r/ethfinance Birthday Livestream AMA Party!

Transcript

all right hey everybody and we're live we are live hey guys how's it going uh jeremiah from uh e finance aka jt nichol i'm joined with david hoffman who's been so gracious to help uh host this from uh the bankless side of things patricio warthalter you know him as a poep guy beyond all kinds of other things that that guy messes with in the ecosystem justin lauren aka midnight on mars for he's an og from heath trader kevin wacky from get coin alex.eth the head of michigan meetup ethereum meetup uh lamboshi good friend of mine from east staker the sister sub to eat finance alone we got danny ryan needs no introduction that

guy is a beast we got super fizz he's also from the eat stakers subreddit the the one and only dc investor and now at the very last but not least just joining on the call is paul brody from ey blockchain crowd so thank you all of you guys for showing up today this is the one year anniversary when eat finance uh became a subreddit was born out of uh eath traders so it was kind of an interesting migration the way everything occurred and then after about four or five days we had about 10 000 people and now a year later we've added another 10 000 or more and more and more people

are coming in they're looking for good information and so i just figured you know this is it's nice to have a birthday but the biggest thing about the youth finance community is the community itself we have a lot of extremely intelligent people that are still with us on reddit you know after so many people had left and went back went out to twitter went to other telegram groups or whatnot and he financed the moderator team we were there every day and we're trying to get the best information and try to keep keep the noise to a minimum as best we can unless we have a 50 price swing or whatever so uh glad to have everybody in the chat and uh i just want to kick this off with uh paul brody what a year it's been uh i

met paul back on ether and uh i have i've never been to a conference in four or five years and this year uh paul was going to have me go to new york for the ui global blockchain summit and it was we just wanted we just wanted to make you sick that's all right we knew we would invite you to the epicenter of the pandemic and you know i it was it was just really nice and then as fate would you know have it with the pandemic uh that obviously went virtual but eat finance was was able to help host a lot of the ama and the discussion points of all those fantastic presenters and so i think what i want to do is just kind of kick this off and i'll shut up so you

guys can discuss it a little bit when we're talking about the pandemic and we're talking about the growth of this this ecosystem has been just growing like crazy despite everything and do we kind of see do we finally see this uh you know the smart money is in there churning and burning in the middle of all this uh chaos in the world and somehow ethereum is is going to lay down some roots really hard for the years ahead or is it just a you know is it a flash in the pan thing what do you think because we got everything on the horizon from 2.0 and we have the d5 thing going now you have the eea you've got everything all the tools that the institutions are starting to play with i just want to throw it out

there maybe i'll just start with paul since i've started with you where do you where is your compass in 2020 with everything going on in the world so we already were i was already very hopeful at the beginning of this year like uh we've been so very clear at ey right uh blockchains aren't it's not one of those things where there's gonna be 50 different blockchains there's going to be one blockchain because that's how networks work right and the explosion of d5 the performance of ethereum the level of innovation that's going on there the uptake of baseline protocol the use of ethereum as the main d5 layer 2 for bitcoin i mean it's it really sort of this is the year

when the i you know i don't think there's a better way to put it the smart money is indeed on ethereum and that column that rachel wrote in the coin telegraph a couple weeks ago about uh or not even a couple weeks ago like a couple days ago about how uh this is the tie she finally believes that blockchains public blockchains that ethereum is right for the enterprise um i feel like it's all coming together for ethereum this year i i can't imagine anybody feels any differently i'll just pivot around where where are you at with things dc i mean but i know you one thing i love about dc i'm going to just riff on you for a second

because dc was he was a pretty guiding light for the moderator team when eath finance was born because that guy has is a very conceptual way of looking at building teams and managing very macro level structures of organization and so like i i love reading your tweets when you when you talk about the big picture so what are you thinking well i definitely remain really focused on the big picture jt and um couldn't be more excited with what we have on the horizon this year obviously we've got the first phase of or phase zero of eth2 which will hopefully be coming online this calendar year and we've got danny on he can talk

a little bit about that pretty exciting but you know what i'm really excited about to be honest is the big development we're seeing on layer two and i think um a lot of people haven't really conceptualized this yet but a lot of our mainstream adoption and ux improvement and bringing that next generation of users onto ethereum is really going to be through these layer two solutions so um i definitely encourage people to learn about those and read about those when i think about it from a true macro perspective i really see kind of like the sky is the limit i feel like for those of you who are around back in 2013 2014 you'll remember when bitcoin really kind of went into the mainstream then and i kind of got involved late 2013 at the top of

that bubble and it was it was pretty exciting i was like wow bitcoin really entered the zeitgeist and i really feel like this cycle um for ethereum the same thing is going to happen ethereum is going to be something that a lot more people know what it is they might not know how all of it works but they're going to know that you can do all of these amazing things that are not possible outside of using blockchain so that's really what i'm excited about that really feeds into this big idea i've had lately that we've imagined for a long time that we're in this some kind of struggle with bitcoin and i really feel like whether or not anyone acknowledges it that struggle is is actually already over like that we are the clear winners ethereum that's

going to be the platform of the future what is that bitcoin thing uh it's some other platform i'm i've only [Laughter] [Music] but talking about 2020 and how this all comes together i first uh met the moderators or got the opportunity to speak to them that you finance moderators back in 2016.

and for me they were sort of like the ethereum welcome committee in that like yukon jt uh i found our ethereum very intimidating trying to get my head around these concepts and they were so welcoming they had explainer videos talking to you about basic concepts so i love to see you guys still so involved and the real big difference we talk about that sense of inevitability uh the super fizz mentioned there was nothing like that when i first got involved like i remember in 2016 going crazy i'm like this is amazing why aren't people more excited and just seeing all the things that were almost seemed like overly hopeful posts back then become a reality that everyone takes for granted today is really amazing i only learned

about zk roll ups like two years ago and now everyone's like yeah it's no big deal just you know hop on the roll up you can go trade on there so we're taking really wide like a really high level success is almost a grand like as a granted in 2020 which is an amazing place to be we've still got a long way to go all eyes are on youth too but it's really exciting to be along for this ride you're talking about the welcoming nature of you know eat trader back then when you discovered it i've always said that uh you know despite the you know the faceless usernames if they're you have to assume that most of the people are real and they're not

bots and to just have a tone where you would talk to somebody if you're in the same room and and i feel like that's kind of like the tone that we try to set on youth finance and it's it bodes well for people like you and really me who who are kind of i'm intimidated by the tech but i'm always like i always feel like we're in a community on eat finance it was like [ __ ] i don't know come on in let's figure it out together you know and you and you see people you know directing and helping and moving traffic around i know like uh alex you've been on uh you've been on some teams out in denver patricio's been on teams out in denver right so doing the uh hackathon stuff all over the world and it's it i can't

wait to go to one of those things and just sit down and watch it unfold in front of my eyes you know jt i remember back in 2016 i was i heard about this thing called ethereum and i was really into it and i didn't know anyone like here in michigan that that knew anything about it and i remember this crazy guy from kansas city posting videos trying to get italic around his fire pit and i just thought man it'd be really awesome to have some barbecue with this guy one day so uh it was that was a great uh job as part of the unofficial official welcoming committee to ethereum and uh it's great great to be here with you guys today too yeah absolutely danny kevin either one of you guys

wouldn't say anything yeah yeah i mean to echo justin's sentiment about like the crazy [ __ ] that's going on that we'd now take for granted like whenever i come up for air and like look at the new experiment going on i'm like how i i'm surprised people crank it out and surprise people not only not only does this stuff exist but that like so many people are experimenting with it um and playing with it and like use actually using these tools that two years ago people were like said these things are unusable um so i mean that's what keeps me going is the community um and as as the e2 representative here um i want it i want to just i want i'm going to i'm going to say this until

until we're done but iswani's 2 this is a misnomer like this is this is uh like east kernel versus like user layer this is the system versus the user and the state and what we're doing is we're upgrading the consensus for ethereum we're upgrading we're essentially like stripping out this proof-of-work element making this like sophisticated system so that ethereum can live inside of it and have like tons tons more space and things to do in there and so like the the one to two implies this um implies a sequentiality that's not there um and implies like we're getting rid of all sorts of stuff and like that's that's just not quite that's not it like these two is is ethereum and it's for

ethereum and like essentially just making like a more sophisticated home for a theorem to live inside of a serenity if you will yeah we should go back to serenity it's it's on the path these two i think it's easier to say it's easier to think about uh but the sequentiality is not there i thought it was the best long-haired coloradian on the call until danny ryan showed up [Laughter] we can go the other way too yeah go ahead jeremiah remind me what the question was again well just kind of the

anything goes but it was kind of like how did how does 2020 has it affected you at all in terms of yeah where do you see this this ecosystem seems like the honey badger in the pandemic in a way you know yeah for sure i mean i think that you know we're we're sort of seeing a lot of people i think that like my selector function for who i socialized with before was very geographic centric i'm a community organizer out here in colorado with the blockchain space and i feel like my social life has gone online a whole lot more and so um you know i really think a lot about this metaphor that andreessen horowitz put out about how crypto networks are like cities so basically there's like

this base layer of resources that people come and gather around and they start to build infrastructure on top of that and then there's jobs built on top of that and i think we're kind of like seeing the social layer of ethereum be built a little bit uh because people don't have a physical social life right now at least i don't and um and so uh i'm just seeing the maturing of the of the ethereum like if you made it through i think the last few years then like you're you're in it for the mission and you're in it and i think that we're kind of seeing we're kind of seeing a crypto spring actually come uh in a renaissance in in the ethereum crypto city and so um i'm super proud of i guess like just to provide one

tangible point i'm super proud of all the projects that get coin grants supported through the bear market that are actually starting to like bear fruit and become like multi-million dollar networks or huge media successes and stuff like that i think it's it's cool to see spring is sprung in uh we've got some sprouts coming up now hopefully i'm not playing up the farming metaphor too much but i can't wait to see who who grows into an oak tree in 2021 that is so absolutely well said about the get coin grants in the bear market i mean that is so spot on how many teams were able to continue their work you know during that time and there was uh i forget the scientists that got

they had lockdown back in the in the plague right and he came up with it was like three of the main theories of physics i can't it's one of the big guys that you know so i'm wondering out of this pandemic it's got people just like well i can't go out and do anything i might as well finish this this batch of code up david did you have anything you wanted to say man yeah actually and what i want to say kind of backs up with uh right after what kevin just said um and i think we can take a lesson from a lot of the vc uh investments in the space specifically the frameworks thesis that like invest in communities right and so they invested in synthetics chain link uh and you know just commit communities that

also survived through the bear market right and turns out that that was more or less the correct thesis like looking at the d5 tokens that have pumped recently they're all based on community right and throughout you know 2017 2018 2019 like a brutal brutally long bear market like the people that made it through that have been paying attention to ethereum this whole entire time have gone through these trials together right and they've gone through this bear market together and we've supported each other together right like especially with git coin and we've all we've all been supporting each other's businesses and each other's projects to get this thing off the ground and now finally when there is actually like price increases which means that there is more

vitality to come we all kind of get to like join hands and and be happy that we made it through as a community of ethereans right and so i'm bullish on aetherians i'm bullish on aetherians yeah i like it i wanted to sneak in a comment there jt and this this is about you because jt i really think jt in a lot of ways um is is the heartbeat of a lot of the ethereum user community um a lot of us on this call and who are watching um got started in east trader got you know hang out and eat finance and i remember i mean the only reason so jt was actually one of the first people i actually had direct contact with in the ethereum

community and um you know when you talk about community i remember when the coinbase wallet came out during the last last market cycle jt sent me he was like offering to send people a dollar of youth on the app so i was like all right i i was pretty much a lurker and i was like alright fine i'll let you send me a dollar and we were just kind of chatting and from there you know i really got to know jt and and if you look at the the impact you've had on eath trader and also east finance it's huge man so this is all about community so i just wanted to make sure i recognize your contribution so thank you for that jt thank you do you remember that app called toshi that coinbase came out yeah that's what i'm talking about yeah toshi

i talked to brian armstrong twice i'm sorry somebody else was saying something go ahead well i was just gonna sing it i think you don't get enough credit for the overall quality of the discussion right one of the things that i noticed early on posting in eastern and especially is we get the best questions we get the best informed questions when i post something the things that people ask they understand what we're trying to do right so we get smarter questions and so consequently you know you probably notice that when we have something to say to the ethereum

community we post it in the eve finance reddit forum first sometimes before or even instead of a press release because we get better insight we get a better feedback we get better questions so uh and that's a testament to the quality of the discussion it's not just that it's civil but it's also significantly more thoughtful than i see in a lot of other kind of online forums we uh i think one thing i've always tried to do over time is like i always view i always view you guys as rock stars because if it if anything if i can keep my pulse on who's who's coming in the room and showing and i tag and i am able to help you know follow them around if they come

if they come into reddit then it makes it easier for me to introduce to others and then they could be like because when somebody said when they see you know user p brody or you know david a hoffman or you know some of you guys have user names that aren't even part of your real name a lot of times it's just another username to them and they don't understand i am i just they don't understand the power of reddit because i think especially during the ico days of 2017 everything was a troll boxing crypto on ether there was so many just blatant you know click farm type comments and it really made it hard to actually drill down to who the real people are that are

constantly working on this and and i feel like reddit provides a long-form discussion that that you can't get anywhere else because with the moderator team you can kind of reign it in a little bit and yeah some say it's censorship but you know what reddit accounts are free and not all of them are getting used by real people and they're being bought and paid for and i feel like if we can at least try to you know give some expectations and some guidelines for people to kind of adhere to it makes for an overall better way of communicating rather than you know some other mediums that said i'm just the public figure in the mod team there's six other guys that work just as hard behind the scenes and we go

we go around and around in private rooms trying to you know keep the conversation lively but i want to pivot to an ama question this came over on e finance on the mega thread that we have tricky troll he says it would be cool to put some faces on the familiar names like super fizz and lamboshi okay so my question for you all is what is your opinion on eath traders donuts putting any beef between yourselves and eat trader mods aside i think he's talking about the eat finance and eat trader mods aside what's your unbiased and objective opinions of opinions of donuts and to a lesser extent reddit community points like those in our cryptocurrency

so i think just to give a little bit of history as to how each finance was born a lot of people are under the misnomer that we just hated donuts and we walked out when it was it was a multi-layered issue in terms of the donuts and the way they were put into play by reddit red hats and ether i felt like it was a very sloppy implementation and it was distributed poorly that that's me included like i was way too heavy on donuts why because i i'm on reddit to help others out i don't know that once you introduce the idea of money into the picture that it's necessarily a flavor for me that being

said i understand the value that they could bring so i want to pivot to any one of you guys i have an opinion about reddit's implementation of community points as an eerc 20 token because i know that there's as many opinions as there are people in the room i think the communities they want to hear you i would say i was always like pro donut i thought they were like fun and interesting like just a fun experiment i'm not so sure about the value that people are putting on them today they are like actually valuable which i don't totally understand but i think is like a fun thing to play around with and you know i remember back on east trader

gambling with them and stuff and it was like something that kind of has value but also you don't actually care if you lose it so i don't know i always thought they were fun but i do agree with you the initial distribution was a bit weird but i i don't know so i always liked them i thought they were a good addition i i have never really so i i sold mine when they were at two cents a week ago nice proud of that happy about it no complaints um i'm happy with what i took away from it but as far as the program in general uh one of the things i'm always looking for is incentive misalignments and the incentive to participate in communities

in my mind should be the personal reward that comes from serving other people um and and that's an an intangible it's something that you you have to want um for yourself to to go and and serve another person and experience the reward of hey you know i'm i'm glad that that i allowed another person to engage that community but when you when you put anything like a monetary incentive on that you have this misalignment where suddenly someone every time they comment is asking themselves am i doing this to serve a community member or am i doing this to cash out 55 cents and i think in most cases the tangible outweighs the intangible

and suddenly you have people who who are good natured and who are interested in helping but their motivation becomes earning those points and they lose sight of the bigger goal of just building community um so while i love to be incentivized i love to incentivize other people taking a what is otherwise a community building project and making it a financial financially rewarding project uh really exacerbates that incentive misalignment problem so and that's a good problem i'm happy to have cashed out that and that's a good problem to like discover right like the the to me all the tok every almost everything that

we're doing on ethereum especially in ethereum the current state of ethereum is experimental right it's experimental until it's not experimental and we will never really gonna know when it's not experimental until after the fact and so that's why i'm cool with donuts even even with the incentive misalignment like i'm glad we discovered that there's incentive misalignment because now we know what we need to work on so to whatever degree that we are experimenting with something real and valuable i'm all for it two sides to this um i'm excited about community points in general uh because i feel like it will get people involved related to ethereum's orbit but yeah well that will for me relates specifically to something like efinance

there are other other reddits where i think it's it's an incredibly valuable and useful tool but we there are different goals in different reddits i always thought the i think part of it was traitors i think part of it with youth trader was that the the karma becoming community points that were going to be used for governance polling of the subreddit and so if you monetize something like reddit karma where there's no buy-in because reddit accounts are free okay it's being kind of generated out of thin air in a way not unlike the us dollar it becomes an advertising platform as much as

anything so a well-funded team like eos or something could go in there and start you know because then it's leaving it up to the community to upvote and downvote to remove stuff and it costs money to do that well the bigger pockets will get their product out i don't know and so what i thought was fun about it were those little badges right i mean what if it just kind of replaced reddit gold and you could just guild somebody and buy some badges and call it a day you know and so it's just it it's not going away it's like the highway is built somebody was saying you know it's like ethereum the highway is built you can't guarantee that every car is going to do the right

thing on the highway so it's going to flourish i think it'll be here to stay just how it gets implemented from subreddit to subreddit is uh you know it's going to be determined how that works out i want to pivot once again but i'm curious what you guys thought was the biggest curveball in 2020 in terms of ethereum what was the thing that nobody saw coming well somebody a few people saw yield farming coming but very very few and just the people that like were doing the the deepest research and so yield farming i think is the big curve ball because we all knew that there was like a lot of like dry kindling being laid and we knew that

this like this the industry was like ready to just be sparked but we didn't really know what that spark was going to be and so the the uh the incentive alignment between like what what came to become known as liquidity mining or yield farming was really like this thing that really stitched a lot of the different experiments together that has come out of 2018 and 2019 and so i i think i i think a curve ball in 2020 was inevitable which kind of makes it not a curveball but not knowing which curveball is coming was the curveball and that curveball was i think uh liquidity mining slash yield farming yeah and the benefit of that is it's pushing up gas prices and and that's

putting more pressure on eth2 moving forward and second layer solutions if we hadn't had that pressure from yield farming we might be a little more relaxed about pushing these other products out the door but but since now we're we're reaching gas limits it's imperative that we get additional solutions rolling and i think that's it's a tight squeeze but it's beneficial for the community yeah and it you know i was going to say something very similar to that because at the end of the day i don't think anybody expected that people would be willing to pay this much in gas and and still kind of continue to use the chain i mean several weeks ago it was probably a few months ago now

i was doing an episode with eric and anthony on into the ether and i and i did a little segment about kind of gas fees and my hypothesis was that gas is like super actually underpriced block space on ethereum was really underpriced at that point because the economic value of putting something on ethereum is really great and so you can really look at the current prices as almost normalizing to what the economic closer to what the economic value of putting something permanently on the ethereum chain is so obviously really high gas prices aren't great but i am excited about the innovation that is now coming from that both from the eth2 side as well as l2 and i you know a lot of people are like why don't we have l2 yet

why don't we have l2 yet and i think this is one of those cases where necessity has to be the mother of invention you really needed this kind of push um this kind of you know edge um you know burden on the network to really get that development and adoption going something right certainly about our engineers oh sorry go ahead danny oh just just a quick comment l2 could exist and be and be flourishing and i mean l2 does exist through services and it's being experimental it's not flourishing yet but and gas fees could still be very high on main chain like and the transactions per second can still not be what we you know what we want to see and and people can

still point to that so like the even in even in a world in which we have um a highly scalable east to chartered e2 um we might very well generally see very high gas fees because the the demand for capacity systems might just continue to grow faster than general l1 scaling and so like that might just become a that just might become a fact of life so i really hope not like that's that's not something that would be good i think in the long run for enterprises right to have hundred dollar transaction fees we when we did our batching at the end of last year we stopped at 20 just because we thought 20 would be enough we have a mathematical roadmap to 2000

transactions under zero knowledge per batch and it's necessary we need to to go there because i think we've got to find a way to make sure that the total price tag doesn't become overwhelming i'm we're rolling out enterprise products and if it's a hundred bucks to do a transaction we're not going to get a lot of takers right it needs to be it needs to be in the you know 10 to 50 cents i think there's plenty plenty of room to to improve the performance there's plenty of room to roll up and compress more and batch them together using zero knowledge proofs and that's just gonna have to happen now sooner than we had originally anticipated but i think it's i think it's okay if the price of the ether goes up provided that the cost per

transaction right the real cost what you're paying to get your transaction done even if it got rolled up with a bunch of other stuff remains relatively reasonable yeah totally agree one thing that we were talking about recently on on the bankless state of the nation is the concept of a compounding scale right and so the cool thing about ethereum is that is it's expressive right which and if it's expressive that means we have more options for scaling and one thing that's really cool about the urine protocol from andre is that it really just optimizes gas fees for yield farmers so instead of you know if there's 500 different yield farmers and they're all

chasing the best yields and each one is making one to three transactions a day well it'd be nice if you could just bundle that into one single protocol that that is better than you at chasing yields and instead of 500 people making you know three transactions a day there's three transactions a day for all of those 500 people so like not only are we increasing the capacity of ethereum uh the the l1 ethereum in charting and not only are we increasing scale with l2 but we're also just learning to be more efficient with the l1 and how we use gas and if you want to get a real good example of how this works go play an xbox 360 game from the year that xbox 360 was released and compare those

graphics to a game from xbox 360 like 10 years later because the graphics are insane and that's just as a result of developers learning to be more efficient with the constraints and restrictions that they have and so it's really and and this is why the expressivity expressivity of ethereum comes together is because we have multiple different ways of scaling the chain like we just become more efficient and we also scale throughput and having optionality compounds and so it's not just linear scale but it's it's exponential scale from some combination of a little bit of everything between developers getting more efficient and they're actually being more throughput and other technologies like these things

are exponentially scaling not linearly scaling so when paul you you tell me that you need as to to sell your clients on something like you know a relatively inexpensive transaction that has a lot of logic i'm like maybe bearish on that in the short term but totally bullish on that in the long term like we are absolutely going to get there there's just like having that optionality is just like such a superpower so yeah i don't have any i don't have any worries when people freak out about like the price of the ether i'm like listen this is you know there's lots of lots and lots of head room uh possible mathematically technically road map wise you know i'm so tired of people trying to compare ethereum to some other

centralized system that's 30 years old right it just it sort of gets a little tedious right 30 years ago the centralized systems that they're talking about didn't do a couple million transactions a day with 50 million user addresses right they had no transaction complexity it's a very uh uh it's a great tool for kind of you know causing people to have fear but it's not very useful in terms of understanding where the world is going yeah it's so difficult to give any frame of reference for where we're at like as much as i hate when i'm explaining what ethereum is the first question i ask is have you heard of and do you know what i'm what i'm what i'm asking if they've heard of because

that's the only way i can find out what their frame of reference is and it's it's so difficult to to get anyone um quickly familiar with the ins and outs of ethereum when it is such a different product than anything the world has ever experienced before and you know even you have these old school technologists who you know well it's just a database and i'm like ah it's so much more than that but really that's that's all they can see and it's um it's a real challenge and one of the reasons i'm so invested in community development it's a real challenge to get people up to speed with what the real potential for ethereum ethereums and we can't even see the real potential it's

we're at the beginning paul brody is fantastic about um i loved your supply chain talk um that just that woke me up to getting out of the smart contract idea and realizing you know the the real some more of the real potential and even that's the beginning imagine where we'll be 10 years from now yeah and i i i actually think a lot of ethereum use could look a lot different in five or ten years from the perspective of i mean i could imagine a world i don't know if this is what will happen but i can imagine a world where a lot of transactions occur on l2s that are talking to each other and maybe fewer people are interacting directly with the player one you know

i'm just doing the i thought i thought about this from like a game theory perspective it's like okay if roll-ups start using a lot of ethereum l1 capacity what does that mean that means the block space on l1 is actually becoming more economically valuable because it's capable of securing even more transactions right so what might have been like one transaction before is now actually a hundred or a thousand in a roll-up but the economic value of that transaction isn't really being reduced that much because the security on a roll-up is pretty similar to l1 so i kind of wonder if we're going to end up in this crazy world where we have l2 taken off and l1 fees go up even more but we all learn to adapt and we start

building additional layers that are that are practically as secure as the ethereum layer one so i think it's gonna be exciting five to ten years for ethereum from here hey speaking of the future of ethereum just a quick heads up the madaga test nets currently at a 59 participation rate so if anyone out there is listening and you've got a validator on there get it up we just need seven perc seven percent more and we can get this thing finalizing and and move forward super super fizzer's reaction a couple plugs like yes well so yeah i i don't know why i'm obsessed with ev2 um it is you know i i started

back when it was a smart contract with requiring 1500 each and to me then it just seemed like the neatest um greatest way but with sharding um with staking i'm just so wildly excited and if you're watching this i want you to to realize it doesn't matter if you you stake 32 eth it doesn't matter if you use a service and stake one each but just dip a toe in it if you're dipping a toe in something like like defy or yield farming you're not going to know everything about it but the important thing is to dip a toe and become a little familiar with what's going on around you and so the way to do that with ethereum two is to join us over at

reddit.com r eatstaker there's also a link to our discord there our discord is hopping we're providing tons of new user support you don't have to be an eth2 genius to join us um to be honest like i see people in that room that know 10 times more than i do and i'm struggling to answer you know my own basic questions but we're all providing community support we're all on boarding new users because you know eth2 is is really the future when you look at those 64 shards when you look at the potential return um of the staking reward it's it's an exciting new frontier and

even if it's not your direction we'd love it if you just join us and learn enough about it to have a good conversation so eat sticker and i want to i want to plug you and lamboshi in particular because you had reached out to e-finance moderators myself uh you know a while back and you know i'm a i'm a fellow moderator with you but i think it's more about trying to have a good communication with you guys i everybody needs good they need good educators out there to get this 2.0 stuff figured out and the other part of this is i've always feared that staking as a service was going to be the next scam big time scam to come along and i just worries it just worries me

how many people are going to get sucked in like they did with the ico hype in 2017. i mean we've got a we've got a much stiffer spine now and we want to we want to kick that stuff to the curb like a jerry springer show okay and make sure that we get people the best information if you want staking information beyond other avenues but i'm just specifically saying on reddit eatstaker is a place to go i would i will refer you there every day of the week with the with their moderator team and the community they're building over there so hats off to you guys thanks jt hey dc how's your uh not working out you got it set up no i don't have it set up yet but it's on my list um i was actually yeah i just

haven't gotten around to it yet but i'm gonna set it up i actually bought a little intel mini nut computer which i'm gonna be running my e2 node on so i'm pretty pumped about that i just haven't gotten a chance to to take care of it yet well we need validators right now so i know i might be hitting you up later limbo shoe to help get on it hit up the discord or read it or whatever hey trent vanepps you are in the house my man how are you doing he's got me muted a bit your muted trend sorry about that um across the screen hey thanks for the shout out sorry i'm joining late um i'm just happy to listen in and

hear what everybody else has been working on really really happy to hear from you well the question i had thrown out there a little a little bit ago was what's the single biggest curveball or development in ethereum in 2020 that kind of caught you by surprise oh i have the disadvantage of not hearing everybody else's responses but probably um probably yield farming i don't think anybody really expected it would play out exactly as it had um from the scale of it to the speed at which it changed that's probably the biggest thing i've seen that myself and man many other people probably didn't expect

i'm curious what other responses are but maybe maybe i should just go back and watch the beginning of the stream i don't know you're fine you're fine we're glad to have you if you guys have questions we got a few minutes left here i didn't want to go too much longer than an hour we got about 17 minutes or so thanks for joining the eat finance first birthday party uh extravaganza and uh what an extravaganza it is there's a comment on youtube herring salat i think is how you say the name says the best thing about efinance is the healthy mixture of developers professional investors traders and of course your normal people with an interest in ethereum who are open for blockchain education that's a pretty darn good summation of what we have we

we got you know we got some tech we got some [ __ ] posting and we've got some amazing you know people that are good traders that are out there patricia is getting attacked by a duck [Laughter] so if anybody's got questions you could throw them right in the chat on youtube or in the efinance thread and we'll we'll pay attention to it i'm going to ask you guys can i yeah go ahead so one of the things that uh that i know we're all excited about is is the poep and i don't think we've we've really discussed um it's it's a at least to me relatively new uh program uh patricio is here and i'll be speaking on his behalf in limbo she

can jump in if you'd like to um but it's a proof of attendance protocol token and it is an erc 721 non-fungible token that basically shows where you've been and what you've done if you go to poapp.xyz you can you can see what badges you've collected you can actually claim a badge there the reason i'm bringing this up now is because we do have a po app available for uh the east finance one year party if you haven't heard of it before you don't care you're like ah that's weird but once you once you get involved in it you they're kind of obsessive because you have this wallet that shows all of your poeps and it sort of shows

everything you've been involved in and it makes you it sort of drives you to want to uh to collect all of them it's like a pokemon uh but patricio does a great job administering the program right now lamboshi is uh i i think you're on reddit responding to comments um limbo you want to talk about how people can get a poep for being here today uh yeah so go to the second sticky post on eat finance uh august 18th is east finance birthday just put a comment in there uh within the next 14 minutes or so and after in you know x amount of hours we'll send you a link to

coap.xyz and um you just punch in your address hit confirm on the transaction and you'll get the badge and i think if you put your address in there but you don't confirm the transaction you can claim that badge whenever you want so you can wait until like the gas price goes down or you know there's rumors of a layer two system for po-app coming so that'll work there too so if you don't want to pay the gas fees for it just punch your address in and uh you'll you'll at least have the option to claim it in the future lamboshi what's that uh url one more time so i can go and put it in the youtube channel uh chat uh

patricio app.xyz um i think i'm going to paste it on the stream because it's a long reddit url perfect real quick i i do have i'll tell you i thought about it for a second and i do have a better response um i think the most unexpected thing was the switch to uh all virtual events um so i've been working at youth global since february or march this year and as many of you probably know we did uh in-person events in cities around the world and i know i've seen and met a bunch of you there and this year has been almost completely online events which is a huge shift definitely challenging uh but it's it's

interesting to see how you can try to approximate some things and that are happen in physical events and then some things which are completely lost and then new new engagements which can uh only happen in online events so it's been a learning experience for the whole team but really interesting we just wrapped up uh hackafest with filecoin uh actually just today was the finale yeah paul with your ey summit uh how many in-person attendees would you normally have and then this year what would you estimate you had virtually yeah so that is a fair point so jt your your help and the east nance community

took us from 300 in-person attendees to 12 000 views of day one of the of our blockchain event um and made me the superhero of the year just everyone's like kid can't you why can't you get 12 000 people i mean look at brody over here right i mean everyone hates me now that's not how you make friends fall i that's what i've been told but you know as clothing optional events go this is our very first one an audit firm doing a clothing optional event huge success no one wore pants and it seemed to turn out all right you are the best shirt so

we have so so i i am developing a shirt repertoire and we are having so next year we will have the blend of in person and online so jt assuming we're all still alive and western civilization still exists next year you will be joining us in new york and and we'll have a live in person uh celebrity commentary and i hope all of you will be joining us as well i will do everything i can to make that happen well it was you know anybody's listening out there i mean just reach out to to the moderator team and if there's a way that we can help host just even a portion of your your seminars or whatever you're doing in person or virtually we're we're always happy to help as long as time allows you know allows us to help put it

together um yeah it was just it was it was really neat and i think everybody was kind of experimenting everybody had to retool i mean i'm a teacher i mean trying to retool for virtual when you're not used to that i mean it was it was stressful but i i think it ended up being you know like you said well well attended and and uh yeah so and also i think helped get a lot of other people and eat finance in the ethereum reddit side really paying attention to other team members and a lot i know a lot of people in the comments were like holy crap the the guest speakers that are coming from this place this place in that place and you know it's like man if you really think about it it's a it's an incredible tool for a

situation like a you know a pandemic to utilize and stuff so i'm glad that worked out uh i wanted to see if any okay i got two i'm gonna do i'm gonna do this first one just for fun how many of you feel like we have finally seen the cracks and the worst of the bitcoin maxies this year wow i have strong opinions about this the sets and now thing with um peter whatever the hell and and vitalik oh my god you've made a damn food did you listen to that whole episode i made it like three quarters and i just had to tap out it was brutal man it was

brutal and the thing is like deeply embarrassing okay but yeah i i agree from the perspective of ethereum like it's all so embarrassing because it's just like shameless like grasping for straws attack like one after another but bitcoiners don't don't view it like that man bitcoiners see samson mal like going after vitalik who's being incredibly like sitting on his hands pacifist and they're like yeah nice job samson nice job like it is night and day sorry he was just maximalism aside his whole he was just being aggressive and rude yeah he was being bullied for sure well it it's important it's important

though that you david you said bitcoiners that is not the majority of bitcoiners like maybe the maxis yeah there's plenty of bitcoiners that are also also like love ethereum so definitely not all bitcoiners yeah i'm specifically talking about the worst of the bitcoin maximalists i feel like those are the people that finally are starting to crack this year like it's just a matter of time and they're just going to be punched in the air and they're they're starting to fall like dominoes you can see you can see it just happening they're never going to crack some of them they're living in this in this tunnel vision zone where bitcoin is the only thing that matters and as long as their bags are there they will never i don't believe they'll ever look outside of that

as long as there's something they continue to appreciate it's not going anywhere it's just not going to be as productive and prolific as ethereum will be in the future well i mean there's always going to be a place for gold in the real world and if people if some people think that bitcoin is digital gold it's going to attract kind of that mindset of the digital gold bug whereas i think what's being built out on ethereum is a lot bigger and more expansive and i'll tie this back to your first question jt because one of the biggest curveballs i think of 2020 is how quickly um really the crypto community only so far has latched on to ethereum and is now starting to see all the stuff that all of us in youth finance have been seeing for the past two years you know we've been paying

attention every day we were using defy and uniswap on maker on day one right for a lot of other people they're just waking up to the potential of everything that's being done and that's happening on the enterprise level as well with what paul and others are doing so for me to see that shift in the marketplace really at the turn of the new year and then renewing again after kind of the march crash has been incredible um it's been it's been a crazy ride and i feel like it's only going to pick up from here because the potential of ethereum is comparatively limitless to what is being done on bitcoin i mean when you talk about defy and all of that that's just not happening on bitcoin so i think a lot of people are interested in that stuff are

just coming to ethereum even if they weren't interested in eth and ethereum before they're interested in it now you could take programmability programmability is the great strength of ethereum right that's what what makes it so terribly useful right the community and the programmability it's also what poses the biggest risk right and as long as we have these kind of mega meltdowns whether it's the dao or yam or sweet potato or whatever is coming next right uh you know the those things don't do a lot they're they're a necessary part i believe they're a necessary part of the transformation of the service of its maturing but they're also going to be painful to watch because it seems like

they keep happening and i worry sometimes that we're as a community not moving up the learning curve fast enough if you if you want to look at the kind of the difference in a nutshell if you just open up on reddit for instance just open up a bitcoin subreddit and an ethereum subreddit and you'll notice just the the amount of color on the ethereum side just all the different styles of projects that are being talked about yams being one of them but also you know tokenization of real estate or or whatever and it's just it's incredible and then on the bitcoin side you know it's something about lightning and then three things about the price and

it's just it's just a void almost so anyway so i had to throw that out there i mean i think we can all kind of somewhat agree when it comes to the kind of the worst of the worst defenders of the bitcoin maxi crowd 2020 has been a game kind of a shift there um this uh kind of last question and then if you guys have something that you want to add before we close out is there anything you've mastered this year you want to pick someone to go first jeremiah no i want to see i want to see if there's anything that you guys have mastered i think the one thing i would say yeah go ahead the more i learn the less i know that's

all i can be honest about yeah yeah well yeah we've reached escape velocity as a community there's no keeping up with ethereum broadly uh there's just too much going on so you sort of have to specialize your knowledge whether it's dowse or defy or the protocol level just a few years back you could kind of keep up with crypto news overall and it's just not feasible at all now and tying that back to the maxi comments that's the thing they just are people that don't want to keep learning they don't want to do their homework and so these shrill voices have done so much to cement ethereum's reputation as the serious technical community we don't ever want to see that to anybody else does anybody have any future predictions

at all any things you see coming down the pike in the next five years so let's say that why is that hurry that's my prediction to the levers i already ordered a red jacket i was ready to get the red jacket let's go so so i have i think what is a neutral prediction um so in 2017 or earlier than that before i got into into

ethereum 2016 and even earlier than that the ico was good right the ico for augur worked fantastically and even before that for ethereum it worked fantastically and this very early primitive for achieving distribution and fundraising worked and then it started to get bastardized and then it turned into a tool for milking retail and i think we are about to see that same process happen again with yield farming where we it started with compound and it worked and then it progressed even further with with balancer and then it worked and then with uh yearn and yiffy it worked even better and it got even

more creative and yam i would also say it also worked aside from the bug which definitely didn't work but the process of liquidity mining and deep and and and the liquidity and yield farming worked the goals were good the goals were pure the goal the goals were moral and they worked and we will over the next like 18 months two years we will see those tools become corrupted and attempt to milk retail for whatever they can as people try and achieve yields on ethereum and so i think as commun ethereum core community members who kind of try and uphold the values of ethereum i think it's our duty to make sure that when people try and push out their yield farming project that we make sure that

they are the right projects and not the projects that are just trying to milk retail you know i think defy is the big project right now but we're we're in the midst of a singularity where ethereum is growing so quickly in so many different directions that we can't really predict the next ico craze or the next yield farming craze but in six months it will be here and it will be something none of us have predicted and it will consume all of our attention and i'm i'm very excited to see what that might be yeah and as far as a prediction in five years i'll offer two i think one your your parents or your grandparents are going to know what ethereum is

during that time even beyond what you would tell them they would hear about it otherwise that's honestly what i believe in and two i do think um it kind of echoing what paul was talking about we're bound to see another um compromised app type situation at some point it is inevitable and we all dread that moment i mean this yam thing was very small by comparison but it got a lot of attention but think about a large kind of app kind of failing not to leave us on a sad note or a scary note but it's all it's important to remember the risks that are involved in the space we're all pioneers and anyone participating i always say look put money into any one protocol that you're willing to lose and

you know i i use a lot of d5 products and i use a lot of them to spread around my risk because you know in case there is a vulnerability found in one i don't want to lose everything so i think that that will happen at some point um and it will be a big deal but we'll recover and we'll become stronger as a result of that as well um which i think is is something to look forward to so i want to make i love your ideas i want to make a and i by the way i totally agree with you uh and also david i want to make one bold prediction which is that uh all these efforts around central bank digital currencies will not be successful and that the first truly successful central bank digital currency will be a central bank regulated

fiat currency token on the ethereum public network and that is what will be the game changer that's what people want is they want central bank guaranteed fiat currency tokens on the network they use for transacting with other users not some kind of closed central bank network so that would be my my crazy bold prediction uh is that within within a few years um when we talk about central bank digital currencies we're going to be talking about tokens of central banks issue on the ethereum public blockchain okay i got a prediction in 2021 the value of all tokens on ethereum will be greater than the value of all ether

oh yeah totally you agree oh yeah easy prediction which was funny that used to be a big question people used to ask if that was even possible no yeah that's totally gonna happen and like and i hope that that that's good that that happens what's bad is if a native token on ethereum a single native token passes the the the market cap of ether if one single token does that then we can talk about weird economics and weird security issues but the total market cap of all tokens sure sure let's let's 100x the market cap of ether with all the tokens on ethereum there's nothing wrong with that i hope that happens well i'll just echo i think that yeah a lot of people are are worried about the

speed that things are going and you know no one wants another dow but the the fact is something that makes ethereum so special is it's per permissionless and part of that freedom is the freedom to succeed as well as freedom to fail and i think the dow was early days and it was a a critical choice that the community made but i think we saw with the ip99 that um the ethereum from from 2016 is not the theorem of 2017 or 2018 or or today so i think you know irregular state changes um likely are not the future of ethereum and um you know people got to be careful but at

the same time keep experimenting and having fun yeah very good well uh i got a trombone here i could play happy birthday real quick hold on jj's gonna play us out this is gonna be fantastic i'm looking forward and i got it and i got a blow torch what for it it's gonna be a lot of light i gotta light the candle on there he's gonna light the playground where's the flame cannon jt the wind's going to blow it out but i'm going to at least play the song real quick and then i'll i'll try to hit that cake with the

blowtorch real quick [Music] hey [Music] i think a special thanks is in order to all the the actual mods of the uh subreddit that that we are all celebrating right now so tip of the hat to you guys thank you for everything that you guys do all those mods thank you what the hell is jt doing he's lighting a torch you're just gonna the paint just went

off the number one but it's there what was the gas cost of that all right it's like the lightning torch he's gonna send it to you on behalf of all of these fantastic people thanks for joining the live stream i hope you've enjoyed it uh you know maybe we don't need to wait a year to do this again and appreciate all the support that you give these uh guys that are joining us go follow them on twitter uh we're real easy to find i can get you in contact with any of them if you don't know what their addresses are on twitter or on on wherever so guys this has just been amazing happy birthday to eat finance

celebrating one year and uh you guys be safe be good take care of yourself big hugs from kansas city thank you all right later happy birthday