Ethereum's priorities, The Lappening and more - The Daily Gwei Refuel #517 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily way refuel where we cup the latest news in ethereum ecosystem I'm your host and this is Hunter and today's the 4th of January 2023 alright everyone let's get into it so a fresh new thread from Terence here today about eip4844 this was recapping or providing some notes on the latest uh erp4844 implementers call from yesterday so you can see a summary of this in the thread which I'll link in the YouTube description below uh but it seems things are moving pretty nicely as I've been saying in the past there are I wouldn't call them Roblox but there are things that kind of get uh get worked on uh because they've discovered a better way to do it or they've discovered a more efficient way to do a more effective way to do it and there's details about this

in terence's threat here but it's great to see that that's still ongoing because as I've said before there are these things that still need to be worked out before it can actually be included on chain and if they're not worked out then obviously it can't be included on mainnet that's why we didn't include it with Shanghai honestly like I know people are really obviously optimistic about 48 44 they're really looking forward to it they're really excited about it but it just wasn't ready for Shanghai and that's why it didn't go in and then trying to ship it into Shanghai would have probably delayed Shanghai out three months later than when it's going to be delivered which is obviously March April the current kind of estimates on the delivery time frame there and we want to get those withdrawals shipped as soon as possible so I think the decision

to push back 48 44 to the hard Fork after Shanghai is looking better and better as the days go by but yeah you can give this thread a read I'll link it in the YouTube description below and it's got some links to uh some more information about this as well for you to to take a look at all right we have a tweet here from superfuse today who said why would we bother scaling ethereum and lowering the cost of transactions if it's not going to make eth a very valuable very quickly because that it because this isn't a get rich quick scheme now this is talking to a broader point that I see people uh maybe bring it up more so lately than they have in the past where they'll basically ask you know hey like the fees on ethereum are relatively high right ethereum is uh daily fear when you're

even in a bear Market is two to three million dollars most of that fear of a new is burned and that leads us to the meme of ultrasound money in a deflationary eth or that leads us to offsetting a lot of that existing Heath inflation that we have even though it's not much it still exists right and then people will ask well what happens when these layer twos uh gain adoption and then the activity from layer one just migrate to Layer Two and layer 1 ethereum becomes sort of like a ghost chain and I've gone through this before on the refuel countless time so I don't want to hit on that point specifically but I do want to hit on this point of people or some people thinking that we should be basically keeping layer 1 restricted and optimizing for or the ultrasound money meme optimizing for a

deflationary eighth rather than optimizing for more block space for applications more scalability for users I think that's the complete wrong way to think about it because there are two kind of schools of thought here when it comes to block space demand I think there's the school of thought of although small blocks so to speak uh it lead to higher fees leads to better on uh leads to fewer transactions but higher fees paying for a transaction which leads to lots of daily fear Revenue which is what we have today in ethereum right or at least on ethereum layer one but then there is the second school of thought of okay well why don't we create abundant block space right and then we have lots and lots of transactions they pay less fees but uh adding them all up together would equal

the same or more fear of the new than we currently have today and I subscribe to that second school of thought because and and and I have to kind of clarify this by saying I subscribe to the second school of thought uh for layer twos I don't think that layer one should be doing that that's a monolithic chain and I've talked about why I don't believe one of the thick layer 1 chains are long-term sustainable plenty of times before but we shouldn't be limiting layer one uh scalability uh for Layer Two some people don't even want to see AP 4844 shipped because they think that there'll be too many users who migrate to layer twos and then the fear of renewal layer one will go down so much then it won't even matter anymore for burning eth and then each value will go down because of that and I've also said

before how I believe that most of its value doesn't even come from its fear of a new I uh and from the burn I think that's actually a bonus and that plays out over the much longer term in terms of value capture for eth it's great to have it's uh it works to keep the money a theory monetary policy in a symbiotic relationship it works to ensure that we don't have Free Loaders on the network that uh people are paying what they should what they need to be paying in order to keep the network decentralized so the costs of keeping the network decentralized and online aren't uh too high for people that run the full nodes that obviously run the validators and all that good stuff there which I've also discussed before I mean obviously if you've been listening and watching the radio for a while you know I've gone

