ETH Goes Ultra Sound | ETH Staker Livestream

Transcript

all right so everybody be totally silent yeah we're gonna let no one talk now that we're live guess what November 8th 2022 uh about 7 00 p.m eastern time uh we are here to celebrate negative issuance of each um As Told by ultrasound money developed by Alex in cooperation with uh Justin Drake so uh I think we're streaming on two channels right now which is new for us we're on Bank list and Eve Staker uh so hey everybody welcome what's up hey are you guys ready to get teased by Ether going between 5 and 15 each for the next two hours

yeah so seven hour live stream coming at you we have delayed going live for so long because we're like What if we get stuck for like three hours waiting and so uh we finally decided to pull the trigger uh and um yeah we're at 11.53 I remember don't have any plans remember you guys hitting me up on when I was at that Lowe's around August 26 to 27th you're like Hey we're gonna go live when it crashes zero and I'm like I'm not holding my breath Sasso welcome um oh man oh just you know I don't even exactly all this sorry how's your morning you're waking up oh my God

welcome the world melted down I I really should not have checked my phone I woke up early yeah you should have just gone something else yeah I checked my phone I'm like oh eighth is down again uh maybe something happened overnight and then I look at Twitter and it's like CZ has bought uh FTX like what the [ __ ] like seriously that was my reaction I jumped out of bed and my fiance's like where are you going it's only 9 30. I get up at 11 A.M normally um and I'm like uh no time to explain it to the internet everything fell apart while I was asleep uh yeah basically it's crazy like seriously like I think it started happening like half an hour after I got to sleep so I like waited until I was like sound asleep to just start

exploding um and I also cleared my whole day today to play the new God of War Game and that's just all Happening Now nope like I even said to my fiance I need the whole day I just want to play this game been waiting for it for a while uh just uh I'll do the chores like later um but yeah now I'm on a live stream watching eth go to zero but not the good zero well both zeros yeah oh man hey can we uh throw a screen share up and have uh someone describe what what we're looking at what we're waiting for why we're even excited to be here today hey I'm not me because I'm tweeting yeah I can I can uh I can pull up the

site so that we can uh great see the number together we're looking at I'm sure everybody else has let's give some co-hosts permissions here we go share screen let me make sure that this is gone all right uh so can everybody see that yep the back unfolding its wings um so yeah supply chain uh eight over the point where we were at the merge which is where the stock left uh which it starts um and I think like this is also a beautiful moment for people to get intimately familiar with how issuance works on E because if you've been waiting watching this counter for a while you've noticed that it keeps sticking down and then does this like nasty jump up and if you Zuma into uh oh yeah oh I got excited David got so

excited if you zoom into like the really low time frames you can see that like it has this like zigzag eight pattern so we keep counting down a little bit until just below 10 right now and then there's maybe this one jump up because we're at the end of an Epoch and the stakers get their reward 7.8 all right the trajectory is pretty good I'm optimistic here how much is it how much you're gonna average is issued at the end of an epoch I think it's something like six or seven um let's have a look oh what's up Justin that's your voice I don't see your picture though

yeah I'm in London the one day where I'm traveling and I have um eight percent battery so I'm trying to control hey you were supposed to be [Laughter] ultrasound bat and he's just getting his cosplay on at the moment how insane is it that this is the day that eath goes ultrasound what did it take to make ether go ultra sound oh it took the liquidation of crypto's third largest exchange by crypto's first largest exchange to create enough volatility in the market to burn enough ether to make ether go ultrasound like I I wanted it to happen under our terms and I just didn't get that I was completely joking on eth finance yesterday

um superfuz said we had the ens Dow and the East acre steakwise stream today and I was like huh it'd be so funny if we went ultrasound tomorrow it's going to be amazing once we go ultrasound and then um start ticking up again and never go back there yes yeah the bear Market continues for two more years uh I think we just extended it a bit with his latest debacle did you imagine any serious investor looking at this ecosystem being like Oh I'm gonna allocate some Capital here don't worry I'll be getting my spiciest takes on the Refuel on the next one oh that's for sure can't wait but it's hard to you know if it wasn't for ethereum I

would have lost all faith in this ecosystem a long time ago like holy [ __ ] I'm not sure why we why you still have it because I have faith in ethereum I don't have faith in like crypto and especially like the centralized side of crypto it's just disaster like I honestly not not much shocks me in the secret system anymore but I truly did not believe that SPF was that much of a cowboy I knew it was a cowboy but I didn't believe he was that much of a cowboy to blow himself up but I don't think he I think he was cornered into becoming a cowboy I don't think he wanted to be a cowboy but yeah but you probably by the way himself in that position though yeah right like if you manage your risk you don't put yourself in that position I mean I managed my

risk better than billion dollar hedge funds like what the [ __ ] was a cowboy SPF was like he was a forced Cowboy turned into a force Liquidator and then meanwhile yeah cz's just the bull sees it I mean I have been so critical of him uh in the past and I still don't think he's a hero or anything but holy [ __ ] well played by him like that's got to be one of the most ruthless business Moves In in history like that's just crazy I definitely don't want to get into like the idolizing of single Central figures but the only reason why CZ is able to do what he did is by being responsible and like like well reasoned and have common sense and pull the trigger when the time was right and so

like you do like we don't we don't in crypto we don't like centralized leaders we don't like trust but CZ didn't defraud anyone he's protected his customers and that's what's given him the ammo to be able to buy FTX so like you have to do this not just a meme yeah exactly exactly yeah yeah yeah and uh I put out a tweet before saying I'm just still very impressed by like Brian Armstrong and coinbase I mean they've been around since 2012 seen the explosion of basically everything in this industry and they're still around and thriving and same with Kraken actually some people mention Kraken um they're obviously like small and coinbase but uh I'm just really impressed that you can survive this industry right for so long

yeah yeah it it feels like being a centralized exchange operator is like way more of like a bucking bucking ride than it when it would initially seem like it's hard to hold on to your exchange apparently I remember a lot of people when binance was coming to prominence in 20 late 2017 throughout the bear Market they're like you know binance is just another one of those exchanges that are gonna get washed out we've seen all the other ones get washed out and at that time I actually I remember doubting that I was like yeah I've seen all these other exchanges blow up but for some reason binance felt differently to me even though I think he's a shark he's a shark but also manages his risk which is extremely dangerous right like for competitors right evidently I I remember not not being willing to to

like leave anything on binance when we were buying a bunch of like you know uh sidechain coins or whatever like I wouldn't leave anything a bonus because I didn't trust that I really didn't expect it to be there the next day um but it's impressed and I I don't leave funds on coinbase but I do have a a stronger sense that they're going to go the distance so I'm I'm really impressed that CZ has managed so well so I've got I've got dinner in 15 minutes so I gotta have to shut down the stream can we all just Spam the network please can we get this done right anybody have an nft project right now is the time I mean someone could just burn 7.638 like uh purposefully just pay like a really high fee I don't think any

accounts for that logic beats created an nft that he intended to be used to burn uh like pay high transactions for it high transactions for it but all right I'm gonna go mint one laughs I would but I already did another one you could just call vitalik and get him to turn off the master node and then we won't be uh introducing any more Supply and then all the all the fees will just burn let me turn off the mask now you also kill the burn though right that is problematic we're still uh we're still above the ultrasound barrier so it's fine we should I don't know how it's probably gonna take a couple minutes but we should get there we just need to write an EIP to uh reduce staking rewards yeah okay

can we make staking rewards negative let's just take away money I love the burn Mev idea like that is uh that's very compelling to me what is that okay yeah yeah I've seen that one it's really good for me tell us about the idea Dom what's up we take the Mev and we burn it there's no issues with that at all it's like six yes let's implement it tomorrow

you know what I declare that this is the new all core devs call yeah oh man okay so the the new gamble is uh are we gonna go ultrasound before David has to go to dinner where are you going to dinner David is it good yeah it's his local place I go there like sometimes like three times a week sometimes three times a week it's more than sometimes

I no I sometimes go three times a week sometimes I go again one time a week sometimes I go down sometimes I go three times [ __ ] they just say I like I like the first interpretation better it was more fun yeah just if you go can you make sure to pay with each we would appreciate that in in one cent in one cent increments yeah did everyone have that phase in life where you were like I want to pay with things in crypto and then like you realize it just wasn't going to happen anyone have that I still have it because it's more tax efficient up to a certain amount I don't get taxed on it if I use it for Commerce only up to a certain amount so also kind of low right it's like 500 but um yeah but you want to keep it low because you

have to justify that you didn't originally buy the eighth as an investment vehicle you bought it to use it as money so I'm like ah I don't even like spitting my eight though imagine sazzle being in court trying to defend himself that his eth purchase was to transfer later not save or stay the prosecutor will just have a long list of tweets and you bought eight and we're bullish on Eighth like 2009 I woke up bullish on these days you're a 365 tweets of you waking up

bullish in 2022. strategy was just Karma farming yeah it's just engagement farming guys like oh man oh that's funny come on eighth the thing is you know if we wait if we just had some a high gas burn but that would it wouldn't be a high gas burn like the gas has to climb incrementally otherwise it would just be a transaction fee that would go to the uh the youth one wallet we need Asia why doesn't Asia care about ethereum can someone we just need another exchange to blow up it's fine we don't have that many left I've been saying that all day you're like running out XI Jin I guess

you guys know XI Jen from Twitter she was like um uh I heard rumor that coinbase is insolvent and I'm like that's that's how we push the first one under yeah yeah maybe we can start a bank run right here on this street and that'll be enough they should like you shouldn't keep much funds on centralized exchanges anyway unless you're an active Trader that's my belief um but even if you're actively trading there's plenty of data options I got Mega ratio by one of these big Traders on Twitter yesterday I don't know people saw it because I yeah you just tried on why don't you just try it on date fine it's like well my saw you know it's basically saying your your size is in size I'm like [ __ ] I just got wrecked so Jonathan are you are you in for a

song tonight yeah I just got home I've been listening to you guys for like three hours in my ear while we wait but I just got home so yeah for sure what's uh how do we want to roll that out um because you know it's like maybe like the last thing we do you know what I mean it's like it happens we celebrate and then we do a song I think that would be like the last thing we do ideally TBD on the whole it happens part I know right actually happening yeah exactly I literally told my wife two hours ago I'm like it's gonna be in 15 minutes

that's getting there it's getting closer I figured if you were singing it would start burning faster because of your beautiful words but yeah yeah we didn't have any luck with that when we were waiting for uh I want to say sapolia to to merge so oh that was the 10 minute 14 minute song didn't help oh but that's yeah I calculate about seven minutes left something like that but you know it stays hard to predict guests can go up gas can go down hey Justin I don't I don't think we think we heard from you uh uh I I don't do you want to drop some

some ideas on this yeah sure I guess we could uh maybe have a look at some of the features on the website [Music] I think we should do one thing at a time yeah one thing at a time yeah Alex do you want to show for example the what happens when you simulate proof of work I guess most people will know that but um I find it pretty astonishing that the supply the eve supply has grown about a thousand times slower than the BTC Supply oh great a great zoom in effect well done thank you thank you so a thousand X is roughly 10 havings

because to the power 10 is a thousand roughly each having is four years so in roughly 40 years um a Bitcoin will grow to roughly the the same speed as if right now but we're at two points eth we're at 2.3 eth nice is now a rounding area like at zero percent yearly at the insurance rate beautiful yeah so now we just got to see if the epoch catches up with us and uh I did the same thing Justin yeah oh my God 1.6 oh the camera is like watching the merge when TTD

we need a manual override yeah oh Dazzle are you not going to surprise us with a dance this time I'm no I would be so nice nothing would surprise me more not even CZ buying spfgs buying this person basically did actually bought his entire career SPF has a boss now the SE geez oh man that's funny that's probably for the best I mean it wasn't easy but no there we go I just want to know what it took to get SPF to post those tweets today oh man I mean the ones that he's deleted wrecked him

yeah that was probably in the deal yeah definitely you need to you need to you need to bend the knee basically what what tweets did he paste it's very different very very oh sqf posted those yes he would have had a lot aside it was like a 180 from the stuff he was posting like three days ago even it was just suddenly like oh we're so thankful that he could come in and save us bending the knee is a really good way to put it yeah that was amazing I mean she's like the reason why this happened and then he's like hey I'm gonna bail you out but

before I do that please put together one of your famous Twitter threads this is it really is Game of Thrones like well it's amazing and it needs to be it's I was gonna say this would be like a show or a mini series or a movie about like the last two years or something like dude you could do the last day I can totally imagine an hourly account of the day I could totally imagine the CC sitting CC sitting with his finger over his Mouse over the send button reading scrolling through spf's uh tweet thread and then stumbling upon the thank you tweet and then hitting the send button yeah oh man oh crazy

Are we almost oh my God look at that 0.07 are you kidding me come on wait no that's the finals sorry to disappoint you sazzle we're at five four point seven uh yeah I got tricked by that thing again we were at one and then the newly about trouble this is uh we're gonna go down below one and then we're gonna go up above one I don't care as long as we get below one my tweet's going out oh goodbye like I'm gonna I'm gonna do it I don't know how many people totally understand this and it's it's evident from the chart this is not a one and Dawn we will not like go into negative issuance and then like yay we're done

we're negative issuance forever there's a really high likelihood that we will bounce back up and up and down what we're celebrating is just the first time that it's happening it's feasible that like once that like within 24 or 48 hours we go below and stay below permanently that's a possible future yeah definitely but it's not a likely one right now yeah I don't know what I'd say I think the main point is that like what a billion dollars worth of proof of work rewards haven't been issued to to minus that's the biggest story than being that deflationary which a lot of people I think Miss still yeah we are literally counting pennies right now out of this artificial frame of reference as to when we went proof of stake in the

first place we're all we are saying is hey over 54 days zero ether has been issued meanwhile the the important point is what you say said which is we haven't issued a billion dollars yeah Worth to miners who would have dumped it like it's not just issuing it to me who holds it it's issuing it to people who would actually sell it have we ever celebrated like we did we overcome the overcame the threat of the miners who were like discussing like organization and like right you know I don't know what happened a huge fight for so long they did that during one five five nine as well and everyone was messaging me being like dude dude what the hell like mine is going to stop it I'm like dude miners have no power literally like they're just gonna go along with it and then it all happened

and it was fine and even the merch happened like I think people ascribe too much power to miners um like just generally or just like even stakers generally I mean they're at the mercy of the rest of the network they're protecting their own Capital within the day they're not gonna like destroy the own thing that they're making money from it's just not logical right well and it's also layer zero is the ultimate decision that's where the consensus is it has nothing exactly exactly the software it's the people yeah always the people yeah yeah this Epoch or maybe the next uh but we're getting really close yeah and then guys just gonna dump back down below the ultrasound barrier at 0.018 and then we're never going deflationary thanks sizzle

worst take ever yeah I gotta be bearish sometimes oh that was a big one get it be in that block everybody be in that block yeah the ultrasound block okay so something's gonna happen Alex something's gonna happen isn't it the website's gonna do something I mean it might what oh my God I blinked and we're at like 0.303 I got a screenshot everyone's Dead Silence let's go

oh my God it happened yay that is exciting now we get to let you go back up again probably oh no we're going down oh look congratulations never congratulations to people who developed EIP 1559 and the merge that reduced issuance like it took so much Community Development and effort to get us to this point where we're truly uh negative issuance of each right now which is pretty a pretty big deal a lot of appreciation for everybody that's been building to make ethereum what it is you know because in the end it's also uh what this is about right things that are good for ethereum good

for the network and good for uh all who uh who could benefit from using it so uh yeah nice milestone so it sounds like we don't want to stay on the call too long uh David's got to go to dinner uh so the the three things I'd like to hit um I'd like to give Justin Alex a chance to just reflect on it um then we want to issue a poet opportunity and then we want to run a song with Jonathan Mann and do all of that in like 10 minutes yeah 10 minutes something like that uh so yeah let's rock it amazing uh all right yeah I'll uh I'll start then we see if uh Justin has something to add or if

it's a battery ran out by now um oh wait so we have to stop because we are now back in positive issuance so uh we're gonna we're gonna go on on pause until we're back into negative issuance and then we'll try to resume okay yeah I'll stretch the story a bit no um yeah it's funny actually because how this all started for me at least was I listened to a bankless episode about ultrasound money um and I feel amongst the many points there were hey amongst the many points that were made uh in that episode um one of them was eat is like so little

understood still right there's so many interesting things going on in its economics and at the end of that call Justin was like Hey if anybody wants to volunteer I have all these ideas that people should look at regarding Ethan its economics uh let me know get in touch and that's how I actually got in touch with him and here we are like one and a half years later and we have this site that well the very close tracking of the supply but uh also the gas I think it's for example super cool how you can now look at the seven days and see how you know during the day it spikes and then during the night it's lower and we have of course long-term Supply projections to burn leaderboard but I think the point more generally is that we want to understand eth because you

know ethereum I think is what we're all uh here for and ethereum just doesn't work without eth and eth doesn't work without people engaging in behaviors around eth that are positive for the network um so yeah this is uh where we are now there's for sure more coming I think Roll-Ups scaling like that's the next big phase so I expect some some memes and uh and you can definitely expect a lot of widgets around that but for now we're just very happy to to just to celebrate that this in some ways artificial Milestone was reached but also in some ways I think very non-artificial it's like we did have the merge we did change our issue and schedule uh we are now crossing a point meaning that we have basically issued no

e since the March which is incredible right and incredible in a way that people have been working for months and months or years and years now to build a network that facilitates that and yeah I think that's definitely worth thinking of a celebration thank you for everything you've put into this website Alex it's beautiful you said something magical you said you you heard Justin's request for help and you were like hey I can do that and you stepped up so many of ethereum's contributors or people who just heard or saw the opportunity for help and just stepped up to do it so um to people who are watching this if you haven't like taken that step yet it's it's a really great opportunity absolutely yeah we're interviewing right

now for uh for a Dev to help us out uh and you know made many more initiatives find help so that was that call to action I'm going to uh conclude the bank list live stream uh come if you want to work on the ultrasound money website could you imagine hit up Alex on Twitter uh and guys I'm gonna go to dinner because I have eaten before you know today if you're watching the bankless live stream you can switch to the e-staker live stream and join us for the Jonathan Mann song if you're into it cool I will get that link and I will post that into chat before I leave right enjoy your sometimes dinner David what

sometimes you know sometimes dinner today evidently there we go yeah okay so I mean Alex did a good job at sharing I guess I could share my screen real quick and highlight a few things that stand out to me