The Daily Gwei AMA Series #8 - 21st of August, 2021

Transcript

all right everyone we're gonna get started so thanks everyone for coming to the eighth daily way ama um as usual if you want to ask a question during the ama you can raise your hand down the bottom it'll come up on my screen and i'll add you to the stage you can ask your question um but uh most of the ama i'll be reading questions off of the sheet that i prepared which is questions that are found in the ama series discord channel where you can also ask questions that i'll get to at the end uh this will be recorded and uploaded to youtube as usual about 24 hours after the ama concludes so if you do end up having to leave early or you've come in late you'll be able to kind of like watch this there so without further ado i'm gonna get started with the first

question from the ama series uh channel which i've got on my sheet here which comes from john the fawn who says regarding the old world banking system versus ethereum one thing that gets mentioned often is that the old world payment rails are incredibly inefficient and yes from my experience it takes bank of america three days to perform an electronic transfer and if you need to make a transfer on a weekend good luck could you provide color on what these rails actually are why they're so slow and why they don't operate 24 7. surely these banks are using digital systems with databases and digital protocols ie swift given that the old world technology is i think digital why is it such an awful experience so there's a lot to unpack here the the way i like to look at the old world financial rails is that they're

essentially a kind of a system with a bunch of band-aids on it so these kind of like rails were created you know a long time ago basically uh you know you can even trace it all the way back to the industrial revolution uh and since then you know through the uh through kind of like the years and over the decades and especially through the information age uh there were just kind of like new systems spun up but they were all kind of like patchwork systems where there was no kind of standard there was there was no kind of like standard for talking to each other then swift came along and you know swift has its own issues things like that you have like thousands of different financial institutions you know more than that tens of thousands are all around the world trying to kind of like talk to

each other and settle um and kind of like settle uh uh funds transfers uh with each other and make sure that it can't be intercepted by kind of i guess like hackers or anything like that it's it's just a very very complex system and the root of the cause is that there is no global settlement layer for i guess like traditional financial system and this this is kind of like the crux of it the settlement assurances that you get from i guess uh the traditional system are very very different to what you'll get from a blockchain so for example uh with ethereum when you send like when i send funds to someone on the other side of the world the uh arbiter of that transaction is the ethereum network itself right the miners will mine it it's in the mempool they'll include it in a block and then it gets it goes onto

the blockchain and the only way to revert that transaction is if the miners banded together to kind of like roll back the chain or there was a hard fork to roll back the chain or whatever right uh but in in the normal case you get like pretty good settlement assurances and it's secured by the entire ethereum network uh you know obviously the miners and every other kind of participant in that so that's the kind of like settlement assurance you get when sending an ethereum transaction doing a d5 interaction you know whatever else you you do on on the ethereum network same goes for for bitcoin same goes for any other blockchain the the kind of parties that uh uh are kind of like giving you those settlement assurances are the i guess miners or stakers that are securing the network as well as the rest of the ecosystem that plays their

part in keeping the network running uh from you know full node runners to community members to different projects on on the chain and things like that so it kind of falls back to that whereas in the traditional system you don't have a global settlement layer right you have this patchwork of different systems all throughout the world in different countries you you know some of them will use swift some of them will use other other kind of like tools out there and they and because there's no standard they have to go through the legal system so if there is a kind of dispute that happens uh the dispute has to be done in kind of like through kind of like an arbitration system and that's through the courts and the legal system you got to get lawyers involved you know there's there's physical contracts drawn up and things

like that to make sure that can kind of things run smoothly and there's consequences if uh if any of if anything happens on either end and then you know because of these all these systems take forever to talk to each other or because you have to go through a manual settlement assurance uh sorry settlement period you kind of have this this thing where it takes like three days for a international wire transfer for example or something like that because you have to go through you know you have to go basically route through all these different banks and then all of them have to be sure that the payment is you know is legit and actually going to get settled on the other end and then sometimes uh depending where you're sending a payment to you won't actually know where it is in the chain until it

arrives at its at its kind of like destination so essentially you can send the payment out and then three days later it'll arrive at the destination bank but during that time you may not even have any visibility and even the banks won't have any visibility on it because it's just it's basically kind of like a i guess you could imagine it like a map and there's little different points on the map and each each point it goes to it just gets forwarded on to the next and and you know each each bank has its own system each financial institution has its own system to guarantee that this payment is kind of like flowing through flowing through the system and sometimes you know the money won't even get there and you'll have to go through the bank and you know go yeah and get them to

follow it up for you and all that sort of stuff whereas with ethereum you don't have that right like ethereum is literally i send a transaction to someone and if i was running my own full node i could have the most trustless assumptions there because i could basically check my full node and say okay well you know i can see the transaction sent and i can see that it got delivered to this recipient i can see that now their balance has been updated and my balance has been deducted and that's kind of like the settlement done there uh you know and everyone can see that right like not just me and the the receiver but like everyone uh because the the blockchain is obviously transparent for better or worse everyone can see that that transaction was confirmed and then you can see like how how many confirmations it has and what

block it was in all that other kind of i guess detail that falls into that and you just don't get that from the traditional system because there was never a global standard built and as i mentioned like swi i mean as you mentioned like swift that was an attempt at a global system but it's too hard to retroactively fit this in because it's just it's so clunky it's a lot of these banks and financial institutions don't want to have to upgrade their kind of like um their systems it costs a lot of money there's a lot of legacy and tech debt in there it's just it's really really bad and that's that's basically the major reason and that's why it's actually uh it's actually pretty funny because the the best way to fix this system is to literally just create a brand new one with all of the issues of

the old system removed and create an actual true global settlement layer where we can actually agree on you know where we can actually agree on kind of like the settlements and the settlement assurances that the network gives you and stuff like that so and and when it comes to i guess settlement assurances as well as i mentioned with the ethereum blockchain you have those assurances uh you know the deeper kind of like the the the chain goes the more kind of like proof of work is accumulated the the stronger the guarantee that the chain won't be rolled back or the harder it is to roll back the chain uh but you don't have finality so technically the chain could be rolled back to block zero if it wanted to if you were able to kind of like get majority uh majority hash rate um and kind of like fork the chain and

do all kind of nasty stuff in in a proof of stake system within ethereum we have what's called economic finality which is essentially an a way to economically incentivize the network not to reorg and that is done through um through actual finalization every 12 minutes every two epics the chain is finalized and essentially what that means is that uh most of the like i think it's two-thirds of the stake uh are at risk of being kind of i guess um slashed or or kind of i guess by being slashed uh those stakers would lose their funds if they were to attempt to re-org or roll back the chain or attack the chain in any kind of way like that so we have much stronger actually sediment insurances under a proof-of-stake system at least in ethereum's context than we do with ethereum's proof-of-work a system as

well because there's no kind of like finality there you but you still have i guess the the insurances of that accumulated proof of work as time goes on and that that's getting into like the blockchain side of it but yeah generally it's just uh it's just much it's worth our time to rebuild the whole system from scratch uh rather than try and fix the existing one because it's just not gonna happen and and you know the funny thing is is on top of all the reasons i already outlined as to why that won't happen it's also a closed system so even if you wanted to improve upon it you have to get the permission of these financial institutions these banks these governments to actually do anything they won't let you touch their systems they won't even let you do anything in the financial world without getting all this

kind of i guess um without going kind of like through this whole process where you have to get uh sign off from different kind of regulators where you have to get licenses and i mean it's it's a mess right this is there's a reason why you don't really see many financial institutions spin up there there may be kind of like apps building on top of it like fintech but they're very limited they're definitely very different to what we see in d5 so um you know and from that perspective well why not just build a new system where it's completely open for anyone to build on and we've seen how quickly that system has gained adoption and is evolving and innovating much much faster than a traditional system so yeah hopefully that answers your question around i guess why the the old system is so efficient and why it's really not

even worth trying to fix it's it's i would say it's impossible like even if you had thrown so much money at it it would be impossible to to fix a system which is not made to be global and which has so many different kind of moving parts to it and it would literally it would take years right it would it would be just a very very slow process so yeah hopefully that answers your question there uh yawn you had another one here uh where you basically uh asked um transaction about transaction finalization with regards to optimistic roll-ups so you type that a bit here i'm not going to read out the whole thing because it's it's quite lengthy but you essentially the the crux of your question was that how um do does i think like optimism or arbitrary handle kind of disputes so the way these networks

work in optimistic roll-ups is that they take an optimistic approach to security where they essentially uh assume that everyone is behaving you know correctly behaving uh in the right manner and that they're not trying to attack the chain and if there is kind of like a dispute then they give this seven day kind of dispute period where it goes to a bunch of different rounds and you know if if i guess like the the the disputa is correct and something affair did happen on the chain then that disputer would be able to kind of like claim a reward for that they would uh the the the person who kind of like um uh what was was trying to defraud the chain would lose money because they have to put up a bond there's a bunch of like game theory that goes into this as well

uh there's actually a really great post from derebit insights on this uh that compares kind of like these um these arbitration processes that's essentially how it works with optimistic rollups um but you know your question was basically is does the chain have to be rolled back if there is actually fraud that happens on the chain and wouldn't that kind of like lead to some weird uh behavior because uh say you know you've given an analogy here where you say uh you're imagining um if i was to give you a hundred dollars and then you took that 100 and bought a skateboard and the guy who sold me the skateboard then went to a fancy restaurant and spent 100 et cetera et cetera and then days later the government came in and said the hundred dollars you gave me was fraudulent at this point the money has already been

made several hoop hops and societies in a state that is dependent on those hops how could you realistically roll back those hops so that all the transactions revert without severely disrupting society so i think arbitrary and optimism differ here in how they handle disputes but the way it works in arbitram i think it's arbitrary it might be optimism but the way it works in one of them is that the chain continues on um and and you know if there's kind of like a dispute started at one point the chain will keep kind of like building blocks and it'll kind of like build blocks on on both sides of of kind of like the the fork i guess you could say because if someone creates like a fraud dispute then there's like a fork in the chain at that point in time and then you keep building blocks and keep

kind of like um having transactions go there um but like you know when if the fraud if at the end of the seven day period the i guess the fraud proof is correct and um you know that there was fraud there then i think it only affects those transactions but i'm not totally sure like i i i'd have to re-read the post on this it's a good question i'm not totally sure how arbitrarily optimism handle it like at the kind of i guess um detailed level uh because this is something that as i said there's a bit of game theory that goes into it they both have different ways of doing it like it's similar in in kind of like principle but different in in that they have different approaches to it and i think arbitrom's arbitration process is a bit slower than optimism so there's a bit of intricacies

there but the derebit insights piece uh if you just search on google derebit insights optimistic rollups the piece uh about that will give you a great explanation of how it works but from memory that piece didn't mention a scenario like this so i would actually have to kind of like dig into uh dig into this see if i can find anything on that for you um uh but yeah i i guess i guess like that's the kind of answer i can give you for now um so hopefully that answers your question there and your last one uh yawn uh you're on the forum that you had here um about the shadowy supercoder who recently stole 600 million dollars from the poly network couldn't he have deposited at least some of the loot on tornado cash to observate his wallet trail and if not why not uh he could i

mean it was a funny kind of like hack right because they they basically stole this money and then the usdt that they had uh stolen got frozen because there's a in these centralized stable coins there is a there's a backdoor mechanism where they can basically free globally freeze any coins that they want in anyone's wallet so that got frozen and then he kind of like put some dye i think it was a usdc into a curve pool and you know if the funds were to actually be frozen in that curve pool it would it would lead to some uh some kind of like i guess depending within that pool for a little bit it would it would self-correct uh uh but yeah it'd be it would cause some like weird behavior there but you know to your question uh they could have definitely deposited like the eighth for example into tornado

cash to kind of obscure the wallet trail here but it was a lot of ether i would have had to do it slowly uh but that could still have been a possibility but i think just uh you know in this specific case this uh this hacker was very amateur i think that they found this bug they tested it locally probably first and they're like okay wow this is gonna work they did it and then they got all this money and they're like okay how the hell am i gonna cash this out now and in the cyber security world these people are called script kitties they're basically you know um usually young people or at least first-time hackers uh just trying their luck with different kind of things and sometimes they stumble upon a gold mine and they don't realize what you know until it's happened they don't actually realize

what they've done and then you know he obviously returned the funds as well but he made a few other upset mistakes too he basically sent funds to his wallet that he used in the hack from a centralized exchange that had uh that required kyc to withdraw the amount he withdrew so he was obviously already identified i haven't heard um much about that yet but or at least any follow-up there but there's a reason he returned the funds and that was that was one of them and the other one i think was the fact that he just was very amateur or he or she i don't know maybe it was a group of people but they were just very very amateur and i i don't think they totally knew what they were doing and you could see from i guess like the on what happened on chain and it was kind of

like sporadic and it was it was quite weird so yeah the smarter hackers definitely do go through tornado cache or they'll go through something like the ren bridge where if they steal bitcoin um especially if it's wrapped bitcoin they'll trade it for rent btc then they'll go through the rent bridge and basically go over to the bitcoin network and then once they've got the bitcoin on the bitcoin network it's kind of like washed through and and they can do whatever they want with that bitcoin on there and they can cash it out or whatever so yeah hopefully that answers your question all right uh just a reminder if anyone in the audience wants to ask a question you can raise your hand and i'll let you upstairs up on stage but i'll keep working through the list until i see someone pop up there so this one comes from uh monkey king

who asks why do i have to wait seven days to withdraw my funds from matic to the ethereum network there's no option to do it instantly what price do you and then okay okay i'll answer this question first um so the seven-day withdrawal period is through their plasma bridge so plasma is actually an um i guess like the technology that's kind of a precursor to optimistic roll-ups it was very popular in 2017 and a little bit of 2018 and uh optimism was actually called plasma group back then so they were working on that but anyway um to your question here uh that requires a seven-day arbitration process just like uh the optim optimism and arbitrary networks do it's the same kind of process where to withdraw your funds you have to wait seven days to see if any disputes come come up and then if not

you're able to kind of access your funds there but there is another there is a couple of other bridges outside or out of the medic network uh you can go through one of their bridges um that uses the pos network as a bridge i think it takes a few hours and then there's other bridges like hot protocol and connects that allow you to do it within minutes if if not sometimes you know seconds so yeah there are options for you now you don't you don't have to wait those seven days if you don't want to but by doing it through uh through kind of like the plasma with a chain withdrawal you get much better security guarantees than you do with the other ones if that you know if that's kind of like something you were you were concerned about so hopefully that answers that and then you ask what price

do you think matic will hit in the vr uh i have no idea i don't know like i can't answer that question um and you know i guess like i'm an adviser to polygon as well so i shouldn't be answering that question um you know so i i sorry i i can't kind of like answer that one um okay i got a question from the audience here from original garbs i'll invite you on stage you can ask it just gotta accept that the invite uh they're reginald and you'll be able to kind of um speak on stage there you go oh you're mike's muted there we go

sorry have you been following with what has been talking about regarding egl uh and eden um and do you think that's a real threat to the network i have been following it on twitter over the last few hours and i have actually been following agl um for a little while now so i guess like context for people listening egl is uh the ethereum gas limits kind of like uh it stands for ethereum gas limit but the project that's kind of by heading it up is called something like eagle network it's this project from blocks route and what they want to do is they basically have these tokens and they want to use these tokens to signal to miners of whether to kind of i guess like raise or lower the gas limit now the gas limit within ethereum is ethereum's block size

effectively and the control of that lies with the miners so the miners can either vote to increase it or vote to lower it depending on i guess like a variety of factors usually they increase it if the core devs say it's okay to do so they they don't really act on their own but i think uh blocks route uh kind of identified this issue or at least it's an issue that they think it um it is is present right now within the network where there's no real way to signal to miners outside of going through the core devs of what to do with the gas limit now the reason hazu is i guess like i mean he chose violence today right like he was basically uh talking about how this is like a an attack on ethereum it is trying to introduce some sort of

pseudo-on-chain governance to ethereum because obviously the more of these tokens that you hold the the kind of like i guess a greater say you have but at the end of the day no one that i know within the union community is is really supporting this uh you know the the blockchain team claims to have support from from core developers and other community members i haven't seen that personally and peter from the guest team came out and said that he's not supporting it i saw a couple other people say that as well um but essentially yeah i guess what it's doing is is as i said it's trying to introduce this on-chain governance mechanism but at the same time it's also it's also i guess a little bit worrying because there's al there's this kind of um i guess open question about minor allegiances within ethereum now because

we're obviously going through the merge uh hopefully sooner rather than later you know maybe q1 2022 where we're merging proof of work in uh sorry merging the ethereum chain uh eth1 and eth2 chains and getting off proof of work so the logic kind of flows okay well do miners have the best interest of ethereum at heart if we're basically going to be cutting them off instantly once the merge happens like we're going to be essentially making their miners uh i guess like you know they're mining machines worthless unless they find another chain to mine on and and you know we're basically firing them you know for lack of a better term there so the game theory starts to break down where it's like okay well why wouldn't miners basically do uh what's in their best interest for the next few months or what's most profitable for for them to

to kind of like maximize their profits and uh i guess like that's where agl uh kind of looks like a little bit of an attack as well because the miners may be more incentivized to kind of like listen to these token holders and then use that as an excuse to lower or or raise the gas limit if they lower the gas limit the on-chain fees would get higher because we'd have less block space if they raise it it would become uh more difficult to run a full node uh you know and i don't know if they'd raise it like lowering it would probably be more profitable for them but again like uh most of the fees i guess are being burned now as well so they're also they're also probably hurting from that and then there's a lot of other game theory that goes into it as well where

essentially it's not just i guess the gas limit it's also mev like do the miners have uh the interest at heart to kind of keep the ethereum chain running uh in in a healthy way without extracting as much mev as possible you know who knows there so i think that's what what kind of like hazu's been talking about as well but you know i guess like just for clarity i don't support the egl method or egl token or whatever at all i don't think that on-chain governance is a good idea i don't think that the decision about the gas limit which is actually a pretty big technical decision and a pretty pretty big technical topic i don't think that should be left up to you know just the random people in the community or random token holders um because at the end of the day

most people have no idea what the long-term effects of raising the gas limit are they don't know the clients as well as the core debs do because once you raise gas limits things like uncle rates can go up and and if the uncle rates go too high that means the chain can become unstable so there's a lot a lot of different things to consider so from my point of view i don't think just putting tokens into the hands of a bunch of random people online and kind of like using that as a signaling mechanism would actually improve the process that we have now so yeah i mean hopefully that gives a kind of a color about what's happening there um i think khasu is definitely taking the right approach with with kind of calling it out publicly and getting more of the core devs and researchers and

everything to signal that they are not in favor of this um and you know he's taking an even greater cynical approach here where he's saying this is basically something that vcs are trying to do because blockchain is a vc-backed company their technology as far as i know hasn't been adopted that much they basically make technology for transaction relaying where they promise that you're you'll be able to kind of like relay transactions faster through the network and kind of like uh they offer kind of like a bunch of value-added services like that but i don't think there's been a but much uptake there so they've kind of done this egl token now and i've seen a few of their vcs kind of like pumping it on twitter so there's also that right where it becomes like a pseudo thing where the vcs own a lot of

the supply through blocks route um and they basically use this as kind of like a signaling mechanism and the miners may be inclined to listen to it because they you know as i said like the game theory a bit around them is it will break down the closer we get to the merge uh because of the fact that they just don't have any long-term i guess kind of allegiance to ethereum anymore because we're firing them and they know they're getting fired like could you imagine if your boss told tells you hey in six months we're gonna fire you could you not screw anything up until then or could you do your pro do your work properly till then you know even if you're still getting paid to do it you will probably do less work right or you'll probably find ways to i guess i

kind of like make the most of the time that you're there you're probably kind of like i don't know if you're if you're if you're um someone who doesn't really give a and you hate you you hated your job anyway you're probably gonna like steal some office equipment or maybe you do some dodgy things i don't know it's kind of like that's a little bit of an analogy there where this is kind of where mine is sit today so it is definitely a bigger issue than just the egl stuff and it's gonna be interesting to see how it plays out over the next few months awesome did i answer your question reginald yes thank you very much appreciate it no worries no worries thanks for the question that was a good one all right i'll move on to the next one

from the sheet here so i have one from dom here who asks what are the functional differences between wbtc and ren btc if i have btc sitting in an actual bitcoin wallet am i better off leaving it there talking long term here four plus years or is it safe enough to risk custodian uh custodial risk to wrap it in d5 getting yield and stuff so the functional differences are that wrapped bitcoin is totally 100 000 centralized um because it is managed by a multi-sig i think there's a lot of people on that multisig i don't know exactly how many signatures you need to do anything but last i checked there was like 18 signers on that multisig but i don't know if it's like a 10 of 18 or like a 12 of 18 or whatever it is i'd

have to check on that um but still like that multisig controls uh basically everything with wbtc but also when you convert btc to wbtc through something like coin list it's it's your btc is basically in in custody there and you know you can trade wbtc to btc on some exchanges and things like that but still it's like a total total custodial system um with renbtc i i i wouldn't i wouldn't be able to say if it's like fully decentralized or like 100 decentralized but the way it works is it uses i believe multi-party computation or mpc where essentially you send your bitcoin to these i think they're called dark nodes within ren uh maybe there's a different name for them

these days where essentially they take this btc they lock it up in in using um uh time blocked hash contracts i think they're called on bitcoin i can't remember the exact name here but they essentially lock it on the bitcoin side and then uh through their kind of mpc system they issue you these ren btc on ethereum um and then i i don't know like how the decentralization is kept in check with the the nodes that are running at npc i don't know if there's a multi-sig there or an admin key i believe there was at one point um and i'm assuming those nodes are probably staking some tokens or whatever but i would say it's it's definitely probably more decentralized than wbtc but i'm not sure on the exact level of decentralization there so if you want to gain some kind of i guess like um

uh yield indeed using your btc or use it as collateral uh you do you do take on this custodial risk with wbtc and then with ram btc there's a bunch of other risks as well like something could go wrong with the system uh that that kind of like loses all your btc there could be like a major bug or something you know some something going wrong there as well so if you're planning to i guess like just hold your btc for long term it's maybe better to just keep it in a cold storage on the bitcoin network unless you really want to earn kind of like some yield on it or use it as collateral so yeah hopefully that answers that question all right alonara i'll invite you onto the stage you can ask your question yeah good morning hey hey guys um so in

the latest free field you were talking about the fractionalization of nfts um and we're talking about probably one use case for that is speculation or speculation i mean i was trying to come up another with other use cases speculation but i'm having a real hard time here because i get owning for example the mona lisa as an nfc that's cool you can put it in your house you own the mona lisa but i guess owning like the nose of the mona lisa isn't as cool as owning the entire piece so i'm having a real hard time here trying to rationalize rationalize a use case for owning a fraction of an nft and i guess you could argue that maybe it's one of the use cases is collective ownerships collective ownership but there are there are already uh doubts for collective ownership where

they pull uh together funds uh to buy the whole piece so i don't know if you have any other use case for fractional mfts yeah it's a good question i was going to mention collective ownership i think you know you're right that there are dows that offer this right now um you know a bunch of different dows out there that are collecting art pieces like pleaser dao and flamingo down there there's a few others out there i believe um but i think what's different about the collective ownership with fractionalization is that you essentially hold i guess like one piece of i guess like you know one uh one fraction of the greater piece and you kind of like have this sense of of collective ownership without having to be part of some kind of doubt whatever right like you could be uh sharing this ownership with random

people throughout the ecosystem uh so maybe that that is something that appeals to people but definitely uh i think like a dao is a bit more structured a bit different there and within a dow it's you can't really kind of like use it as speculation because in a dow um it's not fractionalized right it's the whole piece and you know you can still speculate on it and maybe you have a share of the dow whatever but if the dao votes and says well we don't want to sell this piece now but you do want to sell um maybe you can sell your share of the dow but um you know there's a lot of these dows don't even have tokens attached to them so i don't know how that would work but essentially with fractionalization would be a lot easier like say you buy a

fraction of a crypto punk and then it goes up in value well you just sell that into the market and and you know you don't have to get enough permission to do that you don't have to talk to anyone you can just sell it into the market there but also i guess the other use case would be using it as uh you know to provide liquidity um or into like a liquidity pool or whatever or i guess like enhance liquidity for uh for a particular nft set but yeah i mean i'm sure like there's there's kind of like people working on on this sort of stuff and working on more use cases here i think that i probably haven't spent enough time in the nft space especially not in the fractionalization space to probably be able to come up with like all the use cases um you know maybe even

using it as collateral and things like that would be easier because of the the additional liquidity that you're afforded with with fractionalization uh but i've you know i went through on the review i guess like maybe a couple weeks ago now about uh party bid you know all these people grouped together to bid on an nft and then it immediately got fractionalized and they kind of like got the the um the story to go with it right because they can say to people hey you know i i bid in this as part of like uh this kind of like collective bidding process and then it fractionalized and then i got my piece and we all kind of like experienced this together so there's that aspect to it as well that kind of like i guess maybe strengthens the collective ownership aspect of it uh but yeah i guess we're gonna have to see

what other use cases people come up with i think people are definitely gonna come up with some wacky stuff that's for sure i think it makes sense now now that you see it this way because indeed um a collective ownership dao is a solution and if it's liquid enough you can shell your piece that's all fine but not every collective ownership dial has that maybe so this puts more um how do you say that it gives this the individual user more power instead of having to go through the dao if they want to make if they want to do something with this yeah give some more power okay thank you thank you awesome yeah thanks thanks for the question all right uh crypto prowess i'll invite you up onto the stage you can you can ask your question hey how you going

oh good thank you so much man i just want to thank you for everything you do for the entire community of the crypto verse um just big big ups um my question more relates to as somebody that's kind of coming up in crypto um i recently um about i don't know five months ago when full-time degen um i'm getting to a point now where i'm i'm just i do you have any resources for somebody to be able to look to be able to how can i start turning this into something where i could start like showing some of like the profits and being able to to utilize them in such a fashion that that is gonna uh be able to turn it into a life as well you know rather than just uh stacking stacks yeah that's a good question i think i

mean there's multiple ways you can do this here right like it depends if you've got enough i guess like capital to earn like a passive yield um the sustainable you know that can cover your bills and things like that that's you know obviously really really great i mean but i don't think most people are in that position depending on where you live you know cost of living expenses all that sort of stuff um but the second kind of thing is that there are plenty of i guess like crypto companies and dows and all this sort of stuff hiring right now and they really do hire based on uh i guess more on like how long have you been in the ecosystem what have you been doing kind of like there's something called a djen score which you could put your address into and it would actually give you like a

score based on kind of what um chain activities you've done so definitely that would be like a resume you know an on-chain kind of like resume as well which would be really cool to to kind of like present to these teams but yeah i mean that's that's the next logical path for it if you feel like you know you you have done enough within the ecosystem you understand the lay of the land and you feel like you can add value to one of these teams in in whatever way it is you know you can do bd or like business development marketing um you know coding if you're if you're into that like there's roles for basically everyone and if you feel like you can do that then that's the next step that i would take from there otherwise if you do have enough capital to kind of

sustain yourself just through uh you know some some safer yield farming maybe some stable coin farming or maybe even even eat staking or whatever um that would be another kind of like path forward but i guess yeah it's funny because like i think your path is definitely something i felt when i was doing like my my dj days during d5 summer it gets to a point where you're like okay well you know this is getting kind of like i guess you know the money is nice and everything like that but then you get to a point where you're like i want more than this and you know i was working at set at the time but uh it's still like i wanted more than that so i started doing uh uh i mean i was doing the daily grade newsletter at the time but then i started kind of like

being like okay well i need to launch a youtube channel i want to keep adding value back to the ecosystem so i feel like you know you're definitely in that position right now so i would say yeah if you're in the position to join a team within crypto there's actually an ama i did with cryptocurrency jobs oh daniel from cryptocurrency jobs there's a transcript if you actually go to the announcement channel on the discord and scroll up a bit the transcript is linked there that'll give you kind of an overview of i guess like some of the most frequently asked questions of like how to get a job within crypto whether that be for a dow or an existing kind of like team or whatever that would probably be your best bet because all of these teams are early stage and you'll be able to add a

lot of value they're not like these monolithic entities they're like teams of maybe 10 20 people or something like that um and very startuppy across the kind of board there so yeah hopefully that that helps you out there no that's excellent thank you so much yes i'm definitely wanting to give back more than i am wanting to just be on some passive yield thing um you want to definitely go more down the road of what what you're doing here and and help a team bring something to fruition that's great so thank you so much yeah yeah i totally understand and i i get exactly where you're coming from um but yeah as i said like highly recommend checking out that transcript of that ama you can find an announcement channel um and that'll give you kind of a good idea of i guess like how to join

a team within the crypto space awesome all right uh no more requests to speak i'll continue through the list here so i've got one here from vogs who says uh let's say a couple of people want to start a d5 protocol fund together how can they safely pull their capital without anyone being able to take the other's money let's say the marriage goes sour couldn't the multisig owners hold each other hostage by not voting to return the funds is there any way one can guarantee to be able to get their own share back uh and then you have a second question here which i'll which i'll go into in a sec so to answer your first question i mean you can code a smart contract to do pretty much like anything right so you could basically code it up to say well there's like a a period of time where

any of the founders can withdraw their share without needing to go through the multi-sig uh for example say you'll put like 108 each into it and there's like five of you well you could have it programmed that for the first kind of like three months of the project if for some reason it's going sour within the first three months then uh you can pull your share out and you won't have to get kind of like sign off from the multisig uh kind of holders there um you know that does introduce other problems say if you're using that eth to kind of i guess um take on debt to fund activities and stuff like that um which i probably wouldn't be doing anyway but yeah that could definitely be a potential kind of like fallout there uh and there's you know kind of more complex schemes you

can set up where essentially um you kind of like have uh this kind of like a rage quit mechanism which was pioneered by molok dao where it's similar to being able to withdraw your own share but essentially kind of like uh by doing so uh you kind of like i think there's a penalty that's that's kind of i guess like suffered as well for kind of doing that and and stuff like that but yeah it could definitely be coded up in a way that protects uh people from uh kind of i guess like having their funds frozen and multi seek holders not releasing them and things like that so yeah hopefully that answers that question um and the second question you said here once the ethereum proof of stake merge has been finalized would it ever be possible to undo in case there are unforeseen consequences uh yes for sure

i mean the way to undo it would just be to go back to proof of work right but it would be very very messy because you would basically have to choose a block which would basically be the block that you forked over to proof of stake or that the merge happened um so say it's blocked like 15 million or something like that you would have to basically say okay well we need to go back to block 15 million that's a proof of work block we need to get the miners to start mining from that block and away you go from there it would be incredibly messy right because you would basically have it be having to probably reverse all the transactions that happened while it was under proof of stake and essentially um you know it would screw up a lot of the exchanges and

stuff like that as well uh it would it would be incredibly messy like and i actually don't think it would be something that i mean it's possible but i don't think it would be something that would be able to be done in in any kind of way that was actually good for everyone i think it would lead to a lot of long-term kind of like um consequences and it wouldn't be a very clean thing at all so this is why it's so critical that the merge goes well the first time because essentially i mean even getting the miners back to kind of mine the chain and getting and getting up to the same hash rate would be near impossible uh and then you'd kind of like have these weird things that go on where miners could play some tricks or do whatever they want i mean it would be just so

messy there's so many kind of like i mean there's so much game theory to this it's insane like it's actually pretty once you go down into like the rabbit hole of thinking about the merge and how miners and and and kind of like stake is interact here like the obviously the stakers are going to be fine they're happy like upgrading you know their software to support the merge there's going to be no kind of i guess quarrels from them but the mine is definitely uh you know there's going to be quarrel from so if if they kind of like get you know get fired and then we come back to them like a week later and say oh wow you know this proof of stake thing didn't work out we need you guys you know i don't know what they're going to say right um and you know i don't

know what the ether price would do in that either like if if we did the merge and then something catastrophic happened and we had to roll back to proof of work i'm pretty sure the 8th price would crash like really really fast i mean i don't believe that the market is super efficient but it would be very efficient in that regard and it would it would kind of look like the ethereum ethereum classic split from 2016 i believe so um yeah i guess like long story short it would be possible to undo it but there would be it would be so messy that it probably wouldn't even i mean it's not something i ever want to think about to be honest i want to think about just getting the merch right rather than thinking about the worst case scenario um maybe the researchers are thinking about that but

but yeah i think we can get the merge right the first time it's already been done on a bunch of test nets and stuff like that um and we know we can do it like it's not like this thing where it's a theory it's practically possible so i'm just looking forward to seeing it get done but i mean you know the other side of it is obviously the game theory for miners leading up to the merge do they start doing funky things because they know they're going to get fired or are there a majority of the miners who are nice and friendly and they're just going to see us through until that merge block and we can kind of like go from there so we'll see what happens in that regard all right so another one from john the thorn here who says according to a law

produced from a u.s supreme court case in 1946 an asset is considered to be a security if it passes the howie test the criteria for the howie tests are an investment of money in a common enterprise with the expectation of profits coming from the efforts of a third party these criteria would imply that pokemon cards baseball cards beanie babies in-game skids skins and all collectibles for which there are markets and a central producer are all securities and subject to scrutiny of their cc tldr does this mean i have to report my hollow jigglypuff to gary genslaw which is uh for those who don't know who's the sec chief at the moment um so i mean i'm not an expert in this kind of like domain here but i've thought about this before and i i don't think so i think the the line really is kind of

investment of money with the expectation of profits right when you kind of like in uh buy something like say you buy trading cards from uh the company themselves say it's like the pokemon company you go you buy a pack of pokemon cards um and you kind of like you're buying it with this you may have the intent of kind of like uh to invest that money with an expectation of profits maybe down later than a line um i think the kind of i guess difference here is that you're not investing in the pokemon company right you're not buying a share in them you're buying one of their products that they've produced and you're not in a common enterprise with the pokemon company you're not uh on their cap table which is is basically the table of all their investors um you're you're basically just buying an

item that they have produced and yes you you personally may have an expectation of future profit and um you know you you've invested money technically by buying it but uh it is not considered an item that is used for those kind of purposes now the the case that you're referencing from 1946 i think was the original case where the howie test spawned from as you said but it was around like um oranges and orange farming and things like that i believe i can't remember the exact uh thing there um where essentially uh it was this was kind of like defined and it's funny because back then in 1946 um you know there was collectibles and stuff like that but i think obviously there wasn't nfts and all those sorts of things and i think nfts start to blur the line between kind of like a security

versus i guess a collectible and it's going to be kind of like i guess interesting to see how the sec tackles that they may have to be kind of like new precedent set for that but in terms of like traditional collectibles like trading cards and stuff like that um they're definitely not securities because of the fact that you're not investing in the the kind of like the company itself you are not getting any kind of rights or anything like you have no voting rights you have no rights to shares in kind of like the pokemon company for example and just because you expect to make profits from it doesn't mean that it classifies the thing that you're buying as a security because it is not meant to be that like when a company issues shares and sells them well of course the company is hoping to be profitable which

means that their shares logically would go up in price over time so it's kind of like different and this is usually done on a case-by-case basis as well with the sec because there's different kind of like moving parts to it so you have to kind of consider that but generally that's kind of like how how i view it and why i view kind of things like collectibles as not not a security there um so hopefully that answers your question maybe maybe i got some things wrong there as i said i'm not an expert but that's from the reading that i've done that is generally how it's viewed and as i said again it's always a case-by-case basis because these things can be complex there can be different things to it like say with the nfts maybe you buy an nft and it actually does give you kind of like a a share in

maybe a dow and you have an expectation of that share going up in price and all you know all these sorts of things it gets very murky when you start kind of going into that rabbit hole and i do believe the ssc is going to eventually catch up to that and kind of issue guidance around that but it's going to be a little while before they do that because it's just very very new all right one here from jvlux who says is there any information about the feeling of miners after eip1559 the revenue revenues have been slashed by 30 to 40 one week after the london fork and ma and they may not be very enthusiastic about this also knowing in q1 2020 their business is over i'm sure someone is dealing with many of them on a daily basis so i mean i've discussed about the merge

obviously um already so i'm not going to go into that part of it but i mean i don't have any direct connections to miners uh from what i've been hearing from other people they don't seem to be kind of like kicking up a stink about it they i think they made up for their loss in income from uh fees uh with mev uh so a lot of you will have heard about things like flashbots recently where people have been able to kind of i guess go to miners and essentially bribe them to put their transactions into a block without going through the public mempool so they definitely made up money there but it's funny because it's kind of hard to tell the hash rate is back to its all-time high i think almost back to a total time high because the 8th price has gone up as well so just because

they're not getting the fee revenue but they're still getting the block reward and we're still paying 2 8 per block or 4.2 percent yearly issuance to miners so it's still quite lucrative especially as the eighth price is going up um so yeah i haven't heard any like vocal complaining from miners um maybe they're just kind of like keeping quiet because they're like well we better make the most of this while we can because we're getting fired you know around the merge but as i said there's a there's a bunch of game through coming into play there that's going to be interesting to watch play out but um yeah i guess like there are dedicated i think minor discords which i haven't ventured into that may have more color for you if you're interested to kind of get their feel around things but from what i can

tell it hasn't slowed down the hash rate um but it's kind of like hard to to know because the price went up as well that you know leading up to one five five nine and then after it uh we kind of went up in price so it's hard to know if the hash rate um you know came online because of that or i mean i mean i know that sorry i know the hash rate came online because of that but it's hard to know kind of like how many miners stopped mining because the fear revenue was lost or continued mining uh because the price went up of eighth and it became you know way more profitable for them i think it's a bit of everything there it's always a little bit hard to tell but i think the rule of thumb is that hash rate follows price so as the

price goes up you have more hash rate on the network and that may have made up for the fact that the these kind of like miners got like a little bit of a pay cut with the the fee revenue kind of getting burned or most of it getting burned instead of being paid to them all right two questions here from max invests first one any alpha and when we are going to move from optimistic rollups to zk roll ups specifically for arbitrary optimism so i don't know if this is alpha but generally the vibe that i get from the people working on layer 2 scalability is that zk roll-ups are the long-term technology that we're going to be focusing on because they don't have the drawbacks of optimistic roll-ups obviously the major drawback is the seven day kind of like um withdrawal period and also that

arbitration process for detecting fraud where zk roll ups don't have that they handle it very differently but currently uh zk roll ups can't do evm compatible uh kind of like um smart contracts they i mean they're in early stages i mean i wouldn't say they can't do them i just say that they're in very very early stages right now there's sort of there's there's a bit of research and development that has to go into that but in saying that zk sync who are working on zk roll ups they're promising uh i think they promised that this month it may come next month you know with these layer two teams they always love to to kind of like give dates and never meet them but on on that note i think you know if zk sync actually releases a fully um you know uh i guess like evm compatible zk

roll up that actually works as advertised where you could just port your smart contract from layer one to layer two well that's definitely gonna change the game there as well and and maybe optimistic rollups end up having to kind of i guess uh you know obviously compete with zk royce but maybe other german optimism just say okay well let's re-architect these things and let's go with a zk roll up approach but at the same time you know zk roll ups on a silver bullet none of these scaling solutions are optimistic robs give you some advantages that zk roll ups uh don't obviously one of them right now is evm compatibility i think that they can actually get even you know evm compatibility is kind of a loaded term because there's evm compatibility and then there's like 80 or 90 evm compatibility because if you're 90 compatible with the evm and

that other 10 requires some changes in the code well that you know just kind of like adds a barrier to entry right like developers have to change some of their code there are some projects that have specific kind of functions in them that may not work on on a kind of like a zk roll up or work on optimistic roll up there's a bunch of kind of intricacies to that that on the technical side of things that i'm not you know an expert in but i've definitely kind of been hearing things about that too but yeah i mean from from kind of like what i'm seeing zk roll up is the long term uh winner here within within the ethereum ecosystem but i think uh you can view optimistic rollups as kind of like this bridging this bridge i guess to get us to zk roll up world and i still do think

arbitrary optimism isn't going to do very very well despite that seven day withdrawal period because we've already got the bridges like hop and connects and all that that will let us kind of like do the instant withdrawals and kind of they'll take on the risk and stuff like that but at the same time if ck roll-ups do deliver on everything that optimistic rollups do you know the evm compatibility the smart contracts whatever and with those kind of like near instant withdrawals then yeah i mean it just basically makes optimistic roll-ups either obsolete technology or it kind of like makes them a niche technology which is fine i think uh but yeah it's just kind of like cool to see i guess we have so many solutions now that we're actually talking about the fact that i know some of these may be superseded so yeah hopefully that

answers that first question and the second question you have here you said you have i have researched eighth most days for seven months make videos on it to keep entertained for 100 viewers but i feel like the next step a step in helping upgrade my eighth knowledge is learning some coding do you think that there is any point in doing this for someone with very limited coding experience so i can give you like my personal experience here at this point in time you know i'm i i've been like obviously studying and researching if the ethereum ecosystem non-stop for like four four and a half years now i'm learning as much as i can i mean it's it just gets crazy and crazy as time goes on and i haven't learned any coding or any solidity or anything in that entire time i have not done any

of the courses even the beginner ones i have not even attempted them um and that's just because one i don't have the time and two i just don't have a reason to do it because i don't plan to be a developer i don't plan to do kind of like make a bot you know to do kind of like arbitrage transactions stuff like that i don't plan to do any of that so i would say that unless you have a reason for doing it unless you actually want to build something then um or at least and maybe you want to learn more about it so that you can i guess like if like um if a hack happens on chain you can actually read the code and see what went wrong with it and maybe that's something that you know you might do as like a passion

project then maybe it makes sense but yeah i mean the ecosystem is just so i guess like crazy that it's just i mean if you are learning kind of like coding it's it's definitely not something that's very that's easy to do especially from from scratch uh you kind of like have to learn all the different you know you have to learn solidity but then you have to learn all the programming principles and things like that and how how that all works as well so i would say only invest the time if you have a real reason for doing so um if not if you're just doing it for the hell of it maybe it's not worth your time but yeah at the end of the day it's your own kind of like personal decision there all right rv deeb i'm inviting you up on to the stage to ask a question

there we go hey hey thanks let me come up um yeah so i just got uh i've been trying to wrap my head around like social tokens or dowels you know like friends with benefits or i guess bankless as well um i just want to get your opinion on what having a having a token do you think they need a token is it necessary so the way i'm viewing these kind of like social clubs that are tied to these tokens is just that right they're just like the modern version or i guess like the crypto version of like a social club now social clubs are nothing new they go back to probably the beginning of humanity right where people got together formed the club and did various

activities together uh now we've just taken this you know fully digital we've made it global where people can kind of i guess like come into the club if there's a token attached to it it acts as like a i guess one an investment in the club a social kind of like a coordination mechanism um and also i guess like as a way to promote growth of of kind of i guess uh the ecosystem too because you can kind of like give tokens to new uh sorry uh give tokens to club members for doing various things uh for contributing or whatever or you can use tokens as like a gating mechanism where you say to people well you know my club's super exclusive because you have to spend ten thousand dollars to buy our token and then you can get into our club so that i think

there actually is like a a a very good um use case for a token within these social clubs and i actually think it's it's probably one of the best kind of token methods to be honest um and you know you mentioned bankless and friends with benefits i mean once you have like a club of dedicated people who are aligned around uh a kind of token and you know the social club doesn't really have any rules to it it's basically do whatever kind of like adds value and you know if you can drive that value back to the dow out and the token that's even better well you get things like with bank list they're doing a bunch of different initiatives right they have a job board um they have uh merch they have obviously the interviews that they do and they kind of like do ads and stuff like that they

have nfts that they're doing so it essentially you know creates this this shared i guess incentive to make the token go up in value by adding value to the the dao which you know adds value to the token at the day and recruiting more members because i mean as of as we've been discussing in the discord channel recently really you look at the i guess most valuable kind of tokens in this ecosystem and especially ones that would be considered overvalued by any measure of imagination such as cardano cardona doesn't have smart contracts but what it has is it has a cult of follow followers right it has and this is why i've actually called karadana or ada a social token that's tied to charles hodgkinson because if you go to his youtube channel it has what over 250 000 subscribers he

has daily viewers on there and essentially i think people are actually just buying ada because they're buying into charles's vision so they're basically buying into charles's club um and essentially it's kind of like more like a cult than it is maybe a club because they're very feverish about it and they're very kind of like loyal to charles from what i've seen but that's kind of like how i view the whole social token space is that you i mean you don't necessarily have a head you do you do definitely have like maybe a i guess i don't know if you have called them executives but you have like the upper echelons of like a club that uh that kind of like acts as actors as the stewards and everything like that but by buying into it and by adding value to the club and to the dow you can possibly

make these tokens go up in value and recruit more members and then the more members that you recruit you know the higher the token goes and i know this is sounding like a ponzi but i mean you know you can make anything sound like a ponzi but that's kind of like how i kind of view it it's just the modern version of of social clubs with you know supercharged with a token yeah it makes sense thanks i guess if you don't have a if you don't have like a actual product then i guess you need the token to make people actually focus so yeah they make no answers actually thank you awesome cool all right uh on to the next question from uh the sheet here so one from unbank yourself uh question on how

private equity type invest investments work in d5 projects i've been interested in expanding my investments beyond buying tokens and instead getting involved at the far earlier stages of the project life cycles what i wanted to ask is how does this typically work with a lot of these projects being international and somewhat anonymous how does one invest in a project uh anthony i know you've been doing seed investing in a lot of early stage projects so curious to hear exactly this works from the very start finding projects to invest in uh through to ensuring your investment is protected to finally exiting the investment via a sale so the i guess angel investing vc investing kind of early stage investment world uh works in a few different ways within crypto so a lot of the time it will be an equity investment but they'll give you something called a token

warrant or a saft so a token warrant will essentially be this kind of legal document that basically says that you have a right to purchase tokens at a later date because typically the token hasn't been issued yet and you can exchange your equity for tokens essentially the second is a soft which is essentially the same thing or a very very similar thing to a token warrant but it it stands for simple agreement for future tokens which it basically means that your equity can be converted into tokens or it will be converted into tokens uh forcefully at a later date now the you know pretty much like as i've said before everything has a token eventually so you know all these most of the projects that i invested in i wouldn't say all i'd have to check i've invested in a lot of them recently but

um uh they either do the saft or the token warrant thing um you know that's kind of just like the norm from what i've seen uh and so uh from from how it kind of typically works for me at least is that i'll get contacted um or i'll get passed along a kind of i guess like it's called they call it deal flow in the industry where you get passed along kind of like a sheet kind of like describing what the project is kind of like a pitch deck and then someone will offer to set you up with a call with the founders or the team or whatever or you know you can reach out to them yourself if you find an interesting project you know it's funny i i i was able to invest in zappa because i reached out to them on on basically discord and i was like

hey you know um you know i heard you guys were kind of like raising around i'd love to invest all this sort of stuff and you know i kind of like um you know got to reply and was able to invest in zappa in their seed round but uh you know not to toot my own horn but i think the only reason that happened was because of kind of like who i am and my kind of like name within the industry these opportunities are typically reserved for obviously vcs and funds but the angel investors which is kind of like where i am they are brought on for i guess like they're kind of like strategic um uh i guess alignment with the project and whether that be on kind of like the development side so say you'll bring on an angel to help you with uh with that

kind of like smart contract development not as part of the team but essentially you know that they're kind of like big within the industry uh and they basically can help you and have experience and they've been around for a while usually you know i'm brought on uh for the marketing community side of things obviously i have a large reach and i can and i have like a lot of context within the community and within the ecosystem and i can help them and guide them through kind of like what to do with marketing what not to do uh kind of like how to i guess like um i guess do pr and market their projects all those sorts of kind of things and obviously kind of like put a shine a light on their project as well so that's kind of like i guess where i come into a

lot of these projects from um but generally i mean also these investments uh can only be done uh through uh the accredited investor kind of like cycle so uh unfortunately i mean it's not just in the us there's other countries that enforce this uh there are accredited investor laws which are basically wealth test laws which i think are really crappy i really don't like them at all but they exist and essentially what this means is that to invest in these early stages you have to either have a net worth of at least a million dollars this has to be a net worth that is not part of your primary primary residence it has to be liquid it cannot be vesting shares or whatever it has to actually be something that you could immediately sell you know today for a million dollars or you have to have an

individual income of i think 250 000 u.s dollars for the last two years or a joint income of i think 300 000 over the last two years with a partner or something like that so it's basically a wealth test and all you have to do is say yes there's no there's nothing you have to sign you just basically have to say yes um you know i i mean sometimes they'll make you fill out a form and basically attest to it and sign to it but some projects won't it just depends it varies um and basically you know you're saying it but that you don't have to prove it to them you just basically have to say yes okay i am an accredited investor based on my net worth or based on kind of like my my income all that sort of stuff and then you get access to the deal and you do

the deal um you may give like uh you know with angels they usually offer kind of like smaller check sizes um you know as opposed to funds or vcs and stuff like that uh and you'll kind of like send the money across to them now all the investments i've done i send them money across across as usdc normally um and that kind of like goes in and they issue kind of like the legal documents and i sign them off and everything like that and then as i said i'll get the the token warrant or anything like that and then that'll happen later when they kind of issue a token or i'll get like a thing saying that i've got equity in in the company as well and then in terms of i guess how it works when they tokenize or when they start kind of like paying out the shares

or whatever it is or the equity essentially they'll be vesting and it varies greatly from project to project some projects will unlock a portion when the token generation event happens right some of them will basically have a lock so say you know from from when the token was issued there'll be a lock of one year and then it'll invest over time from there some of them will have really long vesting periods of like four years where it where it invests uh basically uh linearly so that means like just in a continuous manner over time uh so yeah it definitely varies from project to project uh quite quite uh quite greatly actually from from the projects i've kind of been involved with uh and sometimes they don't even tell you because they don't even know yet if they're in the really early stages they may not even have done haven't thought

about a token at all yet so you just you invest and then you know they'll kind of like come up with it later and they come with like a vesting scheme and then they'll kind of like pay it out to you and that's kind of like the the time where you would like exit your investment if you wanted to right you don't have to sell like when you get the tokens you can just hold them um and if you actually really bullish on the project you hold them and essentially obviously if they go up you make more money and all that sort of stuff and and and and you know you invest more out over time and and things like that so yeah hopefully that gives you kind of a glimpse into that world uh but as i said it is definitely a very exclusive world

it is not something that most people will ever get access to unfortunately i think we tried to open this up to people with the icos in 2017 but i think what what i think a lot of people that i see maybe complaining about this sort of stuff has to understand is that usually teams want to bring on people not for their money they want to bring them on for their expertise or for the help that they can give or for their connections or whatever um because at the end of the day these things are startups and startups most startups fail so these startups need as much help as they can get from everywhere that they can get it and then you know obviously having a wide and open public community is also like a big part of this but at the same time uh i guess like these kind

of like vcs and and kind of like angels offer specialized experience uh and kind of like specialized knowledge and and specialized help that maybe the public just doesn't uh you know at least at the very early stages but i've seen a lot of teams actually put much a lot of emphasis on the public and basically say well you know we really want the community to have a great share in this uh real you know and we really want to basically airdrop or kind of like pay out community rewards over time and things like that and some other projects have done that already right like the ones that are live uh uh from the kind of like early rounds and stuff like that i mean unisop is the prime example here uh there's a bunch of others as well where basically a lot of the tokens go

to the community treasuries and you know there's different opinions on if that's good or bad as well because obviously as i've talked about in the refill before the uni swap treasury definitely feels like a honey pot for looters as well so yeah there's there's it there's no perfect system when it comes to fundraising just distributing tokens distributing equity it's just um and it's very hard especially for founders because they just want to build their product but they have to think about all this stuff and especially when fundraising depending on when you're fundraising it's actually really frustrating because i've been through bear market and bull market fundraising and i've been parts of teams that have tried to fundraise and things like that and i can tell you just like a year and a half ago the money was like not there for a lot of a lot of projects and a lot

of teams now pretty much every single project that is coming across like um you know my desk as i like to say in terms of i guess like their decks they're getting valued at the seed stage at a really really high valuation uh because people are just throwing money at them like you know you remember a16z has a 2.2 billion dollar fund crypto crypto focused fund that they have to deploy like they don't have a choice here because they have people who have invested in that fund there's limited partners or lps as they're called and they want their money to be invested they don't want their money just sitting in a bank account so they actually have to invest um and you know it's actually very hard to invest 2.2 billion dollars without offering like large sums of money to all these different teams so

you know as you would have seen recently a16z has been making some really large investments i mean i think they put 100 million dollars into openc um or at least like a large portion of that they uh they recently funded a bunch of other kind of like teams out there i think they funded uh that the flow blockchain or like um that kind of like ecosystem there and a bunch of other projects and they're not only one they're only one fund right then you have all the angels on top of that um the angels as i said don't write huge checks it's usually i mean it just i can i can kind of like speak from personal experience it's usually from like 10k to 50k a lot of the time in in us dollars in terms of like check sizes for angels but some some of them will go higher than that it

just depends but usually the funds eat up most of the rounds um but yeah that's kind of like i guess how that works as well is that there's just so much money right now uh for teams to get funding uh so a lot of them will kind of like go the the the vc route or the fun route um instead of going like the public token sale route uh but then they'll still do that kind of retroactive airdrop or they may may do kind of i guess like a community distribution to a treasury or pay out to contributors and things like that like something like the index co-op does so there's there's various different things you can do um so yeah hopefully that gives you a pretty comprehensive view on on kind of like that whole world and and just from i guess from my view because i as you

mentioned i am pretty involved in here um and i have been doing a bit of angel investing for at least the last year so yeah hopefully that answers your question all right next one comes from stonep 89 who says i found this very interesting thread with some fair critiques of its monetary policy and the threat that they're referencing is from tasha who did a threat on ethereum as the new government bond now some of you may have seen this some of you may have not it's actually linked in the ama series channel so you can go check that out if you want to but essentially uh stone p's question here is i have often thought of eat staking as a future replacement for us government bonds i've also been considering the long-term implications of aids deflationary monetary policy i'm interested to hear your thoughts my

first thought is that eth will be an asset but not a currency in the future the currency role be played by an eth-backed or algo stable coin i completely agree with you i do not think that eth is going to be a currency i don't think it even is a currency today i think the reason people use eth as money or ether as an moe is just because it's the simplest way to do it um you know for example eth's use as an moe within nfts is i think a two-pronged thing where an moe stands for medieval medium of exchange by the way but it's basically two prongs where you have a lot of people in the nft ecosystem that i know of at least this is maybe anecdotal experience but uh they got rich off ethan are now kind of like flexing that wealth by buying nfts and i love to

price things in eath because they're eighth max's like for lack of a better term right so there's that aspect to it but then i also think on the flip side because you have to pay gas fees in eth people just it's just easier for people to kind of like just denominate an eighth rather than say okay well i have to have eight for gas fees and then i can just buy these nfts with usd c or die or whatever i think it's just like easier psychologically for people to just price everything in eighth i don't think that's gonna last though i think that that's gonna get abstracted away over time obviously eth will still be used to pay gas phase at layer one and even layer two but there's gonna be meta transactions where you can pay gas fees in uh you know any coin you want and

it'll just get uh in the back end it'll just get uh transformed into eth and paid to layer one to obviously pay the fee and get burned there and everything like that so yeah i don't think ether is going to be a currency uh for the ethereum network i i do think though that eth is the kind of like obviously most trustless most liquid and best collateral asset we have on ethereum and will ever have because it's the only one that is issued directly by the network everything else has various various trust assumptions built into it um and you know obviously it's not liquid and i like not as widely distributed and things like that so from that perspective i do believe it can be used as a collateral for an algo stable coin or something like rye um or any kind of like other currency that comes that

comes out of it where you can essentially have some stable unit of account you know even if it's stable to itself uh as like an moe within the ethereum ecosystem so yeah i do agree that it's going to be uh more akin to a bond because of staking and pretty much like i i think a lot of eth will end up being staked and you know it may be staked uh through i guess like um uh through issuing of a derivative something like uh lido's stake d or st tokens that you get when you stake through lido obviously there's trust assumptions there because it's uh it's definitely centralized because your stake is going to staking service providers rather than you running this kind of like software yourself but that'll actually be possible in the future i think lido has like a plan to decentralize over time as well um and

you know there's rocker pool and all those kind of like solutions out there too so yeah that's kind of like how i view ether as an asset within the ethereum economy um and you know each deflationary properties as well is kind of something i've been thinking about too right where people always ask like aren't we going to burn too much eat like is is it doesn't that mean like we're we're not gonna be left with much earth to use in the ecosystem well i mean eighth is divisible up to 18 decimals um and we can probably go lower than that if we wanted to we could just kind of like um introduce uh uh i mean introduce an upgrade in a kind of like a hard fork to basically make it so that we can divide ether into even smaller units than that uh but that would mean that we got to

like you know only maybe a few thousand eighth left or something like that that would be crazy like absolutely crazy but i do think that if you look at eighth as a both a bond uh and a uh slaking asset and a collateral asset then its deflationary properties are extremely desired because because at the end of the day we're not trying to make a well when i say we i mean like the ethereum ecosystem has never been trying to make eth as like an actual good money or a good currency it can be used as that but because of the fact that it's going to be deflationary even without 1559 it would still be kind of like exhibit deflationary properties because of the fact that people hoard ether as a story of value it's volatile you know it would never i don't think it would ever

be stable i think you know even without fee burning it would have been uh volatile forever basically so from that perspective we do need to come up with better ideas of how to create a stable unit of account and we have the perfect collateral asset to back that up and it's you know as i said it's extremely liquid has a really large market cap or economic bandwidth as the bankless guys like to call it it's just you know i think it's the best of both worlds so i'm really excited to see more projects in the same vein as rye come to life where essentially you have this stable unit of account moe that is backed by as a collateral asset all right the next one here comes from yeti who asks is lido's dominance over 80 percent of liquid e-staking problematic for maintaining decentralized control of the network

post-merge i would guess it depends on how many individuals stake directly so the nice thing about lido is that even though they have like a high dominance and liquid they actually distribute this out so i don't know how many staking service providers they have signed up to to them but when you kind of put your ether into lido what ends up happening is that eth goes to one of these staking service providers and i think there's maybe 10 of them or something like that um rather than just going to one so it's not like you're giving it to lighter and then lido is a sole kind of like staking service provider that is staking on the network it's being distributed so you could call lighter like a distributed staking system rather than a decentralized one which is slightly better than a centralized one still you

know not the not the best but you know it's it's it's slightly better from from that perspective um so so that means i don't think it would be problematic to maintain kind of like decentralization here but at the same time the people behind lido um they are very aligned with um decentralizing the lidar network itself and making sure that they don't actually become a force within the ethereum network um that is too powerful and there are different ways they can do this essentially you can have uh what's called ssv or secret shared validators i think it's called which is a a scheme that allows you to essentially make it so that people can uh uh essentially stake their eth while still controlling the keys with these providers and then essentially they could withdraw their eth from the beacon chain once

withdrawals are enabled without having to rely on the staking service providers so it's basically a separation of concerns where you control the keys but the validators are actually um part of the maybe the staking service providers uh kind of infrastructure and while your earth is staked on there it's definitely at risk and they're you know definitely at risk of getting slashed if they do something wrong or whatever but it means that you still control the keys and you can withdraw your ether any time as well so that kind of scheme is coming into play once the merge goes through because i don't think it's possible pre-merge because we don't have the withdrawals enabled um but that that's that i think is what lido is actually working on as well so it's going to be cool to see how that plays out too so hopefully that

answers your question there i'm going to take a two second water break one sec guys all right continuing on so one here from patrick who asks multiple questions so he's got six questions here so i'll go through the first one he asked who do you see as the most successful investors in the ethereum ecosystem this is a really good question i would say paradigm is the most successful investor within the ethereum ecosystem right now and a lot of you and her paradigm is they're a big vc uh fund they were the first investors in uni swap that was you know one of their big winners but they've also been behind a number of other popular

projects i mean they're in lido as we're just talking about lido in compound in a bunch of other projects like they they just let us around into fractional which is an nft fractionalization project uh i mean they're in so many like you can go to their website and go to their portfolio kind of page there and see that so i would say paradigm definitely um there are a bunch of other investors out there but the thing is is that none of them are really like mostly focused on the ethereum ecosystem i i think framework ventures and powerful capital have been heavy ethereum but they're also diversifying their bets these days i mean being a vc in a fun or a fund you don't really focus on just like one ecosystem and unless it's like your own personal money because if you're taking money like

public money and you've raised rounds where uh you have these kind of people who are expecting a return well then you can't exactly be like 100 ideological about your investments you have to kind of like hedge your bets or you have to invest in other things where you actually think they could be the most return even if you think those projects maybe not be something you may and may be aligned with and stuff like that so uh yeah i think in terms of like the most successful ethereum investors it would definitely be paradigm defiance capital is is pretty good but they're also diversifying their bets out as well uh three hours capital um they're successful investors but they're multi-chain they're not like ethereum specific uh as much as like uh multi-coin capital has rubbed me the wrong way over time uh with their bets on ios in the past and now solana they

are one of the best performing if not the best performing funds in the crypto space they have been early on so many of the top projects like in in terms of like market cap uh these days so obviously i mentioned solana they've made a they made a lot of money on solana um the graph another one that they're kind of early to uh helium um but as their name kind of like suggests they're definitely a multi-chain focused fund so they've done really well so i have to credit them for that but there are a bunch of other little little kind of like funds out there are smaller funds span capital mechanism capital i mean i'm not going to name them all there's so many of them 1kx limnuscap um there's other ones like alamedia alameda and cms holdings from what i've heard they're more kind

of like short-term uh funds rather than long-term kind of like vcs there's obviously placeholder capital as well which is chris burnisky's fund they're they're very long-term like their five to ten year vc they've done very well uh in in in a few of their bets as well um and yeah i think there's there's so many out there these days but i think those are the ones that come to mind when i think about who the most successful investors are within the ethereum ecosystem maybe more broader in the multi kind of like chain ecosystem as well so yeah second question how would you go about researching who the most successful investors in the ethereum ecosystem are um you can just go and like search on google crypto funds and you'll come up with an with a list of them there's a website called crunchbase that tracks

them all there it is a paywall a lot of the time but you could probably get the names of the funds there um but then you can go on like twitter and you'll probably come across like people that work for these funds then you can kind of jump down that rabbit hole but generally you just have to google for it i don't know if there's like a i mean there was a spreadsheet flying around the other day that basically listed a bunch of investors on there both angels and funds and vcs um but you know the list was kind of rating them based on kind of uh you know how good how good of investors they were and i wouldn't trust the list for that because i don't know who made that list it's obviously going to be biased but i don't know you know and some of the

stuff that i saw in there was definitely not truthful but it did have a pretty comprehensive list of funds i don't know where that sheet is right now i don't know who originally shared it um but it was floating around on twitter so maybe you can go kind of like find it on there uh third question have you ever thought about launching a crypto fund uh i mean i'd be lying if i if i hadn't thought about it as if it crossed my mind but like i never seriously considered it i i mean as i mentioned before i do a lot of angel investing and i'm happy doing that i don't want to be responsible for other people's money i don't want to be responsible for dealing with all the kind of like headaches that come with being a fund i don't want to be responsible for all the legal crap

that goes into it or any of that kind of stuff the way i kind of play it is that as an angel investor i get the best of both worlds i still get to remain independent i still get to do everything that i do and that i love doing like all the daily gray stuff and everything else um all you know all the ether stuff and and helping out various projects being an advisor um and i don't have to worry about kind of like uh managing all this money and all that sorts of stuff i just manage my own kind of money so yeah thought about it didn't con didn't really consider it at all kind of thought nah i don't want to do that uh and then your next question how would you go about launching a crypto fund uh i don't really have any experience here

i think really you just kind of like set it up as a company you raise outside money or use your own money and then you start approaching projects or projects come to you and they pitch you and then you start investing i think i mean i'm i'm kind of like making it seem much more straightforward than probably it is but that's kind of like how i think a lot of these things get started um what upsides downsides do you see in launching a crypto fund so upsides obviously is the the money right i mean the the money can be quite lucrative because if it's your own money then you make everything as profits as yours if you raise outside capital you take on much less risk because it's not your own money but you still get to take like a 2 on 20 and what that means is you get to

take a two percent management fee so say you've got 100 million dollars that you're managing you get to take two percent of that as kind of like a yearly management fee and then 20 is like a performance fee so whatever profits you make you take 20 of those profits and give the rest back to your uh uh lps or unlimited partners or kind of like investors in general in in the fund so those would be the upsides but also another upside would be that you get to work with a lot of early stage companies and startups and get to see that kind of those sims come to life um those kind of people are more like the vcs so the difference between a vc and a fund is a fund is usually more short-term oriented and a vc is definitely more long-term like five to ten years funds maybe two

to three years um and and funds definitely have like a quicker turnaround and they have uh kind of like different lp base where the funds will basically have an agreement with their lp's that they can pull their money in a much shorter period of time than a vc funds uh lps can and there's definitely like a there's a there's there's kind of like legal paperwork and everything that comes along with that and there's an understanding with those kind of things there um and the downsides would be i mean as i mentioned before you are managing other people's money right like i don't i haven't heard anything about this and there's definitely legal documentation that people sign and there's like protections in place for this but if you screw up majorly or if you lose people's money you'll use customer funds for whatever reason uh then you could be

held liable for that right so that's the downside other downside is that it's grilling work there's a lot of regulatory stuff that you have to wade through um you you definitely have to compete with other investors uh to be a lead like if you if you really want to be a lead investor in a project then there's there's normally other kind of like funds or vcs that want to be a lead investor as well and what a lead investor is is basically it's the one that writes the term sheet and what the term sheet is is basically saying well this is how much you know we uh we're going to value you at based on how much you're raising and this is how much we want to take of this and they usually take the lion's share of it and kind of like they kind of like set

the terms of the whole race essentially so if you see a project that you absolutely love and you want to be the lead you have to compete on kind of like on this footing and it's up to the project who they want to go with at the end of the day the project basically says well you know i like you as a lead investor over this guy and then you could miss out and that's another downside there and you could still join the round but you would get a much smaller check size than you would have wanted and maybe it's not even worth it for you at that point so you kind of like have to miss out on that or pass on that investment so yeah those are the kind of like i guess high level stuff there there's probably a lot more stuff that goes into

it that i don't probably prove it to because i haven't worked for a fund but yeah hopefully that answers that question and then the last question when data pump i know it's like month three and i haven't done a daily grade data pump video i'm going to try and get it done and do the last three months worth of data so it'll be a nice full episode um by the end of this month hopefully like i really really hope so i mean and now that i'm in lockdown i don't really have an excuse i do have the time it's just i've just uh had to have to get around to it and it's just uh i've been i've been putting it off but i'll definitely get it done uh hopefully end of this month all right uh next question comes from brian peace who says uh seems like most

people use chrome or brave browser any reason not to use firefox also any thoughts on frame seems really cool but i'm waiting for it to come out of beta so frame is a is another ethereum wallet that is definitely more for the power user i would say not probably not for the like the the total end normi new end user sort of thing so you can go to frame.sh and you can see it kind of like the wallet there if you're interested in that um but any reason not to use firefox not necessarily i mean i personally use chrome because chrome just runs better for me and i'm used to it on i'm kind of like my pc i'm used to kind of all the i guess the way chrome does things so to speak but i mean it's funny i actually use like three different web browsers

because i have um like uh all these different twitter accounts and i have different sub stack accounts for all the newsletters that i do and and i mean just easier so i use like firefox for to write the daily great newsletter but i use chrome for like my normal every kind of day browsing there um so yeah i don't i don't particularly have any reason not to use firefox as my daily driver it's just not what i've used in the past i've used chrome in the past um and then you're kind of the next question here brian was so eip3074 will batch trend uh we'll enable batch transactions does this mean i'll be able to batch all of my small dust funds and move them to l2 i don't actually know the answer to that i would have to look into that i all i know is

that 3074 allows for batching of transactions so you don't have to essentially uh kind of like when you're on a decentralized exchange approve a token before swapping it you can just approve and swap in one transaction um i'd have to look into the the kind of technical details and to see if it actually enabled batching all your smaller dust funds and moving them onto l2 and one foul sweep maybe it does i'm not sure there um and then your last kind of question hopefully the data for my nfts is stored on ipfs the tokens are in my wallet but i assume the files aren't stored unchained is there a way to see where my jp jpegs are being hosted usually the site that you buy it from all this there like i know on mirror um the mirror platform they actually list the um the

transaction hashes down the bottom th they're usually on our weave sometimes i'm on ipfs i believe and they'll have like an etherscan transaction as well um and i think you know openc might might have like a section for it too so usually it'll be on the site or you know the the kind of like person who created the nft or team that created them will also kind of i guess link you to it and stuff like that but i there may be sites out there that i don't know of that act as like a central repository of this information for every nft out there but usually it'll be on that kind of like sites like you know foundation super rare all those science as well all right so one here from john v 420 who says i had a few questions about your nft display and this is the display

that you guys will all see on the refuel videos that sits behind me in cycles through three of my nfts that i've got um he asks do you have a preference on brand or manufacturer well the one i have is is from netgear it's called the mural 2 um and it's worked really well i really like it uh it does both portrait and landscape uh i don't really have any complaints about it comes with an app and that's how you load uh the nfts or the pictures or whatever you want onto them so yeah i don't have any kind of like complaints there but there are other brands and manufacturers out there if you just search like nft physical displays there's plenty of them now uh i mean i you know the the other day i searched them and there was like three or four

different ones that came up so you know you can go check them out but i've only ever had this one i might buy some others later on but the netgear mural 2 is as it's called um has actually been pretty good for me so yeah i'm happy with that um and then you ask are you able to scroll through multiple nfts or have them scroll automatically or can you just display one at a time uh yes to all of that you can do whatever you want as i said in the the one that i've got comes with an app you can set the timer um uh you can basically have only one display uh at all times uh you can change kind of like the um the aspect ratio you can change uh kind of if you want black bars or not i mean there's a

bunch of different settings in there but yeah it's very customizable uh and yeah that's it i think that's it for your question so hopefully that answers that uh one here from beethoven who asks almost all crypto and ethereum enthusiasts today were early enough to have already enjoyed big financial gains what advice do you have for the next generation of enthusiasts the late coming newbies who don't have the financial foundation and therefore freedom to explore all things crypto so i would say that you're probably wrong in saying that almost all crypto and ethereum enthusiasts today were early enough um the majority of the people who have been coming into this ecosystem over i guess like the last six months probably wouldn't have made like you know enormous financial gains like some of

them will have of course but you know a lot of them obviously probably haven't at this stage but i don't think that should um how do i put this i don't think you should look at this as kind of like a late adopter stage or a late late coming newbie stage if you're in crypto right now you are still so so early like seriously and and to contextualize why you're so early here and why you can still enjoy big financial gains if you make the right plays because investing is not just being not just about being early it's about making the right plays as well because if you had bought coins that um back in 2017 and or like 2018 or 2019 and you know you're considered early right now but if you had bought coins and dead projects well you would have either underperformed eth or you

would have um basically not even made much of a return against usd so you've got that to consider as well but in terms of like uh timing here to contest can to put this into context i was looking at some stats the other day in terms of people who have bought an nft i'm pretty sure it's like less than a million people or less than a million addresses so that's not people and i know multiple i mean i've bought nfts on multiple addresses so already you know that's not individual people so essentially you have less than a million addresses which is probably much less people ever having purchased at nft uh on ethereum where you know obviously most of the activities happening with nfts so and you know the the the the i think the kind of like i guess uh tam or total noticeable market for the nft ecosystem

is the whole planet because nfts tie into culture time to collectibles art uh gaming all that sort of stuff which definitely has an adjustable market of the whole world um so in terms of that you're very early in terms of d5 i would say there's maybe based on metamasks monthly active users in terms of like d5 across all chains not just ethereum at maximum there would be five million monthly active d5 users during the peak and and i think that's actually uh stretching it as well i don't even i don't even think that there's that much uh monthly active users so five million out of again the whole world because d5 kind of i guess like now touches the whole world and and will reach the whole world um and the tvl within d5 on

ethereum is what 80 90 billion that's a rounding error for the traditional financial system the traditional financial systems tvl is in in the quadrillions of dollars right because you have to account for derivatives and things like that so that's maybe a little bit of context for you to kind of like see just how incredibly early we are but on top of that what's the only really successful blockchain game right now actually infinity right that's one game i'm guaranteeing you in the next five years there's going to be thousands of these games that are coming out i can guarantee you right now and because i know this for a fact every aaa company gaming company right now is looking into how to either issue their own nfts create a crypto game how to get them um you know crypto kind of things involved in their

in their games or add kind of like features there and it's not just them it's web 2 apps as well like discord has been kind of toying with this uh you know you may have seen shopify as well i i'm just telling you like the the kind of i guess uh adoption rate of crypto i mean you are still in the early adopter phase we're not even in like the i i mean i would say we're still like in the pioneer phase where the early adopters are just now coming to fruition but in terms of i guess like if i want to use an analogy to other technologies like the iphone or like a smartphone you're essentially i mean i wouldn't even say you're at the iphone stage yet you're at like the stage of where you're testing out all the smartphones that came before

the iphone um i would say that's where we're at in terms of adoption and when the iphone first came out i mean in 2007 or 2008 uh it was very clunky right it was it was definitely uh and it was not something that most people wanted to use a lot of people stick stuck with their existing phones but then 10 years later pretty much everyone has a smartphone even the even kind of like the people who are considered late adopters to the technology they have kind of like a smartphone or a tablet or something and this is exactly what's going to happen with crypto in 10 years you're not going to be early anymore but right now you are on the the kind of like um i guess like you're not the earliest you could have been you you're not you know you're not first but

you're not nowhere near last you're basically still part of that early adopter kind of phase there and after early adopter usually comes early majority which i i think we're we're probably starting to see little early signs of and things like that because of nfts and stuff but really i just i cannot begin to describe how early we all still are which means that there are still big financial gains to be made for everyone as long as you play your cards right you can't you can't i mean it gets harder over time to to make returns on things especially if you're measuring your portfolio and eth and trying to stack each um you know that's just i guess like the price that people pay for coming later into something um you know i obviously um maybe not obviously maybe some of you don't know this but i've

only been in ethereum since early 2017 i was able to buy a little bit of ether 10 10 but not a lot because i didn't have much money back then um i bought most of my eighth between 50 and 100 which obviously is still a very good price today like i'm not gonna say it's not but the thing is is that i know people who bought ether like a dollar and i'm really envious of them because i was like you know the only reason i didn't get involved earlier with ethereum is because i just didn't hear about it it had nothing to do with me hearing about it and scoffing at it i just had no idea about it until early 2017 and all these people who came before me they just found that before i did they put their money into it and they got to

buy you know at the ico or at a dollar and things like that but you the the thing i've learned over the years is that you can't really um look at that and think to yourself you know oh wow i missed out on like super early buying you know bitcoin or buying eighth or i'm gonna miss out on everything there's still plenty of opportunity out there and right now there's still things that go you know 10x within a couple of weeks i mean i i know it can be very risky because you have to basically pick these things you have to spend a lot of time and invest a lot of time to pick them and it gets harder and harder as time goes on but generally uh there's a lot of kind of like projects out there that are still neglected i believe i think d5

right now is pretty neglected uh due to like i guess nft mania and layer one mania where people are betting on these other layer ones and stuff like that and to be a good investor it takes time i mean i haven't been shy about this in in march of last year during the covert crash my portfolio was tiny i mean it was like mid five figures like that after had being in the ecosystem since early 2017 i still only had uh you know a mid mid five figure kind of portfolio now that may seem like a lot of money to a lot of people but the thing is is that you know you look at these people who were early a lot of us only made most of our money in the last year and a bit because of the fact that we basically held on to those kind of things from

from those early years and we held through the bear markets we held through the tough times and essentially we're able to kind of like give ourselves that that financial edge there um but still there's a lot of people who came in much later than us like i know people who came in in 2020 did way better than i did in d5 summer made way more money than i did in d5 summer like i'm talking way more like probably 100x more money than i did which is which is a lot um and they came much later than i did and they they were able to make that more money because they took on more risk than i did they they were more kind of like dj than i was they just bet like much more money than i did and they had more money to start with as well so there's different

edges people have and really at the end of the day my kind of principle is that i play the long-term game so the time that i'm in the ecosystem time that i'm in the market the more kind of like i guess money i'm going to make and you can see that from air drops too i mean if you had been in the crypto ecosystem for a while you have been getting air drops from pretty much every project that you have kind of like um interacted with i mean unisop for example was amazing i mean for me i had used unisop with like 20 different addresses so i got uni in like so many different addresses but um that's because i had been around for a while and it's the same kind of like i guess concept with a lot of these things is that spend time

in the ecosystem research research research you know put your money where your mouth is too don't just i guess like do the research and then don't pull the trigger i've done that before plenty of times i've i've done my research i've said you know this is a really cool idea actually this is going to take off and i'll give you a recent example i did this for actually infinity when accident when axs was two dollars i looked at it i looked at all that i'm like holy crap like this ecosystem is awesome the community is awesome i think this thing's gonna be big i didn't pull the trigger i didn't put any money into it and i missed that entire run up if i had bought it two dollars what it's like 70 80 right now in just a few months i could have made like a lot of money but

i didn't do it and i didn't pull the trigger and that you know and and and as i'm saying like this this only happened over the last six months so you didn't even have to be really early to do this you just had to have the conviction to put the money in to do the research and and kind of like stick to your bet as well because at the end of the day investing is not easy and you're in a bull market it may feel a little bit easy because you can throw money at anything and make money but over the long term if you want to make life changing gains or big financial gains there's a lot more to investing than just being early because you can be early but you can also sell early i know plenty of people who bought eth at the

ico and sold it at a dollar they made like what a 3x because that ico was 30 cents so they made a bid over a three x but then they sold it at a dollar they sold to either the dollar like you know what i mean like but at the time that to them was was awesome because they're like oh well i just made like a 3x on my money in a year uh or a bit over a 3x in a year because the ico was held in 2014 the main net went live mid-2015 and then immediately i think it started it opened at a dollar and then fell back down after that and it's funny because it actually i think it opened over a dollar and then fell back down to i think 40 cents or something because it was still a bear market in 2015 for

crypto um but then after that in 2016 it went to 25 during the dow then it went down to like six dollars end of 2016 and then we all know in 2017 it went to like one technically january 2018 it went to 1400 and now we are where we are today so just investing in general is not i mean i really don't believe investing is is necessarily about being early i think it's just about conviction holding placing your bets and just being there at the end of the day like not being early being present i think is a better way of putting it so a little bit of a rant there but i hope that answers kind of your question beethoven about like just i guess how early we are and also how um making big financial gains doesn't have to be

column from being early it can come from being quote unquote late you know maybe you didn't come as early as someone else but you can still make a lot of money in this ecosystem there's so much opportunity we're so early there's still so much more to go the next 10 years are going to be the best years that crypto ever sees like the next decade is literally going to be the decade of crypto and i i mean i'm so confident in that that's why i've dedicated my whole life to it uh one of the reasons but um you know and obviously like as i was mentioning before i'm still heavily investing in this ecosystem yes i do it more on the angel investment side but um i still buy things on public markets when i can or when i spot an opportunity and stuff like that but you have to pull

the trigger i've missed plenty of opportunities by not pulling the trigger i'm sure a lot of people have but that's kind of i guess the the kind of thing that i look at being present pulling the trigger holding through the kind of tough times having a thesis having conviction and then kind of like you know hopefully making some financial gains from that but i guess to prefer to kind of like end all of that none of that is financial advice it shouldn't be considered financial advice i'm not a financial advisor just to be just to be clear there um but but just generally that's how kind of like how i approach things all right next question here from ex-old drew hopefully i said your name right xodro uh what are the privacy solutions you're excited about do you foresee easier more powerful apps than tornado

cache so there's a few different privacy solutions right now um the ones that i'm most excited about are the ones that use zero knowledge proofs or zero knowledge technology um that is kind of like either a zk roll up or kind of like in that family of scalability solutions because they can also be used for privacy one of them is aztec there's another one called umbra umbra protocol uh obviously you mentioned um tornado cashier which is like a mixing service there's a few other projects i think out there i can't remember off the top of my head but yeah i'm most excited for something like aztec definitely i think that their tech is really really cool um i'm most excited i'm also excited for umbra like i think that's actually really great it's flying under

the radar they're still in very early stages here but but those two are what i'm most excited about but there's plenty of other ones out there and technically zk roll ups can actually enable this too um i know starkware's working on this i think zk sync as well so those should be coming out over time too so uh a question here from shawman which i'll i think i'm gonna take uh gonna get to this in a second i'm just gonna take a quick water break all right one here from shoremen who says why is the market pumping other l ones like solana and cardano it doesn't make any sense to me all right so maybe i'm gonna give like a bit of a long answer here because

there's a lot that goes into this but at the highest level i think when you look at short-term markets it's narratives right so the narrative right now is that eth gas fees have been high for a while and they're expensive for end users most people don't want to be spending 100 on fees to do anything on the chain whether that be to swap on a decentralized exchange or to buy an nft or a mint nft or to do whatever else right so these other kind of ecosystems have spun up um they've taken trade-offs like then they're like i don't consider solana to be decentralized for example because it um takes a massive trade-off where it it has um something called a distributed proof of stakes oh sorry delegated proof of stake system or depos where essentially they're running on

super nodes and only people with beefy hardware can can run validators and validate the chain and stuff like that and that's the trade-off that they've taken to achieve their scale now i really do think that uh most users just aren't aware of the intricacies of these sorts of things so not that they don't care about decentralization they just i mean there's money to be made for one a lot of these um chains are spinning up uh liquidity mining programs i saw avalanche do a pretty big one recently and and that that kind of kind of token price has been pumping um but they're also kind of like taking these trade-offs for security but a lot of users just simply aren't aware or maybe maybe they don't even care maybe they just want to kind of like i guess uh ape into different d5 djent farms without having to pay the

high fees and you know i totally get that i i sympathize with that for sure um we saw this you know with bsc back in the early in the year but no now where's bsc i don't really see anyone talking about it uh and then we're seeing this with these other smart contract chains i think uh cardano is definitely a unique example here because as i mentioned before they don't have smart contracts i think cardano is more like a cult uh centered around charles and i think that that code is incredibly strong i actually don't think that's a negative i think that's actually a positive for cardeno because you've seen the ada price and seen how nuts it's gone um and it's all narrative there it really is it's all narrative of like okay you know cardinal is going to take over the world it's going to have smart contracts it's

going to take over ethereum it's going to do this it's going to do that and the longer you can keep like a narrative and a good story going the more buying you'll get i mean this is the very definition of like a religion and a cult i mean not to get too kind of like i mean i don't know if this is considered to be politics but really i mean uh the the better story that you tell the more kind of like followers that you can recruit right the more you make people feel kind of like safe and and kind of like inspired or you have people live in like a fantasy land or whatever the more you can kind of like recruit to your i guess like community or if you want to call it a cult or whatever um and kind of like

they're going to buy into your vision and they're literally going to buy in by buying the token so i think that's what's happening with cardano with solana it seems to be um you know definitely people who are using it for the speed at the end of the at the end of the day because they either don't understand the trade-offs or they don't care about the trade-offs um and you know there's a bunch of other projects as well but if you look at kind of like attraction on most of these chains it's basically non-existent and the reason why they're valued so highly is for two reasons one is it's currently a kind of narrative going around right now where it's like l1 season let's just pump all the l1s and all the traders are kind of like pumping in and then all the kind of like retail investors plow in

and really like most of these are just going to kind of sell off when when kind of like the mania ends they're going to go either sell into cash or maybe they'll go back to other assets they want to hold like ethan and bitcoin or whatever um but generally they're uh they're you know a lot of these things are just pumping because of that but but i think secondly um is is kind of like the fact that the l1 space like winning the l1 war like being the most adopted smart contract chain means you're you're going to be worth tens if not hundreds of trillions eventually and like i truly believe that the the um kind of like addressable market for smart contract chains is much more insane and much bigger than people actually think it is and i think the people who who think

deeply about this stuff know that and so there's going to be a lot of speculation around which chain is going to win a lot of people still think that we're going to that ethereum is not going to be the center of this ecosystem i believe it will be and but that's not to say i don't believe in a multi-chain ecosystem i definitely do because at the end of the day um there's never just going to be one size fits all for everyone right there's never going to be everyone agreeing on everything too because you know all these people building these other chains they may be building them because they just simply have different design philosophies to what ethereum has like i know with solana for example what the founders say is that they're optimizing for something different to what ethereum is optimizing for essentially what they're optimizing

for and what they call it is maximum censorship resistance um for their chain but they're happy to give up you know kind of like uh some decentralization to achieve that now i think they've given up more than some decentralization i think they've given up pretty much all of it but that's their kind of like view on things and that's their philosophy is that they think that solana is decentralized enough where whereas the asian ethereum we don't think it is we think that ethereum is is kind of like the the measure of decentralization for a smart contract chain and that's the kind of future we're working towards and obviously ethereum is not going to scale on layer one and solana is like that's the kind of main difference there is that solana is pursuing layer one scaling they don't care that they have to run supernose to achieve this they

don't care that they have to keep increasing hardware requirements to chase this uh because they believe that technology gets better and cheaper over time so that's going to be fine it's just a different philosophy altogether and every chain has their own like cardano has a different philosophy you know child spell espouses about you know peer-reviewed research and making sure that we build everything like um you know completely perfect every time which i i disagree with again because never has a perfect technology and which is subjective by the way but never has a perfect technology one it's always been the one that kind of like gets the most network effects and that right now is ethereum and i think it's going to be ethereum into the future uh avalanche takes another kind of different approach where they have these things called c chains i believe um and they kind of like take a layered

approach like the like uh uh a a kind of like not a layered approach like a layer one layer two they kind of like take this different approach with their situation i'm not sure exactly how it kind of works but they have a novel consensus mechanism as well um uh which uh definitely kind of works very very differently it's proof of stake but it works differently to ethereums proof of stake and um different to like solana and cardanos as well and then yeah i mean then you've got the long tail that are trying different things too the way ethereum is is is pursuing it is basically through sharding for layer one scaling which is coming later and is definitely a different layer one scaling mechanism to what celano is pursuing celina's not doing shards they're doing it all as one kind of like um uh

uh uh one kind of thing one uh kind of like chain there's no different kind of like shards connected to it it's all just one uh thing running on like a cluster of supernodes basically like a distributed database um that's why that's another reason why i don't think it's it's very decentralized um and then obviously ethereum is scaling by a layer two as well uh where we're gonna have the arbitrary optimism start with whatever of the world uh polygons you know all that sort of stuff building out these solutions to scale ethereum via layer 2 and and via side chains and you know i think that's the better approach because we get to keep ethereum as maximally decentralized and secure as possible at layer one while also enjoying the benefits of scalability at layer two and the thing is is that layer two and i

mean the sorry ethereum's approach to scaling uh is much harder than and it's gonna take much longer than it is for these other chains to basically spin up sacrifice decentralization kind of take that short cut um and essentially kind of i guess like uh achieve this fit where users come there because of the cheap fees but i think over the long longer term cheap fees is not uh a draw from for for it's not something it's not like a winning play i i think as i said ethereum's going to scale and ethereum will have cheap fees as well and at the end of the day i think these are all just short-term money games that people are playing speculation going on so that's why you see a lot of these things pumping i i don't think most of these things have a future i think that um you

know in terms of like price rise i don't know what they're going to do but in terms of like usage and actual fundamentals i think that most of them don't have a future but of course if as long as people speculate on these things they could go up they could go down i don't know you know you know obviously some of them have outperformed eighth over time that's just the market for you and there's no way to know which one was going to do that by the way like you can look back in hindsight and say oh man i should have bought this instead of eight because it would have outperformed it and maybe i could have stacked more eth well i mean what you didn't do that at the time because you didn't actually have a thesis on it so looking back in hindsight it's probably not the best

kind of like approach there but yeah hopefully that answers your question uh they're sure man uh okay next one from john the fawn who asks can you tell us about the figurines hanging out in the background of your delight episodes are they from anime and if so which ones and which are your favorites so yeah most of them are from an anime called one piece um all the ones behind me and all the big ones you may have seen me post on twitter as well the statues i have some from another anime called hunter hunter um and then the bookshelf that you see it's a collection of one piece manga and other a bunch of other trinkets as well sitting there i'm just kind of looking over at them now like different keyboards and kind of other books down there and like yeah it's like playstation controllers just

like everything there um this room is like tiny it's it's it's it's really really small basically you can only fit me in this chair in here and and and there's like a walkway to the door and that's it like other people come in here and it's like super crowded but um yeah so hopefully kind of like that that answers your question i bought most of them in in japan the smaller ones behind me i bought in tokyo when i was there um and that was fun getting them back home and luckily none of them broke which was amazing like on the plane so that was that was quite cool but yeah hopefully that answers your question all right i got will coleman from the audience inviting you up will uh to ask you a question you just gotta uh press accept uh i've invited you

there we go hey anthony how's it going hey how you going doing well do well um i've heard you mention you don't want exposure to bitcoin is that because you think it's going to be unsuccessful or is it more so it's just kind of not what you're looking to do with your money yeah so i think it's it's a it's a funny thing um i i did answer a similar question on the last ama that i did um where i basically gave like my actual bear case for bitcoin uh and it's a long term bear case but in terms of like i guess how i think about it from where up my money perspective i just don't have i mean there's no edge to be had in bitcoin right like within bitcoin

you buy bitcoin or you don't and you either ride the wave or you don't now realistically how much of a return are you going to get from bitcoin right now like if you think bitcoin is going to go uh you know up to like half a million dollars for example that's like what a 10x return from here which is really really good don't don't mind me but what do you think the rest of the crypto ecosystem is going to do if bitcoin goes 10x right like you know the rest of the ecosystem is going to go probably much harder than that especially i actually think it's going to outperform bitcoin and i do believe in the flipping but um so that's kind of like how i view it but also my personal situation is very different most of the investments i do these days are the private deals and

angel investments um i i just think the risk reward is a bit better there but just generally i just as i said like i don't really focus on the bitcoin ecosystem and i just don't see uh i mean i don't see a real use for it either because with with eth i can with my eth i can stake it which i have done for most of it um and do that trustlessly because i'm staking on my own and secondly i can use it as uh trustless collateral within d5 to borrow funds against to do various things uh whereas with bitcoin i can do that within d5 but i'd have to use a custodial service or something with like trust assumptions on it too so yeah i mean hopefully that gives you a bit of like insight into how i think about it but at the end of the

day i don't actually put that much thought into it i really just don't see a reason for me to personally hold bitcoin um you know even from just like an investment point of view i know people say ethie's more riskier than bitcoin there's execution risk all this sort of stuff but i mean i've been hearing people say that since forever and ethan's outperformed bitcoin for most of its life so you know i'm happy taking that risk yeah and if if if you do kind of have the thought of a long-term bear case for bitcoin what would be kind of the main reasons to its its downfall yeah yeah so i mean as i said i answered this in like a really long form answer on the last ama but i'll give you my like my tldr answer here um so there's two major things one um it's

security budget is dwindling over time and i actually think that within 10 years the bitcoin network will be insecure and will be under attack um you know either from nation states or from just uh profit motivated actors within the ecosystem um and that's simply because the bitcoin block reward hubs every two years they're they're relying on fee revenue to uh secure the chain but if you look at bitcoin's fair revenue it has not matched uh the kind of like where they want it to be to kind of like offset the reducing issuance to secure the chain so i do think that within the next two hardenings which is you know um less than 10 years from now but within the next two hardenings uh the chain will become uh insecure uh and the second thing is that i believe once eighth flips bitcoin i actually think

that bitcoin will just keep getting flipped i i actually have a long-term view that bitcoin will fall out of the top ten uh i know that might be like uh pretty uh i guess like out their view but i do think that once bitcoin loses its number one spot it loses most of its narratives right and one of its major narratives are it's the most valuable crypto everyone goes to bitcoin everyone takes profits in bitcoin but we've seen that if you're you know if you're not a bitcoin maximalist it's pretty obvious that bitcoin dominance has been falling over time and it hasn't gone anywhere near what it used to be uh and it's still falling these days i mean i still think it's it's got a long ways to go from here and i do think that as i said once it gets flipped by eth

it's it's gonna just like keep getting flipped there's no reason for it to stay at number two right because if you're number two i think a lot of the narratives get broken and there's just a lot less people that will buy it i think people will just buy eth because either will be number one or they'll buy other things and again i also think that there's a lot more reasons to buy eth and other assets than there is to buy bitcoin and bitcoin you know yeah kind of like sticking it's it's uh i guess like um a fork in the sand and saying well we're digital gold i mean you've just limited your addressable market to people who are interested in you know digital gold so to speak right um you know i know gold has a really large market cap but you know a 10 trillion

dollar market cap is is cool like you know that could that that's that's that's that's uh bitcoin at what like 10x from here probably a bit more than that um but you know i i think even if you kind of like look at that as a comparable i i think that gold being worth that much is just a function of the fact that it's been around for a very long time um you know i don't know if bitcoin you know could get to that i think that if it does get flipped before it gets to that kind of like market cap it definitely isn't going to have the same allure and it's definitely going to lose more dominance over time so yeah that's kind of like i guess like a shortened version of what i mentioned in my other answer but you can go check it out it's

time stamped on the on the ama on youtube and if you want a longer answer there perfect thank you awesome thanks mate all right i'll invite airbayer up now uh there you go invited you just accept it awesome hey mate hey anthony hey anthony i just wanted to say um first and foremost love the show man uh love the um you know chats that you do with uh david hoffman on bankless awesome yeah thanks for the kind words i say you're back from the bankless day out there you must do some work with them over there yeah i do um i'm part of their analytics guild actually um i have a couple questions for you um i know that the banquet style has just

formed like you know in may what have you liked about the bank of style so far um what have you um admired about their accomplishment what do you expect i guess from the community going forward so what i've liked and what i've seen i guess coming coming out of the bank list down mind you i don't pay like super close attention uh to it unfortunately over the time but um from what i've seen like just on twitter and talking to david and things like that i really like how the dow seems to be pursuing a lot of different avenues right like i mentioned before you may have heard me talk about how you guys launch the job board you're doing like the merch stuff you're doing different nfts uh you know you you you're from the analytics team

and stuff like that like um and you know the metaverse newsletter got spun up with bankless and there's there's a bunch of other things happening there i really do like how it from the outside looking in it looks like just a community of passionate people who want to produce like you know content or do creative work or kind of like um you know do merch or whatever or kind of like participate in this global kind of like social club really as i was saying before i think social tokens or like these social approaches just like global social clubs that have um you know kind of like membership benefits if you're if you're part of it if you hold the token you may kind of like get benefit from from appreciating token price and stuff like that so uh yeah that's that's kind of like how i how i

view it i've just been really impressed with all the initiatives that the uh the banker style has been taking on thank you and what i guess like what are you looking to see from the dow on the next coming months um i know that um there's been a lot of like you know um talk like you know people talk all about the time like oh like you know the price like you know the bank tokens that's not a third but i actually think that um there's a lot that's very undervalued because all the products that we're launching can you just talk a little bit about like also kind of best practices you've seen from other dows so that way maybe bankers could get better or just in general yeah so in in terms of like the the token price and and token value um it

it's it's always a touchy subject because i i guess like with when bankless kind of launched this you know when david ryan whoever else part of the core team launched this obviously they didn't want to run afoul with regulators and they still they still don't right um but i think that if you want the bank token to be viewed as something that people want to own well then you have to you know spell out how value is being driven to it you know you have to give people reasons as to why this will appreciate in the future and what you can do with these tokens um whether that be liquidity provide and earn rewards whether that be earn rewards for kind of like contributing to the dow stuff like that so so putting out content around that would be i think ideal um and also

bolstering the liquidity last time i checked there wasn't much liquidity for it uh so it's very hard for people to trade in and out of it and obviously because of that the price can be very volatile um and i guess like on that note who i've seen do it well i think the index cop does it pretty well um they basically with their token i don't think there's ever been like an obvious blog post where they've been like this is all the ways the index kind of token acres value it's more than kind of like advertising the revenue that the co-op is making so the the car creates different index products or different products in general structured products uh earns a fee on them whether that be performance fees or management fees or whatever and that kind of like fear revenue goes into the dow and

they've into the treasury and they've been kind of like spelling that out over time they've been putting tweets out about it blog posts they do financial reports and all that sort of stuff and that kind of like shows the ecosystem hey you know this is an asset that you want to own because it gives you exposure to this ecosystem that's actually making revenue making money uh so that's kind of like probably the i mean there's other teams that i've done it's like your own finance does this as well and things like that but you know i i've just been monitoring index co-op closer than the other ones uh so that's definitely something um uh that i like seeing so yeah i guess that's on like maybe the token price side of things and the token side of things but in terms of like what else

you guys could be doing um to maybe i don't know grow the bank list down and stuff like that i mean i don't know i think you guys are doing like a really great job already because it seems like you really do want to become this just like massive um not just media i guess conglomerate or media kind of like a producer or content producer within the ecosystem but you also want to be setting the culture as well you want to be involved in in ethereum crypto culture you want to be at the forefront of what's happening um you know as i said like you guys launched the metaverse newsletter and stuff like that very very early on you have the bed index you know um which which i think is really cool so yeah i mean i would say that i think what you guys are doing is

already really great and i and i just would love to see more of that continue last question i had for you um what do you think of um you know with it with eip 1559 ra being launched and what this um nft craze going on how do you what what do you tell people like you know who are trying to get into the nft space and trying to spin up profits i i personally believe like you know just holding ethereum um as long as possible because that's a better long-term outlook but maybe there's different viewpoints but what what have you mostly heard about you know this recent nft case and the burning of these now yeah so i mean it's funny because like trying to maybe i guess speculate within

the nft kind of like craze is it's quite difficult because there's so many different projects right now it's hard to pick the right ones and you know you you know if you do strike it strike gold essentially and like buy into the right project and then you hold on to it and for some reason it just goes crazy you say like the pudgy penguins for example or um i mean crypto puns is the obvious example but that's an older one now but generally um you know it's just very hard to kind of like pick a winning project uh unless you kind of like do your you know you do a digital instance and your research or you're involved yourself or things like that so yeah i mean you know in a 1559 world where a lot of this value is being driven back to eath anyway not just from nfts or

from d5 then holding eighth over the long term especially staking that eighth you know whether that be through uh staking provider lido you know maybe rocketpool in the future or staking on your own and getting an eighth denominator return or being able to use that eighth and then d5 to do various different things and it's over the long term i think it's just gonna be very hard to outperform eighth uh unless you get like unless you kind of like buy into things really early on so obviously if you're if you're if you're early on to a d5 project that may have just like begun and they haven't grown yet but you know they have lots of potential and you do win you do kind of like hit your um you know hit yourself to that winner and does like 100x well yeah you'd be you'd be making a nice

amount of money from that of course and you'd be out performing e for sure but if you're buying into maybe like the blue chips of defined stuff like that um you know and depends on your time frame and stuff i don't know it just looks very hard to outperform eth over the longer term because of that kind of like value being driven back to eath anyway and because you get to stake your wreath too right like i think a lot of people just like gonna buy eighth and just stake it um whether that be on exchanges as well you know a lot of people are gonna exchange steak and earn that kind of like ether nominated return there so that's kind of like how i'm viewing it obviously i mean i'm not shy about the fact that i stack eighth you know as much as i can um i do

still hold some default tokens i still have my bank tokens that was airdropped to me and stuff like that uh stuff like that as well but yeah generally kind of like that's how i'm viewing uh the space and kind of like where i'm packing my money awesome thank you anthony for asking for answering all my questions i really appreciate it keep up the great work man love the show awesome thanks man thanks for asking the questions all right uh back to the sheet here so i have one from uh it's from brian peace who says someone in the general channel mentioned a reluctance to connect their wallet to zappa because they weren't comfortable with it with giving it that many permissions i have infinite allowance turned off i use a hybrid wallet what permissions over my wallet am i giving to zappa am i exposing myself to

potential exploits uh no i don't believe so i mean uh the the real concerns will be the the infinite allowance and stuff like that over contracts um or like zappers contracts as well uh if you kind of i guess use their bridge contracts you know they've got like a bridging mechanism for different chains uh i think one of them had a bug recently so there's obviously like a risk of a bug happening there i don't think any funds were stolen or lost or anything but you know there's always that risk there but um those are kind of like the the main things and again it falls back to this kind of like giving the the contract permission to spend your assets or hold your assets or whatever but other than that i don't believe there's anything else uh that kind of like that comes to

comes to mind i think the person in the general channel didn't know that you could just add like addresses to your address book and watch them you didn't you don't have to connect your address uh you only have to connect the ones that you actually want to use on zappa and that's what i do i mean i have all of my addresses in there i use zapper as mainly as a portfolio tracker but i do also use the zaps from time to time and i'll just connect my wallet when i need to i'll turn off infinite allowance when i when you know when i can and stuff like that so yeah other than that i don't think there's many other things to worry about there so one here from shankinson who says great episode of the delegate yesterday i especially liked the part covering grant dows i was just wondering if you

thought of thought submitting a grant proposal to the union swap grants program uh to build an amm adapter for the set protocol that worked with unisop v3 to allow adding and removing liquidity two v3 pools within set tokens would have a chance of getting funded or would there be a better place to meet something like that um i think unisop grants program is fine i think it would actually have a chance of getting funded i've seen similar products or similar kind of things get funded i'm not sure exactly the number that you would get that you would get back but yeah i i mean just generally i would just submit it anyway right like who cares if you get knocked back like at least you um kind of like were able to kind of submit that there and get it out there and and kind of if you get something back then

all the all the better if you don't maybe try another grants program or something like that but yeah i think that that's definitely something that units the use of grants program would probably be interested in funding for sure all right one here from mark underscore oh who says any thoughts on the egl drama currently happening yes which i i gave before and earlier on in the ama uh someone else has asked that question it's in the time stamps uh if you're listening back on on this mark and you want to go kind of find that there um but yeah i i've already answered that one uh someone here from dj chimp who says how much of market activity is done by trading bots it seems 90 plus uh of market trading is identical to btc so how can the fundamentals of eighth win out with these automated trading

strategies in control over the short term bots like rule the market i mean there's different types of bots right there's arbitrage bots um there's kind of like high frequency trading bots um there's different types of arbitrage bots ones that will up the price of eighth between different exchanges and different kind of decentralized exchanges ones that will up the price of eth against bitcoins obviously when bitcoin dumps you know eth dumps other things dump whatever but it's all short-term noise look at the long term eth btc has a perfect kind of like long-term um uh kind of like chart here each btc since let's go back to like the bottom of march 2020 has outperformed over the long term you can see it like that's been it's been trending up and all that sort of stuff there so yeah tldr short-term trading bots definitely have a large impact they

dominate but different types of bots of course also mev bots too which is a whole other thing i'm not gonna get into but um and you know that's just a short over the long term the way i like to look at it short term bots and traders long term investors like fundamentals based investing so that's kind of like how i kind of look at things there's hopefully that answers your question all right i think i've got a few more questions in the ama series channel to go through before we wrap it up for today um uh i think uh ubik asked a question here why did you never cover safu rug say say frog the most exciting project on ethereum i don't know what say frog is guys uh it'd be uh maybe it's a safe moon you're talking about i i'm not sure i don't even know if that's

on ethereum or bsc but yeah i'm not sure what that is maybe you can kind of clarify that but uh next question from leo m here who says a long shot question have you heard of wire they built payment apis for fintech firms are there any resources or metrics on fintech firms and their usage of crypto for payments i'm trying to wrap my head around the demand for what wire does have heard of wire um i don't know of any metrics or kind of like statistics or anything about these firms that are publicly available if they're publicly traded companies then there will be i mean you may have seen robin hood's uh q3 i think or q2 sorry uh earnings report um where they went over kind of like how much crypto has dominated their trading activity but they're not a payments company obviously so yeah i'm not sure of any publicly

available information on the payment side of things um one here from dcoa who says what do you think about on-chain privacy i want to get your thoughts on railgun and its creation um i mean obviously on-chain privacy i really like i don't think that we should do privacy at layer one in terms of like sorry at the protocol layer i don't think that ethereum should be private by default it introduces a bunch of different complexities but i do think that that we can build apps on top of it at layer one and layer two that do uh really well there i don't really have many thoughts on railgun because i haven't dived deep into railgun yet i've it's been on my to-do list for a while so i can't answer that question unfortunately but hopefully the next ama i'll have like a better uh maybe a

better opinion on that one uh another one here from crypto prowess who says i've only been getting i've only been in the game since january i just made the commitment to put in 80 hours a week to stop doing everything else did i get lucky yep a few times but luck is when preparation meets opportunity lower your time preference this industry will give you the opportunity to become well off but you have to put in the time i mean this is basically what i was talking about before about how it doesn't matter if you're like uh early or not like you know being like you make your own luck i mean i i mean that's kind of like been a saying that i've been living off like just as part of my personal life for a while now is you make your own luck you

have to be in the position to have that luck you can't just like essentially um hope that you're lucky um you know without being in the position to be lucky for example you can't expect to make money off if you have a um if you're not involved in the ethereum ecosystem right like you can't expect to make um you know life-changing financial gains within crypto if you're not actually making opportunities for yourself and yeah i think that kind of like echoes what you were saying crypto press so good sentiment there one here from bris nuke nook who says a few ways ago you mentioned using a vpm to get the imx airdrop if you're in the us do you know do we just have to have our most recent interaction through the vpn or would we go how would we go about coding that coordinating that i don't

have the nitty gritty details on this all i know is that um from what i've heard is that you can use a vpn to get the airdrop so i would assume that anytime you interact with uh the immutable system or the kind of like imx system you would just be using a vpn to do that so yeah that's kind of like i guess like all i know about that one um uh rexia what is the status of the merge test program uh the merge in terms of like test nets there was a couple of uh just like dev i mean they technically called devnets because they're just developers that access them they're not public test nets there was a project called rayonism that um was headed up by proto uh proto who's like a ethereum core dev um that went really smoothly but these were all like short-lived

things that were basically proof of concepts in terms of like test nets for the merge i would expect to maybe see some test nets maybe towards the end of the year for public test nets uh maybe even sooner than that but yeah that's kind of like the last i've kind of saw on that front uh one here from russell which i think is the last one i think i'm going to wrap it up after this one guys been going for over two hours now but yeah this comes from russell who says what's the best way to spend your time to drive the most value to the ecosystem long term diving deep into social tokens the hours and communities taking the time to up your dev solidity skills or diving head first into the ecosystem uh sorry and and then you say russell diving head first into the ecosystem and everything

is so exciting it's easy to get shiny object syndrome i mean yes it is and i haven't really found a cure for this i have shiny object syndrome as well but over time i gravitated towards what most interested me for me it's ethereum core development and that inc includes everything happening on the layer one protocol side everything happening on the layer two protocol side um and i i really do enjoy defining nfts as well i don't spend as much time in the dow and social token space uh just i don't have the time i do find it exciting but in terms of like i guess your first question here the best way to spend your time to drive the most value to the eth ecosystem i mean i might be biased but i think education at the end of the day this that's why i do these

ama it's why i do the refuel it's why i do the newsletter that's why i do all of what i do i think education is the biggest impact that most people can have in this ecosystem especially if you know you maybe want to do something on the side or maybe you don't want to kind of like get involved with a team full-time because you don't have the time to do so or maybe you're working outside of crypto education is is kind of like what i'm i'm definitely biased towards but you got to find your your like what interests you most maybe you're not into d5 maybe you're more into nfts or dows or whatever and just like focus on that just find what you're interested in but if you're newer to the ecosystem definitely you want to dive into as many things as possible and learn about as many things

as possible to figure out what you're most interested in it took me a little while because this this ecosystem is definitely uh the definition of shiny object syndrome but don't let that get you down over time you'll find that as you go through it you'll learn like so much just by being involved in anything within this ecosystem because there's a lot of overlap between these things it's not like you're in a silo you know if you're in the social token community you're probably going to come across nft and d5 stuff anyway if you're in the kind of like dow community same kind of stuff there uh so yeah i mean just kind of like diving in uh i guess like um and learning as much as possible and and maybe even just giving back through education writing twitter threads writing blog posts whatever is is a good

way to go about it as well so yeah hopefully that answers your question there russell all right uh unless there's any last questions from the audience i think i'm gonna wrap this up uh for today because yeah as i said we've gone over two hours here so just i'll give another five seconds if no more questions i will be wrapping it up all right no new requests there all right cool i'm gonna wrap this up for today so thank you everyone for attending as i said at the start this will be recorded put onto youtube within 24 hours so if you came late it'll be time stamped you'll be able to see everything on there so thank you again everyone and we'll do this again in two weeks and i'll see you all in the discord channel see you for now