Home staker airdrops, SNARK proving ASIC and more - The Daily Gwei Refuel #729 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where C latest news thether ecosystem I'm your host and and the 12th of February 2024 all right everyone let's get into it so an exciting announcement for you guys I booked in a time to record a new daily gay drive-through episode with Eric Connor actually tomorrow so we're going to record it tomorrow which is Tuesday and then it's going to be out on Saturday uh so I mean I don't expect much the change between Tuesday and Saturday but we're actually not going to talk about like the latest news or anything like that what we're going to talk about mainly we're going to spend a good chunk of time on is basically giving our bull case for eth this cycle why we believe eth is going to around 15,000 to 20,000 uh us uh and kind of what justifies that

in our minds now of course you know a lot of the stuff that we talk about is probably not going to be quote unquote news to you guys uh because you would have heard a lot of it on the refu before and you would have seen Eric tweeting about it or posting about it elsewhere before but I think that we what we want to do is we want to give like basically just a nice condensed version of that book full case that you could show to to friends and family that ask you so that they actually understand why eth you know is going to be valuable or more valuable than it is today why it's going to retain its value and everything that kind of falls off of that now obviously it won't be comprehensive we're not going to be able to touch on everything that's what the

bulk of the episode is going to be and then we'll probably hit on things like reaking uh as well and we want to I I think in particular we want to discuss how reaking is still misunderstood like I see a lot of people comparing it to like the 2008 kind of banking crisis and rehypothecation and everything just being uh kind of like um you know House of Cards basically which is as you guys know I mean as you've heard me rant on about before uh it is it is pretty much nothing like that uh for the I mean for the sole reason that um you can actually see that the collateral is there it's all transparent right it's not opaque but I'll save the rest of that discussion for for tomorrow's episode but yeah as I said it's going to be recorded tomorrow but it'll be out on

Saturday so I'll keep you guys waiting for for a little bit there just because obviously there's going to be refuels during the week you know it's funny though if there's a rug fuel on on Wednesday Thursday or Friday I'll just release the episode on those days instead of uh in instead of releasing it on Saturday so I guess like this is probably the one week that you guys are praying for a rug fuel because then you'll get the the um the the Eric and sassel bullish episode earlier but maybe it's the one week where I don't do a rug fuel uh we'll have to see right anyway uh I'm going to leave that at that uh just just wanted to announce it to you guys that it will be recorded tomorrow going out at Saturday is the plan but if there is a rug fuel I'll put it out

earlier uh you know to make up for that there all right moving on so I put out a tweet today after discussing this with a few people and seeing more people discussed this over the last few months but the tweet that I put out reads if you're building a project on ethereum and you haven't done a token yet there are two things that you can do that you can do to get your project on everyone's radar the first thing air drop tokens to e stakers in particular home stakers and the second thing allocate up to 1% of the token supply to the protocol Guild and of course I I continued and I said if you want to learn more about this feel free to reach out I'm happy to help in any way I can for free of course so this is not anything new you know this

has been talked about for a while now I know that Justin Drake's gone on you know bankless podcast before and it was a while ago now where he said you know if you're a soloer or a home steaker you're going to get air drop tokens and and so on and so forth but that hasn't really materialized at this point right and I mean for two reasons I think the the one reason is that well the probably the top reason is that it's it's pretty difficult to identify solo stakers right it's pretty difficult to identify home stakers it's not impossible you know we've seen radar. Network put out some work around this but it is pretty involved and there's no kind of standard here um and you know you can go back further and identify them easier like if if you say okay well I want to identify

who was a solar or home Staker uh for the first couple of months of the beacon chain it'd be very easy to basically say that most if not all of those stakers or most of them not all of them but like most of them were probably kind of your your you know your home Stak with your solo stakers uh but then since then obviously we've had the Advent of lsts centralized exchanges and services is getting involved in staking and so on and so forth so it's become a lot more difficult so just getting that list of people to airdrop to is is uh is is the first kind of hurdle and the second hurdle which isn't really a hurdle but it's like this I think the second reason why this hasn't really happened is because no one's gone first right it hasn't become a trend normally in crypto

