LSD for solo validators, Nothing is priced in & more - The Daily Gwei Refuel #378 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel where i cap the latest news in the ethereum ecosystem i'm your host anthony susana and today's the 3rd of june 2022 all right everyone let's get into it so we've got a fresh post from justin drake here today talking about a fungible and governance-free liquid staking or lsd a liquid stacking derivative or lsd friendly two solo validators now you guys know there's been a lot of discussion around liquid staking lately especially around lido and their dominance within the network well justin drake and a bunch of other people who have helped justin with this uh have put out this blog post and those people who helped him include uh some people like uh vitalik of course danny ryan timbeco and i don't know what this handle is here uh francesco i think he's another

ethereum researcher um so basically the tldr is that they've proposed a fungible and governance-free lsd compatible with solar valve validating the lsd is secured via hardware-based slashing protection and enjoys a higher capital efficiency than lido's st e so essentially as i said an alternative to lato's uh the derivative token st this one's called s eth and it's more capital efficient because uh i guess like justin argues here that with st if you're paying uh kind of like you have 10 capital inefficiency because you're paying delegation fees and uh which is five percent operator fees and five percent lighter fees there so uh whereas with this design would be roughly three percent in efficiency uh which is obviously vastly better than than

lighters this year i think this is quite interesting it's not a silver bullet uh or anything like that guys like there is not going to be a civil bullet for any of these kind of like issues it's just going to keep we're just going to keep iterating and getting towards kind of like something that is beneficial to both the network and to users so this would be obviously very beneficial to the network because it is geared towards solo stakers so if you're already a solo staker i guess like when withdrawals are enabled are enabled you could withdraw and then restake using kind of like this design if it goes live or if you're gonna add another validator then you could use uh this design here so basically uh as it says here this is a hardware based slashing protection so it uses uh intel's sgx platform uh which is a

trusted hardware kind of like platform here i think that's the only one that justin considers to be i guess secure enough to do something like this and it's got a bunch of different mechanisms built into it to make sure that uh the staking the solid station process is still respected here so i highly recommend giving this a read to see what what it's all about here and kind of like giving uh giving a read to some of the replies as well as there's just one reply here from uh oyster i think his name is here maybe i'm saying his name wrong uh you should give that a raid as well i do want to just quickly uh mention that this is what i was talking about i guess yesterday and i probably like the last couple weeks about more competition the competition doesn't have to come from

for-profit entities because for example this design wouldn't actually have a governance token associated with it so it wouldn't have like what lido has with ldo for example or what rockable has with rpl or whatever you know whatever other project has a token attached to it it would just simply be uh public good so to speak right so there's gonna be that there's going to be the enterprise solutions like centralized exchange staking like what coinbase is doing with their liquid staking there's going to be for-profit kind of like individual companies and entities like lido and stakewise and and kind of like other entities out there on the more kind of like um decentralized spectrum like a rocketpool ride and obviously i mentioned swell network as well before but the more competition the better right this is so

in my mind there's like just a couple of key ways to i guess like make sure no one staking pool is or look at lsd is um dominant one of them is competition uh the second one is uh kind of like um social signaling so basically there's been this there's been talk recently about kind of like asking these providers to self-cap at a certain percentage of the network i have various thoughts on that and i've been talking to a lot of people about this and i've been getting pushback on them uh my thoughts basically boil down to i think the social layer should only be invoked in an aggressive way when something is like an existential threat to ethereum i don't think we're there yet with with uh lido for example other people do that's i think where the

difference the difference kind of lies uh but you guys know my opinion on that and i'm not going to rehash it there it's more about kind of like waiting for withdrawals getting more competition on board and not being too hastily about it but i do respect the i guess like the effectiveness of social signaling i'm definitely big on the social layer ethereum has a great one but i just sometimes wonder are we poking the bear too much sometimes like before the bear has even done anything wrong right so or before i even know it's a bear maybe it's a maybe it's a puppy right maybe it's gonna be nice but even then we shouldn't be relying on you know altruism or relying on kind of like the word of a provider or anyone really i mean we need this to be trustless we're in this to make sure that uh we can

