Market craziness, dYdX mobile app and more - The Daily Gwei Refuel #362 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where i recap the latest news and ethereum ecosystem i'm your host anthony hunter and today's 11th of may 2022 all right everyone let's get into it so i don't even know where to start uh the last 24 hours have been more crazy than the previous 24 hours that i covered yesterday just absolute insanity mayhem i don't really know what to say i don't know where to start but i'm gonna just go for it so i would say that you know i mentioned my top five most craziest days in crypto or craziest times in crypto yesterday the last 24 hours now ranks as number two and it's number two only behind the march 2020 or black thursday dump and that's because i don't think anything's ever going to top that that was a true crypto black swan moment

people thought that crypto was was got was going to zero that it was dead you know obviously there was obviously the stuff happening with covert as well which is kind of like added pain to it and it was like a very very market-wide thing but the last 24 hours the reason why i would say it's ranked number two now is because i have never seen anything like what happened to the lunar token like holy crap guys if i go to coin gecko right now and i just i just kind of like check the latest update and what happened to luna right at time of recording if it wants to load i don't think coinkick has loading right now because everyone's probably trying to load it but just to give you a sense of kind of like what happened luna's price is now 80 cents it was

100 a month ago right it is down 99 from its all-time high in a month right and most of that kind of like uh price action has happened within the last few days it is down over the last 24 hours it is down 97.5 percent i have never seen this happen to something as large as terra before i think it it may have happened to smaller things in the past but nothing even comes close to the scale of of terror like it was tens of billions of dollars of market cap the amount of wealth that has been destroyed in the last 24 hours in crypto is insane like absolutely insane right and it's obviously taken a lot of the market with it as well and

the inflation numbers just came in which led to another market sell-off uh for crypto eth got down to 2100 it's hovering around 21.50 right now just looking at the charts like everything's destroyed like some of the um the other coins out there are down massively over the last 24 hours as well not just kind of like luna um there's been a lot of wealth destroyed over the last 24 hours and that's why i think it has been absolutely crazy but just focusing on what's happened with terror i mean ust went to like 22 cents it's obviously supposed to be a dollar uh luna's just kept cratering dokwon came out and said basically said like a tldr of what he said was that he's just gonna let it go to zero or they they're just gonna let it go to zero and try to start again um and there was one thing in his

kind of like tweet thread that he put out where he said that as they begin to rebuild ust we will adjust its mechanism to be collateralized so this is basically them completely giving up on the algo stable coin model and basically becoming die and that's why i put out this tweet here where i said you know you just die now and it's kind of ironic that he would tweet that considering how much uh he hung on die and make up for so long saying that he was going to kill it and all that sorts of stuff but but yeah and i know that i've been like posting a lot over the last i guess 48 hours um people have been kind of like telling me that i'm i'm gloating and i'm dancing on people's graves and i put out a tweet about that where i said you know i want

to be clear i'm not dancing on the graves or the retail investors who got wrecked on ust and luna i do obviously feel bad for them um some you know there's obviously a lot of talk about kind of like uh people um are harming themselves and things like that and you know suicide hotlines being posted i mean look there's not nothing new to crypto it's been that that's been posted before but uh yeah i mean i feel completely sorry for these people like a lot of these people are true normies they entered into ankar which was like the yield protocol that that terra had uh to earn that kind of like outsized yield on ust they didn't understand the risks or any of the underlying mechanisms on how it all worked and now they're just completely wrecked right and then i continued on my tweet saying

you know i'm dancing on the graves of the egomaniac lunatics led by dokon himself who ignored every single warning and acted like they were kings i just want to put this into context guys this isn't like a couple days of us warning dokwan and the terror community we have worn them for a year i think at this point and an entire time the entire time they made fun of us they called us 8th maxis dokwan especially over every single person who warned him about this they laughed and laughed and laughed and they doubled down every time the luna market cap grew and the t and the ust market cap grew and they kept going and the hubris the ego the kind of like just absolute arrogance out of that community was was insane right and that's why i am

dancing on on on on the grave of someone like do kwan i think that at this point he belongs in prison to be honest i think that he like they're not going to be able to rebuild anything in my mind i feel like uh he's done to be honest i feel like he just put that out as a reactionary thing i don't think there's anything to survive there and i'm sorry if people think that i'm being uh you know ruthless yet i'm not being sympathetic as i said i'm sympathetic to the people who lost money especially those who had no idea what they were getting themselves into but i have zero sympathy for dokwan i have zero sympathy for the lunatics who doubled down triple down quadruple down and insulted every single person who tried to have a rational discussion with them about how ust was destined for collapse and luna

was going to go with it so i just wanted to be very very clear about that um and i kind of put out some other tweets as well about this where's this other one that i said you know i i put out this tweet saying you know regulators are going to turbo us over this aren't they they are um there was a video clip of you of your net uh jeanette yellen basically uh talking about ust right uh within 24 hours of it blowing up um guys the regulators are going to use this against us in a very big way i think uh they were already coming for stable coins well now they're coming even harder and now they have a lot of evidence to back up their claims they're going to be drumming up support about the uh for this and mini moon here i had

a really great tweet about this where they said the difference between something like om and ust is that you had to be a d-gen to get into om but norma's got suckered into ust important to keep gang violence among gangs once you hurt the general public is when the feds step in so this like using the gang example here a lot of the time gang violence in a city is is definitely just between gangs right and the general public don't really care in that case they're just like okay as long as it's kept between the gangs whatever i'll just go about my life as soon as that violence starts leaking out of the gangs and starts affecting ordinary people that's when they obviously start complaining and start crying to the politicians to the regulators to the law enforcement to do something and they do they in a lot of cases they will they'll

do something and they'll make an example of these gangs and and you know it'll it'll end badly for the gangs in that case right there might be mass arrests or or kind of like maybe there's kind of like a lot of um a lot of shutting down of their businesses and things like that whatever right same is going to be true for crypto because we with with i mean not we but like ust as i said did not only hurt the degens it hurt the normies and it hurt a lot of normies who aren't even into crypto through what's called neo banks and these neo banks are basically front ends that sit on top of something like anchor the yield protocol and funnel people's dollars into that without telling like without upfront telling them what they're doing with their dollars they're just kind of like saying here you can

earn a 20 yield if you put your dollars in here and then you read the fine print and they say oh you can lose everything but they won't you know give that to you up front right they'll tell you um you know in the fine print so they're they're wrecked right and luna holders are absolutely giga-wrecked like i've never seen so much rectage in my life in such a short period of time like guys like i don't think you maybe still i don't understand the scale of what happened to the lunar token like it wasn't just a small thing that dropped 97 in 24 hours or 99 in a month it was worth i think a hundred billion dollars fully diluted value at its peak right and it is now under i think it's gonna it's almost under a billion dollars fluid like it's just it's insane like i

can't believe it guys like seriously i'm in disbelief like i i've been in this industry for five years now um kind of like uh full time but as i said i had i i've been around with when mt goss collapsed in 2013 2014 um obviously it was a much smaller scale back then but this is the craziest thing ever and i'm i'm still kind of like in disbelief about it but yeah the regulators they're coming they're coming harder than ever now there's going to be so much fallout from this uh you know we're going to learn about this for months to come i think you know some of the funds actually a lot of funds that were involved with luna got absolutely wrecked a lot of people in those funds got wrecked they're down massively down very very badly um and you can tell which ones are because

they're quiet right um some would have made money off of it you know taking the other side of the trade but there is so much wealth that has just been absolutely destroyed in the last two days it's it's absolutely crazy and you know i hope a lot of you guys weren't exposed to this i know some of you in the discord said that you jumped out of this sort of stuff uh when i started warning about it which you know is awesome like great that you did that but i i know inevitably some of you may have had money in these things and obviously as the wider crypto market has been falling you're probably losing a bit of paper profits there but guys like that's just par for the course with crypto like you there's not going to just be up only forever and i've talked about

how you know because of the obviously the inflation being high and because of a lot of other things going on in the macro environment right now uh the party's over for now like we've been the party's been over for quite a while i think people are finally coming to terms with that and that's how bear markets kind of like end eventually is when everyone basically capitulates like obviously i mean i think it goes without saying at this point that i'm still bullish on ethan ethereum in the long term um but the short term i mean short to medium term is pretty pretty wrecked at this point right um you know eat could recover leading up to the merge just because of all the hype surrounding it and i'm actually liking what i'm seeing lately about all these kind of like other vaporware things um kind of

like all the alt-l-ones and all the other just absolutely tanking um yes people are getting hurt holding them but guys like they're literally kind of like vaporware they're literally worthless and they deserve to go to zero essentially like there's no point me sugarcoating in and saying oh you know people are getting hurt because these things are dumping uh you know we should all kind of like play nice with them we're all in this together no like i'm sorry we're not all in this together and doesn't matter what i say these things are going to go to whatever the market thinks their fair value is and for most of them their fair value is is basically nothing right nothing ever goes to zero like i think it's impossible for anything to go to xero unless it's listed off every exchange and even then like it's hard

because you have decentralized exchanges now um but generally like near zero right or kind of like to a point where it's just like economically you know irrelevant right so i think there's that kind of like that a lot of that playing on it as well um and that's kind of like what spurred this tweet here where i says it feels like many people in crypto are finally realizing that most of the alt l1 are vaporware and there is a reason why ethereum is built the way it is i really feel this i feel a tide shift going on right now i feel like the alt l1 trade is well and truly dead people have finally kind of like woken up to the fact that the quote-unquote eth maxis aren't just yelling about these things because they're you know you're not buying eighth or you're kind of like using

other things it's got nothing to do with that guys like as you guys know like i've been calling out all of this stuff for months now because it's just simply the truth like i i always like to speak truth to power i always like to uh to kind of be upfront with you guys and i don't like sugar coating things um so from that point of view like ethereum has just performed so amazingly over the last 12 months in the face of all of this and everything else is just done really poorly so i think more people are clueing into this i feel that the kind of like wind's changing here and it's a really positive thing and i feel like layer twos are coming online doing their incentive programs growing at the perfect time like absolutely the perfect time which is just making me even even

happier here so very very cool to see that um but i think that i think that was basically it for most of the terror related tweets that i had here but there's just a few other things that i kind of like wanted to add on to that one there there's a you know you got you guys know i talk a lot about risk within crypto right um risk within putting your money into certain smart contracts into certain protocols risk within what you buy and when you know what and leverage trading of course and stuff like that and you know it may not seem obvious as to why i'm warning you guys about this at first but i think over time you you see why it's not just me obviously there's a lot of people warning about these sorts of things but you see clear as day as to why these warnings exist

right and this is the same with basically everything in life right people will tell you the risks about certain things but it may not seem obvious to you at first or you may want to ignore it just intuitively but you know a lot of the time those things come true and i know there's a lot of bad intention people within crypto they lie to you obviously people like the bitcoin maximus have lied a lot about ethereum over the years and a lot of the things that they've said about ethereum are just completely false and never came to fruition but as i mentioned yesterday most of the things that that myself and others have said about these other l1s have completely come to pass come to fruition and i think more people are clueing into that and that's that and that's kind of like goes back to what i

was just saying about risk is like i i warn you guys because i don't want you guys like putting money into things and then losing it and then kind of like exiting crypto i've always maintained that the worst thing that can happen to someone is that they blow themselves up they exit crypto and they regret that decision later on down the line because honestly guys like i have gone through something similar not i didn't blow myself up but i exited crypto you guys know in 2014 i sold what little bitcoin i had left after basically wrecking myself trying to day trade to be honest um and then i left the ecosystem and didn't come back until early 2017 and that's one of the biggest regrets i have in life because i missed out on ethereum until then now obviously i've made up for that um that was actually a big

driver behind what i've done over the last few years but i think that i just want to keep imparting that wisdom onto you guys like just survive don't blow yourself up make sure you know the risks of things play it safe i know it can be very very tempting especially during bull markets to jump into these more risky things because you're seeing everyone around you make lots of money or at least make a lot of paper gains and you might be thinking to yourself well i'm missing out on this this sucks right i totally get that i felt that myself plenty of times but it takes a very uh special kind of person i think to resist that to kind of like hold steady through it and just kind of like uh reflect on the fact that these things always end the same way like bull markets and

crypto have ended the same way every single time and that's with a massive sell-off across pretty much everything and a few things blowing up completely along the way like there that's that's pretty much the through line of every crypto cycle with every uh kind of like a bull and bear cycle and i don't think that's gonna stop anytime soon because i think it's just like a kind of like through line four for every market right not just crypto just markets in general because that's just the way they work so so yeah on the kind of like risk side of things um as i said i hope a lot of you guys haven't blown yourselves up i hope all of you guys haven't blown yourselves up but if you have and you're still here maybe uh you know you'll get an opportunity to rebuild your position

and kind of like keep learning and kind of like focus on on building yourself up and building kind of like your own skill set up if you want to work in web 3 i want to work in crypto now is obviously one of the best times to get involved with this as i've said before plenty of these teams are cashed up ready to hire people they're they're definitely not just going to be struggling for cash because of the raises that they just did but do strap in for a longer bearish period like i i think 2022 at this point it's got to be a write-off right like i'm not expecting any fireworks in 2022 even with the merge coming up for eth look i don't know if ethe will go to all-time high again you know leading up to the merge around the merge you know

you know a bit after the merge maybe it'll take until 2023 to do so um like it's just too hard to tell at this stage right because the market is definitely bearish right now we're in a bearish trend that's going to take a while to kind of like break out of we do tend to go sideways and things like that for a while but but yeah i just want to that's not again guys this is an investment advice but this is just kind of like the way i'm seeing things and if things change if i feel things changing you know i'll kind of like uh i'll say that but i think at this point in time it's best to accept that we are in a deep bear market we may be here for quite a while and just focus on the things that you have been focusing on to improve

both your own life and improve kind of like your positions within crypto if you want to keep stacking that eighth you know then do it right like i don't know if the price is going to go lower than what it is today i don't know if you you buying here is going to lead to you kind of like losing money in the future like i i can't give that advice to you guys and uh just a reminder here like in 2018 i bought eighth i bought a lot of eighth i put i think i pretty much put all of my savings at the time into eighth in 2018 and october 20 2018 at 220 dollars each went to 80 dollars two months later guys like i've been there i've felt everything that you're feeling as a first cycler multiple times trust me when i say it gets better you

just need to not blow yourself up you need to focus on yourself you need to focus on what you're best at and you need to kind of like make sure that uh that you kind of like keep that focus for a long time and be consistent with it i think that's the only way to make it in in crypto but anyway a few other updates to get through i i kind of like rambled on a bit there but uh but yeah i think hopefully the next 24 hours on is crazy so that i can like uh not have to focus on this so much but yeah the last 24 hours just absolute insanity hope you guys are doing okay but anyway moving on to the next set uh to the other sets of updates so uh daniel from the nethermine team uh announced today that the beta

version of snapsync in nethermind is now ready so it's reducing the ethereum mainnet state sync uh to two hours on a very fast machine so you'll be able to um kind of like sync a full ethereum node using snapsync uh within two hours on on a relatively fast machine here this is really cool i like anything that makes it easier to run ethereum full nodes of course and if you are running one if you're running geth actually maybe switch over to nethermine because geth is the majority client on the execution layer side right now and it's like at 85 or something so consider switching to something like nethermine which is a great client i mean there are a bunch of others out there but if you want to try out their snapsync well that's the perfect reason to kind of like do so right so definitely check this out if

you haven't yet of course everything linked in the youtube description as usual so tog roll from scroll here had a great little tweet thread today where he said when i hear people say that blockchain technology doesn't contribute to anything meaning meaningful i'm always left astounded by their ignorance here's an incomplete list of breakthroughs and improvements achieved by people while working on blockchain technologies so on the consensus side you have things like nakamoto consensus uh asynchronous classical consensus uh you know avalanche privacy preserving pos based consensus protocols and then on the cryptography side you have things like stocks and snarks and then computation you have privacy preserving computation turing complete virtual machines and then on privacy side you also have

privacy preserving transactions such as something like sapling so these are all very technical technologies uh so to speak um but they've come out of crypto come out of blockchain and as i said before these sorts of things are going to have very big impacts on the wider kind of like non-crypto world as they kind of like get developed as they get adopted there uh and it's gonna be like a big deal and that's been all funded by crypto money essentially so yeah i'm with tog roll here when people say that blockchain tech or crypto hasn't kind of like contributed anything meaningful to society um it's it's completely wrong in my eyes because it has it has in a big way and i think just in general as well on top of this the non-technical side of things the wealth effect from crypto the amount of money that it's been made from

certain people uh for you know for a lot of people in crypto has contributed positively to i think the world right obvious people have lost money over time too but i think those who kind of like make money a lot of them go on to do a lot of great things especially the um the bigger kind of like people in this industry especially people like vitalik they go on to do great things with that money so i think that's another kind of like effect and another meaningful thing that crypto has given to the world so awoke had a great tweet thread today about dows and i won't read the whole thread out but i will read his first tweet here where he said the community has hurt itself by restrictively defining doubt to me in a community of group embracing the tyranny of structurelessness there's been a rather

successful movement to discredit the efforts of any doubt with even a loosely decentralized structure as not being a real doubt and no wiki expands on his thoughts in his thread here but basically what he's saying is that there's a lot of people who believe that if you're a dao you can't have leadership and i've always maintained that i think this is a very very wrong way to think about it because just because something has leadership doesn't mean that it's centralized like even ethereum has people in leadership positions has people in coordination positions such as danny baiko sorry danny ryan and tim bico who are pushing uh kind of like ethereum forward in a big way and coordinating people and that's what's actually needed because if you don't have leadership if you don't have coordination or any kind of structure what ends up happening is that

one the people who fill that leadership void are usually the wrong people to be in positions of leadership two you have a bunch of people that are doing things without any kind of direction so they're just kind of like doing things at random and it's actually kind of like net bad for the ecosystem um and then kind of like uh three you have uh people leaving that kind of like doubt because they're like well why would i kind of stick around nothing's getting done uh we're bleeding kind of like value out of our token uh and it just feels like everything's going to so to speak so yeah i mean i i think albert is kind of like spot on here you should read his tweet thread about this he obviously knows a thing or two about dowse being involved with git coin for so long but it's just something

to keep in mind just because something has leadership or a coordination or structure doesn't make it centralized guys like and it needs that i like pretty much 99 of projects in this ecosystem kind of like need this if they want to keep succeeding um and keep growing and keep thriving and i think uh currently most of them don't have this which which kind of like sucks right it's actually very hard to find good leaders to be honest and i think this is why so many projects fail is because the good leaders don't want to work on shitty projects they want to work on like really good groundbreaking projects and interesting projects um and the smartest people will always gravitate towards those things instead of working on things that um you know may be considered kind of like just like not up to scratch for them right so to speak

but anyway i'll link this thread in the youtube description for you to check out all right so optimism announced today that depositing small amounts less than 0.5 of each optimism is now five times cheaper and 15 times faster so you can use a bridge called warp speed which is a custodial br custodial bridge enabling one of the cheapest deposit fees of eth in the ecosystem uh and you can kind of like see it here so many early op users will remember teleporter which i've talked about before on the refuel um so basically uh that has been kind of like transformed into warp speed which allows you to uh deposit up to 0.5 eighth into optimism at five times cheaper rates and 15 15 times faster than the official kind of like uh bridge that they've got

going so this is a centralized bridge custodial bridge um that's going to be enabling you to do this but still very very cool to see more options to get into optimism here um because the centralized exchanges seem to be dragging their feet especially coinbase don't know what the hell coinbase is doing like apparently they increased their head count recently from like 1700 to 5 000 and i'm like okay well what are these people working on like like coinbase isn't really doing anything right now like put some of those people on the l2 integrations like come on guys it's just crazy right so just another option here from uh from optimism with warp speed to get onto their l2 all right finally on the update side ui dx announced today that they have released an ios app so you can make the ui you can now interact with dx's

exchange their perpetual exchange on l2 by using the ios app and i think android is going to be coming soon i think i may have mentioned that mention mentioned somewhere but yeah just another option for you to trade on dydx maybe you're using diy dx to short luna i don't know right like that was actually on there i actually looked at that at one point like i'm not a trader i don't short things right like or anything like that i don't even try to do that sort of stuff but when i looked at kind of like uh i think i looked at dydex like two or three days ago and i'm like oh luna's on here maybe i should uh should open a short and then like nah nah don't do that you get you'll get kind of like blown up so i just didn't

but i mean it would have been profitable if i did would have been really profitable but i just didn't i'm sure a lot of people did and a lot of people have made i made money off these shorts but uh but yeah you can go and use diy dx now on mobile which is very very cool uh to to see here all right last up just a quick shout out david and i david hoffman from bankless and i will be doing a live stream on friday evening us time saturday morning uh kind of australian time we're pretty much going to talk about i think so i don't know what we're going to talk about but i feel like a lot of it's going to be focused on the craziness of terror of course but on top of that i feel like we've got like um a lot of got

a lot to talk about on the ethereum side as well so definitely tune into that if you want you can go kind of like set a reminder on the youtube video right now if you care to do so that'll be linked in the youtube description uh below and as i've got like a few more minutes left here there was like what was one other thing i wanted to talk about when it came to to the terrace stuff as well um and just like kind of like the markets more broadly i think when you kind of like look at this as kind of like a high level thing these sorts of events are like cleansing for crypto this is how and for those of you who kind of like are around where wildfires and and we call them bushfires in australia happen what ends up happening is that like the and i'm just

using this as an analogy the bush file the wi-fi goes through and kind of like burns all the old to make way for the new gets rid of all the kind of like old old plants all the dry plants everything and then from there they're kind of like new plants sprout and you have like more greenery and stuff like that but while the burning is happening while the fires are happening it leads to a lot of destruction people's homes get destroyed some people lose their lives um there's a lot of kind of like personnel that needs to be brought into kind of like manage these fires and there's a lot of second order effects from that as well right a lot of downstream effects same is true with with crypto during these mass cleansing events where things are just kind of like going down only and some things are going down down

only really fast and some things completely blow up like terror that's needed it's needed to clear out all these excess to clear all this stupid speculation that we have within the ecosystem to clear out all this vaporware and for money to find its way back to fundamentally sound things within this industry which i think it does over time and as i've discussed before i think fundamentals play out over the long term i think fundamentals help on the way down for certain assets like eth you know for example if it wasn't as strong as it was um would have already been down just as much as a lot of the other tokens right they would be down 90 plus percent but it's not because it has much better fundamentals backing it up right so i think that all that all this kind of like cleansing all this dumping all this

bearish price action is needed and once it's over we're gonna see kind of like the um i guess a lot of the kind of like phoenix's rising from the ashes a lot of greenery so to speak to use my analogy from before a lot of healthy protocols coming to fruition um only to maybe get to a point again where we kind of like have all that excess when we go into a silly bull market again and then everything pumps just indiscriminately i don't know the macro environment is definitely different now than it was during the you know the the previous bull markets like if you think about it the macro environment from since basically 2009 has been pretty similar right low rates money printing everything up only and now we're in a very different period i think in in time so it's going to be i'm going to be

curious to see what the next kind of like proper bull crypto cycle looks like um but for now you know we're we're kind of like suffering through through that cleansing uh but but yeah that's kind of like the last thing i wanted to kind of say on that one there and i think that's going to be it for today i'm very tired i'm probably going to go to bed soon but anyway i think that's it thank you everyone for listening and watching be sure to subscribe to the youtube channel if you haven't yet give it a thumbs up subscribe to newsletter join the discord channel and i'll catch you all tomorrow thanks everyone