what happens is that things just become Trends very quickly like let's just say a project was to air drop um uh to e stakers right and air drop to home stakers and air drop to to even people that stake as part of staking pools let's say a project does that then the expectation would be that other projects would follow suit because now that one project especially if it's like a popular project would have set the trend and then the other ones will follow sup because suddenly all the users are demanding it and the users are going to get angry if if this doesn't happen right so I think that's that's that's going to be happening and then you can kind of mix that in with the fact that there's going to be a lot of air drops to stakers anyway because of the liquid reaking projects right puffa uh uh uh um

uh ethery and swell just just to name three of them I mean there's plenty of them but just to name three of them haven't got tokens yet but have very clearly stated that they're going to have tokens and that you're going to get the tokens uh for being for staking with them basically so I think it's going to materialize I think this is actually going to be a main theme going forward but it requires that just one you know relatively big project to get it all started and I think that's going to happen relatively soon I mean I hope it happens sooner rather than later obviously but I think that's really what what's going to get things kickstarted and then we can hopefully coales around a nice little you know whether it's a GitHub document or something that lists out hey these are the solo stakers right

these are the home stakers these are the people that you should be airdropping to and there was some people saying that uh you know how would um you know how would uh how would this help anyone how would this help anyone by giving money to just more you know sorry giving more money to already rich people because they were thinking that I meant just solo stakers which obviously if you want to be a true solo Staker you need 32 eth I'm not just talking about solo stakers here guys I'm talking about home stakers as well I'm talking about people who do staking via something like obal's DVT Tech as part of a squad I'm talking about people doing Rocka pool staking right yes the you know it's still it's still a fair bit of money but obviously it's a lot less than 32 eth but at the same time

shouldn't you want to reward the most plugged in people into the ecosystem like I bet you the home stakers generally are the most plugged in people in the ethereum ecosystem because of the fact that they have so much money at stake literally right at stake here um and uh they are so invested in the ethereum ecosystem that it's you know worth their time to keep up with it it's worth their time to be involved with it I I know a lot of Home stakers guys and they are all very very active within ethereum so why wouldn't you want to reward these people because then they become your biggest kind of marketing vehicle right that's how I view it anyway um that's on the first point there the second point is rather self-explanatory right allocating up to 1% of of the total token supply to the

protocol Guild is something that has already kind of begun it is a trend that's already started and it's part of the protocol Guild pledge that I covered the other day that Tim boo published about uh but essentially uh this pledge is yeah you give 1% or up to 1% uh of your token supply to the protocol Guild and it doesn't matter what project you are doesn't matter if you're a layer 2 if you're a app if you're some kind of like new reaking thing it doesn't it doesn't matter right if you if you're going to do a token the kind of I guess Trend now expectation uh from the community is that you allocate at least 1% of it to the protocol Guild because the protocol Guild is made up of the people literally you know keeping your project alive on ethereum because they are maintaining the ethereum network

they are upgrading the ethereum network and they are the most valuable people within ethereum that the core devs and researchers in my opinion are the most value people uh valuable people in ethereum and they should be rewarded for that but you guys know my whole opinion on that but that trend has already started so really the second point is something that we're already seeing so it's it you know we don't have to really kind of shout that too too much from the rooftops but the first point is something that I that I want to see a trend form around and I think we're going to see that very very soon you know even if a project that's not an a liquid reaking project does this it just kickstarts that Trend and that alone will be a very nice flywheel for kickstarting more value acral to e

because then people will be like wellow okay I have to stake more eth right I have to keep my eth staked longer because I'm going to get air drops right we we've already seen this play out in some other ecosystems but I do think that all it takes is one semi big project have to be doesn't even have to be a large you know really large project it can be like a relatively large project right if it's if it's too small it just won't get enough attention but a relatively large relatively hyped up project all it takes is them to do this and they need to do it in a big way as well they can't just do like a small air drop you can't just do like 1% of your token Supply you need to do more than that you need to do a in a big way you

need to make headlines with this air drop it needs to be a big dollar amount right obviously you can't exactly plan for the dollar amount but at the same time uh you can kind of have a rough estimate of what it would look like and then that starts the trend so we'll see we'll see sooner rather than later hopefully uh you know we we'll see what happens there but there are some major projects in ethereum uh that haven't done tokens yet right like there's plenty of layer 2os that haven't done tokens yet there's uh obviously I lay hasn't done their token yet and some the LRT projects so the projects are there I mean they have the choice to do this or not and some of them have already dedicated or announced that they're going to be donating 1% of their token supply to the prot Guild so they're

halfway there they're doing that let's do the let's do the first thing here air drop to e stakers in particular home stakers and let's get that flywheel started at least that's my kind of bull case for that and I'm hoping to see some of that uh going forward all right so Justin Drake got everyone talking over the weekend because he tweeted out a picture of an little Asic chip here where he said this is the first ever snark proving Asik realtime proving realtime settlement Universal synchronous composability coming sooner than most think we can fix ethereum fragmentation so of course Justin Drake did a podcast with bankless last week all about ethereum fragmentation you should definitely go check that out I think I shouted that out last week but I wanted to kind of give the T on what this is so you guys know at this point that within ethereum

the kind of general gist or the general road map is that we expect the Builders of blocks to be centralized right we expect the Builders of blocks to be centralized and we we expect the verification of that of the blocks and of the network to be decentralized now now the closest or I guess like the perfect the perfect way to describe this right now is me boost within the me Boost network the block Builders are very centralized there's only like five of them that account for 90 90 plus% of the blocks being built right which isn't great for censorship resistance guarantees but we have other ways to fix that like inclusion lists and such and stuff like that but block Builder centralization is just the uh logical conclusion or The Logical kind of end state of all the financial incentives at

play here okay so if you accept that the reality or the you know the future reality I mean it is reality today but if you expect this is going to be something that is going to be very sticky you know block building is going to be incredibly centralized then you have to basically say okay well we're fine with block building being centralized as long as block verification and network and network verification generally is decentralized and that's what comes in with the validators because the validators are you know there's many more validators or many more node operators I should say on the network than there are block Builders if there's five block Builders there are thousands of node operators right if tens of thousands of node operators that's what really matters for decentralization because they are verifying that the blocks are you know valid they are verifying that the blocks

are following obviously the network rules they're attesting to these blocks and they're doing this in a decentralized way right rather than the block Builders obviously they're doing it in a very centralized way but they're for-profit entities they're doing what's in the best interest of their pockets and that's the kind of economic incentives at play here now where that kind of fits into what Justin Drake tweeted about is essentially we can use these aexs to you know we can bolt them onto like basically beefy machines and we can push all of the block building whether that be at layer one or Layer Two to these beefy things but uh you know and then you know it's still going to say stay centralized still going to say stay beefy but the verification is very lightweight and and in the future it's going to be as light weight is not

even needing a full node you can just do that with a light client right you can run a validator off a light client you don't even need to have a full node uh in order to do this so verification remains extremely lightweight even lighter weight with this uh with these aics and block building remains still Central CED as it is today and that is the plan like we've accepted that that's going to be centralized but that's okay because the real value of a decentralized network is in the verification not in the actual building of of the blocks uh but then obviously as I said there are some drawbacks to this such as censorship resistance which we're tackling in other ways uh such as uh uh you know inclusion lists and uh PBS to deal with the relays and things like that right we're tackling this in

different ways but that's orthogonal I guess to the to the the kind of point that I'm making around the fact that we have accepted that centralized block building is going to be the case no matter which way we designed ethereum right it's just going to be the case due to economic incentives so let's uh you know let's go in all in on that let's do things like snar proving as6 and let's make it all composable and let's make it all kind of um you know uh make it so that all these block Builders basically compose all these transactions together and then we get the decentralized verification from the validators on the network and from the from the full nodes and from you know like clients and and so on and so forth so that really is the end game here I don't you know the the