build systems that don't rely on you know that rely the lead you know less on human kind of like coordination and human trust than the other systems the systems that we've had previously so those would be like the two major things there uh the more competition and the kind of like the social signaling but on top of that as well i think just more education and awareness around this i think with the client diversity thing one of the major reasons why the uh we were kind of like had a super majority with prism was because a lot of people didn't even understand why that's a bad thing they didn't understand why uh any one client having more than 66 percent of the network is is kind of like you know critical and and potentially existential uh an existential risk to the network then we had like a months-long campaign

of educating you know used individuals kind of like institutions uh such as kind of coinbase who and kraken obviously they were high up there in the prison usage and they came down once they understood the risks so i think education plays a huge part here and that's why i'm always talking about this sort of stuff but yeah those would be the three main things uh that i can think of off the top of my head that would go into kind of like making sure that no one pool is dominant because we could we could say oh okay you know we um we made it so that uh lido isn't as dominant they agreed to cap themselves and their dominance came down but what if a more kind of like malicious entity comes along for example right or what if someone who or kind of a provider comes

along and basically says well we're just going to create an lsd we're going to juice the hell out of the rewards and we're going to get as much eat sucked up into us as possible and then we're going to start centering transactions and things like that so there's always that risk too but the social signaling works to to beat that back as well and the education by basically saying you know people to people hey like you know this kind of like the provider has too much share of the network stay with someone else sort of thing just like we did with client diversity but the key difference between client diversity and and kind of like taking centralization right now is the fact that you can't change uh who you kind of like stake with um or at least if you sell your st you're not withdrawing that eighth out of light

or you're just selling it and it goes to someone else right whereas the client diversity you could change your client from prism to lighthouse for example and it would materially affect the outcome so we're gonna have to wait i i i i think we're just gonna have to wait to withdrawals um to see kind of like the material impacts but it doesn't mean we have to wait on the social signaling side it doesn't mean we have to wait on the education side and the encouraging more competition side we definitely can continue to do that without waiting for withdrawals which are probably still at least at least 12 months away if not more i would probably say it could even be 18 months away right um we're going to have to see but like at least 12 months away from from now so yeah anyway i'm going to leave it

at that on that on that front there as i said i think what i like i have my own views on this and maybe i don't articulate them as well as i could on the on the refuel as you guys know i just kind of like do these off the cuff i do it from stream of consciousness here if you want to talk about this definitely talk about it with me in the discord channel and give me your opinions if you disagree or agree with me on the whole liquid staking thing i would love to hear them because i'm not saying i'm right i'm just giving my view and my opinions on things and maybe i'm wrong and the thing is is that i understand or people get fired up and passionate about this because the cost of being wrong is so high we obviously don't want to turn

the beacon chain into something that's just run by cartels so we definitely want to set that bar you know now and make sure that nothing turns into a cartel but at the end of the day uh i i do feel like that different opinions need to be heard i don't i don't want kind of like everyone to just be agreeing on one thing and then it turns out that that thing was wrong right because there's that risk as well so so yeah anyway leaving it at that moving on for now um sam here from block works put out an interesting tweet yesterday uh he said yesterday marked the highest amount of gas ever used on ethereum mainnet to settle layer two transactions 3.95 billion of the 100 billion daily gas limit was used to settle l2 transactions or in other words 3.95 and you can see

on the kind of graph here that it was the largest dating to that massive spike there obviously this was due to optimism's token launch a lot of people uh kind of like got onboarded to op to claim their tokens and used uh the you know the optimism network in order to maybe trade in and out of those tokens claim all that good stuff there and as a result optimism paid record fees to ethereum layer one for for that now i've heard this really stupid narrative been you know circulating for a while and i've mentioned on the refill before but i think it's just worth mentioning again now when people say that layer 2 is a parasitic to ethereum it's so dumb because we all know that layer 2s have to pay ethereum in kind of like 8th for their security and you see hard evidence

of this right here in this chart like this is literally on chain verifiable evidence that the layer 2s are paying layer 1 and are making a material impact right when activity is high and eventually obviously we expect this kind of like to keep keep going up the amount of um gas that they're using and you can see it has trended up somewhat right but we eventually expect it to be you know 20 30 40 50 you know eventually 100 percent like maybe uh down the line of ethereum's kind of like layer one block space being used by layer two so when we get that kind of like activity on there and that will always pay eth to the network and most of that eighth will be burned as part of one five five nine but not only that that's kind of like the direct value add

to ether and ethereum and but there's more than that there's obviously a lot of the things around alignment right around these teams doing social signaling and basically saying hey like we're super aligned with ethereum we want to use ethereum uh we want to kind of like to scale ethereum and we're not going to kind of like deploy our our solutions to other networks or try and kind of like have our for example optimism on another kind of like layer one we're just gonna have it on ethereum that's not to say that someone can't fork that and put it on another layer one that's not to say that some of these layer two networks won't also deploy to other layer ones maybe they will right like i'm not sure i it's kind of hard to tell what the future is going to look like but i think ethereum

layer one in its current state is the best place for l2 to settle and in the future it's going to be an even better place with things like proto-dank sharding um and dank shotting in general implemented because it means it will be a super cheap place for uh these l2s to settle on while still being super decentralized and secure so there's all of that as well that goes into it so anyone who's telling you that layer 2 is a parasitic to ethereum has absolutely no idea what they're talking about and should really not be listened to unless they retract that statement because in general if people are saying that when the evidence is so starkly against that point then i don't think it should be taken seriously i mean you know i know i just mentioned that we should hear differing opinions but there's opinions and then there's things

that are just based on hard facts i don't think the opinion of of saying kind of like um uh later is a parasitic to ethereum is really grounded in any sort of reality or truth because we can see the reality and truth before our eyes and i don't think they're parasitic i think they're very very uh kind of like a good for ethereum and they have like a symbiotic relationship with it uh and you know to take to kind of like play devil's advocate here maybe they do come become parasitic some of them where they get a lot of activity and then they just say oh we'll screw you ethereum we're gonna become our own layer one i think that's silly for a bunch of different reasons uh but like the the major two reasons are one in order to become a layer one they

would have to bootstrap their own validator set and to do that they have to have a token and then they have to issue that token in order to uh sorry they have to kind of like do new issuance for that token in order to pay validators and two uh uh on on top of that it also just makes zero sense from an ecosystem point of view and from an alignment point of view so i think that that's just not likely to happen for most of the l2 some are going to attempt it like that's for sure but i just think it's not likely to happen for for most of them so i just wanted to kind of like point that out to you guys all right so little cohen here had a great tweet today where he said can people please stop posting screenshots of governance forums and present them as

already made policy decisions anyone can post anything into any governance forum so unless there's not at least a snapshot vote to support it it's just noise and i think i mentioned this yesterday when talking about the optimism forum post the one around kind of like not rewarding future airdrop users if they sold their you know the first airdrop and then a bunch of other ones out there this is good to keep in mind guys like anyone can create an account on this phone anyone can post anything they want it does not mean anything really it's the same as someone just going on twitter and saying something it doesn't mean anything it doesn't mean that it's gonna it's gonna happen doesn't mean that it's even gonna get voted on or people even care about it it's just some random person going on a forum and kind of posting that now you

know obviously depending on who it is if it's a random person or if it's someone that's well known you take it more seriously if it's someone that's well known like hazu and i'm going to talk about what hazu says has said in a moment you take it more seriously than just some random unknown person and what i've noticed is a lot of these governance firms get overrun by yes men who basically just say i agree to this yes this is cool i i very much agree and like how do you know they're just not the same person just basically having a bunch of accounts and and agreeing with themselves you don't and this again goes back to why we need things like proof of personhood decentralized identity um anti-sybil resistant mechanisms because it's just so easy and the cost is so low to pretend to be someone else on the

internet pretend to be multiple people on the internet right so i think it's just good a good thing to keep in mind when we're looking at foreign posts especially now i spoke about hazu and basically hazu will got into this discussion uh here basically arguing why the op token shouldn't be a fee token on optimism and his main point was you know the op token profit is a function of sequence of revenues now for those of you who don't know the sequencer is basically the piece of software that runs the transactions on a layer 2. and then hazard continues by saying which is itself a function of providing the best possible user experience to devs and users having users pay fees in a minor token will hurt demand more than reservation demand will increase it account abstraction is the way now basically

i think when it comes to like what token to pay fees in on layer 2 what's going to end up happening is that it's going to be abstracted away where you can pay with any sufficiently liquid tokens such as 8th such as the stable coins and maybe a select few other tokens out there but i don't think this is a value accrual mechanism this is more about providing good user experience for someone like you can imagine that someone has stable coins on a layer two for some reason maybe they withdrew it from an exchange uh but they don't have any eth on there well they should be able to still transact on that layer too without having to use eighth and then it just all happens in the background where maybe the sequencer says okay we'll do this and then we'll just we'll kind of

like change what stable coins we need to into eighth in order to pay ethereum layer one fees and this could all be handled in the background but it's not really a value driver for tokens like op i think the the op token value as hazu says here will come from from being able to stake it when they're decentralizing their sequencer out in order to have a share in sequence of profits and and basically the fees that are generated off that plus potentially mav as well now how's it replied to this kind of like foreign post that vitalik screenshotted here uh i think if i go to his profile i can kind of bring up the the forum post it's uh it's here and basically expanded on this a little bit more um and but yeah as i said like if you go to like who posted this uh

it's literally just look at this yeah it's good i think it's better for op and long term strongly support this let's burn op not ether's gas yes it's good this can help the project yes that's so good best idea for op i mean this doesn't look like real people to me right this looks like the same person just saying the the same and it's just all yes man it just you know it doesn't make any sense and you know that's why i kind of liked uh like how's his reply here because this is actually hazu he cross-posted it to twitter he's actually giving more than just yes or no right he's given an actual kind of like reasoning around why he thinks this is a bad idea so just falls back to what i was saying before don't look at these governance forum posts and think that

they're anything more than just noise a lot of the time if you really want signal look for the people who actually have some credibility behind them like hazu and like a bunch of other people in the ecosystem like kobe that i talked about yesterday don't just look at random people and be like oh the sentiment here is great this is why governance is so hard guys this is why like i'm bearish on on-chain governance and things like that um at least most of it like there's some implementations that can work but it's just because like it's just easy to sybil and it's also easy for people to kind of like just all have mob mentality about things so governance is hard but i think when list when looking at these foreign posts you need to listen to the more credible people the people who actually have a reputation people

actually have a kind of like original thoughts and not just yes i think this is good pump my bags right that's not an original thought that's just really counterproductive to the entire ecosystem and i don't think it's it's worth kind of like listening to those sorts of people there but anyway i'll link this in the youtube description and you can go check it out for yourself all right so i put out a tweet today where i said i think more people need to be aware of the fact that the vast majority of businesses end up completely failing there isn't some magical lawyer in crypto that somehow overrides this truth most projects in crypto will fail and the tokens will go down a 99 plus percent to reflect that this should be obvious like i'm sorry guys the fact that i actually have to spell this out for for people it kind of

like annoys me because like businesses in the real world 90 of them fail within like the first three or five years i i believe right and i've mentioned this before but that's just the truth of the matter in crypto it's higher than that it would be 95 at least 95 of projects in this ecosystem fail and i would say that most of those projects weren't even serious to begin with there were actual scams right or griffs or just some kind of ponzi that didn't really care about any time kind of long-term sustainability there are very very very few projects that are going to be around in five years let alone three years let alone one year right like think about how many projects were around a year ago that are maybe still around as zombies today but aren't really growing at all and it basically collapsed and failed

completely right and their tokens have followed that this is what again what makes investing so incredibly hard because it's so easy to throw money into anything in a bull market and then it just goes up because everything's going up but investing in what we're in right now a bear market or investing in slow markets or investing for the long term is very very difficult and it's very very difficult to outperform benchmarks like eth let alone usd over the long term right i mean usd is relatively easy to outperform over the long term um you know in in in certain things there are still a lot of things that that didn't even get back to their old all-time high in usd uh during the peak of the bull run um when they were really popular in 2017 so just a good thing to keep in mind again this should be obvious to

everyone i i would say it's obvious to to refuel listeners and watches but i think just generally especially for the the the the much newer people to the ecosystem especially the younger ones they just probably don't realize how many businesses and how many projects just end up completely failing because you really only hear about the successes right you don't really hear about the failures like for all the successful businesses out there there are plenty of that failed uh that did the same thing or similar things and they failed for one reason or another and there's a million different reasons why businesses fail or succeed like seriously if you were to plot out or write out every single reason why a business can succeed or fail you would have a ton like you would need so much so many pages to write it out on because there's so many

variables that go into it and it doesn't matter if you're a crypto project or a non-crypto project the same variables apply it's just the details that may differ uh so yeah just wanted to kind of like uh put that out there for you guys all right so a great little tweet from pseudotheos today where he said uh the merge is not priced in eip4844 is not priced in pbs is not priced in dang shining is not priced in fractal scaling is not priced in now i want to focus on kind of like each of these things individually but before i do that honestly how many people do you think even know what any of these things are let alone why they're bullish for ethereum let alone how they even work right it's not many not many at all the merge obviously more people would know

about these days because they're just aware of it because there's a big marketing push behind it but they know the merge as something that's kind of like changes ethereum to proof of stake a lot of people probably still don't know about the issue introduction they don't know about all the other effects that come with it they don't know that it's laying the groundwork for i mean for kind of like uh the future upgrades like the ones listed here they just don't understand the implications of that secondly eip4844 how many people could tell you what that actually is on top of my head off the top of their heads hardly anyone right it's proto dang shotting just fyi i'm sure the loyal refuel watchers will know what that is but again how many people understand what proto-dank sharing is and and how much scalability it's going to give to layer twos hardly

any then move on to pbs could you tell me what pbs stands for uh proposal builder separation that's the answer what is that you may ask well it is something that i don't think most people actually need to worry about or know about but it's basically this concept of separating uh the proposal of a block and the builder block to mitigate against mav externalities and especially negative externalities there are multiple blog posts on this you can find them you just have to search pbs ethereum and they should come up on on google but again it's very intricate it's very technical it's very bleeding edge so not any people going to know about it um then dank shotting which is obviously kind of like an extension or an upgrade over proto dunk sharding again and people how many people understand proto dang shouting let alone

dang shouting like it they don't right uh and then there's fractal scaling as well which is like the layer 3 stuff again hardly anyone understands that i mean it's again bleeding edge research i don't think any of it any of that's live right now or at least it is in some limited fashion with what immutable has and things like that but definitely not mass market ready at this point but yeah that's that's the first thing i thought of when i read these things i was like like how many people like seriously how many people understand this like i i i'll be honest i don't fully understand uh pbs uh and fractal scaling i think i have a pretty good a pretty good um understanding of the others of the other kind of like things here but pbs and fractal scaling i'm still learning about i'm still trying to wrap my head around

some of the more intricate things there so if i'm still doing that someone who spends all his time in ethereum and doing you know obviously the refill and stuff like that can you imagine how many people uh outside of the ecosystem just have absolutely no idea what these things are you know let alone being able to understand them uh more than from a higher level as well so uh this is probably good weekend reading i suggest if you guys don't know what any of these things are just google them and you'll be able to kind of like uh read a bunch of stuff about them and you and you're kind of like it's actually pretty entertaining as well because it's it's uh it makes you feel bullish like i know the markets the market right now i guess i can say the market's the market

