Networks going offline, Immutable raises $60mil - The Daily Gwei Refuel #209 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today is the 15th of september 2021 all right everyone let's get into it a very very big last 24 hours is gonna take me a while to get through everything i think but before i do i just wanted to give a quick shout out that i was on uh david hoffman's layer zero podcast as part of bankless here where we basically spoke about a lot more than just ethereum this was the first podcast i think i've ever done where i spent the majority of the time not talking about ethereum so we spoke of course about a theorem for for a chunk of it but we also spoke about things like the meaning of life and and topic of longevity like a lot of

longevity research the research going on these days it was a great convo and as i say here on my tweet it's probably my favorite show that i've ever done to be honest and i've already received a lot of great feedback on it from delegate community members and just other friends out there so definitely go give it a listen and a watch uh uh you know after the refill today if you'd like i thought it was a great convo uh so yeah be sure you don't miss it um but yeah moving on so the reason why the last 24 hours was crazy is because uh not only did uh the kind of like competitor network solana go offline but arbitram went offline as well you can see my little kind of like [ __ ] post here where i said that uh solana arbitrary shaking hands going

offline now i do want to start with exactly what happened and what the differences are between these sorts of things so what that ended up happening with solana from what i can tell uh there hasn't been an official post-mortem yet but what ended up happening is that there was some ido going on initial dex offering going on that was pretty hyped up pretty popular and a bunch of bots spam the network with transactions and uh basically overloaded the network with transactions i think they said they picked like 400 000 transactions per second before all the validators kind of like fell over and the network essentially went offline um and you know the network was offline for i think uh it had to have been at least 12 hours or more i mean i went to bed with it being offline then i got up and it was still

offline so it was definitely more than 12 hours uh so that's essentially what happened with with solana and and the the whole network was offline you couldn't do anything you couldn't do any transactions you weren't able to get like if you weren't able to access your funds or anything like that you just had to wait until the network was essentially restarted which is a pretty big deal right that's pretty bad and i don't want to spend like the whole episode going on about why i think this is like uh this is uh pretty shitty and on top of that why i guess like i don't know if i've mentioned on the reefer before but i've been speaking it to people about this on in both the discord channel and just with privately with people where i think that solana's way of scaling is just not

the right way forward but i'll get into that in a sec i didn't want to discuss arbitrary going offline as well which is hilarious because what are the what are the chances of of both solana and arbitrary going offline at the same time um and there was a bit of conspiracies going around that oh well um uh this was kind of like an attack and i don't think it was an attack i think really um uh what ended up happening with solana was kind of like uh a bit of a bug that didn't i guess i didn't expect such intense demand um and and that's kind of like what happens when you have like a low fee network but bots can just spam it especially if there's profit opportunities there but what happened with arbitrary is that their sequencer which is their block producer essentially i kind of like went

offline and you weren't able to do any transactions on layer two uh but the thing is and there's a major difference here that i wanna kind of like focus on or kind of zoom in on solana going offline is very different to arbitrary going offline and the reason is because solana going offline means that as i said no one can access their funds on celina there's no way to do so you have to wait until the validator has come back online so the network's up and running again you are literally stuck you can't do anything now with albatron because it's a layer 2 network and it's secured by ethereum you can always access your funds even if arbitrarily goes completely offline never comes online again you can access your funds from the bridge contract which they call the inbox after a certain period of time yes

they're still the one week with rural delay and everything like that but you can still get your funds out and they you know you don't have to kind of rely on arbitrary coming back online or that you know the network coming back online or anything like that you can still get your funds out and ethereum being the base layer that powers all of that as long as ethereum is live it's fine ethereum's liveness is 100 it's been up for 100 100 uptime since genesis there are some kind of debates around is it really 100 because we had the shanghai dos attacks in late 2016. we've had a periods of time where the chain uh i guess was was slower because of the difficulty bomb and we've also had a couple of close calls in terms of like network splits and some consensus failures between clients but for all

intents and purposes ethereum kept producing blocks which means that it had 100 uptime from genesis now will that continue into the future we don't know it could ethereum could this could definitely happen to ethereum where the whole network was to go offline it would be i think probably a lot worse for ethereum than it is for like if it happened now because solano is obviously a much smaller and younger network but still it wouldn't be it still wasn't good for solana it's not good for ethereum but the magic of layer 2 and the magic of scaling via layer 2 is that it kind of like spreads out that risk at the end of the day like arbitrary going offline didn't affect any of the other layer twos didn't affect ethereum layer one and if they never came back online i mean obviously they did but if they