thing thing is is that these astics are not going to be doing snar proving of layer one until the layer one becomes snark ified which is a long term road map item like I wouldn't expect that to happen for many years at this stage but at the same time you extend this out to the l2s and that's where the power really starts to shine because the l2s are already ZK right the ZK EVMS and they they run on Starks and snarks and other kind of uh Primitives uh from that lens so you extend it out to that and those block Builders are also going to be centralized we call them sequences um but at at the same time if we accept that they are going to be that then uh we we allow them to basically beef themselves up with these uh the snar proving aics or just aics in general and

then we still have the the lightwe verification of ethereum L1 and of the validators that exist on these l2s as well and then uh we basically have an L2 that looks like an L1 and as I said we have that that you know fast settlement re real time and cheap proving which brings costs down for layer twos and then we have that that composability as well which is again why Justin says here we can fix ethereum fragmentation because this is another way of fixing it you know he spoke about sh shared sequencing and stuff like that as well but there are a lot of um different ways to do this stuff so that's what you know I got me very excited and there was some confusion around this saying people saying oh I know didn't we uh kind of like Get Off proof of work to make it so

that uh uh verifying the network would be lightweight it's like you know and and not use electricity and not have to require B machines and things like that and that's correct completely correct but I guess as I just explained to you guys there a difference between verification of the blocks and building the blocks and building the blocks is okay to be centralized and require beefy nodes but verifying the blocks is needs to be lightweight needs to be accessible to as many people as possible in order to keep the network decentralized and I just want to point out one last thing about the term Asic Asic just stands for application specific integrated circuit I think or integrated chip um it's just like an acronym for a chip that does a very specific thing at least from my understanding it doesn't mean that it's some beefy mining Miner machine it can

be a chip that's put into a beefing machine or it can be a chip that's put into a lightweight machine they're just chips that do a very specific thing so this chip in particular is a chip that does snar proving so because it's been optimized to prove snars it can do as Justin said here real-time proving realtime settlement and it can be very very cheap to do this as opposed to doing it with a normal kind of uh chip that you would find in a in a consumer consumer Hardware right and again that's the incentives at play here like if it's cheaper and it's more efficient and you can make more money doing it with an application specific chip that's what's going to happen people are going to optimize for that Hardware uh but at the same time that's fine because block building as we said we accept the

centralized and accept that the incentives are to lead it to be centralized but we can keep block verification and chain verification very very lightweight and that is how we keep the chain decentralized uh so yeah we're going to leave that one at that there is another tweet from uh David Hoffman here or I guess I should say cast because it's on Far cast where he actually kind of plays off of what Justin was saying here where he says the final form of ethereum is a trivially easy to verify L1 goes back to what I was just saying about EAS of verification of L1 that natively verifies L2 cryptographic proofs ZK evm proofs right or ZK proofs in general I shouldn't say zkm proofs ZK proofs in general um which issues eth to incentivize the increasing value and density contained in these proofs obviously eth has the ethereum network

is secured by eth which is its Economic Security so that uh you know plays into basically everything built on top and then uh David finishes by saying ethereum consumes cryptographic proofs and produces cryptocurrency eth I think that's just a really nice way of summarizing what what eth does and what ethereum is and then I replied to him saying ethereum is basically a root of trust if you will right and I think I've mentioned this term before ethereum L1 is a root of trust for all of these uh like uh um zkps and other kind of cryptographic Primitives that exist outside of the chain but we can be sure are still following the rules because they're using zero knowledge technology right and we can be sure following the rules and they are and by putting themselves on a the eum they are secured

by ethereum right and the bridge for these l2s exists on ethereum which is secured by ethereum you have things like Escape hatches so we have all these nice things that can be built around it but really this is the the real kind of use of a layer one blockchain guys and this is why I'm so bearish on the monolithic architecture of a layer one blockchain it's got nothing to do with bag bias got nothing to do with any particular project I just don't think that the monolithic approach to a blockchain to an L1 blockchain is uh is is the right approach here uh for the simple reason that I think a blockchain does one thing like a l one blockchain I should say does one thing and it does it very very well and that's being a root of trust that's being a place to store things

that you need uh like like zkps right things that you need uh to to settle onto a uh I guess censorship resistant credibly neutral decentralized base layer which is exactly what etherum L1 is optimizing for and then we push everything else to l2s and yes okay in the short term or short to medium term it breaks a few things right a fragments liquidity uh it breaks the user experience a little bit uh or a lot depending on you know what wallet you're using right but in the long term it is the most sustainable secure decentralized credibly neutral amazing way to scale a blockchain and that is why I'm so bullish on the modular approach that is why the modular approach is going to win and that is why I think any monolithic chains that end up Surviving will be modular chains they will not survive as a monolithic chain

and you're already seeing some of the top monolithic chains pivot away from being true monoliths and going into a more modular approach because they know that it's not sustainable being a monolith they know that it is going to work long term and they know that you can't just run everything on a single layer but of course they've sold the the hopes and dreams on that so they kind of like will take a while to Pivot here but I do think that the best best uh way of of um not just scaling uh but the best sustainable way to build these things is through the modular approach and we will fix the issues around fragmentation we will fix the issues around user experience those are not uh kind of like deal breakers for the modular approach they're just things that we have to work through and they're just kind of like

engineering ISS issues if you will right they're not anything fundamental uh fundamentally wrong with the modular road map uh there anyway enough on that moving on to I guess something related to that which is something that donno who does research at l2b posted which is an eth research post titled Universal plasma and d da challenges now I think that I've talked about a similar construction maybe a few weeks ago where essentially I think vitalic actually brought this up a few months ago now where he said that we could use plasma which was one of the original ethereum scaling uh mechanisms to uh basically bolt that on to data availability challenges within things like optimistic rollups and validum now there's a new eth research post here not very long

from donno you can go check this out I'll link it in in the YouTube description below but basically it goes over what you know how this could actually work here uh what the you know what the actual construction could potentially look like uh among other things so it's not as I said it's not a long post but you can go um go check this out I'll link it in the YouTube description below and there's also vitalic original uh blog post from November so it was yeah it was a few months ago where he titled it exit games for evm bidum the return of plasma and I remember at the time I made a bit of a meme about it saying that Plasma's back guys like it's it's come back from the dead uh but yeah this is essentially kind of using a old construction called

Plasma in order to do things uh in order to um maybe bolt it on to things like validium to do da challenges so yeah you can go check this out I just wanted to put it on your radar I'll link it in the YouTube description below for you to do so all right so ZK P2P has an update for us uh over the weekend where they said uh now users can use ZK P2P while play paying zero transaction fees on Bas powered by privy and zero Dev uh anyone can acquire usdc without needing to download a wallet or Bridge eth from another chain all you have to do is go to ZK pp. XYZ to get started um and as I say here this makes ZK P2P gas free transaction fees are sponsored via payas uh Wallet free uh they use privy to

create an embedded signer that signs transactions for your wallet and hassle free get on base in 90 seconds without seed phrases or any wallet setups and they run through how this um kind of works a little bit in the thread as well as a one minute video here showing you how this works and you guys know that ZK P2P is a project that I've talked about before they're basically making it so that you can onboard uh trustless Le through something like venbo venmo onto ethereum onto Bas uh and there are there are relatively small limits but I think this is a really great way to do this uh you know in in a trustless way to do it using uh I think it's a really cool use case of of zkps in order to to get your first lot of funds on bass or on you

know ethereum L1 without having to go through a centralized exchange and this is just another way to onboard here and it's a really really cool way to onboard mind you so yeah you can go check this out I'll link it in the YouTube description below but I also wanted to highlight just how easy this is from a ux perspective as I said like it's gas free which means that there are transaction fees but they're so low that they're able to be sponsored via uh via something called a pay Master uh it's Wallet free so it's all done within the browser uh because privy allows you to create an embedded signer that TR signs transactions for your wallet this is similar to I think something like friend Tech right and hasslefree you can get on base in 90 seconds without seed phasers or any wallet setup so that that's the

