways to get involved ways to connect with the community I'm assuming that that is a component a piece of the the the puzzle and just uh

I was curious as to how um staking differs uh than simply investing or buying uh buying coin and uh if if there was like an elevator rundown on that I'd be I'd be interested in yeah so uh blue collar explanation there awesome yeah I can do this pretty quickly I think um in the in the beginning ethereum coins were generated by mining uh so people use gpus they ran them uh generate a lot of heat burn a lot of electricity create some ether right and so then I have ether uh and as ether became scarce you could send some to a an exchange and sell it so like I'm a

miner I have ether um I need money so I send it to coinbase and sell it for you know whatever dollars uh and so um if you're somebody who doesn't doesn't have the technological experience or doesn't want to do mining then you can get you could get involved by buying it from an exchange instead of mining okay um in September uh three or four months ago 123 days ago I guess uh ethereum made a uh huge transition uh from mining to staking and this means that we turned off all of the miners uh stopped using all of that electricity

and said from now on the network will be secured by people who stake these are people who hold 32 ether who run a computer at home uh and who get a reward every 6.4 minutes for uh securing the network okay you mentioned that a couple of days a couple of interviews ago yeah all right and that's still how new ether is created um and so the interest that's generated uh with these Holdings yeah and I I generally call it emissions uh because it's it's not like a bank where there's interest they are they are emissions they are payments from the network for securing the network okay so you can participate in staking most people right now don't have 32 ether I

want to say that's like maybe 40 000 or something yeah um so that's that's when we get into fractional staking uh and that's you saw where I mentioned rocket pool uh you can buy rocket pool art East tokens and uh uh I'm trying okay I'm making this quick so I'm not gonna go I'm not going to show you anything you can buy re tokens and essentially someone else uh will will do the work of staking uh they will they'll take a little cut of it and those re tokens will accumulate rewards so by holding a token you get staking rewards and you're securing the network without having to run hardware and that's how someone like you know if you

wanted a steak you would do it by buying the re token and just kind of holding it gotcha okay yeah well that clarifies things that's uh cool and uh you know what I was uh a little bit concerned because a lot of the uh stuff you hear on the news is about the mg consumption and uh how how mining uh the detrimental environmental uh uh results of of like the big uh crypto phenomenon a few years ago so I had no idea that staking was a more environmentally conscious alternative and that's really good news

um we cut the energy use of ethereum by 99.98 now that that is something that should get out there then okay you know uh as as proud of as we are of it it's difficult for you know people outside to pick up those things uh it's it's just not easy to get out there that's where education comes in now this is an ethereum exclusive practice though there are still a lot of other cryptocurrencies that are uh Mining and consuming uh energy to run those servers uh still at a high rate it's not fair to call it ethereum only

there are there are other uh other projects who are also developing staking products um staking is kind of like mining 2.0 yeah what the uh the 800 pound gorilla in the room is still Bitcoin who um Bitcoin says according to their ethos like we we did it right the first time and we don't need to change anything um and so while the world is evolving around that and saying hey mining was great but we need to do better um Bitcoin is still the outlier uh and they run a proof of work chain and I don't know if internally they're having discussions about maybe improving that

but publicly they will say um we call it mental gymnastics they will say a lot of things to to justify what they're doing as as a good thing and they'll even attempt to justify it as as good for the environment and yeah it is what it is okay uh that's really cool okay staying sort of on the subject of uh Community uh so a couple of years ago right before the big uh dip in the market there was a policy Institute I think by China that restricted the use of cryptocurrency

well I don't know if it was Bitcoin specifically or if it was all cryptocurrencies um I don't know if that affected uh I can only it must have affected Market Behavior but uh what I'm asking I guess is uh allies that exist uh on a business level on a uh state government level on a national level uh who are they what do they pay attention to uh can you elaborate uh uh I'm assuming this is an evolving uh uh issue that attitudes are sort of constantly uh changing so I was wondering if you could elaborate on that yeah that's great um I

my current interpretation is that uh China has disallowed all uh Asic and probably GPU mining at least based on what I've seen like in videos um now I don't get deeply into politics but I do know I want to say it was like 2017-2018 uh China had this practice of banning and unbanning and banning and unbanning and it really appears to so people from my perspective that it was a market manipulation technique that that the Chinese government was purposefully manipulating the price of cryptocurrency likely in order to build a position

I don't know how true that is but it definitely fit the narrative that they would ban it and the price would fall and then a week later they would unban it and the price would go up and then a week later they would ban it again and the price would go down um so uh I think now they have and again I don't I don't do politics I think that that they have a standard position of not allowing energy consumption associated with cryptocurrency um which obviously ethereum is proof of stake fits into that perfectly the other half of that is like government and corporate Partnerships uh it's funny that you bring that up it is it is something that

smaller projects tend to build on Partnerships so if you a way for a a a small project to get legitimacy is to say we have partnered with Coca-Cola we have partnered with uh you know the government of some small country and they use that as a stacking technique to stack legitimacy the more of these Partnerships they can create the more legitimacy it offers them sure ethereum is far more protocol driven we are not we're not trying actively to build Partnerships uh to become successful we're trying to

build a protocol that makes us successful so uh it is not it's not the intention of ethereum to partnership our way to success uh it is Our intention to build a solid product that is the obvious path to success so there's no uh equivalent to a uh ethereum State Department that is sending emissaries to um governments you know there is there is something called the ethereum foundation uh and I actually I get a grant from the ethereum foundation uh to to kind of uh sort of

uh do this ethos communication like to uh actually my grant is through ethaker it is through training people on staking but uh it's kind of a quirky organization they're not they don't exist to uh Pander they exist to develop what we're doing not to beg people to participate with us right to inform uh rather than recruit yeah and don't get me wrong like it's a you know they give a lot of Grants and I I have no doubt that there are people

who are like well so there's a place called coin Center who does political lobbying and uh while I don't I I assume they would be uh they would get grant money uh they they Lobby you know governments to uh make uh favorable decisions or decisions that favor cryptocurrency um but I I don't think of ethereum as a pandering organization we are a product based organization we're building an ethereum smart contract platform okay uh what about India you know anything about uh that General attitude or that General

policy I do not I um you know again geopolitically I'm not well versed I I know some things about uh like Africa Africa is there there are several countries who are eager to onboard cryptocurrency because they're unbanked somewhere what you're looking for is uh is this idea of poor access to banking High population density high technology use um those are play and and they don't already have it some salt some other way uh because you know they're they're

other like shoehorn solutions that some countries have um that sounds like you would be describing India so that would strike me as uh um as a place then that would be friendly towards that policy but yeah that's something I can definitely look into uh um well maybe they already have a well-established uh banking network uh more at least more so than uh some of those African countries that you were talking about uh let's see what about uh particular states in the U.S that uh show a little bit more uh openness to um developing incorporating uh crypto or

ethereum specifically into like Commerce and whatnot yeah three three states come to mind off the top of my head um and I know that other people will know a thousand times more than this um New York is generally considered anti-crypto uh they um they have they had something called a bit license where you you had to register with the state to transact in cryptocurrency it's really seen as an unwelcoming uh government state government toward crypto at the same time there's also a hotbed of uh cryptocurrency development in New York just because it is New York on the flip side oh 10 minutes on the flip side uh Colorado is is

aggressively embracing uh ethereum specifically um it's where we hold uh East Denver one of our our annual conferences uh the the government really like Works to incorporate um ideas associated with uh with smart contract platforms into the things that they're doing so I would say Colorado is likely the most friendly um and then Wyoming is kind of the third uh they because of their um I guess they have some kind of hidden LLC it tends to be a place where people like to do business because you can register a Dao

without naming a person who is the Dao because a Dao is not a person it is an organization uh and while I don't understand you know the the specifics of it I know that that is like the place that people tend to register them and honorable mention to Puerto Rico uh Puerto Rico is uh like what you it's like the the the Bitcoin the crypto Utopia um they have a community there where a lot of um crypto people have just sort of migrated it so what I'm sort of hearing is uh purple state I'm hearing a purple State and

then I'm hearing sort of like underdeveloped or or places where there's room to develop further and in infrastructure and uh maybe places that uh you know New York perhaps maybe uh risk averse due to tradition or uh firmly established in infrastructure that already exists um yeah that that sounds like a good assessment okay uh uh very very interesting um well I mean I had a couple more questions but I can tape them for another time let's do one more we got a minute okay let's see here

uh I'm afraid this is a long uh response but uh all right so we've established that the day-to-day uh the day trader uh charts are not a particular significance uh to you and probably maybe the community broadly speaking uh but you know what data is of Interest what what charts do you like to look at and uh what is the behavior in those charts that you like to see or you don't like to see yeah that's great um so yeah obviously I don't I don't have a deep knowledge or interest in charts um I can tell you that um the Bitcoin world has what they

regard as a four-year boom bust cycle uh and that's related to um their their every four-year happenings uh and so that's something that gets batted around a lot I just saw a video on that while I was uh trying to Bone up before this uh before this one cool I I would say um the reason the reason the markets are dangerous is they are all manipulated they are all uh a whale is someone who has a lot of liquidity a lot of money whales play in those pools they Splash around and they they break people and they uh they're having games like they are literally the markets are small

enough and manipulable enough uh if you think of China as a whale like right they're banning and unbanning they're doing that to manipulate the price to make profit and that's that's an assumption I don't know for for sure but you can think of a very multi-person doing the same thing everybody talks about uh Elon musk's uh I don't know what they saying on Saturday Night Live or did he say it yeah yeah whatever he uh on that uh got uh that like plummeted the market and Retail eats that up we I I often no offense to anybody but I think of retail investors as victims in so many ways and they think that they're winning they

they're reading charts and they're saying oh we're down I'm gonna buy now and cash out uh retail is often victimized by whales um that is that's generally why I say crypto is going to make it ethereum is going to make it rather than focusing on day-to-day charts rather than playing uh games your best bet is to uh invest slowly steadily build awareness and and don't focus on those day-to-day uh movements and price that to me that's equivalent to a letting someone else control your thoughts that is letting a whale into your mind to say I'm gonna

make you happy or sad today because uh because they're they're fiddling with the price um so yeah I just I now at the same time I have cell targets like I I will sell enough to improve my quality of life when when a price is achieved but I don't I don't look at it uh you know very often at all maybe twice a week right just to kind of see like you know how are things going and because those targets are set you're not going to be as reactionary to these you know whale Behavior or whale Maneuvers or anything like that it's easy yeah one of the best quotes in

cryptocurrency is uh and I think it's Andreas Antonopoulos who said it um is uh the best way to make a million dollars in cryptocurrency is to start with two million dollars um and that's that's kind of a reflection that uh people who are here to make money people who are trading they start with a lot of money and they're going to lose most of that because of markets and an experience well that's unfortunate all right hey um but that do we need to stick around maybe I I'll in this I want to get I want to get your splash screen I think

that was really cool I just don't know how to do it okay yeah okay I'll end the recording it'll take a few minutes to process and then we'll hop back on and you can show me how to how to add that yeah sure no problem uh yeah just just message me or get give me an email and I'll I'll send you the the file on Full Resolution I I have the file I just don't know how to use how to insert it in YouTube I guess I could ask uh of that okay YouTube you know how to add it or I could actually try to learn you see the video I sent you it looks like super easy you just have to use I sent you a video yesterday it's like yeah that was after I I added the solid

one yeah I'll look at the video okay cool let me know all right well all right all right see you Jason bye