never came back online it would be fine because you'd be able to get your funds out from from layer one now there are second order effects here of networks like uh layer one network's going offline you can see here comet shock put together this thread about potentially what could happen uh when solana came back online this was before it came back online and none of this ended up eventuating but the tldr of this threat is that because the uh i mean there's defy on solana of course because uh there's kind of different things like loans and stuff like that and because the price of soul moved from what it was when the chain went down to to kind of like when it came back online that they could have been kind of uh mayhem like lots of mev opportunities lots of profit opportunities lots of users getting

stung lots of liquidations and stuff happening but the funny thing is is that by the time the cylinder network went back online the price of seoul was essentially within i think 10 cents of what it was when the network went offline and there was a bit of conspiracy theories about this saying that um basically the older celina whales banded together and made sure that the network was able to kind of uh sorry the price was was basically within 10 cents of of what it was when the network went down so now this kind of crazy stuff happened i don't know how much shoot there is to that it definitely makes sense because i mean for anyone paying attention uh one of the biggest kind of backers and biggest whales in the slano ecosystem is sbf the ceo and founder of ftx and he's a market

maker so it wouldn't be far fetched to say that he played a role in getting the price back to where it was so that this kind of stuff didn't happen but who knows i'm not in the meantime i'm not interested in dealing with conspiracies today um but yeah this is a good thread reading through what are the possible consequences and this can happen at layer 2 as well of course because layer 2 has d5 ecosystems on it too and has the kind of same things happening here um but it depends how long it's offline for as well and all that sorts of stuff and how much of an ecosystem there is as well uh there's another great more technical thread from daniel here from from arbitram daniel goldman if you want to read about uh what actually happened with arbitrary why it was down for about

45 minutes and he's quote tweeting uh basically this tweet um from uber trim which is their official kind of like outage report which you can go read here but i definitely recommend reading daniel's thread as well because it breaks down a lot of things links to a lot of great resources it is more technical but still quite accessible um chris here from make a dao basically put out a tldr about the arbitrary so if you don't want to go kind of go read the technical stuff the trdr is that as i said sending transactions on layer 2 via that sequencer was not possible but users could force any transaction fire ethereum layer one such as a funds withdrawal and funds we're never at risk and this is exactly why we care about layer twos in the worst case it's still ethereum and this is why we hop on about

this all the time right i mean we always talk about this as a community i always talk about it on the refuel constantly i mean all the time and today's newsletter is actually detailing ethereum's kind of like uh scaling roadmap and why i believe that the uh roll-up-centric roadmap is the best way to scale a blockchain but i'm going to go into that in a sec i've actually got a tweet about that um and then anatoly the ceo of solana labs here actually put out a kind of tweet replying to someone um where he said uh what's going to happen with the network this person asked us that anatoly which who's the ceo of solana labs and anatoly says same thing that happened to eighth during the shanghai attacks um and then toby kitty here replied saying ethereum did not go down and not the same thing

and then anatoly said sure there was a bug but they fixed that life went on same thing i think this is a false equivalence i don't think this is the same thing at all and hudson jameson put together a great thread here explaining why what happened on solana is not the same that happened with the shanghai attacks in in 2016 um and harrison goes on to say both attacks were denial of service attack or dos attacks meant to hold block production so that is similar but the big difference is that ethereum blocks never stopped producing during the attacks because of the multi-client design architecture um and solana literally had to do a network restart so yeah i didn't like that and i also didn't like uh the fact that um some of the things that anatoly was saying in general uh i guess like targeted towards ethereum especially the

last few days before this kind of like halt happened or this kind of like a salon going offline happened were kind of very disingenuous and i mean i haven't i'm going to talk a little bit about that in a sec i did want to highlight one last thing here was that uh in the last 24 hours as well someone unsuccessfully tried to attack the ethereum main net by publishing a 550 block deep kind of uh chain that contained invalid proof of works and this only affected a small percentage of nether mine nodes uh that switched to this invalid chain but all other clients rejected the the long side chain as invalid as as it's supposed to be there so it's just funny how all this stuff happens together and i mean i mean for the conspiracy theorists out there they would say this was all planned or

this is a kind of an attack on the networks who knows you know we never know for sure but it might be a little bit of a stretch to say that so yeah i mean there's a there's a bit of discussion in this thread uh that uh in mario's thread here if you want to check it out and learn more about that there but this all brings me to what i wanted to kind of like talk about for a little bit here whereas i put out a tweet today and i said i'm actually pretty tired of trying to play nicely with other ecosystems or trying to not be toxic or whatever that means these days zlata goes offline for 10 plus hours and the ceo is on twitter just fighting ethereum as some sort of damage control it's pathetic i'm going to be honest i'm very very

sick of just lying back and pretending like uh you know everything's fine and we shouldn't defend ethereum against these attacks and kind of like being scared to say something because people just kind of call me a toxic maxi i don't care anymore and if you see me um i start to have this attitude on twitter not the attitude of of personally attacking people not spreading misinformation but fighting back against all the [ __ ] that comes ethereum's way don't be surprised because i'm i'm honestly sick of it at this point because it's just really unfair that the ethereum ecosystem is supposed to sit idly by why while you know not just random people on twitter the kind of people that are heavily involved with other ecosystems are just there spreading crap about ethereum and kind of like continuously fighting

it i mean for the last two weeks all we've heard from particularly the celina ecosystem is that ethereum is dead it's going to get flipped the gas fees are ridiculous which i mean okay the glass fees are ridiculous but they're not saying it in such a way that they're like okay how do we fix this they're saying it as a way to deride ethereum and not only are random people on twitter saying this it's also uh people like anatoly the ceo of solana labs their biggest backers um and they're not just saying this publicly they're definitely saying this privately as well so it's it's just really frustrating to see that all play out and and i'm just i'm done playing nice really at the end of the day this isn't a space where i mean yes the ecosystem is multi-chain but that doesn't mean that each chain

doesn't want to be as valuable as it can be and as big as it can be and pretty much like all the other ethereum competitors they want to be bigger than ethereum their community wants them to be bigger than ethereum so why would the ethereum ecosystem be expected to sit by and let this happen and you know to the point of like i guess on the flip side as well you have bitcoin where the ethereum ecosystem has been saying we're going to flip bitcoin we're going to flip bitcoin and bitcoin has a fought back against that and so they should they shouldn't sit there and take it either like when you're getting attacked or kind of like getting uh derided by a specific community you don't just sit there and take it you defend yourself you stand up for what you believe in and what's right at the

end of the day and that's exactly what i'm going to be doing for ethereum what i have been doing for ethereum for a long time but i guess on twitter over the last few months i kind of slowed down a bit there because i my following grew and i kind of had all these trolls and everything but really i don't even care anymore i'm just gonna i mean i just blocked the trolls now straight away i don't even deal with them anymore if you're gonna say something stupid i'm gonna block you for it essentially uh so yeah and and as i said like it's it's it's one thing for random people on twitter to say this it's a whole nother thing for people who are respected and who are viewed as kind of legitimate figures within this space to say these sorts of things so i really

hope that they either stop saying it or i hope that people don't consider me toxic for calling this [ __ ] out because i don't think it's toxic to correct misinformation at the end of the day right um i guess like other than that the last thing i wanted to talk about that had to do with all of this was basically ethereum's future again now i wrote about this in the delegate newsletter today about how ethereum's scaling and why i think it's the best way forward but essentially i put out this tweet where i said a decentralized and secure base layer with a bustling and innovative layer two ecosystem built on top ethereum's rollup centric roadmap is the only long-term sustainable way to scale to billions of users i've discussed this before but just to give you a quick recap here the way ethereum is scaling

is that layer 1 is always going to be limited in throughput it is always going to be uh have less throughput than layer 2 but in return you get a maximally decentralized and secure base layer that people can run a full node on consumer hardware for so that's the the massive benefit that you get whereas on layer two um whether it be roll-ups or some other technologies we can scale to billions of users while inheriting that decentralization in security because these layer 2 systems inherit the layer 1 guarantees and what this means is that layer 1 ethereum becomes a settlement layer a security layer layer 2 becomes the execution layer so instead of users executing all their transactions on layer 1 as we do today we will execute our transactions on layer 2 and then they will be settled or

finalized whatever you want to call it on layer 1 when batches are posted when arbitrarily optimism these zk robs whatever post their batches to layer 1 they become settled and finalized and on top of that we all have the bonus that we can if the layer two goes offline permanently we can still get our funds back from layer one if the layer two is constructed correctly of course so that to me is the best long long-term sustainable way to scale a blockchain i think ethereum is perfectly positioned to do this i think that eventually all networks will either pivot to this design or all crypto networks or just end up completely centralized or they might just come become a rollup of ethereum itself you know i would actually like to see some other friendlier networks such as zcash for example um simply become a privacy

focused roll-up on ethereum which would be really cool get rid of their own consensus mechanism use ethereum for their security and their decentralization guarantees and essentially offer people private transactions within their roll up uh using zcash as the native currency there or zeke whatever you want to call it so um yeah anyway if you want to learn more about that definitely read today's delight newsletter there's a lot more information in there for that one but i'm going to move on to i guess some of the updates from the last 24 hours there was updates you know a lot of drama a lot of updates so polygon announced that they have started collaborating with ey which used to be known as ernst yang a very big as i say global professional services and technology firm on building ethereum scaling and enterprise solutions so as part of this collaboration um they will

work on polygon nightfall a privacy focused roll-up which is awesome i mean disclosure i'm an advisor to polygon here so i'm going to definitely just like uh you know pump this up a little bit because i definitely think this is really cool and it's just as another i guess like a arm to polygons uh suite here like as i mentioned many many times before polygon is a suite of scaling solution it is not just one thing you can see here on my screen they have the polygon sdk polygon hermes that they recently acquired a polygonal veil polygon the pos chain that we all know and love and now polygon nightfall with many more things coming this is really only the beginning of what polygon is doing here uh but this is awesome i mean nightfall has been around for quite a while actually i think it's been around

since 2017 2018 maybe and it's it's been worked on for quite a while and the enterprise kind of um i guess context here and some people may scoff at this and be like oh enterprise stuff that's boring but it doesn't matter if it's boring enterprises are coming and and and and coming sorry coming to ethereum and working within ethereum and working to be part of this ecosystem so we should be encouraging encouraging them to do it we should be encouraging them to do it the right way such as becoming a rollup on ethereum how cool is that ey having their own uh roll up in collaboration with polygon uh on on ethereum and this rollup is actually a hybrid between optimistic rollups and zk rollups as well which i thought was was pretty interesting you can see here a bit more details about this but there

is a blog post here if you want to dive in deeper to this but i think this is just super cool to see i think uh this is maybe one of the first of its kinds of i guess like an ethereum scaling powerhouse like polygon integrating an enterprise solution which i think is really really cool so speaking of layer 2 again uh uh there was an announcement here from i think his name is agus i guess x his name here on twitter and philip i think the other guy's name is they have decided to build an nft marketplace on albert trim called small puddle uh small puddle which is the first erc20 erc721 or nft marketplace for arbitram has a decentralized order book using waku um 99 client side powered it doesn't have it doesn't even have tests to enjoy so

this is a very kind of like experimental alpha version of a marketplace but like client mostly client side which is really cool to see uh and this is what we need i mean you know i hope openc deploys on these sorts of platforms as well but i do hope that we have more competition there in terms of like marketplaces for nfts especially on layer 2 but it's great to see more stuff coming to arbitrary i actually just checked their stats just before they've got over hundred thousand unique addresses have so far interacted with albertum and they peaked at over 300 000 transactions i think a couple days ago in a day which was which was quite crazy so definitely seeing a lot of growth there it definitely is layer two season as i kind of like tweeted out today where i said you know ethereum layer two

season have a nice little picture of the l2beat.com website where you can see the growth and it's not just the growth across um albert trim of course in tvl but didx grew 20 optimism grew 50 loopering 10 percent uh so rare forty percent uh immutable x another thirty percent you can you know you can see all the other ones there growing a little bit more but still steady growth as as she goes here which is really really cool to see and speaking of immutable x they announced a funding round so they've done a 60 million dollar series b are led by bitcraft ventures and king river capital uh so they'll be putting this funding towards immutable x are they layer 2 zk uh not zk roll up the layer 2 kind of like validium here uh god's unchained and uh uh guild of

guardians as well and there's a disclosure here i am an investor in immutable in the kind of like last round um so uh but i could be never supported for them for quite a while and they're a sydney based team so aussie homegrown team and i'm just like i mean i love them because they're really prioritizing scaling on ethereum rather than kind of i guess starting their own network of nfts or going elsewhere for nfts which i really really respect at the end of the day and they've been around for quite a while i mean god's unchain has been around for a long time now immutable x as a solution's been around for maybe about a year and they do have their kind of token sale coming up i think i spoke about that i guess a little while ago um when i mentioned that the unfortunately they