ux kind of goal there guys just get these people on you know straight away with the with the kind of ethereum address or with a base base wallet ethereum wallet whatever you want to call it here uh and and have them on board from their existing kind of apps that they use such as something uh like like venmo here so yeah you can see it in the video I'll link the video on the YouTube description below but this is the stuff that's going to lead to mass adoption um I think the centralized exchanges are great kind of um gateways into this stuff but there comers some gateways right like imagine an app wanting to bring someone on to on board right and then if someone doesn't have any crypto to begin with so they the app could say okay we'll go to coinbase or go to binance and sign up and do the kyc

and put your money in there from your bank account and and get your first crypto and then withdraw it to our app right or they can use one of these onboarding vehicles such as ZK P2P to get the user onboarded in less than a minute because doing it through the centralized exchange for a brand new user could potentially take days to get on boarded right because not only do you have to wait for the kyc but you also have to wait for the deposit to hit your your your crypto exchange like from the bank account to the crypto exchange you have to wait for that deposit to hit and then you can and then at any point along the way something could just be put on hold for some fraud reasons or whatever because obviously fraud is a big issue scam is a big issue so that could happen

there or you could go go through something that you already use like a lot of people in the US already have venmo so they go to a site and the sit's they go to some crypto app and the crypto app's like hey you don't have any funds but hey on board via venmo using ZK P2P get your first funds on on uh Bas so they don't have to say what it is they can just say get your first funds on our app or maybe it's farcaster right uh and then away you go you you can get started with everything so that's that's the future of onboarding I think centralized exchanges are still going to be obviously big onboarding vehicles but they're just slower onboarding Vehicles then they're never going to be as fast or something like this uh they're much much slower because of the reasons I

outlined and at the same time a lot of people signing up to centralized exchanges they're not doing it to come on chain a lot of the time they're doing it to basically uh speculate on crypto right and I don't think that's going to change anytime soon I think that we're going to see that again once the market heats up people just going to download the queen base app and you're going to see it climb up the rank of the App Store and they're going to go buy any number of coins on there just to speculate on them and they're not going to withdraw them to their own wallet or anything like that they're just going to speculate on there uh coinbase is in a bit of a unique position where they can actually push people towards base because obviously that's in their best interest to do that but it's going to be

I'm going to be very curious to see how that plays out because Bas wasn't around last cycle last bull market and it is this bull market so is coinbase going to capitalize on that I think they will but again it is more cumbersome still than just onboarding via something like ZK P2P so I'm glad this exists I'm glad some other uh kind of fat on ramps exist that are that are similar to this but I think ZK P2P is doing it the coolest way by integrating ZK proofs into this and not relying on kind of you know too many centralized intermediaries obviously they still rely on venmo here but venmo is built you know to be a P2P app so they're just harnessing what was already built uh as part of the kind of tradire ecosystem and bringing that into the web 3 ecosystem all right speaking of

farcaster uh over the weekend the ethery account got suspended along with Renzo and Wormhole accounts uh now Mike K who is the CEO at eifi said really glad we pay $11,000 a month for a verified or subscription so that we can submit an anonymous appeal form and have no phone number or email support of any kind and then I quote tweeted this and I said I'm so glad that we now have farcaster as a backup for Twitter hopefully farcaster becomes the primary platform for the crypto ecosystem and Twitter gets relegated to being the backup not that we'll need it since farcaster is decentralized you guys know that I've been going on about farcaster for a long time and a lot more recently this is one of the reasons honestly like I have been very beish on Twitter or X whatever you

want to call it since Elon took over it just seems to have gotten worse and worse I know that a lot of the app has has stayed relatively the same in that uh you know you still you know send tweet tweets out you can still do tweet thread you can do like longer tweets now you got the retweets and and likes and everything like the ux has generally stayed pretty similar but it's a lot of the the kind of like uh stuff surrounding it so for example the scammers and Bots are still running rampant right like they're absolutely everywhere every time I tweet anything they're there immediately so elon's promise of getting rid of them isn't there uh a lot of crypto Twitter or a lot of Twitter I should say has become very political I've always coming across political posts like no matter how many

words I mute no matter how many accounts I mute I'm always coming across just like inflammatory really shitty political post that I don't want to see uh and it's super annoying like I can't like there's no way for me to filter it out without just manually going to like um muting words and stuff but it always pops up like I'm pretty sure the mute feature is broken because I'm seeing things from words and I've got the word muted but I'm still seeing it so it's just bizarre to me right whereas with farter you have channels the way I browse farcaster I don't even go to my home feed I just go to the channels and I browse through there and it's beautiful because the channels are moderated it's like a hybrid of Twitter and Reddit where you have moderators of a channel the moderators are going to

remove all the crap and then you won't have to be exposed to it right if because anyone can obviously post whatever they want in the channels but it's just a much better and much cleaner experience and I've I that's the one number one thing I loved about Reddit is that you had moderators and I know there's censorship concerns but like at the end of the day I'm okay with giving up a little bit of I guess um control to these moderators to moderate things if it means a little bit of I wouldn't even call it censorship if it means risk of censorship um just to have a much cleaner feed because uh at least with farcaster the beautiful thing is is that if these moderators start kind of censoring in Mass you can just create a different Channel and you can just go to that channel and other people can join

that channel you can use a different client if the client starts censoring because farcaster is a protocol to build these things on whereas with Twitter you have none of this Twitter is not a protocol Twitter is a centralized service that is managed by a centralized company that doesn't seem to give a about all of the issues with Twitter right now all they seem to care about is uh essentially kind of uh continuing the status quo and just making things worse over time like as I said the scams and Bots are are probably worse than they were when uh you know before Elon took over the value of of Twitter has gone down dramatically right as as a business they fired pretty much well they seem to have fired all of their customer support people because anytime you want to get your account back even as a relatively

big account it can take a long time to do that they randomly suspend accounts for no reason I mean there was what reason did they have to to suspend ethery right like I can't think of any but then they'll let the scams and the Bots run rampant and and that that issue still exists I mean I've seen I've seen impersonators of me stay up for weeks if not months at a time like I go back and I'm like what the why is this account still here it's literally impersonating me yet they'll ban these legitimate accounts it's it's really really really bad guys like I and that's why I've been really bearish on Twitter and that's why I'm so so happy that farcaster is this alternative now and as I said I hope it becomes the primary platform I don't want it to be I don't

want it to be the alternative for crypto tter uh crypto the crypto ecosystem I want it to be the primary platform so that there's no risk anymore of getting rugged on these things because like crypto has gone through a a lot of kind of phases of having different platforms like uh I think Bitcoin talk forums were very popular to begin with that it moved to Reddit and then Reddit moved M to Twitter and now Twitter seems to be moving to foraster and I really just don't want to have to move every few years I would rather us just have like an ecosystem that is kind of Crypton native that we can go on that we can have uh certain guarantees around being decentralized and relatively censorship resistant right uh because it fractures everything it fractures the community it makes things annoying it makes you know

you have to rebuild your audience again because you can't bring your social graph with you from these centralized services and stuff like that so yeah I'd rather us just like stick to one platform and I'm hoping farcaster can can be that platform because it is not just a platform it is a protocol right like yeah I use wobcast but if wobcast started censoring things like okay well buy wobcast I'm going to use something else I'm maybe I'll just use my own local client instead or my own local version of wobcast I'll Fork it and and and do my own thing right because I can talk to the farcaster protocol in a decentralized way so yeah just a little bit of a rant there uh you know it kind of annoys me because i' I've invested so much time on Twitter I have grew you know I've grown such a large following

on there and I do still enjoy the user experience of Twitter honestly like uh as I said the ux has remained largely the same in terms of just being able to kind of um you know interact with people and and and it feels very smooth and things like that and and uh it's just the other stuff that's just just letting it down and I don't think anything's going to change under Elon maybe he sells it to someone else I don't think his ego will let him do that but hey who knows right um I just think that it's just very sad what's happened to Twitter I'm I'm I'm not hopeful at this point that anything's going really going to change for for the better I am very hopeful about farasa and as you guys know I've been doing more and more stuff on there I have the daily gay channel on

there now that you guys can interact with me on which is just so awesome like you can't really do that on Twitter right uh so yeah I'm I'm just super excited about uh about continuing to to use farcaster but anyway going to leave that at that for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a b thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone