EigenLayer live on mainnet, Market chat and more - The Daily Gwei Refuel #605 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where we cut the latest news in ethereum ecosystem I'm your host and this is honor it has the 15th of June 2023. all right everyone let's get into it so some more I guess SCC related drama or regulatory related drama over the last 24 hours I thought that I was done with this uh for it for a little while here but this was too juicy not to bring up on the rear fuel so I'm sure you guys saw this on Twitter today but there was some I think it was the CEO of one of the founders of uh crypto exchange called promethium that gave a kind of um speech or kind of like presented at some hearing um with uh with Congress members or Senate members or politicians in the US I don't remember exactly what the

hearing was uh but essentially there is this thread here from Matt Walsh that breaks this all down and I want to run through this just to show you how silly this whole thing is so Matt starts off this tweet through by saying this promethium storyline has got to be the stranger just thing I have seen in a while in this industry because has anyone ever looked into this it is beyond bizarre so he says last month in the midst of the SEC bringing cases on coinbase and Gemini and giving this stiff arm to Robin Hood and others promethium gets approved for a first of its kind a special purpose broker dealer or spbd for digital asset Securities then promethiums a CEO somehow gets a seat in front of Congress yesterday and this was the hearing that I was talking about and starts reading off pre-written notes clearly coordinating narratives

with with Democratic members of Congress or the SEC and then you can uh you can see here that uh there was one of the Congress people uh representative was his name Mike flood here pushed back in this video against Promethean CEO and basically said uh why did you get a license and no one else did basically right and why aren't you trading the uh the assets that that uh that you're allowed to be trading on your on your platform here uh and then also the Promethean guys uh Matt says he had the premium thing guys want us to believe that all l1s are securities and will need to come and trade on promethium not happening but enter Promethean chain so they have their own chain as well so promethium has its own layer 1 blockchain which is just bizarre

um and then they're doing a token uh as well obviously uh and then there was also a kind of speculation here or some evidence here that promethium is funded by a um a China communist party affiliate uh called wangs wanks Yang I don't know how to say that my pronunciation of Chinese words is absolutely terrible um but there was that uh and and there was and they also raised about 50 million dollars um and they uh in the early rounds they had an investment Bank to rank race capital and then it just continues to see on that continues uh the the people running prometheium all seem to be related there's Martin Kaplan Aaron Kaplan and Benjamin and Kaplan I'm assuming Martin is the father of Aaron and Benjamin just based on the way that they look here Martin obviously looks

older than Aaron and Benjamin which look like brothers this year and they also look a lot like these guys that are apparently attorneys which is just it's just getting strange right so apparently uh the SEC from from all this evidence and and the Dems seem to be using this promethium exchange and and and these people as evidence that exchanges are able to actually exchanges like coinbase and Kraken and all that are actually able to go in and get and be compliant with the SEC uh they just don't want to do that or just refuse to do so so it seems like it like I don't want to say that this is the case like 100 or or is it this is this is the actual case here but it seems like based on the evidence that either the SEC or the Democrats have found this Promethean thing and

basically plated it in front of uh Congress or in front of the Senate here to sorry I should say congress to basically prove their points that they've been going on about how the rules are clear for crypto exchangers to come in and and be and and be in compliance uh the the they're trying to paint this narrative that the actual exchanges like coinbase and and binance us and Kraken and all that don't want to come in and comply uh because they enjoy uh being kind of like outside of the law sort of thing which is not the case at all as we can see from all this evidence so this again just speaks to what I've been saying about the SEC generally in that it feels like they're very desperate right now it feels like both the SSC and Democrats have waged this war against crypto that have has backfired on them because this has now

become a huge political issue in the US a huge partisan issue in the U.S where the Republicans are pushing back hard on the Democrats uh and and the SEC here basically saying that uh they're they're you know they're um they're saying stuff that isn't true they're they're basically running a circus around the SSC is basically being run like a circus right now uh so it's just been funny to see that Evolution happen kind of in real time here and it's it's crazy that crypto has become such a big issue now uh yeah now in terms of of what this can actually translate to materially I think as I've been saying the SEC is going to be stuck in court with both coinbase and binance for quite a while I don't think they're going to win their case against against coinbase against bayonets is different because they've actually pursued them for for different things

than just trading unregistered Securities I do think that this is going to backfire on on the Democrats generally I think that while people do while singing single issue voters do exist I don't think that's the the voters the Democrats should should be concerned about it's more about the independence that they that usually you know either the Democrats or Republicans hope to win in presidential elections and this might be an issue that affects them and not just because they're in crypto or they're like crypto but more about the the fact that they're trying to weaponize an institution like the SEC to do their bidding without having to pass legislation or anything like that which obviously is not something that that should be going on and not something that people want to see but anyway you can read Matt Walsh's full thread here for an explanation about all of this it just gets weirder and weirder

and the fact that they're doing this as I said it just breaks of desperation uh to me so I'll link this thread in the YouTube description below for you to check out uh and last thing on the regulatory front uh was Paul Gerald doing another Twitter thread here saying uh yesterday we filed a comment letter on the sec's proposed rule that seeks to expand the definition of exchanges to include to include dexas tldr this proposal should not be adopted and certainly not before completing the threshold steps for any rulemaking um so this kind of thing has been going on for quite a while where the SEC has tried to expand this exchange definition to include decentralized exchanges and I've highlighted before how this would become unworkable because some of the guidelines would uh or some other I guess like requirements would be that

the decentralized exchanges themselves would have to do like tax reporting and would have to do AML and kyc stuff it just it doesn't work right it obviously doesn't work for anyone who knows how D5 works and how decentralized exchanges work this is not a workable solution in any kind of capacity but obviously this is just continuing in with their theme of them trying to wage a war on crypto trying to regulate it through these kind of like enforcement actions with the SEC and uh and it just it's a mess right so you can read Paul grell's thread on that I'll link in the YouTube description below but really guys I it's kind of funny I've been saying that I I think that it's not as it's not a bad thing that the SEC is doing this in terms of going after coinbase and binance I think

it's actually positive because as I said it's going to lead to more clarity I think that they've backed themselves into a corner now I think they've bitten off more than they can chew they'll they're going to obviously keep presenting it as if they're winning against crypto or the bad guys or if they're they're doing good and they're protecting investors but they're not we all know they're not we all see through their and this is where the internet really shines actually because you have citizen journalists like Matt Walsh yeah basically exposing all of this to a wide audience on Twitter whereas normally you know before the internet you would have to get a to get the reach that the internet gave you would have to go on on some kind of like mainstream media publication uh or you'd have to go on the mainstream news networks and you'd have to get their approval to say these sorts of stuff so

this is where the internet really shines I know there's a lot of negative uh um aspects to this and the internet social media you know fake news all that sorts of stuff but really when it comes to investigative journalism and exposing this sorts of stuff and getting the message out there to potentially Millions tens of millions of people the internet and social media really shines here so I'm glad that we have these tools because it means that we can keep fighting and keep pushing back and not all hope is lost here anyway we'll link this thread in the YouTube description below you can check it out for yourself all right so the deadline for the ethereum protocol Fellowship has been extended to June 18th so you have a few more days here to uh to put your uh I guess like application in I'll link this in the YouTube description below for you

to do so but I've talked about this before so I'm not going to rehash it here but essentially if you want to become an ethereum core protocol developer or researcher or get involved with that process at all this is the best way to do that through the fellowship which is run by the ethereum foundation so you can go apply here as I said before June 18th and then you may or may not be chosen to be cut become part of the fellowship but if you are chosen I couldn't think of a better way to basically get exposed to everything ethereum core development and research and potentially become a core Dev or researcher yourself all right the ethereum on arm account has shared that they're running an ethereum archive node uh running the Aragon client on a less than 500 arm board using 10 watts of power this is

crazy uh so the board is a rock 5B Board of course there is a four terabyte uh crucial SSD uh there is a case obviously power supply and micro SD card for a total cost of 462 dollars now as I said this is running erragon uh for the archive node for the Extrusion layer side of things the database size is 2.3 terabytes sync time was around three weeks and they're using the lighthouse consensus layer client now of course that sync time there is quite long but that's what you can kind of expect from an archive node uh at least the archive nodes that exist today they are very heavy nodes they're not required to run um if you know if you're doing like uh solo staking or or sticking with rocker Paul because an ethereum full node is different to an ethereum archive node

and for those of you who don't know the clearest way to explain the difference between an archive note in a full node is that an archive node basically has all of the information readily available to you so or I guess like all of the state stateful information readily available to you so how does this translate into an easy to understand example well basically let's say you wanted to know the ethereum or the eth balance of an address at block number such and such five years ago to query that on your own not to go and eat the scan to query that on your own you would have to query an archive node for that data because a full node will not give you that data a full node will give you the current state of the network so a full node will basically return the

value of the current uh the current block and basically what the each balance is at the current block at that address it won't give you the each balance at block you know five years ago because it's not keeping all that data stored it's it's basically pruning all of that and getting rid of that to keep uh the um the state requirements I guess the storage requirements for the state low so archive nodes are obviously used full for things like etherscan and infuri and Alchemy and those kind of things and the graph and stuff like that that offer these services for querying so essentially you as a regular user don't have to run an archive node you run a full node that gives you the the full state of the chain you get the the same guarantees as as an archive node you just don't have access to that

historical data which you don't need access to because of the fact that you have the current state uh you basically have the the chain right you have the chain and an archive node can be created from a full node as well it just basically has to run through and compute all the states and and basically store that on disk so that you can access that information but yeah just quickly going back to the actual tweet itself it's very cool to see that this is running on such a low power device because normally people would say that for an archive node you needed a more powerful device but it doesn't seem so and yes the sync time is quite lengthy here at three weeks but hey being able to run an archive node on a less than 500 uh kind of setup is is pretty groundbreaking and

I've highlighted by for about how Aragon actually has a pretty lengthy road map for getting archive node sync times down costs down storage requirements down so we're going to see that obviously play out over time as well and see archive nodes gets more efficient but great to see this uh and congrats to the ethereum on arm team for getting this running on a rock 5B board all right so a huge bit of news today that I didn't see really talked about on crypto Twitter because crypto Twitter seems to be way too concerned with just absolute crap lately and I'm going to talk more about that at the end of the episode but what went live today was eigen layout so eigenlayer is actually live on the ethereum mainnet right now uh they are live in their what they're calling their stage one capacity and they also have a tvl cap now this TBR

cap is very small it has already been reached I believe it was um 3200 eighth per uh per LST here and they're currently supporting s t e r e and CBE and those limits were already reached before I even got a chance to to participate because uh I woke up and it was already those limits had already been reached so you can go to app.eigenlayer.xyz and you can connect your wallet and you can actually see the the kind of the current state here so you can see that each of these um lsts has reached their tvl cap which I believe is around 16 million dollars at current prices or something like that so it's not too big of a of a of a of a cap right now uh but still really really awesome to see that this is fine uh finally live I mean I say finally but it

actually went live much faster than I thought it did and it seems people are very very hungry for restaking I really do think that restaking is going to be one of the next big narratives uh that is going to fuel probably the next demand cycle for crypto and this is another thing that's maybe a little bit orthogonal to the subject here but just on that note of a demand cycle I think that there are like there's there's obviously the terminology of like a bull market right but then I think a bull market really doesn't describe what we see in crypto which is a demand cycle where demand for these things just spikes and it's not just new money coming in it's people with the existing assets that they've been holding using them for different things so they're basically bring all this new demand in and and the the last uh bull cycle was

actually kicked off by a demand cycle that happened with defy summer because defy summer was mostly the existing money in crypto just being used for something new Innovative and exciting and it wasn't really new money coming in the new money came later so I think that we're going to have another demand cycle that leads to a ball cycle with something like a mixture of maybe like l2s and and staking generally for ethereum with with restaking obviously playing a part in that and I've talked about how I believe this L2 summer could potentially happen next dialect a real L2 summer but really all you need for for a bull market to to Really uh come back is is that demand cycle from the existing user base and I think for that to happen you just need something new

and exciting and as I said that was defy summer in 2020 and I think it really is going to be like layer twos and East taking in 2024 probably at this stage I don't think anything interesting is going to happen this year I've been saying it for a while I think this year is just going to be very quiet side right side sideways price action range bound nothing too exciting but it seems like a lot of the groundwork is being laid in epsteaking land with different lsts getting very popular restaking and l2s you know 48 44 different l2s going live ZK VMS and and L2 costs coming down the infrastructure is being laid out everything's being done uh and I think that we're going to get a really really cool demand cycle uh relatively soon but anyway back onto the topic of eigenlayer you can check out this blog post for full details of their guarded launch

this stage one launch protocol security and governance which I'll link in the YouTube description below um and then you can also see that there have they currently have a community multi-sig that has a bunch of members on it well known people in the crypto ecosystem here which you can check out as well but I'll link this in the YouTube description for you to do so uh but yeah not much else to say really because if you wanted to get involved right now unless you've already gotten involved you can't because the the cap has been reached I'm going to assume that they're going to lift the cap at some point in the near future but it's great to see that they're doing a guided launch it means they care about security and I've talked about this before with regards to really any protocol that launches they should all be doing guarded launches because a new smart

contract obviously or a new set of smart contracts obviously comes with a set of risks not just uh code risks or bug risks but also economic risks uh things that may not have been accounted for when you put something live in like a real main net capacity there are different considerations uh it's really out there for anyone to do whatever they want on there and it's a very hostile environment compared to something like a test net or an internal kind of testing environment so yeah just keep that in mind but as I said the tvl cap has been reached for now so you aren't able to get in uh even if you wanted to all right so connect has an announcement here today that they have raised or closed a 7.5 million dollar strategic fund uh fundraising round on a 250 million valuation this brings the total Capital raise by connects labs labs to

23.2 million dollars so just congrats to connects obviously for this race here and and you guys know what connects these I've talked about them before they are a basically an interoperability protocol a bridging protocol uh for connecting different l2s and different chains together they've been around for quite a while now I should disclose that I am an investor in them of course have been for quite a while now but I am definitely super excited about about connect because connects isn't just making like a bridge or like a cross L2 uh liquidity protocol that that what they're trying to make and what they're really kind of honing in on is this concept of cross app oh sorry cross chain apps or cross L2 apps and what I mean by this is basically there is obviously a lot of concern around

fragmenting the liquidity and fragmenting the user base across various different chains and l2s within the crypto ecosystem so how do we actually solve for that well we solve for that with Bridges obviously there's one solution we solve for that by just generally growing the ecosystem so big that any one kind of small person doesn't actually care too much about you know which layer 2 they're on everything's there for them it's all well and good but also building like native cross-chain applications you can imagine a cross chain application that sits in the heart in the middle of different l2s and someone could interact with optimism even if they're on arbitrum or someone can interact with a ZK VM even if they're on one of the optimistic Roll-Ups right so being able to have like a seamless abstracted experience and a seamless cross-train cross L2 experience between these

different uh uh these different kind of liquidity pools and user pools is exactly what connects is trying to build towards and I think they're going to have more information coming out about that um you know as time goes on here because that's what I what they seem to be leaning into uh which has been great to see and there's nothing wrong with Bridges I mean I discussed Bridges yesterday so I'm not going to rehash what I talked about yesterday but there's nothing wrong with with just Bridge bridging protocols right there's no bridging protocols but if we want to get to the next level we need to go beyond that we need to build proper cross L2 cross-chain apps that can all talk to each other so it's basically a unified liquidity pool without sacrificing decentralization and security with you know it with these platforms being economically sustainable and and preserving that expressiveness

that we're all used to within the ethereum ecosystem but uh yeah anyway congrats to connects again on this right days you can check it out the details about this in the Twitter thread which I'll link in the YouTube description below all right Speaking of l2s Chris here from the L2 beat team has put together a thread where he says what does scaling a blockchain actually mean do Roll-Ups and l2s really scale ethereum if so where does this superpower emerge from uh buckle up it's time to demystify these secrets so this is a great thread um it's not too long uh it's pretty high level but basically it explains why we can't just scale the L1 while being able to keep decentralization and security alive and this graphic here actually this triangle this blockchain trilemma graphic does a

really great job of highlighting exactly what we mean by this so essentially ethereum sits on the security and decentralization spokes of this triangle edges of this triangle I should say it doesn't sit at the top because you can only have two of three and at the top you have scalability so in order to preserve this security and decentralization of ethereum L1 it's not going to be a very scalable layer now where we get scalability is from these different L2 networks now they may not be as um you know as as secure or as decentralized as ethereum L1 itself but what they do get to do is inherit that decentralization and and security uh and also gain scalability so they sit on the obviously different sides of the triangle here now it depends on what L2

you're talking about because you can have like a roll up that has no admin keys and it's not centralized at all has no governance has nothing you really just like a a pure rollout public good that exists on ethereum that has a you know a decentralized set of sequences decentralized set of validators and you could even say it's an enshrined roll-up or something like that uh where it gains that scalability but also retains that security and decentralization and that's where you get the kind of best of all worlds but there's always trade-offs here uh uh most Roll-Ups are never going to be as secure as ethereum L1 because they have extra smart contract logic that has been um you know put on top of them or I guess like built around them than ethereum L1 doesn't have right just by virtue of them having like Bridge contracts and things like that but that

doesn't mean that they can't be secure it's just that ethereum L1 is the gold standard and why is it the gold standard because it hasn't actually sacrificed decentralization and security for scalability right it made that trade-off because we want people to be able to run an ethereum full node on consumer Hardware on Rock 5B boards things like that we want ethereum L1 to be stable and and secure and resilience and to do that you need to sacrifice scalability so if push scalability up the stack to the l2s as you guys all know and then we've given birth to this kind of modularization of the modularization I should say of the ethereum stack which I've talked about a bunch or I'm not going to rehash it on the refuel again but you can check out Chris's uh tweet thread in the YouTube description below I'll link it there for you

all right last up here was just a tweet that I put out today that I wanted to expand a little bit on now I know the markets have been shitty recently not just uh the quote unquote alt coins but Ethan BTC as well and again this just talks to what I've been saying for quite a while now that the markets are going to be boring for for a while it's not going to be anything to write home about I've said before that there is there is a defined range for each between like a thousand and 2500 where basically all price action between uh those that uh that kind of like price range is noise and if we get above it and we stay above it for a while above that 2500 Mark you could say that though that we're probably entering a new bull market if we go go below 1 000 and don't come back

above it you probably start worrying because like obviously the bottom was 880 for eth if we stayed too far below that you you kind of start to worry you're kind of like okay well no one's coming into bid here no one wants to buy this bottom so that means that are we going to set a new bottom or you know what's going to happen here we're just going to keep bleeding so as long as it's between a thousand and twenty five hundred which admittedly I know is a big range I I think it's okay because I mean in 2019 we sat between 100 and 360 dollars that's an even bigger range so really I I'm not too worried about any of this stuff there but I'm also not worried because there's just so much going on in ethereum right now to be bullish about that I I can't really look

at the price of Ethan B and cry about it like I don't really care it's short-term movements and that's why I put out this tweet today where I basically said I vividly remember when eth went to 80 in 2018 after an absolutely brutal year of non-stop new king so eth went down 94 in 2019 um there were big players shorting that bottom everyone was Max bearish and believed that it really was over and if you were throwing in a bid it basically felt like a Hail Mary then eth did actually bottom at 80 and the crypto Market went through a painful time-based capitulation phase which lasted until the second half of 2020. the point here is that hardly anyone is bullish at the bottom even the most iron balls will feel fear and question everything they thought to be true but they won't tell you this if you're a long-term investor

who's in it for the tech then day-to-day Market movements shouldn't bother you after all ease went from 100 to 4 900 which is a 49x in just 18 months from March the March 2020 covert nuke to the market top in November 2021 things can change very quickly so I want to hear him about this point where I said that the even the most Ardent balls will not tell you when they are bearish and there is a meme obviously about me where I say I woke up bullish you know GM I am bullish most of the time but there are certain points in time where certain price movements kind of defy logic and make me even bearish and one of those was eats movements uh eats private movement uh last year or uh when eth went to I mean they had like 12 in a row red weekly candles and each

went to like 880 and you know that was below the old all-time high and obviously BTC won't below its old all-time high as well which hadn't happened in its entire history and for me I looked at that and I'm just like hmm you know I had like a a a it was it was short-lived but I was like hmm this is this is pretty crazy you know we've kind of like broken precedence here why did we go down so fast like this is actually insane to me like ethereum has so much going on we we we did so much during the bear market and so much during the bull market to increase ethereum adoption why is eth just going down like this and at the time obviously I didn't know the real reason and the real reason later came out that everyone was so leveraged that they just got

completely wrecked you know three hours Capital uh obviously the terror collapse um a lot of these other funds you know um uh also SPF came later but at the time no one knew that so at the time everyone was looking at this price action like literally three months worth of just down only literally down only like no relief and they were like what the hell is going on right now was this all just a fake pump did we you know did we not create any value here is everything just like uh just like a fugazi basically and it wasn't just me saying this there were a few of my my really bullish friends that were thinking the same we were all just very confused but that was very short-lived because we bounced up from there and then I was like wow okay this is starting to feel a lot like what it did in December 2018 when eath went to 80 uh

and of course I bought uh eth there as well it was actually very hard to buy at that point like I bought a lot of eighth under a thousand dollars I just threw a bid in it really felt like a Hail Mary at the time like you know what I'm either gonna be like a genius for this Buy in a few years or I'm gonna regret the out of it I'm gonna lose a lot of money here but I don't think I'm a genius yet I mean it's like what two times off the bottom and it went a bit higher than that but for me like you guys know I don't I don't plan to sell my eighth I'm just staking it and and I'm kind of like uh stacking through through those means but at the time it felt exactly like I felt in December of

2018 but I only realized that you know maybe I don't know a few weeks later when the dust had settled it started coming out like exactly why we were nuking we found out that it was 3ac uh just you know puking all of their steth which uh for eth and then obviously stas did uh lost it's kind of like I guess quote unquote Peg and then they were selling that Ethan and then obviously uh you know FDX was having troubles we didn't know that till later and then Terra collapse all that sorts of stuff but yeah like I still had that that fear even though I'm very experienced in these markets now I still had that and honestly like I don't think most people are going to tell you that most of the Arden balls the ones who are bullish all the time are not going to tell you that

and I think this is maybe the first time I've ever really said that on the review I've been I've spoken to friends about this like very close close crypto friends about this but generally uh when you're uh when you're a Perma bull like I am you don't really want to admit that you were bearish it at some point and at the same time uh it wasn't really bearish because you were bearish on the I was bearish on the tech or bearish on ethereum itself or anything like that it was more that I was just confused I was like you know why is this happening this is just a crazy price movement here but then since then I've been thinking a lot more about uh basically the fact that the bear and bull markets are exactly the same in terms of the emotions and the human kind of like uh uh uh stuff

that goes on because when you really think about it if you just flip the chart upside down in a bull market it looks like it does in a bear market and if you flip the bear Market chart upside down it looks like it does in a bull market at the end of the day okay the different price movements in either direction are the same thing like in Buller bear markets you have the same emotions just in in Reverse so you have like Max fear at the bottom you have Max grade at the top right and you have uh you have people kind of like latching on to all these bearish narratives at the bottom like right now it's all the bearish narratives or I mean for a while now it's being the bearish narratives around macro and around regulation and around the recession stuff and inflation

all that sorts of stuff but these are just convenient narratives because in the bull market we had our own narratives we had the super cycle right we had um the fact that uh that uh this the the Cycles are over generally we had uh the the fact that we have created uh you know a new paradigm here we've created infinite money printing machine all that um uh we were acting as an inflation hedge and and and that's all well and good so there's different narratives for Bull and Bear markets but they sit on the same kind of spectrum it's just on opposite ends of the spectrum but they're the same thing ultimately so that's how I've been looking at markets at least since the last bottom so for quite a while now that's how I've been looking at these things where it's like okay these things really play out the same way they're

just on different ends of the spectrum uh and that and and then my my buying and selling is dictated by that I'm I mean I I sell when I think things are getting too stupid and narratives are getting dumb on the bull side of things and then I tend to buy when I think narratives are getting dumb on the bare side of things and things are getting stupid and I've been saying for a while that I don't think crypto cares at all about the macro environment I think it's been doing its own thing uh during this kind of bear Market as it's always done uh and I think that there's no further proof of that then uh the fact that the FED paused rate hikes today um or said they were pausing today uh and the crypto Market Newt you need to understand that a lot of this stuff gets

priced in ahead of time if knowledge is available to people right if it is widely disseminated and people are so focused on it it gets priced in not everything but a lot of it gets priced in and the the way it gets priced deemed is different for every kind of like asset it's different for every piece of news but it does and and again going back to what I was saying about no one caring about the macro stuff like that's because it got priced in ages ago and also because crypto tends to do its own thing and the last thing I want to bring up here as well that I think is critically important because I think a lot of people talk about this right now everyone's talking about I can't remember if I mentioned this yesterday but I'm going to mention it now just in

case very quickly everyone's talking about stocks being at all-time highs again if you go back and look at the chart stocks were at all-time high for all of the second half of 2019 and most of 2020 bar the covert dump right while Ethan BTC was still range browned if didn't actually get out of the rate it's it's um its range right that 300 or 100 360 range until near the end of 2020 right and that that was after defy summer that was after all the insanity and everything like that and and BTC as well right BTC did it a bit sooner but still so don't look at stocks going all-time highs and be bearish on crypto because of that crypto does its own thing it's it's still its own asset class it there are certain correlations here and there

but over longer periods of time crypto seems to have its own like four year cycle that it wants to follow and that's that's kind of like what I've been following for quite a while now what I've been focused on and until that breaks I think you know don't fight the cycle sort of thing there but anyway enough of my rambling and ranting for today that's gonna be it so thank everyone for listening and watching be be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Disco Channel and I'll catch you all tomorrow thanks everyone