couldn't do an air drop to us users of the imx token so they're doing like an air drop of eighth instead which i think is a cool middle ground i wish dydx did something like that but still can't win them all at the end of the day uh you know you guys are being protected right in the u.s just a bit of insanity there but but congrats to immutable for raising uh this amount of money i mean that's a huge raise 60 million these raises just seem to be getting bigger and bigger as time goes on and i mean it makes sense because there's so much money flooding into this ecosystem but i do wonder how many of these valuations will hold for a lot of these projects going forward especially if we go into like a longer term bear market eventually it's going to be fun to see

kind of what happens here not to say that you know immutable x will fall into this or whatever but there are definitely going to be some companies out there that raise way too much money on way too high evaluation and they're going to come back down to earth i think so zappa announced that season two are the details of season two of their zap requests and nfts here so there's a bit of uh oh no okay the blog post wanted to uh error out here hopefully it doesn't error out again okay yeah it loaded so uh this uh season two is starting on september 23rd running until january first so it's much longer than season one i believe um and the and in season two you can basically get more involved than you could in season one so there's rarity levels and crafting you can use

your season one nfts to craft different uh season two nftcr uh do quests as usual kind of like level up and earn exp and stuff like that so if you enjoyed season one definitely get involved with season two i mean i always enjoy it of course um i i enjoy using my zapper dashboard and everything like that i mean i love zap arts i mean disclosure i'm a seed investor in zappa uh i did mention that i've got that website coming out soon with all my disclosures on it so i didn't have to keep saying that uh soon i mean so much stuff happening i can't even focus on it i mean sometimes i go to it and be like i should be you know building this i should get this done and then i just get distracted by something else but anyway uh definitely check out

these blog posts for more details on season two and what's happening here but i'm going to move on to the last thing i wanted to talk about which was more stuff around regulations i'm going to spend a little bit of time on this because i think this is really important but there was an interesting tweet from tom emma here who's a representative who's a congressman i'm in minnesota in the u.s where he says and i guess some context first gary genzler had like a i guess like a meeting with uh i remember who exactly it was with but there was some big regulatory stuff over the last 24 hours where gary gensler was talking about crypto regulations and and uh to to congress and kind of like walking them through it and he said a few things that was wrong but you know tom emma

here put out a tweet and kind of asked is gary gensler actually attempting to assume authority over stable coins by rebranding them as stable value coins so there's a lot to unpack just from this statement one gary gensler for those who don't know is the chair of the sec so he's the head of the sec currently um for him to be calling these things stable value coins instead of referring to them as stable coins is a massive red flag one because it shows that he hasn't actually done his research here no one calls them stable value coins no one like it's always stable coin no one has ever said stable i've never said it's the value coin right and you if you had even done a bit of cursing cursory research into this ecosystem then you would know that so obviously he hasn't

done his research on this two it shows that uh he's going to be trying to regulate something he doesn't even understand which i think is is a lot of [ __ ] to be honest like you shouldn't be able to regulate things that you have close to no understanding of which i don't think he has very much understanding of this ecosystem um people always point to the fact that he taught um i guess like bitcoin at harvard or something like that i can't remember what what kind of like university in the us usa taught at but it doesn't matter because bitcoin i mean is relatively simple to understand compared to ethereum d5 the crypto space at large so i don't think that actually means anything unless gary has actually sat down and learnt about d5 learnt about ethereum learns about all the different things going on then i don't

think him and the sec have any right to try and regulate this industry before they understand it and there was another comment that he made as well i think he was answering a question about something and he i can't remember exactly what the comment was but he got something completely wrong about gas fees where i think that he assumed that there was some central party that had to allow people to do trades on a decks or something like that there was some fundamental misunderstanding there uh and that again just shows the fact that he hasn't done his research so why is this guy trying to so um you know heavily regulate crypto getting so involved with crypto regulation when he doesn't understand it well i'll tell you why because he's predict protecting his vested interests which are the traditional finance system they are the existing institutions they are the banks

and i was listening to the bankless podcast with uh kathy wood um just today i finished it up and she mentioned something where she said that she actually thinks or at least um there's a higher chance that crypto especially with yield products such as all the yields that we earned on stable coins and such as something like the coinbase lend product which conspicuously the sac is making a very big move on um these products are actually taking growth away from banks and she used the example of yes uh uh kind of like a market segment she said something about like the asian currency crisis and how um boeing uh only had like five percent exposure to to uh the asian markets but the thing is is that most of their growth was coming

from the asian market so that five percent exposure didn't really matter for their i guess like financials what mattered was the growth and most of their growth was coming from the asian markets and because the asian markets were coming down and there was a bit of a crash there their growth crashed along with it this is the same thing for banks if these banks are getting uh sorry if these banks are losing market share on their products that they're offering yield on to d5 to crypto banks like coinbase and everything like that then of course they're going to complain to the regulators because the regulators have the power to shut competition down if they want and this is the unfairness of it and this is what i spoke about in my newsletter the other day where i basically said that these are the

institutions that we're we're kind of going after and now they are fighting us they've already lost like don't get me wrong there's no fight here it's a one-sided battle it's a they're going to attempt to try and fight us try to shut us down try to stop us from doing what we want to do they've lost i mean there's no way they win here they may be able to stall us for a little while depending on what regulations they can push through but they've lost but regardless of that this is why this is happening because defy and crypto banks and yield products more specifically are eating into banks profitability they're eating into their margins and uh the banks have pro have obviously done their research here and seen this and they're scared they're fighting and and and they're fighting back against it and i totally get why like they don't want

to be disrupted but they are being disrupted they have been and they will continue to be and they have as i said they have lost so there is no fight here um but that is why you're seeing so much increased regulations i believe i do not believe it for a second it has anything to do with investor protection i think that is the biggest load of [ __ ] that i've ever heard come from a regulatory agency in my life ever i'm being blunt here there is no such thing as in my mind of most of these regulators or politicians caring at all about investor protection because if they did they wouldn't be they wouldn't be playing uh kind of favorites they wouldn't be uh uh hypocrites over this because at the end of the day in the us especially you can go gamble as much as you want right there's no

accredited investor laws there's no investor protections for gambling go piss away all your money out on on blackjack or go piss away all your money on a slot machine the the um the financial regulators don't care which is insane i mean because they're regulating uh people and they're stopping preventing people from being able to invest in early stage companies such as the accredited investor laws where you have to have a million dollar net worth or you have to basically have like really high income to be able to get access to early investment opportunities which i would say are much less riskier than going to the casino and blowing your money but even on top of that there's other things like you're allowed to take out hundred thousand hundreds of thousands of dollars worth of student loans at high interest rates to get an education within the us and they have to be paid

back you can't default on them you can't you can't declare bankruptcy on them they have to be paid back um isn't that much riskier uh than an early stage investment i just i mean i could go on i could go on for a long time about this and as you can see i'm actually really upset about this and it's something that kind of like really pisses me off when people just straight up lie where these institutions just straight up lie and we see it we know it's [ __ ] as a crypto ecosystem we're here to disrupt these institutions we're not here to let them uh walk all over us and that's why i keep kind of like calling out this crap and calling out investor protection there's no investor protection as i mentioned on a refill i think last week if they actually cared like this is the most

obvious example if they gave a [ __ ] about protecting investors they wouldn't be going after honest companies like uni swap labs or coinbase they would be going after the actual scammers in this space of which there are plenty of them to go after and they're very well known scammers and you know schemers and grifters there's plenty of them out there but instead they choose to go after the honest us-based companies that have generated potentially billions of dollars of economic activity within the us and paid a lot of tax on top of that as well as i'm sure coinbase has paid unisop labs has paid uh any of the other us-based default teams have paid so it's not about protecting investors it's about protecting institutions and banks and that's all there is to it in my eyes so whenever you see this regulation stuff going on one don't worry too much

about it because the government moves slow that's what we've got in our favor and two if the u.s decides to continue down this path people are just going to move crypto is a global movement it's very mobile you can work on anything from wherever you want in the world you don't have to have a company you can just have a dowel you can manage everything completely on chain you don't even have to touch fear you can just use stable coins or you can use either your unit of account your story value whatever you can use your own native token there's so much stuff going on here so at the end of the day uh i just think that we don't need um these regulators no one's asking for them no one wants them get out of the way we we don't want you as simple as that but anyway i'm

gonna end the daily way rant edition there um and i think that's it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone