Ethereum's resiliency, Layer 2 chat and more - The Daily Gwei Refuel #299 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily grave refuel where recap the latest news in the ethereum ecosystem i'm your host stan that is designer and today the 24th of january 2022 all right everyone let's get into it so a bit of market volatility over the last few days right uh markets have not been great we're trending down to under a two thousand dollar eighth and you know i talked about this last week so i'm not going to get into the price action i'm sure you guys are probably sick of hearing about that so let's get into some i guess like project updates but the first thing which is kind of related to to the price action but i put up this tweet today where i said ethereum's resiliency during extreme market wide volatility is probably its most underappreciated feature and then i had

to follow up this tweet by saying since there's some confusion i'm talking about the ethereum network and not the price of eth i'm surprised there was confusion about this but there was um you know because technically ethereum refers to the network and ether and eth refer to the assets so i never called the asset ethereum but i know some people do so maybe that's where the confusion stemmed from but anyway back to the point of my tweet here so what this means is essentially i'm sure you guys saw over the last few days like during these kind of like really volatile market um movements where activity like on-chain activity spikes really really high across every chain whether it be layer one layer two side chain what have you um activity goes goes crazy because the market prices go crazy and there's r

bots and mev stuff happening it's just it's just uh pretty pretty active right drink these movements now i'm sure you've seen with some other chains they slow down uh write or go offline completely um ethereum obviously gets very expensive fee wise uh because everyone's trying to get their transaction in and and all this kind of like stuff happens but ethereum is special because of its resilient resiliency because of its liveness because of the fact that it's basically i mean it's not impossible to take ethereum down with it with a ddos attack but it's extremely hard because ethereum basically has uh you know its gas limit right where it's not allowing anyone to just send the transactions it has a a functioning fee market that works to kind of like taper demand so for example um

right now ethereum does about 13 transactions per second so if you want to be one of those transactions you need to outbid everyone else trying to be one of those transactions because ethereum's block space is incredibly scarce but if you have a network that allows you to send as many transactions as you want to it uh something like you know solana the obvious example here then what ends up happening is that those transactions because they're basically free get spammed uh by bots by kind of like uh i mean really really bad mev stuff uh and because it's because it's like cheap to spam no one really cares i mean there's no cost to doing it or at least the cost is basically negligible now what this does it basically degrades the network performance and pr and doesn't pri it doesn't price out users from using the chain because obviously

the fees aren't going up or anything like that what ends up happening is that regular users just can't get their transactions in because there's just too much spam going on now with ethereum i mean the worst that happens is that you can't afford to pay the fee to get your transaction in and you know something kind of like bad happens such as getting liquidated on chain or something like that but uh you know it's kind of like a debate of what's worse uh degraded performance where no one can get their kind of transaction in because it's being spammed or high fees because uh that you know the network's basically reached capacity and everyone's trying to outbid each other i personally think that the high fee thing is better because it doesn't matter if the fee is like 500 to cover one of your positions right at least you can

still do it at least you can save your position whereas what happened with celina is that a lot of people got liquidated because they couldn't save their position because the network wasn't allowing them to do so no matter how much they paid and i'm sure you know these people would have paid whatever it took to save their the leverage on chain positions that's just kind of like one example there so i i and and i think this is kind of like as i said here in my tweet one of ethereum's most under-appreciated features is that because it trades off performance for decentralization and security it also gets resiliency it also gets a near basically guaranteed 100 uptime i mean technically the ethereum network has had 100 uptime since genesis but there's no guarantee that it's going to have that into the future but i think

that having a you know relative certainty of 99.99 uptime is what is needed for a global ceremony i don't think you can have something be a global settlement layer if during you know volatile periods or even just during periods of high demand for the specific chain it either goes offline or slows down to a crawl now can these change kind of like chains kind of like fix themselves fix their issues i mean they can put on band-aids and things like that and they can do things like what's done in the web 2 world with quality of um service and dropping dropping transactions and ddos protection and stuff like that but it's all just kind of like band-aids uh you know and this is why a lot of us in the ethereum community have been kind of like being in the drama about the modular approach where you keep layer

one basically how ethereum has layer one and you can do sharding as well if you want to and then you do all the execution stuff at layer two because these layer twos will also suffer from this by the way like this is this is going to be true for anything that's trying to do execution uh in a kind of like an unbounded way but the thing with the layer twos right now at least with optimism and arbitrary they still have a functioning fee market and i i think that it just becomes much worse on these non-fee market chains where they don't even have a mempool and they're basically just saying you know anyone can do anything they want and we'll we'll service it i mean that's just not going to happen i remember a few months ago i was saying to you guys that i don't believe you can scale to

the world at layer 1 because it's because uh the load that i mean the amount of load that comes through especially from spam is just too great and you know we've seen proof of this play out time and time again so and it's just funny people kept calling that fudd and it's like oh you're just an eath maxi trying to kind of like spread this crap i'm like well no we're not we're we're literally telling you guys what what's actually going to happen this is this is the trade-off i mean we didn't ethereum and even bitcoin people didn't spend the last decade learning about how to scale blockchains properly without you know sacrificing decentralization and security but also optimizing for resiliency and liveness we didn't you know we didn't spend the last decade learning those lessons for nothing and and and it just seems like every i guess

like bull market cycle it just gets relearned because it's just really easy during kind of like a bull market to basically say hey you know we have a super scalable chain you know it's cheap fees come and use us blah blah and then every you know the money's flowing so no one really cares but then when the market turns sour people start caring people start taking notice and people start asking questions especially because they're losing money too right because the token price is going down so i think from that perspective a lot of us who basically you know uh said that these kind of like super scalable or at least claimed to be super scalable layer ones are on borrowed time they're inferior technology i think we've been vindicated in in saying that so i think more and more people realize that the modular approach to blockchain scaling

is the only approach that is long-term sustainable long-term healthy and long-term leads to the best results for everyone and you know i did say before that uh you know at least with ethereum you can pay like a lot of money to get your transaction included um no matter what but the thing is is that in the future with layer 2 networks with robust layer 2 networks you won't even need to to pay a lot of money to do it you'll still have near certainty that you can get your transactions included no matter what and when i say robust layer 2 networks i mean i mean ones without centralized sequences so they have a robust kind of like sequencer and validator um set that you know if one or two of them go offline others can pick up the slack sort of thing and then you know

the latest have a robust kind of like uh mechanism where they can actually post their transaction data and call data and all that sort of stuff to a layer one without any hiccups there so that's going to take a little bit to get there layer 2s are going to run into these issues as well but the thing is is that um as of as you know as i've been preaching to you guys for months now keeping layer one decentralized insecure means having a functioning fee market and keeping the capacity limited so that the chain can't be ddos so uh so that the chain doesn't bloat as well which makes it much harder for people to kind of like verify the chain and we don't sacrifice the one property that this whole movement is built on and that is decentralization and then by extension comes security and by extension comes

resiliency and liveness and i've spoken about liveness at length before so i'm not gonna you know double click on that one there but i think it's very very important to take stock and reflect on all the lessons being learned now over the last few weeks all the narratives being challenged and where this space is going to go from here and i truly believe that regardless of what the markets do i truly believe that by the time i guess like we we kind of like have the next kind of i guess bull cycle where we get like a lot of new people in things like that we're gonna have such an amazing and robust layer two ecosystem that uh people are gonna be able to use that even when markets are super volatile without having to degrade a performance and we'll also have cheap fees too so best of all worlds of course

there now one last thing i wanted to say about this tweet was a great thread from swagtemus here who basically talked about there was kind of like that transaction dilemma that i spoke about that paulie now wrote about a few months ago which basically uh it comes down to you either choose a fee market and price out users or you don't and your chain goes down on your users more often than your sr is a little bit of a joke here but essentially i mean this is what i was saying right you you have a fee marker you have a mempool it does price out some users who can't afford to do this stuff but at least you know some set of users can actually use it and as i said as the layer 2 rollout keeps progressing and it becomes more they become more resilient you'll get cheap

fees and you'll get to inherit ethereum's kind of like resiliency 2. um or if you don't have this uh you basically get spammed and ddos and and you know it's it's it's it's not good for anyone like not even the no one can get their transactions in because just everything's just being spammed so i think that's just very uh something that to keep in mind something to kind of like realize that uh i mean has been vindicated at this point i'm pretty happy about this to be honest like it was quite annoying for the last i don't know six months or so where the l1 narrative really took off and everyone was just screaming about how their favorite l1 had solved everything and it was all good and they had no issues and i kind of like said i mean they're all going to run into issues

especially as they kind of like um reach their own capacities or people start using them more and that's exactly what happened they ran into their own issues then their worst issues than what ethereum has in my mind and maybe they solve them maybe they don't as i've said before i don't think there's room for for more than maybe maybe two settlement layers i honestly i only think one long long term but i think you know you could have two potentially but i really don't think that there's room for like 10 different execution layers at layer one i actually think maybe there's room for for one execution layer one and maybe you know celina fixes their issues and becomes that i i highly doubt it uh but you know in terms of execution layers i expect a lot more to blossom at layer two than at uh layer one

so the latest all-call devs call wrapped up last friday and there's a lot to cover here tim biker put together a great tweet thread which you can check out in the youtube description but uh there's a lot of info about the merge and shanghai in this thread here so i'm not going to go through the whole thing you can give it a read but essentially a lot of updates a lot of esoteric things a lot of technical stuff going on across the whole ethereum core kind of like ecosystem here still i'm expecting that blog post with uh i guess post mortem and overview of kinsuki to go live soon i think danny ryan would actually put that out so i'm expecting that to go go soon but i haven't heard anything about uh the merge kind of quote-unquote being delayed i mean not that it has an

official date or anything like that but everything seems to be going well on that front there so definitely check out this uh this twitter thread for more information on that i'll link it in the youtube description so eric quanna put out a great tweet uh yesterday i think it was where he said hung out with a friend this week that uses ethereum daily but solely lives on arbitrary never touches r1 scaling is happening before our eyes and fast and it got me thinking about kind of like how i've been saying for a while that uh everyone's just gonna be looking at layer two right no one's gonna be touching l1 eventually like not even i mean even some of the whales are just going to be like well you know why would i pa even you know even though i can afford this why would i pay for it if i

can do the same thing at uh at layer two now uh you know the arbitrary optimism are quickly maturing as ecosystems i think the only top app uh that they're missing right now is rv and that's going live within weeks i would assume so other than that they have pretty much everything you would want at this point they have like curve they have uni swap they have uh they have other money markets on there they have unique apps on there like options protocols things like that they have nft ecosystems so there's a lot going on on those ecosystems right now and you can pretty much do most of the stuff that you do on on layer one in terms of defy uh nft ecosystem's still a lot less mature the layer one and ft ecosystem is pretty big but d5 is pretty portable from from layer 1 to layer 2 which is

which is really awesome so i mean i've been doing a lot more layer 2 stuff lately as well it just feels nice not to have to pay those you know really really high fees on layer 1 and be able to do the same thing uh at layer two whether that be kind of like dex trades or doing some stuff with money markets or yield farming or anything like that uh it's really really cool to to be able to do that and fast as well like you know as i've said before i think an underappreciated aspect of these l2s is yes okay your transactions aren't finalized instantly but they're confirmed instantly which is just a much better ux than um than layer one which you know can take anywhere from yeah it can take up to like one ethereum block to to um more than one ethereum block

but you know if you if you get into the next block and take up to 14 seconds to get your transaction in and then you kind of like have to wait and there's nothing telling you that the transaction's pending unless you go to ether scan like if you're using metamask for example minimize just has like transaction pending it doesn't have like a countdown or anything like that you don't actually know if it's going to go into the next block to get that information you need to open up either scan so it's just like all these clicks to go through and then for newer users it's just a very poor experience so at layer 2 i think the fact that the transactions are confirmed instantly is just amazing user experience and not even just for newer users but for for me as well like i love the fact that

i can just keep you know moving around at lightning speed between all these apps without having to worry about anything and and get to getting to do it on the cheap as well and i think this is going to be most people you know i mean all new people's kind of like experience uh going forward especially because i mean right now the tide has just kind of like been completely taken out it's actually crazy how quiet the ecosystem has gone in just a few weeks because the price went down but i think this is this is awesome because it gives us a bit more time to get these layered ecosystems to be more mature to get these kind of like on-ramps going and things like that so by the time these people come around when the market gets hot again they're going to on board to l2 we're going to

have a proper kind of like big l2 season and these things are really going to take off so i'm excited for that but uh but yeah it's cool to see that that uh uh kind of like eric's friend is just using l2 now just using arbitrary now instead of l1 and as i said i'm progressively getting more and more of my stuff on l2 there's still some a bunch of stuff that i do on l1 that i can't do on l2 but i'm seeing obviously seeing more and more projects natively launched on l2 as well so time's running out for l1 i think i'm not to say that that's bearish for r1 i mean l1 being replaced i mean user transactions on l1 being replaced with just like mev um you know arbitrage and layer 2 proofs and stuff like that it's actually really bullish for the layer one and as you as

you've seen um over the last uh i guess like a few weeks when the price has been going down network demand is still up like the gas price is still around 100 way yes it's gone down in usd terms because if demand stays the same and the eighth price falls and yes it will go down in usd terms but in eighth terms and grade terms it's pretty much remain the same so that means network demand is pretty much the same which is really awesome to see uh but and that means that people will just keep on boarding to layer two and not basically forego it and say oh layer one is cheap now i'll just wait i'm actually glad that that kind of like layer one's still pricing people out because we need that to get people to layer two because layer one is not a

long-term sustainable thing so uh so so yeah uh that that's really cool to see um and i hope you guys are getting a lot of value out of l2 these days as well so speaking of uh l2 uh swagtimus uh put together the first starknet roundup so every week he's going to be summarizing all the notable events that happen within the starknet protocol and ecosystem carefully curated delivered straight to your inbox so if you want to subscribe to this you can go to swagtimis.substuck.com and it'll give you a roundup of all things happening within the stock net ecosystem this is really really cool i love this i mean it's really it's been kind of like wild to follow along with starkware and starknet's kind of progress here and i'm finding myself missing a lot of things these days i mean look at this it's it it's crazy

like look at how many projects are already kind of like building or developing or or doing things on here i mean like it's it's just going much faster than i would have thought uh thought it would be going so it's really really awesome to see and he's got links to all this stuff in here as well so you can go check all this out if you want to but i highly recommend subscribing to this newsletter as well if you want to get pumped up on things like what pumps me up the most about just ethereum and the l twos and total ecosystem in general is reading updates like this like i have a lot of newsletters that are subscribed to uh that kind of provide all these updates and obviously um whenever i put together the content for the refuel and stuff like i you know i get pretty excited

about it because it's just a really great way to you know no matter what the price is doing keep your head screwed on and basically see the bigger picture because when you start seeing like all this progress being made every you know every day or every week you kind of think to yourself well who cares what the price is doing in the short to medium term like this stuff's real this stuff has a lot of kind of like um people building it there's a lot of people using it and there's more people adopting it and all that sort of stuff and it kind of keeps you kind of grounded and going and this is basically what happened during 2018 and 2019 especially 2019 when d5 started kind of like really taking off in terms of things going live a lot of us in the ethereum system were so excited about it

at the time that that's really what got us through i think 2019 because that was a brutal year for each price in 2019 not just against usd but against bitcoin as well it was it just trended down pretty heavily but what got us all through that was um sticking to the long term realizing that things were being built i think the same is true for any bearish period for the price because the building never stops i mean the building's actually going to be much better this time around because so many teams got funded and they have funding in usd instead of eighth last last market cycle teams raised in eth because of icos and then they had to sell that east to actually get the the usd and by the time they did that and the east price had collapsed basically and they were actually directly

contributing to the earth price going down more but now a lot of teams have raised in usd they've got large treasuries large war chests and and you know if they wanted to raise again they could because there's all these massive kind of like funds now so i think it's a much different environment and that means that i think that the cycles are going to be definitely faster as i've said i don't think we're going to go into a two-year bear market or anything like that we are in a bear market in in my opinion but i'm gonna have to see what happens you know with the price and everything but the best way to kind of like get through it is to basically ignore what the price is doing and just focus on the fundamentals and focus on the building and one way to do that is definitely to

subscribe to this newsletter so i'll link it in the youtube description for you to do so so unisop announced over the weekend their multi-chain strategies so basically unisop is going to be deploying to all i think they said ethereum compatible networks which i i i i i take to mean like ethereum compatible l2s and side chains and l1 so obviously they're on arbitrary optimism right now uh they're on polygon pos chain and i'm taking this to mean they're going to go to evm compatible uh uh networks such as you know avalanche c chain and uh i mean there's the gnosis chain now which used to be xdi and you know i think it's like phantom there's a bunch of these these kind of things and you know it makes sense right like it makes sense for anything that's on the

evm to deploy to evm chains and the funny thing is this just further entrenches the evm into the ecosystem so many people hate the evm because they think it's in like a it's an inferior technology which to be fair i mean it's not the best technology in the world but it doesn't matter the best technology rarely wins it's all about what accrues network effects and the avm is second to none in terms of incurring network effects not to say that other non-evm ecosystems aren't going to take off i'm pretty bullish on the stark net ecosystem which is not evm uh and not solidity but uh i think the avm is going to be with us forever i don't think it's going anywhere and i think it's going to just increase in popularity and we're going to get stuff like zk avm as well so it's just going to further entrench

it but cool to see unisop detail their multi-chain strategy it's only a short blog post but i'll link it in the youtube description for you guys to go check out so optimism put together a thread of everything that's been happening on their network over the last few weeks so you can go check this out of course it'll be linked in the description but essentially there's so much happening on optimism these days as i was just saying before both the optimism and albatroom ecosystems now uh i wouldn't say equivalent with l1 but pretty close to it at this point and in this thread optimism basically details it and points out all the apps that are on there so you can go check this out if you're looking for stuff to do on optimism i know there's lots of people out there right now who who are kind of

like okay well i've onboarded you know what do i do well here's a thread for you to go check out and go play around with all these apps go see what you know what tickles your fancy what you like doing and enjoy the cheaper transaction cheaper fees and faster transactions as well so yeah i'll link this in the description for you so polygon uh just a short enhancement from polygon here actually uh they've uh renamed their polygon sdk to polygon edge and they had there's a new look here and they're teasing that some more exciting announcements are coming soon i think this is actually makes a lot of sense i mean for those of you who don't know the the term sdk stands for software development kit now obviously this is a developer thing but i think branding matters and and polygon does a really good job with branding i mean

obviously rebranded from matic protocol uh last year early last year to polygon and now they have uh they've rebranded a lot of this stuff that they've acquired like um polygon zero was uh was mere protocol uh polygon hermes was just like hermes protocol and then there's um uh well god it's escaping right polygon maiden which uh i believe was still maiden um when it was kind of like facebook but they put polygon there and this is actually really important from a marketing and kind of business development perspective because immediately you know what ecosystem these projects belong to right it belongs to polygon um and you don't want to have like two complex complex terms you want to have like a brand that people remember so something like polygon zero i think is a really cool name and polygon maiden and polygon hermes and then polygon edge i mean i

don't know maybe i'm thinking too much into it but i don't think i am branding is very powerful and it's a and as i said it's a very powerful marketing tool um as well here and they've also got obviously polygon nightfall and a bunch of other things like polygon unveil and stuff like that um but uh but yeah anything that makes it easier for p for users to kind of like or just people in general to whenever they think of a polygon product to know the name of the top of their head without kind of getting confused uh makes a lot of sense there but you know i think polygon is going to have a big year in 2022 in general i mean you guys know i'm an advisor of the polygon i don't have to disclose that again but uh i think uh in 2021 they kickstarted the

i guess like liquidity mining uh play on layout on on like a layer one right like not to say that polygon pos chain is a layer one but you get what i'm saying right like the native token incentives from these things just like how layer twos are going to do them just like how these alt l1's have done them they really kick-started that and they kind of like showed the playbook and showed how it's done and they've continued that with their acquisition they've continued that kind of momentum with their acquisitions of all these roll-up teams and stuff like that i think 2022 is going to be a big year where they actually release a lot of these kind of like roll-up stuff that they've been working on and users can actually play around with it and get use out of it and i think there's a big upgrade for the

pos chain coming soon as well i believe they're working on v3 of the post chain so that should fix a lot of the issues that are happening there and as you guys know the pos chain is meant to be kind of like a stepping stone before we get to these roll-ups and things but i think that the ecosystem they have there right now is going to persist for a while it's actually a really cool place for experimentation to happen because the fees are relatively cheap i know they spike sometimes and this goes back to what i was saying at the sta at the kind of like start of um of uh of the refuel where i was basically say oh sorry of this episode where i was basically saying you know you either have a fee market which kind of like once it gets once the block

space fills up and it gets saturated the fees go up or you don't and the tr and the chain kind of like gets spammed um but the tank can still get spammed with the fee market mind you because it depends how much capacity you have and stuff like that and depends if the nodes can keep up with it but that's a discussion for another day um but yeah i think polygon is going to have a big 2022 with their roll-up stuff that they're working on a bunch of other things they're working on obviously like polygonal veil which is the data availability blockchain which is a big narrative that's heating up lately and i think that they're going to be doing some really cool things and really exciting things on the business development front as well so definitely keep an eye out for all of that

so finally dune analytics announced over the weekend that they have shipped signing with ethereum so you can now connect your wallet to your account on doon going by going to settings wallets show your address on your profile settings profile and log in with your wallet no other credentials are needed so apparently according to trent here it looks like you need to have an account first to add your address and then you can remove the email um which is is kind of like obviously not the ideal way to do sign in with ethereum um but i think they're working on and they're going to be uh kind of like changing this and brantley mentioned as well this isn't the the um the proper way to do sign in with ethereum but i think that they're working on it or have fixed it by now where you can just like simply sign in

with ethereum like the the normal way i don't know if they've fixed it yet actually i'm just looking here no but they're saying they're going to be doing that but still cool to see them kind of like committing to this and actually wanting to implement signing with ethereum you guys know i'm really bullish on this you guys know that i think this is going to be um a really exciting thing if we can make this ubiquitous across the web and not just web 3 but web 2 as well um and i mean it's a big deal right like i i think people underestimate how much of a big deal this is and if you look up the history of of um of facebook you'll see that the signing with facebook button was actually a massive driver for facebook because every time that someone went to a website and they saw this kind

of like sign in with facebook or sign up with facebook button there and this was like when facebook was just getting off the ground in like the late 2000s people would think to themselves oh okay well what's this facebook thing right and then they could just click a button to sign up with it and they all of a sudden have a facebook account so with kind of like signing with ethereum it's a i mean it is it is a bit different but it's the same concept where people will see signing with ethereum they'll be like oh okay what's this ethereum thing and they'll go figure out how to create an ethereum wallet which is a super easy process mind you and then they'll be able to sign in with ethereum and they'll get like exposure to the rest of the ethereum ecosystem so i think this

is going to be an absolutely massive deal once you get signed with ethereum integrated across more of um more of this kind of like stuff more of the web 2 world especially um but exciting to see you see doom uh doing have this done here i'm sure they're going to have like the proper implementation uh done soon now before i wrap up today's episode i've got a few minutes left here so i wanted to just quickly talk about the my i know i said i wasn't going to talk about the markets but i just quickly want to talk about the markets again i know at this point with eve being down what like over 50 since its all-time high um a lot of people are thinking you know where's the bottom here like where is this going to end um uh you know is eighth going back to the you know the

one thousands i think is it going back to triple digits is uh anthony just posting on twitter with all his bear posting that's a yes by the way i'm completely posting i have no idea what the bottom is right like i don't and i don't think it's gone 80 bucks again by the way i don't put a tweet like that and i'm not being serious okay guys um but as i said before when i was going through the the new the newsletter that spaghetti misses doing during times like this to get yourself through it even if you're underwater on your bags or whatever if you're underwater and you you know you can't handle the stress from that and kind of like you need the money then you have to do what you have to do in that scenario but if you're on it for the long term i mean you know

you kind of like have to tell yourself or ask yourself like okay how long am i going to hold this for like what's what's it going to look like am i still bullish on the ethereum ecosystem am i still bullish on 8th as an asset or all the other assets that you're holding no one can tell you what to do right you can listen to all the people in the world telling you how to trade telling you when to buy and sell but at the end of the day no one knows for sure and you know if you have a million people giving predictions obviously like some of those people are going to be right just by a virtue of the fact that that's a lot of people giving predictions but they're lucky guesses that no one actually knows where the bottom is where the top is how long

it's going to take um you know there's just there's just lucky guesses so i think maybe i think that the best thing to do in these kind of like periods and this is speaking from experience the absolute best thing you can do is hunker down learn as much as you can look for opportunities because there's always opportunities no matter the market conditions um and make sure that you stick with it because you'll regret it if you don't right if you regret it if you kind of like exit the ecosystem now go to something else for a couple years or a year or however long it takes and come back and the price is like way higher than than it is now or something like that i don't know like this is just kind of like how it plays out usually though you'll regret it i regret like when i

did it back in 2014 when i kind of like i sold my bitcoin and didn't look at it if 8th till 2017 uh so and and then i kind of like made up for it in 2018 and 2019 so i think that's what you should be doing at the moment um and as i said don't know where the bottom is i don't know how long it's going to last it seems like we're completely tied to the macro economic environment right now and as i've explained on previous refuels no one is an expert on the macro environment no one can tell what's going to happen there i definitely have no idea when it comes to the macro environment i know some things like at a high level i kind of like get it from a high level but like i can't do deep analysis on it or

anything like that so um kind of like whenever you see people kind of like talking about this on twitter and saying oh the you know the fed's gonna raise rates they're gonna taper they're gonna do this blah blah like just know that they're just kind of like in the same position as everyone else is just trying to you know go through the motions trying to see what happens trying to guess what happens trying to buy dips and trying to buy the bottom i mean and it's it's rare that you'll buy the exact bottom but if you kind of like use a strategy like a dollar cost average strategy or anything like that and you're happy with uh waiting it out then that's probably the best way to go about it but uh but yeah you have to use a strategy that makes sense for yourself

there but i think on that note i'm going to end it there for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone