PayPal crypto payments, Layer 2 map and more - The Daily Gwei Refuel #88 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 30th of march 2021 all right everyone let's get into it so for those of you who don't know i actually am a co-founder of ethub and each week we also put out a newsletter and a weekly podcast as well so you can go to ethub.substance.com here and kind of like view the view the newsletter and what this will give you is basically a weekly recap on everything that happened within ethereum so maybe you don't have time to kind of like tune into the refuel every day or you just want like a recap at the end of the week because you know there are some things that i won't talk about on the refuel that that will make it into

the newsletter you know basically gives goes over the news the project updates uh down here um some interesting tweets uh and then a bunch of like blog posts and podcasts and things like that and you know memes of the week and stuff like that as well so yeah if you aren't subscribed to this yet definitely go check it out and subscribe if you're interested in just you know i guess like keeping up even more with ethereum than you already are i mean it is basically more than a full-time job right now for for more than one person so yeah definitely go check that out uh but i'll end my my little shield there for now so i think the biggest news of the last 24 hours and we already knew this was coming but essentially uh paypal will be announcing kind of later today that

uh i guess yeah later today it's tuesday for me today but tuesday for the us just started so um but they're going to be allowing us consumers to use crypto to pay at millions of um you know merchants globally here now the cryptos that they're supporting uh you know initially are you know the everyone's fan favorites uh bitcoin ether bitcoin cash and litecoin and i see everyone's fan favorites but really it's only bitcoin and ether i don't know how many people actually want to spend or use these other kind of things here and it's funny they have a picture of ripple in the in the in the in the header here but i mean this is this is quite fun right this is quite fun to see the market seems to be reacting to this right now um you know i was just looking at the charts before

and things seem to be moving on up on this news which i mean off the back of the visa news yesterday as well is pretty cool but there is a major drawback here for for people in the us and you know using their crypto as money um you know as far as the tax law is concerned if you kind of dispose of your cryptocurrency for anything so if you use it as money if you dispose of it for another asset or if you just dispose of it for fiat that is a capital gains tax event so essentially you have to pay capital gains tax on i mean well you have to it's a capital gains tax event if you made money you have to pay tax if you lost money you have to write off that you know on um i guess like on your new tax filing

which is like going to severely limit this i think i mean i i can't imagine people wanting to incur tax liabilities uh you know using their crypto to purchase things so i'm not sure kind of what the up takes going to be here on this and how many people actually going to use it you know a lot of i guess like crypto in general um is not suited for payments i guess like i mean i i do say ethi's money but i've never said is good money obviously the volatility of these things means that you you don't essentially want to hold it as like money but you do want to hold it for the potential upside so a lot of people obviously have these assets but what i'm more interested about is i guess paypal adding support for stablecoins that's like the logical next step here

because obviously a lot of people want to use kind of usdc you know if they i mean i i think that would support usdc to start i mean maybe they'll support die i don't think that they'll support die off right off the bat because of its decentralized and kind of opaque nature but ustc definitely and other kind of like us domiciled stable coins like gusd and stuff like that i could see them supporting that and it makes a lot more sense for them to do that um i don't know if the tax law is going to change in the u.s here when it's going to change obviously it's a very like silly law i think in australia we don't have this if you actually do use your asset as kind of money i don't think it includes a taxable event which is pretty positive i don't know

what it's like for the rest of the world but yeah the u.s seems very restrictive here so we'll have to kind of keep tabs on that see how it goes but while that kind of i guess like uh tax law is in place i just don't see much uptick here um unless people just aren't aware of it and you know they just use it as money and then you know at the end of the tax year they basically get stung with this bill or you know they didn't even know they they owed sort of thing when they're doing their taxes so we'll see but overall bullish news i guess just another company adopting i guess like not just ethereum but just crypto in general like another traditional finance company right we've seen like you know obviously visa and there's like a bunch of others you

know people companies putting btc on their balance sheets companies putting eth on their balance sheets you know technically paypal and uh visa have ether on their balance sheet now right if we're going on technicalities obviously they haven't bought it as part of the kind of like treasury but you know it's still going to be on there so that that was pretty cool to see as well so yeah big news markets are acting positively kind of feels like there's a lot of positive news that's coming out of the last few days that the market seems to really love so you know and and i guess like the macro environment still quite stale in terms of like this stock market and things like that but we'll see how it goes uh i you know i'm i remain bullish of course you know maybe we'll see a new

eighth all-time high sooner rather than later hopefully uh but yeah obviously like we're all going to be keeping tabs on that i reckon each and every one of you watching or listening right now is the same as me we check the price of eighth you know at least you know at the very least once a day if not like you know tens of times a day right um just you know i mean i have the chart up all the time just watching what the price is doing don't don't trade on it but obviously we are all just addicted to watching those kind of um you know price movements i guess so some br big news from dharma today so with the the dharma app you can now cheaply deposit up to 25 000 of fiat a week into supported apps are there compound yearn and uniswap

directly from your bank account instantly and this is available to i guess like us users i don't know if it's available to people outside the us but definitely within the us here um this is crazy i mean this is skipping i guess like all of the onboarding and going directly into d5 so normally when you want to go into d5 you have to go through like from fiat you basically have to go through either very expensive kind of onboarding from from various different i guess like wallets out there or like services out there um or you have to go through a centralized exchange like coinbase for example deposit maybe buy some stable coins buy some eight whatever you want to do i mean you have to if you don't have any you have to buy to pay the gas fees um but then you know

you go and you withdraw it to your wallet from the exchange um you know you wait for that to process then you can go into defy now what damma is kind of promising here is that yeah you'll be able to deposit 25 000 per week instantly from your bank account into these supported apps here which is you know quite crazy i mean the integration that i actually think is is probably the the i guess most exciting here is going straight into urine vaults right because you know yearn volts obviously uh are very um uh a very optimized for stable coin farming stable coin yield farming so imagine being able to put you know i mean obviously most people aren't going to put twenty five thousand dollars a week into this kind of thing but imagine being able to put you know just uh maybe you know uh two three hundred dollars of

of your your kind of paycheck in each week and that's like your savings account so instead of your savings account being in i guess like just a normal bank account that's paying you basically nothing in interest you can basically deposit it instantly into a urine vault using the dharma app so i think that was the most exciting feature release here obviously there's others like compound and uni swap and what was the other one uh uh ave as well but i mean rv compounds aren't going to pay you very much on your stable coins uh you know just your vanilla stable coins they're not for that um but you know and then going into uni swap i guess like you know depositing stable coins in the union swap you could become an lp that's still very risky so that's why i kind of think that that yearn is the

best use case here yield farming in general like you know savings accounts on kind of d5 in general are the best use case of these fiat onboarding kind of tools here so yeah really cool to see these from darma i'm sure they're not done here i'm sure they're going to be adding more default apps here they're going to basically be your home for like d5 within their in their mobile app here and if you haven't checked it out yet definitely go um i guess like check it out uh you know download it if um on your phone and things like that and one other thing that they kind of mentioned here was their dharma os which is an open sdk now what sdk stands for it's basically stands for software development kit which basically means that devs can kind of use this um to basically connect any ethereum

protocol action to dhamma on their on and off ramp as well so you know they're describing it as if coinbase had a stripe like api and an app store built into it so it's basically invite only right now still in alpha but this is really really cool i mean you know the coinbase i think is going to do this as well i mean if they don't they'll be left behind here or maybe they'll just acquire dharma or something like that but i i mean i've had this kind of thesis for a while that you know plenty of these kind of like i'm not gonna i i don't i'm not calling dharma centralized but plenty of these kind of like centralized solutions like coinbase and and things like that are gonna build interfaces and build on-ramps into d5 from the old world and they're going to capture a lot of market share i do

think that i mean dumb has been around for a while they pivoted a few times but i do think this is an important area to be in because this is giving users kind of like i guess exactly what they want and at the end of the day you know a lot of new users simply just want uh i guess like yield on their stable coins you know not everyone wants to have 100 of their net worth in eth i mean not everyone's me um i don't know i don't have 100 of my net worth beneath but you know not everyone wants to have a large chunk of it in in either there um or in any kind of like a volatile asset so you know and and people like to do a split maybe you're like 20 stable coins 80 volatile crypto like even if you're in

the crypto ecosystem and those stable coins you don't want just sitting in your wallet right you want um then kind of like yield farming um and then you know maybe if you've got got kind of like dollars in your bank account definitely don't want that sitting there earning nothing and kind of just like i guess being stuck in the old system you want and you know unless you need it for something some kind of purchase whatever um you know you want it earning some yield so yeah really really cool release from dharma here today go check it out if you haven't already so interesting tweet from eric here today so he basically said this time next year ethereum will have proof of stake finalizing the chain aka the eighth one to eth2 merger uh fee burn with eip1559 approximately net zero issuance with

uh fee burn coupled with uh proof of stake issuance and full layer two scalability and then he goes on to say have you adjusted your portfolio accordingly now i hope i mean i know i have i know you know i'm still majority kind of ethio but the this goes back to what i was saying yesterday about kind of like you know imagine eighth two years ago and then imagine eight two years from from now sort of thing um and i think this is very important because this is not two years from now this is like this time next year so basically march i guess what 30th of next year right or march 29th next year whatever um you know i i don't know about proof-of-stake finalizing the chain as like a given because the merger could get delayed for whatever reason but i do think that um

you know there's a high chance it goes live in q1 up next year so we could have the merger done obviously 1559 is going to be live in july um with the merger and with fee burn we could have net zero issuance due to burning more fees than uh sorry more uh ethan is being issued each year and full air to scalability i mean i see that happening like i mean over the next few months i think people are underestimating how much layer 2 stuff's coming over the next few months you know i know optimism got delayed to july and all that sort of stuff but i mean as i've said many times on the refuel and on twitter and on my newsletter you know optimism is not the only layer to scaling solution there are so many more out there and i i know i sound like i'm

beating a dead horse at this point but but kind of like definitely um uh i guess like uh good to keep that in mind um you know over the coming months uh plenty of stuff going live so full layout to scale with bluetooth by this time next year is not that far fetched now if you imagine all of this stuff basically happening by this time next year what do you imagine it's price gonna be if we're still in you know a general kind of bull market general uptrend we haven't gone into like one of the the brutal crypto bear markets which could very very kind of like um there's a very real possibility that that can happen because uh essentially it doesn't matter how much good news happens during a bear market the market just doesn't care right it's it's it definitely will not kind of like

price that in until later so essentially if we're still in a bull trend and if all this stuff plays out which i think it will then i i mean i can't see its price being you know anything but like pretty high from where it is now not investment advice but you know in general and i think that's why eric kind of says here have you adjusted your portfolio accordingly because you know there's a lot of people that i know that you know maybe not you guys like watching and listening but there's a lot of people that i kind of know that don't have very much heat exposure um because they just like think that ethe is just gonna be a stable coin forever and doesn't do anything well i mean either is known as the teleport coin for a reason i mean it's not that's not something

that you really see many people say but i guess it's something that i kind of say a lot you eat will do like sideways movement for a while you know that's fine but then it'll catch everyone off guard and just like double in a couple of weeks right we saw that play out when it went from like 700 to 1400 in like a couple weeks we've seen that play out you know plenty of times in the past uh eath is not something that you know will just continuously go up like every day right and there's kind of nothing like that you know i think people kind of like look at eth and then look at all these other assets going up all the time and think to themselves why isn't going up well i mean you're comparing one asset to like many different assets right and not even

like bitcoin goes up all the time either right there are periods of time where bitcoin and ether just sideways for pretty much most of the time it's just sideways movement and then you have like this kind of explosion up for one reason or another so i think that's going to play out for sure um and you know i think a lot of people are going to be caught off guard by that but yeah good good tweet from erica and basically speaks to i guess what i was saying yesterday about all this so sushi swap put out a q1 update uh just before uh what this goes through is basically everything they achieved during q1 i mean i'm really loving these kind of avatars that were that was created for the sushi swap team here and there's actually a better view of them kind of down here

uh it's really cool i mean this is something different in the ecosystem where you have um you know a bunch of people basically i had character character caricatures i can't even say that word um made out of them and you know some of them are anonymous some of them kind of aren't you know joseph de long here holding the kind of like uh like salmon here he's uh he's not anonymous right um but you know a lot of these kind of people are here so you know i think that was a really cool way to kind of i guess keep their their anonymity but also give them kind of character as well but yeah outside of that i guess the major updates included team expansion so they added like all these people during q1 so that's a huge amount of people i think and as i said

most of them are ainon right they've got like anon profiles and things like that uh they bought the sushi.com domain uh you might have seen that or at least i guess future fund one of i guess like the funds that are a big kind of um investor in sushi bought that domain for them uh they had their contracts formally verified they obviously did a bunch of multi-chain deployment including ethereum kind of like uh i guess side chains that are popular like xdi and polygon and then a bunch of other evm compatible chains uh they as i discussed yesterday they released bento box and cashy and they had a bunch of like governance proposals go live and kind of like the onsen program was was reworked and uh i guess they're doing like a an airdrop right now for

um you know for people so if you haven't checked this out yet and i guess you've been participating in sushi governance you'll get an airdrop here uh let's let's see 100 sushi for each eligible foreign participant and 50 sushi for each sushi hoodie nft holder uh these hoodies i mean i saw them the other day there's only 100 of them and it released while i was sleeping because of course it did right everything happens while i'm sleeping and i missed it you know i don't even care about the sushi air drop i just wanted the hoodie because it looked so cool um but yeah unfortunately i didn't get it i still have my yam pants i bought some yam pants a while ago so maybe i'll get an egam airdrop one day from there but anyway uh pretty pretty healthy update here from sushi swap they're doing a lot

they're innovating a lot right it evol i mean i was i don't know if people followed kind of like what i was kind of i guess my opinion of sushi swap back when it first came out i actually kind of hated it at the start i thought it was like very tasteless but it's kind of evolved into a much better project now it has evolved into a project that is is differentiating itself from sushi swap it's innovating it's building different things it's not relying on i guess like just copying everything uni swap is doing and that's kind of why i came around to it and why i hold sushi tokens now as well um but obviously you know i still hold uni tokens i still love uni swap but i think they're two very different projects now so i think there's still a little bit of

animosity between the teams maybe because of that um but i think you know that animosity animosity should be directed towards you know the i guess like the sushi chef the original kind of like chef nomi they kind of did uh did all this the new crop of people working on this um you know and the people that have worked on it since those days have just changed the kind of narrative here i think and definitely should be given you know the credit where it's due here so sigma prime released a new edition of their lighthouse eth2 client if you run their e3 client definitely recommend going and upgrading to this uh you know you can find it on github of course uh you know i think like lighthouse and i mean prism are the two top clients so i'm sure some of you are running

uh lighthouse yeah i love these names surely my pants i don't know man like these release names are funny but yeah anyway uh you know what i actually really love about sigma prime is that they're an aussie-based team up in sydney i just love the fact that we have australian representation within eth2 and also within a lot of d-fi these days i mean if you kind of like look at the the landscape in d5 there's so many australian-based projects like m stable which obviously um you know a lot of you know i'm an investor and advisor to uh there's maple finance there's uh you know thought chain there's synthetics there's i mean there's a new one called handle finance as well that just raise the seed round there's plenty of these kind of uh projects out there that are australia bay

australian based and it's it's quite cool because we're we're you know we're an island right we don't have a big population we have like 25 million people we're not really a tech hub right in general we're we're definitely a finance hub in some respects uh but i think just the f and we definitely love our gambling too so i think that might play a part into it but i've always kind of been wondering like why are a lot of australians kind of like um i guess like attracted to this ecosystem and i think it's just like a confluence of things right we we definitely have the the i guess like background a bit of loving to speculate on things right through gambling but we also have the grit of wanting to kind of like get our name out there right and prove that you know we aren't just like some

some people stuck in an island doing nothing right we because like australia for those who don't know is typically known as like a a mining kind of country where we ex we basically make all of our money through exporting uh kind of like our mining output and and um services uh within australia like real estate's huge here um but you know we're not really known for our tech and things like that so uh it's great to see that we're making a name for ourselves here and i'm very lucky to be a part of that cohort right i still can't live live down here in australia as well so yeah really cool to see this a little bit of a tangent there but definitely go upgrade your your node or your client here if you run uh the lighthouse e2 client so eric put out another interesting

tweet here so what was funny is that may 16 2020 uh eric put out this tweet where visa actually put a patent out there to digitize dollars um which showed that they planned to use ethereum so ethereum was reference tr and everything like that and you know uh not even a year later maybe nine months later or 10 months later we have obviously visa supporting ethereum so you can see how i guess like i'm you know this is fast for a big corporation but it's still slow right if if something in in i guess like ethereum took 10 months to be released uh from i guess like when it was first patented it would be considered a failure unless it was like a massive release like i think uni swap has been probably 10 months in the making

probably more than that but uniform is a massive endeavor right and same with eth2 and stuff like that i'm talking about like you know i guess um features for or i guess like you know i guess upgrades to different protocols and stuff like that like 10 month is an eternity in crypto um but on the flip side what visa has done i'm sure took them a long time because they've got such a large organization they had to make sure everything was right they had to get signed off from the right parties you know they had to go through the whole press kind of thing and make sure everything was fine so you know i i think that's actually a pretty quick turnaround um and you know i mean as chainly god says yeah it you know pretty quick turnaround and he's impressed i mean you know

i'm impressed as well by this um so yeah really really cool to see that they actually kind of you know went somewhere with this it didn't just like fall into i guess the visas r d department and never got touched again so yeah really really cool to see this so diversify put out an awesome ethereum layer to ecosystem map here now as i've said to you guys optimism isn't the only game in town look at this you know if we're just talking about infrastructure look at the top left look how many layer two projects are building uh kind of like out there already or coming coming soon right starkware building a bunch of uh you know i mean i'm not gonna go through all of them but i'll go i'll go through the infrastructure um you know starkware is obviously building a lot there they've got like

dydx um out there on in alpha immutable x is launching soon um they're powering uh diversify so you know they've already got stuff out live uh there already uh homer's network went live on mainnet last week aztec with their layer 2 privacy stuff went live with v2 a couple weeks ago loop ring's been live for a while of course zk sync is live on on main net has been used within bitcoin loom i'm not sure what's happening with loom these days they were pretty big back in the day some of you may remember loom i don't i think it's kind of like maybe a dead project at this stage i'm not sure don't don't quote me on that i haven't kept up with it uh obviously we have optimism there you know in private mainnet so still live just you know obviously public maintenance was delayed arbitram has

their um mainnet release candidate on the covant test net they're going to be releasing any day now xerox habitat is a new project that i haven't looked into too deeply but definitely making moves uh polygon right now is working on their layer two solutions but they have i guess like their plasma chain live um seller network also like uh doing state channels uh connext is doing bridges between the different layer twos and cross chain things uh omg network is obviously live doing a bit of usd transfers there fuel uh fuel labs i don't know if they're live just yet i haven't heard much from them lately and this last logo here i don't actually know what it is uh and you know for me not to know what something is that's surprising and i'm glad because it means there's much more than you know i guess um uh i

i thought there was but yeah that's really cool on the infrastructure side obviously as you can see there's a lot of i guess um uh uh you know double ups here but you know the reason why loopering i guess is in the infrastructure side and the swap side and the exchange side is because they fall into all that categories loopring built their own zk roll up they built their own amm so that's why they're in the swap uh side here they built their own order book exchange that's why they're in exchanges and they also built their own payments layer that's why they're in payments and transfers and they also built their own wallet that's why they're in the wallet section so if we take all that into account it's fine that there's kind of doubling up here but i think just focusing on the infrastructure side of things you can

see how many teams there are and this is missing missing things as well i think um you know uh and it's just gonna keep growing from here so really really cool ecosystem map from diversified which is uh building on layer two as well i mean they have an exchange on there they're doing a lot of good stuff i've talked about them before so definitely go check them out if you haven't yet but yeah this layer two ecosystem i mean ethereum's later to ecosystem is more mature and more far along than so many of the i guess like quote-unquote ethereum killers and other layer one ecosystems at this point so yeah really really cool to see that i'm kind of glad to see that play out there all right last thing to talk about here was a was a tweet that jacob franek put out here

where he basically said reminder vitalik coined ethereum as the lego of crypto finance in 2014 the white paper calls out defy as the first category of applications for ethereum but critics will tell you that ethereum's narratives keep changing no you just caught up sweetheart which i thought was quite a funny way to end that tweet but i wrote about this in the deliberate newsletter today um but i'll kind of like summarize it here you may hear this all the time where people say well ethereum's changed its narrative you know it was a world computer now no one calls it a world computer or ether was only meant to be used as gas on the network you know now it's more than gas you know blah blah there's always this kind of kind of narratives that are out there and to jacob's point you know there's a lot of narratives

that took a while to kind of like take off you know vitalik essentially coined d5 in 2014 or at least like came up with it in 2014 and we didn't really see defy kind of take off and find product market fit until like the second half of 2020. yes it existed before that but it really wasn't existing in any kind of large capacity now it's like you know obviously any and you know what everyone talks about um and then you know obviously the white paper calling out um d5 as a category as well here um not not saying d5 but basically calling out the same thing uh you know just speaks to the fact that ethereum's narrative in that respect hasn't changed it just took you know six years or so for for the narrative to kind of come into coming to its own um which has nothing

to do with the narrative changing now if you want to talk about i guess like eat as an asset that narrative changing it has and i don't think that's a bad thing like okay let's discuss kind of like eat for a second here so each narrative has changed from just being used as gas on the network at the ethi asset and its monetary policy has changed from er we don't really know to what's called minimum necessary issuance right those two things are critical if eth just remained as gas on the network and it was used for nothing else it wasn't used for staking it wasn't used for trustless collateral in d5 it wasn't used as money it wasn't used in the nft economy if it wasn't used for any of that its price would be worth basically nothing you would only need it for gas

so you would buy it dispose of it you know to do transactions on the network blah blah you know you know you can kind of like guess the rest there so it you know that's that's a very good thing now if ethereum's monetary policy didn't change from f we don't really know to minimum necessary issuance which actually organically formed from the community then the ethereum kind of like a network would still be paying five eighth per block to miners where it's paying two eighth per block now so that would be more than a kind of like double from where it is here i think that would put issuance at like ten percent a year which is extremely high so that would still be happening um eighth would not be viewed as uh you know i i guess like a sound economic asset where it had a known

monetary policy where people kind of like had certainty or at least relative certainty to kind of like what 8th was i guess like doing and and how it was going to be viewed in the future so there's that as well and then third which i think is actually the most important thing is that east monetary policy would be so prone to capture it isn't even funny because if you think about it if there is no precedent right if the monetary policy is f we don't really know we'll figure it out later then you can imagine a special interest group or some kind of group coming in and capturing it for themselves right and saying well you know it doesn't have a defined monetary policy and there's no kind of social contract here let's just raise the bloc the you know uh the um the issuance to

like 10 eighth per block and that could have really happened that could have been a reality that happened where the miners basically petitioned for this and then the ecosystem in general would be like uh well you know i mean that makes sense right because there's no social contract here there's no kind of um i guess things saying that we don't raise the the kind of limit now with minimum necessary issuance we we know we don't raise the bloc block award if it's not necessary to do so because we only issue as much as as is necessary to secure the network and right now we're overpaying right now even if we take out the fees that we're paying miners i still think we're overpaying for security with block rewards given out how high the eth price is so i think that is critically important to remember as well so those those kind

of three things there around 8th i think is just a very positive narrative change and you know the critics of i guess ethereum and saying that ethereum's narratives keep changing they're the same people who i guess like support bitcoin and i mean i see this from bitcoin maximalist a lot and if you really look at bitcoin its narrative has changed over time too like pre-20 2016 bitcoin i think you could say was all about payments right it's all about using bitcoin as money um you know essentially what became bitcoin cash now it's all about digital gold and i'm not going to say what's you know what narrative is better and what's not that's not the point of this the point is that like for the longest time it was regarded as money it wasn't regarded as digital gold or a store of value

and you know on top of that you know in earlier on earlier on in bitcoin's life cycle it was also regarded as just like a a thing to use to kind of go on dark net markets and buy drugs now obviously that narrative is completely changed not many people say that anymore about bitcoin unless you know you're like totally unaware of what bitcoin's being used for so from that perspective you know that you know it's kind of like hypocritical to say that ethereum has changed its narratives when bitcoin has as well and you know i actually think that you know bitcoin changing its narrative to what it has is good for for bitcoin you know obviously it is because it's got over a trillion dollar market cap it has you know all this attention and all this sort of stuff if you're just counting like

market cap as a signal here but ethereum transit gets narrative from world computer to i guess like settlement layer as i spoke about yesterday to you know d5 being like really hot and and settling on ethereum ethereum's monetary policy changing to be minimum necessary issuance and emerging organically from the community is incredibly powerful and is a major reason why i'm extremely comfortable holding eth because i know that there is a i guess you know social contract there that we're just not going to raise issuance we're not going to do willy-nilly stuff with the monetary policy you know people will try to tell you that you know at the click of their fingers retaliate can change the monetary policy of ethan that's not true at all that couldn't be further from the truth and you know i mean technically one five five nine is a monetary policy change

and it took two years to get that into the network so anyone who tells you that it's easy to change the kind of ethereum's monetary policy or anything else to do with you know issuance and eth paid uh two i guess like validators of the network is is kind of like lying to you essentially so yeah good tweet from from jacob here i do like that he kind of ended it with no you just caught up sweetheart because yeah this is i guess like uh what i was talking about the other day about information asymmetry and how so many people in this ecosystem are unaware that these things on ethereum have not been things that have just formed recently they were formed very early on but just found kind of i guess like product product market fit recently which is very different to ethereum changing its narrative to suit

the product right um the product basically grew into ethereum's narratives already so yeah really really cool uh cool to look back on that here all right that's it for today everyone thank you again for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up join the discord channel subscribe to the newsletter and i'll catch you all tomorrow thanks everyone