Client diversity, Coinbase liquid staking and more - The Daily Gwei Refuel #367 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel where you cap the latest news in the ethereum ecosystem i'm your host anthony susano and today's the 18th of may 2022 all right everyone let's get into it so i came across this blog post today from a guy called cole south and he basically titled it why i don't own bitcoin anymore uh and i it's a short blog post i highly recommend giving it a read but the reason it caught my attention and the reason i liked it so much was not so it was not because he said he doesn't hold bitcoin anymore and he kind of like traded it for eighth was that it was basically because all the points that he brings up in this piece are things that like i deeply resonate with and things that i've been talking about for a very

long time when it comes to bitcoin so i just want to run through each of these points and kind of like expand on them a little bit but i definitely still recommend going and reading the kind of blog post here but um but yeah so basically the first point he brings up is you know productive assets versus pet rock assets and it's funny that he uses the term pet rock because i've been calling bitcoin at pet rock for a very long time uh not just myself but like a lot in the ethereum community have been saying that uh and kind of like it seems to have caught on a little bit here but basically what he's saying here is that uh you know he prefers kind of like eat as a productive asset you can do things with it right you can stake it you can use it as money you can

use it in d5 you can do you know all sorts of things with it um and then he you know he goes on to say you know fees represent demand for block space and ethereum's fees are 10 times higher than bitcoin's fees in terms of like network fees there which it just is driven by that utility value that eth has over btc here um and then he talks about kind of like ethereum's transition to proof of stake um and you know how anyone will be able to kind of like stake their eighth and earn the yield not just from the block or was it from the fear revenue as well uh and then cole brings up another point about bitcoin facing serious security and decentralization issues this has got to do with the dwindling block reward that i've spoken out before where it's not going to take until 2140 you know

within the next like 10 i guess two or three harmonies i should say about ten years the next two or three harvenings which is eight to twelve years um we're going to see bitcoin security kind of like uh uh falter because of the fact that fee revenue just isn't uh keeping uh sorry making up for the loss in block reward and unless the price of bitcoin keeps going up uh in kind of like i guess usd terms the security is going down over time because of that doing ling block award there and ethereum doesn't have this problem because of the fact that ethereum has perpetual block rewards um you know as part of staking uh there's no hard cap on eth but we have deflation or deflationary pressure on eth via the ip1559 fee burning so ethereum security is guaranteed whether the network is

being used or not uh and whether kind of like we're generating high theory when you or not because of the fact that we still have that perpetual block reward that gets paid out uh two stake is here um then his next point was around esg concerns are going to be hard for bitcoin to shake so this is something that i've spoken about before how i think that bitcoin's narrative around kind of like proof of work is going to be very very hard to defend like even if and as i've studied before even if bitcoiners are totally right about proof of work being good for the environment because it encourages you know renewable energies it encourages kind of like finding trapped energy and using that and all that sort of stuff like even if that is 100 true it's way too complex to explain to most

people right and if people aren't going to pay attention to those sorts of things they need an easy narrative to latch on to and um cole mentioned in his blog post that the easy narrative that ethereum has is that it switches it's switching to proof of stake and it can just say hey we're not on proof of work anymore we don't we don't do mining we do this proof-of-stake thing which do uses 99.98 less energy than uh proof of work does that's it we don't need to do anything else so bitcoin is going to face a lot of headwinds from the that that kind of stuff and i've spoken about that before as well uh the bitcoin community isn't pro capitalism which i thought this was a really interesting point um i hadn't kind of like talked about this too much but basically he says bitcoin has

generally been antagonistic toward new tokens and anything that generates wealth for a builder rather than btc holders as a whole whereas getting rich off of newly launched a new newly launched coin is a badge of honor in the ethereum community i think he was being a bit fictitious here with it being a badge of honor just to get his point across um but yeah the point is kind of like made there then he goes on to say this has led to a vibe that's felt more like communism in bitcoin versus capitalism and ethereum we know how this ends up innovation progress and economic rewards end up with the capitalists this was a very uh interesting point that i hadn't really seen articulated before the fact that bitcoin is ending up looking more communist than capitalists is is kind of ironic and and pretty funny to think about in terms of

implications but i think coal is right here you know every kind of like person within kind of the bitcoin ecosystem any time that people try to make money outside of btc try to do tokens try to issue new tokens try to do anything uh they get attacked for and they get attacked pretty brutally for it and that kind of pushes builders away right there's like a massive brain drain in bitcoin because of this and then you can see ethereum as a capitalist system where anyone can launch a token and it's embraced people aren't kind of like yelled at for launching tokens saying you know should just use eth right there are some bits of that here and there but it's not kind of like the mainstream narrative um and yes a lot of these tokens don't outperform eth but that doesn't matter like as i've said before

90 plus percent of real life businesses fail 90 plus percent of crypto businesses are going to fail too it doesn't really mean anything um and a lot of kind of like stocks over the longer period may not even outperform something like an index like the s p 500 right just like a lot of tokens when i perform eth but the point is is that people aren't ostracized for doing this sort of stuff right they're actually allowed to do it they're not kind of like shunned out of the community for doing it so ethereum becomes a more capitalist system than bitcoin much more i think at this point in time um and then a few other points here i'll just kind of like get through uh he says the bitcoin community is focused on tribalism over innovation i mean that's self-explanatory guys like anyone listening to the refuel probably

already knows like just how tribal and toxic the bitcoin community is and that pushes the innovation away right uh there's two more points there's a few more points here bitcoin isn't performing as an inflation or bear market hedge i mean we have proof of that right like there's high inflation right now bitcoin is not prove he's not kind of like trading as a hedge at all and neither is it to be fair right but ethan's never claimed to be an inflation hedge like uh or at least most of the community has ever claimed eth to be an inflation hedge uh but bitcoin isn't doing kind of like what it was doing and it's also not really acting as a bear market hedge anymore aethers kept up with it right um it may be down a little bit more but it's still kind of like kept up with it

there um and on top of that uh in terms of kind of like uh future performance eth just seems much more prime than btc in kind of like my eyes there uh and then there are kind of like few common talking points from uh kind of like bitcoin is about ethereum such as ethereum's emergency proof of stake will lead to a rich get richer scheme which is totally inaccurate because proof of work as cole explains here is actually more uh kind of like um negatively associated with economies of scale and has higher barriers of entry because you have to basically be able to buy like a mining farm essentially you have to have so much capital up front to even get into the game whereas with ethereum staking not only can you stake on your own with just you know just 32 eighth as a solo staker but you can also join a

pool right you can join a pool with any amount of eighth be it a kind of like um a staking pool or a uh uh sorry a centralized staking pool or a decentralized one or a centralized exchange or anything like that and earn the same percentage return on your eighth that everyone else is earning but yeah of course like obviously if you've put 108 in and and someone else has 100 ethylene they're going to earn more than you but still the percentage basis is the same so you know obviously i i i don't agree with the rich get richer thing with with proof of stake um and then they say become be able to do everything ethereum can i mean obviously not right not unless there was radical changes to bitcoin and then uh and then kind of like rebut there's another talking point where it says

ethereum has been saying that they are emerging to prove a stake for seven years this is true but as cole says here it's actually happening now it's actually around the corner like we have i mean obviously like i talk about the merge a lot but we have all the evidence that we need to see that it's happening from the shadow forks to the test net forks you know roxton next month uh forking over to proof of stake and then uh hopefully the merge in in in august right like or as i've been saying i think i think it should happen in august but it could happen a little bit later but it's not like it's not going to happen like these i mean i i i struggle to call them delays but like the reason the merge may take longer is just because we need more

testing on it right rather than it's not coming sort of thing so there's that point as well so anyway i mean i think i covered most of these points here i still recommend giving the blog post to read because it it does a great job of explaining each one of these points but i just kind of like wanted to bring this up with you guys and highlight it because at the end of the day um these are things that have been discussed for a long time now within the ethereum community and the fact that they're becoming more of a kind of like entering the mainstream consciousness becoming more mainstream narratives i think is a really positive thing because it means people are opening their eyes to the kind of like unsustainable nature of bitcoin as a whole and how bitcoin's future is very bleak i actually i'm very

very bearish on bitcoin i'm not gonna some people say oh then short btc i'm not gonna short btc like we see pure scams go up in value during bull markets like why would i short btc i i fully expect btc to continue going up against usd into the future maybe at a slower rate than it has been traditionally but i'm technically shorting bitcoin by having eighth right people say oh that's not the right term of uh you know that's not the right use of the term short uh shorting's you know borrowing and kind of like selling in and then buying back in cheaper all that sort of stuff i i mean i still i kind of like think you can use the word to say you know if you have eight you don't have bitcoin you're kind of like short bitcoin because bitcoin is like to say

that they have btc and they're putting their usd into btc and that means they're short the us dollar right um so i think that from that perspective i'm already short bitcoin both intellectually and on an asset basis i'm just not going to short it against usd because of the fact that i'm i that wouldn't work right like i don't believe that would work as bearish as i am on it it's still going to go up just because of the way crypto market cycles work anyway i'll leave it at that i spent 10 minutes talking about that but i thought it was a pretty important important thing to talk about but there's a bunch of other things to go through so let's get into them so we have an update on client diversity today so michael sproul who manages client diversity.org here and builds a bunch of data to kind of

like fit into that has put together a pretty accurate kind of like i guess um uh data set of what it looks like today so as you guys know over the last few months has been a big push around client diversity and would you look at that prism is down to 40 guys like 40.43 from the 67 or 68 that it was at just a few months ago this is one of the most positive things that's happened in ethereum that i can remember i know i've talked about this a lot before so i'm not going to drone on about this too much here but this is an amazing community effort this wasn't done by a centralized party this wasn't done by vitalik or the ethereum foundation or the ethereum cordevs this was pushed by the community championed in large part by super fears who i've

talked about a lot but also the east taker crew and all the community around that they really made this happen they really reached out to the right people such as exchanges got them to change what you know their clients coinbase was at like 95 prism now i think they're at um 60 prison which is a huge drop right that's absolutely crazy it's awesome to see uh kind of like coinbase doing that and it's awesome to see it's just kind of like this super majority just completely gone now this is what a healthy beacon chain looks like as i've discussed before you know having 25 split across all four clients all four of the major clients is a pipe dream that's not going to happen but i i think like the way it is right now with 40 prism 33 lighthouse 16 teku 10 nimbus and 0.02 percent

load star is an amazing beacon chain uh kind of like diversity here right the health right there is is awesome like yes obviously we can be doing better still we could get prism and lighthouse into the green zone and get teku and nimbus up a bit more but this is you know more than i think we could have asked for in such a short period of time as well so i am very very happy with this i am just so happy for the community that we made this happen and i hope to continue to see client diversity uh kind of be um be adhered to as uh as as kind of like more people stake their eth all right so i uh i kind of like wanted to do a little kind of like short bullish rant today i was thinking about the merge again today as i always do and

i put out this tweet where i said a network transitioning from proven work to proof of stake is unprecedented especially a network as big as ethereum because of this the implications of the merge are not well understood by almost all market participants oh go the merge is not priced in now i think this is not about myself on the back too much but i think this is a pretty good one tweet description of why the merge isn't priced in like if if the merge is fundamentally misunderstood by almost all market participants if people don't understand the implications of what the merger brings with it if people still don't believe the merge is going to happen then how can the merge be priced in in on a market basis well it technically can't right and i think that uh i've made the case plenty of times for why i

believe it's not priced in but i think this just kind of like explains it like price something being priced in means that most of the market is already aware of it and already aware of the implications of it and kind of like have have um have kind of like priced in any future price action around it i don't think that's the case at all for the merge i think that the market is severely underpricing what the merger is going to do for eth even with the bearish backdrop of the of the macro environment like i i don't know like i i don't understand how the market can be under pricing uh tens of millions of dollars worth of kind of like each cell pressure from block rewards just evaporating instantly and you know hell press on that bankless interview talked about this a lot but it

just it's too logical to think about it it almost makes me kind of like question my sanity sometimes where i'm just kind of like how do more people not understand this and i know some of you kind of like talk about this as well where you say like this this seems too good to be true it's too good to be true that something like this big and this big of a deal can't be priced in you and and people can't understand it yet well guys like i've given you examples before over how little understanding people have over this people still think the merger's going to reduce gas fees people still think that all the estate is going to be unlocked at the merge and i'm even coming across new narratives lately around people uh complaining that the apy the yield is dropping on the beacon

chain because more ethe is being staked they don't even understand how kind of like the the rewards are generated for for stakers um so there's just so much bad information out there and so many bad narratives that in my mind there is a zero percent chance that the merge is priced in uh i think it the merge isn't priced in at all to be honest and i i i don't even think like i don't even think one five five nine is priced in like it i think the price of eight is lower right now than it was when one five five nine came out so i don't know to me this is just all like generational buying opportunities uh you know i'm not gonna kind of like say that in the short term we can't go down more than we can of course we can you know i'm not gonna say

that 1700 is the bottom or anything like that uh but in the long term i don't know i just feel like buying it buying today i mean this is an investment advice but i just feel like buying today kind of like is going to be fine for the long term that's what i keep doing like and i i i think that if you can't stomach the volatility over over the short term then maybe just don't buy it at all because it is extremely volatile regardless of how strong the fundamentals are it's volatile due to fact the fact that this is crypto and crypto's gonna crypto right but uh anyway i'm gonna be wrong for that i didn't want to spend too much on that but did want to kind of like bring it up all right so speaking of each staking uh coinbase announced today that they're

going to be spinning up their own kind of like liquid staking uh implementation targeted at enterprises now the reason why i think this is interesting is because i've been saying for i guess like the last couple months in on the topic of like lido state centralization that the business opportunity for ethereum staking is absolutely massive and because of this there's going to be more players entering the game over time and these players aren't just going to be small shops they're going to be big players and we're seeing this come to fruition right now like coinbase entering the liquid staking game is going to take market share away from lido um rocker pool uh kind of like making changes to their liquid staking kind of like um uh uh pool is going to take market share away from lighter

swell is is launching soon going to take market share away right and the thing is is that at the moment lido from where it's at so let lydo's at 30 of the of the network right now that can't actually go down even if people sell their st eth for eighth and then go stake somewhere else the eighth locked in the beacon chain as part of lido is still there until withdrawals are enabled so it's really up only and not just for lido for every staking provider it's up only because they can't withdraw from the beacon chain yet and that's what i've said to you guys before that we're going to see a great reshuffling after withdrawals go live on the beacon chain because i think a lot of people are going to kind of like reshuffle where they're staking their wreath and they just can't do that right now

no each can be removed from anywhere once it's been put in there um because of the fact that the withdrawal is unenabled but yeah i'm super excited to see that uh that coinbase is doing this i think an enterprise grade kind of like enterprise targeted liquid staking kind of standard is is key to to kind of like getting a lot of these i guess traditional kind of like people on board to staking eighth and it's going to drive a lot of demand for eth i believe as an asset so this is a very very bullish kind of like news and i didn't see many people talking about it today but i think this is great and i think it's really great for competition around um kind of like liquid staking as well because i mean i think post withdrawals lido's shares gonna come down and i

think that lido is also doing a bunch of things to try and control how fast they can go and stuff like that but they got too big too quickly but at the same time i think that as a i think i i said this like they got so big that other people have now taken notice and being and being like well if lighter was able to get so much eat steak in such a short period of time uh let's compete with them let's kind of like spin up our own service and let's do it let's kind of like target the sim the same customers lido's targeting and and offer them a better experience and leverage kind of like our own brand which is what coinbase is doing so yeah the business opportunity is there that's being seized great to see it uh if you want to read more about

this i'll link the blog post in the youtube description all right so uh just a kind of like quick shout out here to trent van epps who shared a kind of like mailing list you can join all about kind of like ethereum network upgrades test nets and security so this link you can click here um and you kind of can subscribe to it not like a new a normal newsletter it's kind of like a google group that you can kind of join with your gmail and you'll be able to kind of like see all the updates there i'll link that in the youtube description for you to check out so chris hager here has built a new tool called txuncle.metachris.com which is a tool to check if an ethereum transaction was uncooled an uncle transaction was originally mined in a block that was then uncled which uh

sends the transaction to the mempool from where it's been mined again and hope it's useful to some he says so for those of you who don't know an uncle block is basically a block that was kind of like um uh mined it wasn't included in the canonical chain so miners are still rewarded for this uh in kind of like ether awards not as much as the normal block award but in kind of like what's called uncle rewards and this block just doesn't make it into the canonical chain so it just kind of like it gets discarded right so what this tool allows you to do is kind of like seeing uh you know if your transaction was included in an uncle blocked and then and then kind of like what blocker was included in when it kind of like got into the the canonical chain there so

pretty cool tool a bit technical but definitely check it out if you haven't already so coinbase i should have mentioned this before but coinbase announced another thing at permissionless uh we're going to be allowing people to claim their ens within the coinbase wallet so i discussed coinbase wallet uh yesterday and how they're kind of like doing a bunch of d5 integrations within the within the wallet now they're doing ens which is awesome i mean everyone should have their own e s name right like uh it's kind of like the uh it's like kind of kind of like a domain name but but i guess like even more important because not everyone has their own domain name right but everyone should have their own e s name tied to their kind of like public ethereum address in order to do a bunch of different things and obviously when

we have more privacy tools that's going to be even even better and even kind of like safer for people but very cool to see coinbase kind of like partnering directly with ens to allow for this sort of stuff but it's just going to get more adoption of ens and it really seems like coinbase is going all in on ethereum right now i think for me too i know i've been critical of coinbase before but for me to like really love coinbase again i want to see them support layer two networks like asap they spoke about it like six months ago and they still haven't kind of like supported it so i really want to kind of like see uh them support these two networks relatively soon um because the fact that they've just been dragging their feet here on this but i i remain hopeful i think they

should be able to do it soon especially because they have like something like 5 000 employees now surely some of those people are working on those integrations right so we'll have to kind of like see how that shakes out but great to see them supporting ens as well all right so another thread from bar tech here today from l2 beat uh basically summarizing the upcoming bridges risk framework that uh is going to be live on the l2 beat website now i spoke about this when bartex talked about it i guess like a few months ago putting together like uh a risk framework around bridges themselves obviously there's been a lot of hacks and exploits and kind of like uh things happening with bridges over the last few months so it's very important that there's kind of like a risk framework put in place so people

will be able to see what the risks are of each bridge that they're using how it works right like as i've discussed before not all bridges are created equal there's different types of bridges a lot of them have multi-sigs uh still a lot of them are just pretty much completely centralized some of them don't even have multi-sigs they're just like literally centralized so this is just kind of like an update from bar tech it's a thread so definitely give it a read um you know i'll link it in the youtube description for you below all right so a couple of things out of polygon today so that polygon uh nightfall thing that i teased yesterday is them announcing that the polygon nightfall kind of like uh optimistic rollups such zk roll up so hybrid solution is now live in mainnet beta on uh on mainnet which is very very cool so

they're saying here nightfall is the most efficient blockchain solution for enterprises enabling businesses to orchestrate private transactions for use in supply chains and other key business functions this is really cool because as i've said before guys like the number one blocker i think for from for businesses to use the public chain or to use kind of like public ethereum or public layer twos or anything like that is privacy concerns now polygon night for august nightfall has been worked on since 2018 as part of ey they've been doing this for a very long time they've got a lot of enterprise connections a lot of business connections and they're basically giving them exactly what they want with something like this so it may not be you know as interesting to kind of like us retail people but i think in general it's very interesting for

businesses and it's going to onboard a lot more businesses and it's going to unlock a lot more use cases that have been dreamed about such as supply chain use cases but haven't actually been actualized within ethereum for a number of different reasons and i think privacy and scale are those two major reasons and that's exactly what polygon nightfall aims to address here so very cool to see this live on mana in a beta fashion and i think they also kind of like said that in q3 crew 4 it will be going uh to kind of like a full main net release and kind of like coming out of beta so that's really really cool to see as well uh and second polygon update was that they launched a developer fellowship program which is designed in collaboration with dev folio um which is defolio is india's largest

hackathon organizer so you can apply to this fellowship program at this link here which of course i'll link in the description and it's going to be an eight-week mentor-led program for you to take the next step in your web three development journey so if you want to be a developer within web 3 and you just basically have no kind of like existing skills with this sort of stuff you don't know where to begin then this might be something for you to apply to obviously polygon and defolio are big names here so you're not just signing up with just anyone i highly encourage you guys to just kind of like sign up to this and you can see down here the mentors that are going to be part of this i think i've shouted this out before now that i'm looking at the mentors i think that uh i i

haven't shouted this out before this this is kind of looking very familiar to me uh but regardless i think you should kind of like go sign up to this uh and kind of like apply now it'll be linked to the description below all right so uh this account on twitter called freezer today put out a teaser or something they're working on where they said switching networks slash l2s should be as easy as opening a new tab and you should be able to use different networks on a per tab basis this will make working across l2s much easier i'm designing a concept that browser with some of these ideas now it's kind of hard to see what this is in the gif here but you can kind of like see there's each tab that they're kind of like changing to their network changes in this kind of like bookmarks bars you can

see uh they're they're on optimism here and they can change to the network with just a kind of like switch sorry the press of one of these kind of like tabs here and they switch to another tab and it's already on a different network right that's really cool i think that's you know improving the user experience greatly and making it more seamless but as i've discussed before i think that the most seamless integration for users to kind of like use multiple uh networks whether they be other networks or l2s is going to be just abstracting it away completely from for them right and just kind of like having all these products built on top that they don't even know that they're using kind of crypto in the background and the funny thing is terra was actually succeeding at doing this because there was a lot of neo banks which were like

to front ends built on top of the anchor protocol uh and allowing people to kind of like just not have to deal with all the blockchain stuff and just put their dollars in and earn a yield now obviously they're it's like a double-edged sword a lot of people weren't aware aware of the risks and a lot of people lost money and and obviously like tara went to zero but i think that the core concept of being able to build these is really the easy to use front ends for using kind of like maybe the less the least risky kind of like products on ethereum and on these l2s is going to be a big theme going forward and i think coinbase is definitely leading the charge there with their mobile wallet app but as far as i know they don't have an easy way to switch

between networks either like i'm talking dead simple you know just extract it away from the user and just give them kind of like a one to two click uh kind of experience where they can start doing what they want to do with it but still cool to see other people taking a stab at this i think this is just like a vast improvement over what we have already and i'm looking forward to seeing uh kind of like work on this continue all right so uh lyra's avalon upgrade in is now live in a gated fashion on the optimism mainnet so you can go to avalon.app.lyra.finance and you can kind of like play around with it if you qualify uh which is really cool to see now for those of you who don't know lyra is an options protocol on optimism they launch natively on optimism uh they've

been around for quite a while now they're kind of like part of the synthetics ecosystem and i've spoken about them before so definitely go check check them out if you haven't yet now speaking of options i did want to talk about one thing i know that hal press talked about options in his uh bankless podcast and because of that a lot of people are now kind of like looking at options being like oh uh there's one option i think that hal talked about where he you could buy it and if eight is uh buy it at like i think forty seven dollars per per per option and then uh if eight is over five thousand dollars or is that five thousand dollars or more by december you could kind of like exercise that option and make a lot of money right but i think people just really fundamentally

misunderstand options and don't understand what they're getting themselves into buying them is a lot less risky than selling them but still you suffer from like decay on these options over when you buy them it's basically a kind of like degen gamble bet on the price of something it's a period of time and if it expires uh worthless which is the term used to basically say if doesn't reach five thousand dollars by the expiry date which is sometime in december then you get nothing like absolutely nothing they're worth zero of those options from there so i think uh lyra's got a bunch of educational material around options so if you do want to learn more about it definitely check out their website for that but yeah i think it's just topical because i saw some people in the discord channel discussing this and i just want to kind

of like urge caution here guys like options are some of the kind of like most complicated financial products and they're not just the crypto thing they're obviously exist in the traditional finance world for a while um and if you don't understand what you're getting yourselves into you can end up losing money so definitely and losing all of your money so definitely uh kind of like check that check out lyra's documentation and kind of like educational materials around this to learn more about options all right just an update on the terror situation so apparently luna and ust korean investors have filed both civil and criminal lawsuit again lawsuits against do kwan for committing fraud they also filed to order a provisional seizure freeze of his assets they are presented represented by a

legal fern lkb and partners which apparently is one of the biggest legal firms in in korea in south korea which is not surprising to me that this has happened i said that though is either going to end up in prison or in lawsuit hell or potentially both this is just a start he's going to have lawsuits coming at him for a long time maybe not till the day he dies he's quite young but like for a very long time right and i think that it's not just going to be from uh individuals it's going to be from kind of like whatever careers um securities regulator is uh and other kind of like such institution kind of like regulators like that it's not going to be a good time for him at all and the fact that they're still trying to revive terror like with terror 2.0 and things like

that and get the ball rolling again i'll be honest i think the only people cheering that on are ones that are hoping to get a bailout and get some money out of terror again and they're just going to dump their ass as soon as it goes live so i i i'm not obviously not bullish on any of that sort of stuff and i'm obviously not bullish on dokwan's future either like it doesn't seem like he's got much of a future ahead of him that's for sure all right last up here i just wanted to kind of like uh say something um i put out this tweet today where i said there are so many things i want to say but don't because i'm not anon maybe it's time to start an alt and by ultimate like an ain't on alt look as you know i go on my rant

sometimes on the refuel and i can get pretty spicy on twitter i'll be honest like what i do on my wreath on the review and what i do on twitter is like one percent spice like i have a lot of things that i would love to say that i'm not just saying out of like rage or i'm not just saying kind of like out of wanting to hate on something or being an there's a lot of truth i want the truths i want to speak but i can't because it's a it's like a massive reputational risk for me because i'm not anonymous there's so many people i want to call out for all the that they do and i do i do tend to call out some of it right but as i said that's like one percent of what i what i want to say um

and i feel like the only way i could start saying that sort of stuff is if i started an altar count but it kind of defeats the purpose because i would have to build that ultra counts following up right in order to get more eyeballs on it i run the risk of people finding out that it's me and uh kind of like i just i don't think that's a very healthy thing to do either me just being on like two accounts and and kind of like you know i'm on my alt account they're just like full of kind of like uh uh hates not maybe not maybe hates the wrong word but kind of like full of negative stuff and things like that so i don't think i'm gonna do it but yeah just just know that like there are a lot of people like me who

will say things in private to that kind of like to their trusted friends and stuff like that that won't say that publicly and it's not just like me and my friends there's a lot of people that do this all the docs people that you know of i guarantee you guys like pretty much all of them i know is for a fact have thoughts that they broadcast privately that they would never in a million years say publicly and they're true things right they're very very true things but the social cost is just too high a lot of the time um and you actually saw a perfect example of this with with terror a lot of people didn't want to call out tara and do kwan because there was a big social risk of doing so while terra was working then tara collapsed and look at who how many people came out of the

woodwork right look at how many people kind of came and said you know this was always going to blow up oh but this is i always believe this sort of thing because then it was safe to do so it was no longer a reputational or social risk to do so so i think there's going to be more of those in the future but i'm going to like not uh kind of like be as spicy as i want to be on on kind of like my public twitter even though people have said that i should be because yeah it's just too much of a risk for me i have too too much of a too big of a following i have i don't want to turn my twitter into kind of like constant complaining and toxicity and kind of like you know sounding like an all the time so

i will still call out things that i believe to be like total and and that i believe you know should still be called out um but yeah there are certain things that i just just won't be able to say on my public account which is unfortunate but that's kind of like how the world works i think and i'm sure you guys have different opinions and thoughts on this i'd love to hear them in the discord channel if you if you want to share them with me uh but yeah that's kind of like what i wanted to end this episode on today so i think that is going to be it so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks

everyone