right now uh but if you read kind of like about the future of ethereum and like the upgrades coming and how beneficial and how awesome they're going to be uh i think it makes it makes you bullish i really think it does so definitely go give those a google there all right so balancer announced today they are live on optimism so they're just this is just another app for you to use on optimism i know right now optimism is the talk of the town considering they just launched their token they have most of the popular apps that are live on ethereum layer one now i think liquidity will obviously get better over time and uh you know there'll be more kind of like users on there which will obviously improve the overall experience for everyone uh but yeah just generally i'm glad to see balance alive on optimism one of the uh

kind of like top d5 protocols on ethereum uh been around for quite a while and just another option for you guys to use there so i just wanted to kind of give a shout out there just to make sure you guys knew about that uh and last up here i have a tweet thread from a bar tech again talking about how l2s derive their security from ethereum now i'm not going to read out this thread of course you can go check this out i just wanted to kind of highlight it again for you guys because i love bartex threads it does a really really great job of breaking down how l2s work how things like bridges work i mean i've highlighted plenty of these threads before so definitely go kind of like check that one out if you haven't yet all right now i have about five minutes

left of this episode i have something i actually want to really talk about today going into the weekend something very important and very dear to me especially in the context of i guess the world that we're in right now so we all know the markets are the markets right now we all know the markets are weak doesn't matter if it's crypto it doesn't matter if it's stocks doesn't matter if it's anything markets are weak inflation is high interest rates are going up everything's getting more expensive it's a time out there for anyone who basically didn't make a lot of money from their investments it's a it's a pretty bad time if you've got a job and a nice paying job you're doing you know you're doing really well still and you're probably um kind of like pretty happy but you're still feeling the i guess heat of

inflation because everything's getting more expensive i mean some energy providers in australia right now are double having to double their uh cost of energy and they're all and they've emailed their customers basically saying to them hey we need you to switch away from us uh because we're doubling up our usage but the undertones to that is basically that what entity companies do is that they hedge their exposure via kind of like derivative products and what's ended up happening is they're probably hedged in one direction and it's and and kind of like they have too much exposure on their other direction which is their customer flow that they actually it's this rare kind of like event where having less customers is better for them which is crazy when you think about it but that's what it is so anyway everything's getting more expensive inflation inside all that sort

of stuff there and this can drag you down this can drag you down mentally especially depending on i don't know what position you guys are in individually of course but depending on the position that you're in this can have kind of like adverse uh kind of like effects on your on your mental health now i was i've been talking to a you know a few kind of like friends recently about this and i always stress to people that your mental health needs to come first over everything else i know that it's sometimes hard to put it first or at least probably a lot of the time it's hard to put it first because you've got a lot of other things going on in your lives as i said i don't know your lives individually but we all have our own kind of like problems and issues and

things like that um and i have a lot of experience with kind of like uh with mental health in particular i spent a lot of my i guess teenage years and early adulthood being pretty depressed pretty um aimless in life not knowing what i wanted to do not knowing at times if life was even worth it like why am i here if i'm not even having any fun with it right and just kind of like going through the motions and i know unfortunately there are a lot of people who who experience this and for me what what really changed and it wasn't even discovering ethereum really for me what what actually changed my mindset was finding some structure so what i did was i joined a large telecommunications company in late 2016 in australia for the australians out there it's called telstra you'll know what i'm talking

about and i joined uh cyber security then i did basically cyber security monitoring and i was on shift work what that did for me is it gave me even though it was shift work it gave me a structure it gave me kind of like a new perspective on life i got to experience the office environment i got to experience how the real world worked i met a lot of new people and um you know i started feeling better overall mentally um it wasn't like perfect yet it was still a long road ahead of me but i started feeling better and then of course i discovered ethereum in early 2017 and did all that and that made me feel even more even even more better right uh and that kind of like led me to feeling like i actually had a purpose in life like i actually felt like that i

was not just going somewhere but i was going somewhere that meant something because when i was working at telstra like i had a i don't think i had a purpose but our overall purpose that felt like i was going somewhere it was more a kind of like structure thing where i was like okay you know i know what i'm going to do i am you know i'm getting decent pay here this is cool i don't have to worry about my future uh you know whether it's my short-term future anymore this is all well and good i'm having fun uh this is fine and then as things went on i lost interest in the kind of like cyber security world i lost interest in my job and obviously because of ethereum and that kind of like became my full-time thing there but the reason why i'm telling you kind of like the tldr of

the last i guess five or six years of my of my of my life is because uh you i think what a lot of people miss is that they they chase different things that don't necessarily add to your purpose or add to your kind of like happiness what they do is they give you this kind of like short-term boost in happiness right where it's kind of like okay you buy a new thing or you do something or you go you know maybe you go away on a holiday and it's it's fine for like a few days maybe a couple weeks maybe even last a couple months but then you revert back to that kind of like state you were in right and that's because you're not targeting the root of the issue and it's actually quite quite hard to kind of like find the root of the issue um when it comes

to kind of like mental health and you know there's nothing wrong with going to therapy to find it or anything like that like i i've never been to kind of like therapy myself uh you know even though plenty of people told me to go i just never went like for one reason or another i think there's a bit of a negative stigma around it too but i just never went and i was able to kind of like get myself out of what i was feeling um and i owe a lot of that to to ethereum of course and to the community around it uh but i think just generally it doesn't matter what way you do it as long as you're able to kind of like heal at the end of the day and okay now i'm gonna get to my point quickly before i wrap up here the point of why

i'm bringing this up for you guys is because i know that a lot of people out there are relying on crypto to fix that hole for them and to change that hole for them and to basically make them enough money so that they can stop quote-unquote wage cucking or quote-unquote fiat mining you know or quote-unquote working for the man or anything like that guys as someone who did that as someone who is now financially independent as you guys know i'm telling you right now if all i had was the money and i didn't have what i have and i wasn't doing what i was doing with the daily gray and i wasn't involved with ethereum and i wasn't getting enjoyment out of those things i would be right back where i was from six years ago i would still be depressed like i can guarantee that i

can guarantee then i still feel it from time to time it's like i'm happy 24 7. no one is right but i think that when you shouldn't tie your emotions to kind of like the markets you shouldn't rely on crypto for anything but you should if you enjoy crypto if you enjoy being involved in this ecosystem you should keep doing what you're doing maybe get a job if you haven't gotten a job in the ecosystem yet uh maybe just do more research maybe maybe you're happy just listening to me on the refuel and you're happy in the job that you have that's totally fine but this meant this message is really for those people out there who may be suffering from you know mental health issues or maybe suffering from lack of purpose lack of kind of like direction especially the younger people among you i know you know

when you're younger this affects you this probably affects you um more so than than kind of people in the older bracket but it affects people of all ages um you just just kind of like stick with with kind of like what makes you happy what what you feel like gives you a purpose and and try not to chase those short-term kind of like happiness things like i've done that plenty of times before i've tried to fill the hole before i got you know before i kind of like joined telstra and then found ethereum i tried to fill the hole with so many different things and it never worked like food was a major one for me i did a lot of depression eating that's why i put on a lot of weight that's another thing as well guys like physical activity and not being overweight plays

a large part in mental health as well um but yeah i mean i i tried to fill it with things like i tried to buy stuff i tried to fill it with video games you know to forget the pain so to speak and it's just they're not long-term solutions they're short-term solutions and as you guys know on the refuel we're all about playing long-term gains whether it's being in the investments in in kind of like crypto or your investment in yourself so yeah that's kind of like my point of why i wanted to talk about that there uh and that hopefully gives you something to think about going into the weekend and i hope all of you are doing okay i know the markets are rough right now but again i always caution against you leverage trading please don't do that i and i always kind of like caution against

tying your happiness to the market or tying kind of like your i guess you know your your like all of your net worth to the markets or your income to the markets you shouldn't do that you should kind of like have a plan and have like a long-term plan a sustainable one that accounts for both bull and bear markets at the end of the day but also outside of the markets you should definitely just focus on your general mental health and find what makes you happy and what gives you purpose and stick with that and i'm talking a lot long term always long term guys like short-term stuff is is is not great right and not something that we're about on the daily gray but on that note i'm gonna leave it at that foot 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 next week thanks everyone