through all of these points but I I'm seeing the narrative kind of shift and that's why I thought it would bring it up today because I don't want the community to get itself into a place where you have the ultrasound money Camp let's just call them the ultrasound money camp where they care they care a lot about driving value to eth but they also believe that a lot of the value that's gets driven to eat comes from its fear of a new and so if we lower the overall fear of a new at least in the short to medium term because users have moved to layer twos that's net bad for ethereum and then there are the uh I guess like um I mean there are other people in a different Camp who still believe in ultrasound money but don't believe in sacrificing scalability to

get there we believe that you know I fall into this Camp of course we believe that we should do everything we can to scale layer one to help the layer twos out so users can get all the value they can out of that and then if this blockchain thing if this crypto thing actually has worldwide product Market fit that we think it does if it actually has mass adoption potential then over time those I guess like small transactions that are sorry those small amount of transactions that pay larger fee larger fees per transaction will naturally convert into lots of transactions paying smaller fees that add up to the same if not more fair Revenue than we have today and this isn't just even to speak about all the other points that I've brought up in the past how I think that layer 1 ethereum is always going to have some level of

activity on it uh and I think that's that activity is going to actually be a lot not not a small amount of activity either I mean even in a in the depths of the bear market right now even with layer 2 adoption growing at the ethereum uh I guess a gas prices seems to have found uh sorry the ethereum revenue seems to have found a floor around two to three million dollars uh per day and that obviously leads to each being burned and all that that good stuff as well but my main point is that I really want to avoid this uh splintering in the community and I really do think that people need to understand that the ethereum network is not optimizing for ultrasound money as like a first principle thing I think overall the ethereum network is optimizing for like the priority thing that it's

optimizing I should say for scale because because without scale like we don't have anything and if ethereum doesn't scale then these other chains will actually out-compete it over the longer term and then if eth won't be worth anything anyway because ethereum will have lost ethereum will be relegated as uh you know a network that that was a has been like what Bitcoin is in the process of being being done to right we all know that Bitcoin for all intents and purposes uh besides it's I guess one Niche use case that it does it doesn't really do anything else and then it's losing market share rapidly to everything else in this industry and that will continue to happen as time goes on now I don't want that same thing happening to ethereum like that would be the worst case scenario for ethereum it would mean that all the time that I I

and many others have spent building this project up was for nothing uh because of the fact that we uh for some reason some group of people thought that we should just focus on not scaling ethereum and instead I focus on driving as much value to eth as possible via the I guess fee burn which I think is the wrong way to go about it and I could go on for a long time about this but I don't want to spend the whole episode talking about this but I guess the trldr is that I think ethereum the ethereum Network's first priority at least right now should be scale I've talked about how censorship resistance is a more important priority but that's already happening right that's happening in parallel to scaling but I think that even censorship resistance doesn't mean anything if the network is not actually

able to be used by the majority of people around the world or by all people around the world that's what we're aiming for we're aiming for Global Mass adoption of the ethereum network we're doing it via layer twos and obviously layer threes and higher things like that like Roll-Ups on Roll-Ups and all that that stuff as well but none of that works unless ethereum layer 1 scales to make that work layer twos aren't going to be able to have cheaper fees without uh erp4844 without dank sharding without the Verge without other similar upgrades coming to the network and ethereum as a network will not be able to offer what it offers a decentralized settlement layer without being censorship resistant that's why we have the parallel track of building more censorship resistance into ethereum to ensure that that keeps is going on and ultimately the ethereum

network needs to be secure as well so we are conscious of driving value to Ethan not diluting eighth as an asset and making sure the value flows to eighth but as I said like there's no point in that happening there's no point in having a secure network if no one's using it right so that's why I think scalability user facing uh I guess like um sorry user affected uh upgrades to the network should be prioritized which they are but they're also being worked on in parallel amongst a bunch of other things too so that's just something to think about if you do fall into the hardcore ultrasound money Camp of you know we we really need to keep things limited because we need High fees on on ethereum in order to drive value to eighth I would very much encourage you to challenge that assumption with

everything that I have said it over the last I guess like five minutes uh and just ask yourself one question is it actually going to matter uh that eighth isn't uh you know burning as many fees as it is today on layer one at least for the short to medium term if no one's using the chain right like it as that's actually a worse outcome because that means uh eth will be the ethereum network will be abandoned ethereum will lose its market share to other networks and either as an asset will go down in price as well logically I mean that's what I think would happen so let's keep the priority straight here let's make sure that we can scale ethereum to the world but let's also make sure that we don't lose sight of the fact that ethereum is only secured by a valuable

eth because people only validate because it is valuable and they put eth up for uh sorry because they're getting rewards in Heath and it is valuable enough for the to justify that uh and also the economic security from each being worth a lot uh gives us tens of billions of dollars of Economic Security and all the stuff that falls off of that as well but yeah we're going to leave that one that's just thought it was worth discussing because I saw super fizz's tweak today all right so speaking of things losing market share I mentioned before that Bitcoin has been losing market share to basically everything else in crypto uh for it for quite a while now especially ethereum right uh and it's basically lost all of its use cases to ethereum I mean even the the use case of money has been lost to stable coins and Heath he

just used as money much more than BTC but I don't want to bash Bitcoin here I just want to focus on a tweet that David Hoffman put out today that you may have uh found confusing so he just put out a tweet saying the lappening is going to be 10 times easier than the flipping and this stems from the conversation David and I were having about the flipping itself because I was looking at each BTC today and obviously if BDC went up a bit but I was looking at that 600 day range that it has been in and I was just admiring it I was like this is just crazy I I mentioned it before it's crazy because traditionally in Bear markets you expect everything to bleed against Bitcoin because it's a risk-off environment and Bitcoin is considered the quote-unquote least risky asset to hold on to right but that didn't happen

this time in 2022 eath is flat against Bitcoin uh and if you say that 2022 is like 2018 that is absolutely amazing so what happens when demand comes back what happens when risk on it when people go risk on again well logically each BTC should start going up right like it shouldn't go down there's no reason for it to go down especially because of all the other things ethereum has going for right to add to that bullish case so I was like I think the flipping is guaranteed I mean I've thought that for quite a while I don't know timelines here obviously it's very hard to predict that I'm actually surprised it's taking this long considering how much work ethereum has had to do to get to the point where it could actually flip Bitcoin whereas Bitcoin hasn't had to do anything and still remained at number

one I guess that speaks to to bitcoin's last remaining uh dominant uh I guess uh uh thing over the other networks is that Lindy and that Network effect but then David said well I don't look at it like that right I look at it as a lapening where once the flipping happens it doesn't stop there right it doesn't it it's not like ethereum flips Bitcoin in market cap and just stays the same market cap as Bitcoin no it can keep going it can keep going forever and Bitcoin market cap can actually go down and can remain stagnant and ethereum's my cap can keep going up there does exist a world where bitcoin's market cap is you know say a trillion dollars and ethereum's market cap is two trillion dollars that's just throwing numbers out there

um and that would represent the lappening where it this is a a term that that David Hoffman has coined where essentially ethereum has lapped Bitcoin has doubled bitcoin's market cap there exists that reality and there exists a reality where it goes even further than that where it goes I guess like 10 times that I mean obviously I'm talking way into the future but that that does exist those realities so when I think about it like that well I I kind of really understand um the point here is like the flipping even though ethereums make a big deal out about uh about it even though it's been talked about for a very long time it doesn't imply that ethereum just stops there and just basically goes up in tandem with Bitcoin from that point on uh the BTC ratio could one day go to one right like that's one one for one

I've seen like one BTC equals one eighth so let's just say BTC is worth thirty thousand dollars each could be worth thirty thousand dollars as well that would be one equals one right that would be eth BTC equals equals one now I don't know timelines here I don't know even if eighth would get to that point right it would lap it that much but I do know and I do believe and I have believed for a very very long time that eth will flip BTC uh based on fundamentals it's not based on like predominantly on just narratives and memes and just you know hopium it really is based on those fundamentals that ethereum has worked really hard to ship I mean the merge is one of those massive ones and that took such a long time to get to mainnet so if you are a patient person like I am I

mean it has been a really long time but you've stayed the course and I have stayed the course on The Flipping I've never wavered from that even when in BTC was crushed in 2019 uh I still maintained that the flipping was going to happen because I mean even back in 2019 I knew about the merge uh or at least the issue introduction that was coming with the merge I knew about 1559 and all the other things that ethereum had going for it like D5 so for me seeing the footballing happen will be just an amazing thing but then once it's over I'll be like okay well who cares about Bitcoin anymore uh yes we can we can meme this thing called the lappening but ethereum just becomes or its own kind of Base where it can just keep going right I mean it already is its own

beast but in terms of like Eyes Of The Wider market and even outside of crypto ethereum being number one I think is going to one shatter a lot of narratives around uh crypto and also lead to a lot of new attention on ethereum and eth as an asset of course all right we have a fresh article from Dino eggs today titled Progressive ethereum Security in this article Dino eggs outlines a path for dap developers to gain fast time to Market and progressively leverage ethereum security as scaling Solutions mature I highly recommend giving this post a read it is really great I really love this because essentially there is a security Spectrum as you can see pointed out by Dyno xcr across uh you know the ethereum landscape where essentially you have uh

chains that are secured by ethereum but in different ways you have Roll-Ups which can in theory be fully secured by ethereum where both the data and the proofs are posted to ethereum layer one you know if they're all out anything except ethereum layer one once obviously there are a permissionless and decentralized fraud proofs uh and and there's no kind of I guess like multi-sig that can upgrade the chat the roll up and things like that I'm talking about like you know those fully decentralized Roll-Ups once they're secured by ethereum with both their data and proofs posted there you don't have to rely on anyone else then there are the hybrid Solutions like a validium where they store data off chain and that may means that if the data is being withheld from you or is lost then your funds are essentially Frozen they can't be stolen because the proofs are still

posted to ethereum layer 1 but they can be uh Frozen right which is I guess not I mean it's only slightly better I guess but uh that is still not the best obviously Roll-Ups are the gold standard but there are validiums and they do have their place such as I think you know things like nfts and other stuff like that and then you have other things on this spectrum as well uh like uh other chains that are not secured by ethereum like the polygon POS chain for example or other side chains uh that may or may not be evm compatible and then yeah you have uh I guess like nuances in that like optimistic rather versus ZK roll up civil idioms versus another construct of data off chain and then uh other things around that and that's what Dino X's article goes into along with some

thoughts on erp4844 as well and a few other things so definitely go give this article a read I'll link it in the YouTube description below all right an interesting tweet I came across today from the co-founder of safe or formerly known as gnosis safe he pulled out a tweet where he said one out of every five mainnet blocks already contains one or more safe transactions this is pretty cool like that means that 20 of ethereum mainnet blocks uh contain one or more safe transactions now for those of you who don't know nurses safe is a multi-c wallet on ethereum uh built by gnosis now known as safe um but they're more than a multi-seek because not only can you do just typical multi-sig stuff where you custody your

assets there and you need like a I don't know a two of three or a three or five or a whatever five of eight in order five of eight signatures in order to approve a transaction it does it doesn't just limit itself to custody of assets you can do anything with this you can do sign any message you want you can interact with whatever you want on chain uh the safe app itself on the web app has access to a lot of the D5 apps and you can actually connect your safe wallet to that and I've done it plenty of times and it works really well you can sign messages you can vote on things so it doesn't really surprise me this is the case because operations on chains such as market makers and and uh and people doing possibly Mev stuff and people doing anything with other groups

of people uh more than likely they're not probably going to be using a nurses safe to side transactions right because they want to do a mo they want to do it through a multi-sig rather than a uh than a um a hot wallet like a like a just a vanilla metamask squad or something like that and multi-cigs uh inherently are very very secure and and those are safe is by far the most secure multi-sig on ethereum I believe they're only but they're one of the only ones that are on chain because they've been around for a very long time there's a massive bug bounty in there because that stores I think over 100 billion dollars worth of assets or something like that so there is obviously a massive bug Bounty uh just in and of itself on that where essentially if you can drain the

assets out of nurses safe then you can potentially have access to a lot of a lot of assets right so there is a linear Network effect there um but it yeah and I think people that have safes are probably more inclined to do kind of uh to do um Unchained transactions then not simply because of the reasons I outlined before and there are a few other stats in here as well talking about this talking about nurses safe on or I should say safe on the polygon POS chain where it's one out of every four blocks that contains at least one safe transaction which is 25 and there's other networks as well you can give a look to on Dune analytics here uh because safe isn't just on ethereum mainnet it is on the polygon POS chain and it is also on BSC it's actually quite low on BSC which is which is kind

of funny rather you can see here the percentage is actually very low on BSC I mean if I look at the most recent it's only about 1.2 percent of blocks contain a nurses safe transaction then you can look at gnosis chain uh which is a bit higher about 2.3 percent uh and then you can go down to optimism which is very very low as well 0.1 percent so ethereum main it has a lot more I'd actually be curious to dive into this and maybe some of you have the data around this and see exactly what these transactions are and why why ethereum mainnet is seems to be an out sorry ethereum and polygon seem to be outliers here compared to the other networks I'd be curious to see that there but it also been maybe a function of just the different players on these networks and the assets as well

on these networks uh and the TBL and things like that but if you've got extra data here I'd love to see it and send it over to me but you can check out this for yourself I'll link it in the YouTube description below all right Brian Armstrong of coinbase here today uh tweeted out something where you said early days but it's coming together and then he linked to something called coinbase.com web3 which is basically coinbase's portal to uh I guess like the web free ecosystem here and you can see that they have a really user-friendly I guess interface here I've gone on record before saying that coinbase's interface isn't for me it's probably too user-friendly or too Noob friendly I don't need something like this I'm obviously more of an advanced user um but it's still relatively easy to navigate around but you can see here

on this web 3 page at the top they have like new and trending apps you can check out they have popular apps here enlisted in different categories on all the networks that they support which is right now just ethereum and the polygon POS chain in the future they're going to be supporting other uh ethereum uh related networks like the layer twos on ethereum and then you can click into it and it gives you all the information about it like if I click into it I want to see what it does here you can connect your wallet uh to something like openc open the DAP itself and it feels like they're building just a native web3 integration directly into I guess the coinbase website here in order to help newer people on board onto web3 which I obviously think is really really important uh above I mean you know it's

funny I was talking earlier about how scaling ethereum is probably the most important thing or most likely is the most important thing to be doing over the short to medium term from here even even longer term um but like scale doesn't really mean anything if we don't have users getting it getting uh their feet wet in it or users using that scale and that's what coinbase does they access they act as that top of funnel in order to get people to use more on-chain stuff so as I said right now they support ethereum and polygon the polygon POS chain in the future I expect them to support you know different obviously other different networks like other layer ones out there but also all the layer twos on ethereum at least the most popular ones on ethereum but you can go check this out for yourself I'll link this in the

YouTube description below all right some big news out of Astoria today it opened its repos to the public so it's GitHub repositories to the public here the code base represents the cumulative hard work of the Astoria team over the last eight months now disclosure here I am I am a angel investor in Astoria which for those of you don't know are an nft collateralized lending markets uh using their uh what they're calling a 3am model which is their novel uh model here but if you're interested in if you're a developer and you're interested in I guess forking the code base looking over the code base seeing what they're up to seeing what they've Built Well it's now available for you to do so on this Astoria core GitHub public repository which of course I'll link in the YouTube description below for you to check out I always

think it's interesting for developers to highlight this because I know a lot of developers love reading other people's code other developers code in order to get a feel for it in order to learn from it in order to see how it works under the hood and possibly Fork it off and improve it themselves or add or contribute to it themselves because obviously the entire ethereum ecosystem is built on open source so if you want to contribute to that you want to contribute to as many of our projects that excite you as possible and maybe Astoria is one of those projects so you can go check that out for yourself I'll link it in the YouTube description below all right last up here was a tweet that I put out earlier today because I was thinking about how crypto comes Under Fire a lot for the amount of scammers

that exist in this ecosystem so I put out this tweet where I said humans have been scamming grifting and defrauding each other for thousands of years I think the main reasons why there's so much focus on the crypto scams is because of the scale of the scams and the unparalleled transparency that crypto gives to all of it so I think that the transparency point is probably more important than the scale point because think about this for a sec there are a lot of different scams that even exist even today in different industries that we just don't know about right they happen behind closed doors they're happening in closed meetings and opaque meetings uh they they happen covertly because people don't really want to put a China Light on their scams right they happen I guess like in the real world where even with the internet you don't

have coverage of everything happening in the real world right and you can't just like look at everything happening in the real world um like you can on a blockchain and that brings me to my point on a on a blockchain or a public blockchain on pretty much almost all of them that aren't privacy by default you can see everything that's happening so you have god mode view of every scam happening on ethereum because the ethereum chain allows you to have God move you over anything you see happening on chain any Ponzi that you see any uh any kind of fraud that you see any tokens being moved around uh you can look at that you can do your own chain sleu thing and there are people out there who do it like Zack xbt and you can see everything that's going on right you can see where the money's going yes

it can go into a centralized exchange it becomes more opaque but even that can be tracked right even that can be tracked relatively easily actually especially by companies like chain analysis so essentially ethereum gives you God mode over the scams god mode view over the scams imagine if you had that view into all the scams that went off on in every single industry uh in in the world imagine if you had god mode view over all the scams that happened to tourists over the world you would think that tourism in general is a scam you would be like well why would I go on a holiday I'm just going to get scammed right or the the tourism industry is a scam like visiting other countries it's all a scam right if you were able to actually see all of that going on if it was that

transparent it for you and it's not just tourism I'll just use that as a basic example that we're all probably used to right we've all probably attempted to be scammed or heard of someone that got scammed right um and then imagine if you had an inside view into everyone that takes advantage of you whether that's when you go to a retail store and a Salesman is taking advantage of you because they're upselling you on something that gives them more profit and gives them more commission right imagine if you had a view into how much commission they were getting off that or how much they've done that to other people or having people people uh that that's happened to across like all the retail stores in the world right imagine if you had a guard mode view into everything that happens at the banks like everything Shady that happens

behind closed doors of the banks we don't have that view but imagine if you did you would think that absolutely everything in the life is a scam because you'd be able to see it now thankfully we don't have a view into all that happening because it would be quite depressing but I think that's why at least the main reason why crypto gets so much Flack is because it's all open it's all transparent right and even if it isn't transparent for a Time eventually it comes out and it comes out in a really big way then you can use all the on-chain data we which on decentralized networks is impossible or near impossible to actually alter and you can have a extremely strong guarantee that that is correct that that it actually happened right actually you pretty much have 100 guarantee that that happened and that you can prove that it was

tampered with and it as I said it's extremely hard to tamper with it because you need to take over the network essentially to do that so when thinking about it like that there is no reason other than how transparent it is that crypto cops so much Flack for the scams going on and other Industries don't it really is just that transparency and the transparency leads to the ability to see it at scale obviously with the FTX thing it was huge right it was a massive scam but but we're able to see it we're able to link all these things together because of a lot of the on-chain data that we have access to and we're able to to uh to see it because we saw what SPF and Alameda were doing on chain as well they were farming things you saw them dumping things we saw them sending stuff

to exchanges and and all that sorts of stuff and all the behavior that they did obviously no no one or barely anyone was able to see that they actually um that what they were actually doing with uh obviously taking taking customer deposits and yellowing it into things but that came out eventually too and then you can look back on chain and see and map it and see exactly what they did so you don't have that luxury with pretty much any other industry in the world even the internet doesn't give you that much transparency right because a lot of the internet a lot of what happens happens behind closed doors in private databases where you never get access to that data whereas with crypto you get access to pretty much everything except what happens at centralized exchanges but even then you can do your own on-chain sleuthing and work it out

and have reasonable I guess assumptions based on that activity so I just wanted to point that out to people because I just say too many people hating on crypto because it's full of scams blah blah but really when people say that to you people say Hey you know I don't like crypto because it's full of scams it's full of frauds full of grips tell them the world is full of this but the only reason you see it happening in crypto is because crypto makes it transparent uh and I think that you know for a reasonable person that should start a conversation and you and you should would be able to talk reasonably with them about this and and get your point across there but that's that's something that I was thinking about today and I kind of had an epiphany about it I was like wow okay it really is just that

transparency which I think I've talked about before but I never really kind of I guess uh what's the word I'm looking for I never kind of contextualized that in that God mode uh view that I'm talking about right where for those of you who don't know God mode is basically a term that comes from from computers uh I mean it probably predates computers but it's used heavily within the the Computing industry or the technology industry and also the gaming industry where essentially you have like a complete view of everything that's happening and obviously the term god mode comes from you know a mythical being like a god having view over everything that's happening um but like if you do have that view which we do with crypto then that's why the scams seem so prevalent uh and that's why it seems like all of crypto

is a scam because we see all that happening now in saying all of that before I finish up today's episode on the flip side we also get to see all the good stuff happening really transparently as well all the growth all the donations happening with things like Bitcoin grants rounds where the money's going we can trace that we can also call out the scammers which is positive as well and and we can also catch these things earlier than you can in other Industries because of that transparency so there is good and bad to the transparency uh but yeah the narrative that crypto is just all scams and that's all it's good for I think it really does just stem from the fact that it's all transparent and the media can run with it media can highlight things it's easy for anyone on Twitter to run with it uh

but yeah that's my main point there but I think on that note I'm going to end it there for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone