Recapping 2021 and looking forward to 2022 - The Daily Gwei Refuel #283 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 30th of december 2021 all right everyone so today is going to be a special episode of the refuel i don't have any news in front of me it's just me on the camera and i mentioned yesterday that i'm going to be recapping the year of 2021 as this will be the last refuel i do for this year so we'll be starting off by kind of like you know obviously starting from january of this year going all throughout this year i'm just going to give my thoughts on what happened you know all the big things in the ethereum ecosystem but also in the crypto space more widely and also going into next year what i expect to happen as well so yeah let's

let's start from the beginning you know 2021's been a funny year i think overall really uh i think most people got things wrong like with their predictions there are a lot of things that people thought okay well this was going to happen or this was going to happen and it ended up being like completely wrong and i think one of the major things of that was basically around the market everyone expected you know we'd have like a massive bull market all throughout 2021 we'd have a blow off top towards the end and then we'd go into a bear market again i i mean i don't think everyone expected that just like that was the consensus that i saw kind of play out in the um and the twitter sphere and and and in other places as well so i guess in january 8th started off in a

pretty weird place i mean it was still 700 like can you believe that i think on january 1st 2021 8 was 730 dollars and only a few weeks prior to that it was uh it had been like 400 or something so nothing obviously to scoff at uh sorry nothing to kind of like write home about of course um but then it ended the month at 1400 almost all-time high there which was crazy i mean i'm pretty sure yeah it did reach all-time high in january or it broke its old all-time high in january which was like three years after it had um broken the all-time high uh in january of 2018. so that was obviously a really big deal but it's just funny like how quickly it moved i mean we came off 2020 where it was all about defy and all about kind of like bitcoin because uh

you know there was institutions kind of piling into it and eth kind of like took a back seat and people were like really bearish on eighth uh and then he just kind of like teleported to its old all-time high in january and then obviously over the next few months it went into a crazy bull market and ended at you know in may of 2021 ended up at uh 4 400 and then came back down to 1700 then went back up and you know it's been crazy it's been like a yo-yo essentially and what the price is 3 700 right now or something like that 3 800 so it really has been just a massive kind of like yo-yo for the price but price obviously wasn't the only thing that happened in 2021 i think the other massive narrative that played out that i think a lot of people didn't see coming

was the alternative l ones obviously there are a lot of people who thought that they would kind of like fail and that failed to get any traction that ethereum was fine that ethereum would scale before any of these things could get traction and to be honest i was one of those people with like layer two like i understand why it's taken longer than everyone kind of like thought it would but it definitely has you know the fact that it's taken longer has also given rise to these alternative l1s because they've kind of like played with the narrative and the marketing of oh you know ethereum can't scale the fees are really high come use us we're cheap but as i mentioned yesterday i actually think that regardless of ethereum's high fees these other l1 basically would have taken off because of the fact that they used the

tried and tested playbook of liquidity mining which came from 2020 where everyone kind of saw well if you put token incentives on something and you do it right you can get lots of liquidity really really quickly and it can lead to price rise for the asset for your you know like native asset that's got to do with the project or the chain or whatever and it's really good marketing and even business development as well from that perspective so i think that playbook has kind of like been refined to be an art at this point where everyone's just basically copying everyone else and being like okay well this is you know this is how we do it this is how we grow and as i mentioned yesterday i think that l2 should be focusing on this going into 2022 um but yeah that was a big theme of 2021 that

certainly most people didn't see playing out and i think it was because a lot of the people that were around earlier this year and kind of like later last year they weren't new they were like people that have been around since the last bull market and they'd seen the other l1 and like how much how much traction they didn't get for example all of them all of them basically even the biggest one like eos from the 2017-2018 era uh didn't go anywhere and so i think there's a lot of hangover from that people like okay well they failed there's nothing that you know none of these l1 can succeed it's all ethereum let's just focus all our efforts there obviously you know i still believe that it's mostly ethereum you know over the long term but these other l1s have really worked to kind of like

capture the mind share of a certain group certain communities like especially as the asset goes up in price you really do build a community quite nicely because of that so that's that's one thing i think the second thing that most people didn't see of 2021 was nfts they took off massively right like we we not we didn't only have like one nft manual we had many and that i think we're we're kind of like going into one right now to be honest like nft volumes are spiking up again it's just it really feels like the nft market it seems to kind of like play a bull and bear market much much faster than uh the normal crypto markets like you could argue that since may ethan's been it hasn't been in a bear market but it's been in a sideways market right it's just kind of neutral

it's not really doing anything i mean yes it went to a new all-time high of 4 900 but that wasn't really much higher than the old one and then it came back down again and we've just been in this range from like 3 000 to 5 000 for for a while now um and you know as i mentioned plenty of times now i think january and q1 is going to be really really good for the overall market uh in general and for crypto but yeah since may eth just hasn't really done much in terms of like price price movement and you know i'm used to it as as i've been in this ecosystem for a long time now but a lot of people out there see this sideways moving and they see all these other assets kind of pumping up and they're like oh my god why am i you know

sitting in either could be chasing these other things that's a whole obviously different discussion that's got to do with you know how to how to make investments and how to do investing there but i think that the nft menu is definitely something that most people didn't see coming i i knew nfts were going to be kind of like a big deal but no way did i think that they were going to be to grow as fast as they did and i also didn't see a lot of the fud coming either like people legitimately think nfts are scams like not the actual scammy nfts i think all nfts are scams there was a lot of concern about the environmental impact of nfts some of the l ones like taizos are hopped on about that and we're actually able to get a bit of traction in the end of the

ecosystem by doing that i don't think it really helped their asset price too much though which is which is funny when you kind of like compare taizo some to some of the other alternative l1s and how kind of the market treats them uh it's definitely a funny beast there but they did succeed in getting a lot of people uh to go there who are environmentally conscious because tasers was obviously a proof of stake blockchain not a proof of work one um and then you know you had you had basically what happened with nfts reminded me of what happened with icos in 2017 where people were doing the kind of like gas wars in order to get into these en to these nfts to get into the mint in order to immediately resell it on the secondary market for like two three x or more profit i mean sometimes

it was much more than that there was some that kind of like went 10x instantly and it reminded me very much of icos in 2017 where people were doing the same thing they were having kind of like gas wars getting into the ico and then waiting for it to be listed on exchange because there wasn't actually really any dexes back then there was no uni swap or anything there was ether delta but that was an on-chain order book exchange that was really cumbersome to use that required people to kind of um you know actively manage their liquidity and things like that uh so it was a lot harder but still people did it right you would you would hope for a centralized exchange listing and then you could flip it and it worked for a little bit but then obviously the mania subsides the money runs out and you know

the the market kind of crashes from there and icos crashed really really hard i mean a lot of them went down ninety percent uh you know many of them went down 99 it's just and none of uh most of them haven't even recovered so you know pretty much like a lot of wasted money there really um and i think the same thing happened with nfts there were a lot of profile picture nfts that kind of uh i guess like started coming out after the success of uh crypto punks and board apes and things like that and i think nfts i mean i think it's been a good thing for nfts that they've had these manias because it brings a lot more attention brings a lot more people into the ecosystem and as i've mentioned plenty of times i do believe nfts are going to be the best onboarding vehicle

or at least one of the best onboarding vehicles that we have throughout 2012 uh not not 2022 but like pretty much throughout the adoption cycle of of crypto um now other than nfts i think the the um next biggest theme if i was to pick one is basically how many people got things wrong because i think that's actually a theme because there were at this if you compare the start of the year what people thought would how how 21 2021 would play out and to kind of like where we are today most people got it wrong and i think the biggest thing that people got wrong was around d5 and how d5 tokens would perform at the start of 2017 uh 20 sorry 2017. at the start of 2021 everyone was bullish on d5 tokens except a select few i know um spartans being

kind of like bearish on them for a while but everyone was really really bullish on them the logic was okay d5 tokens had a really awesome run in 2020 through d5 summer now they're cooling off a bit but they're just getting ready for their next kind of like leg up all the instru institutions and traditional finance investors are going to come in they're going to buy up these d5 tokens and it's all going to be well and good and then what happened was most d5 tokens not all of them but most of them especially the ones that people thought were safe kind of blue chips like avail and snx and wi-fi and all that sort of stuff they got wrecked like absolutely wrecked against usd and they got even more wrecked against eighth they've severely underperformed eighth i think are there from the top is down eighty percent

against eighth or something crazy and i pick ave because that's you know quote unquote blue chip um nothing to say of the project right the project is awesome just the token price has suffered uh majorly uh across like all of these assets not just uh ave but a lot a lot of the different defy assets so that was definitely a big thing that people got wrong in in 2021 and you know people are betting now that 2022 d5 is going to kind of um have a renaissance and there's going to be lots of people beating it up because it's just so undervalued i actually think that there will be some of that but it's going to be very hard to pick a winner because there's so many assets in crypto now not just on ethereum but on other blockchains that it just becomes so incredibly hard for an investor to kind

of like put their money in something and have conviction on it like for example if you are completely new to crypto you come in you're like okay well i want to invest in something and then you kind of how how are you going to evaluate that like what do you use you like for traditional investors you typically use price to sales price to earnings ratios which d5 has a lot of you can go to token terminals website and you can actually see all the default coins measured against each other um and then there's other things kind of like if you're a meme based investor which a lot of people are these days thanks to wall street bets you would kind of like place a bet on what the what the thing is that you believe to be like have the best memes or kind of like have the best attention

and will continue to have the best attention or the most attention going into 2022. um but other than that uh it's very very hard to pick something to to to invest in especially with all the information asymmetry that exists within crypto all the misinformation or everyone's chilling their own bags everyone trying to justify things i mean the amount of things that people kind of like shield through 2021 that went nowhere because just like no one bought into it was crazy um and speaking of kind of like a meme based investing i think another thing that in 2021 that played out was uh the dog tokens right not just the the dog tokens is the theme but really the um the the rise of kind of like meme based investing wasn't just uh uh uh sorry it wasn't just kind of like limited to crypto it also happened in

the traditional markets with uh with gma and kind of like a few other a few other stocks out there but then it translated into crypto with dogecoin and shiba and a few others out there like safe moon and stuff like that that stuff happens typically like late stage of a market and it and it basically preceded the massive dump in may that's because everyone felt like really rich there was a lot of funny money coming in people had stimulus checks all that sort of stuff there and that was all coming in and that lead to led to this kind of like meme based um uh pumping going on in in many different tokens that was another big thing of of 2021 now i think i think that covers most things in terms of like the higher level themes maybe i'm forgetting things i think like

dows have have definitely um come further in 2021 than than they were last year but they still got a long way to go social tokens had a little bit of attention um but they've still got further to go i think altoo's was obviously a big theme actually how can i forget about l2s i think altoos was a huge theme of this year but only in probably the latter half of the year not so much the former half i think you know albert trim going live optimism going live after saying that we're gonna go live in march and then delaying until like july when unicorn v3 went live on optimism and then not removing their whitelist until like two one or two weeks ago i think it was and then you had arbitrary going live too but then like this and the zk stuff obviously uh uh you know slowly coming out and you

know none of the kind of like l2s have done tokens yet or anything like that so it's been a bit of like a soft launch for these l2s but they've still been a big theme like i guess like scalability in general has been a huge theme for ethereum in 2021 it's been basically what everyone's been focused on due to the high gas fees and as i've said before i think 2022 is going to be a really good year for for layer two i think you know all these lts are gonna get tokens i think um they're gonna do much better in the marketing and bd departments because of it and there's gonna be a lot more opportunities to make money on there a lot more apps gonna get on board onto there um which is gonna be really really cool to see play out as well and i think related to that

we also had the rise of polygon as you guys know i'm an advisor to polygon not just trying to show my bags here but polygon pos chain uh rose like really rapidly i mean it's funny because maddie came from a position where it was known as this scaling thing but no one really knew what they did right until they rebounded to polygon they were working on plasma they've been around since like 2018 i believe or maybe even earlier than that then they rebranded the polygon they spun up this pos chain and it basically acted as a nice i mean people call it side chain some people call it layer two but are basically a nice environment for people to go in and experience the evm without the high fees and that's what really kind of like kick-started all these other alternative l1 to to kind of like

copy polygons playbook because they saw okay well they did liquidity mining they got all this kind of liquidity over and their token went absolutely bananas i mean i think maddox token price was something like two cents at the beginning of the year now it's like 2.50 so i think the l ones more so copied polygons playbook than defy summons playbook but i think d5 someone's playable kind of like set the stage in terms of liquidity mining and and all that sort of stuff uh for everything else to kind of like copy it from there and it works as a really good kind of like tool right because we've seen the rise of polygon and obviously polygon has done a lot more than that they don't actually have native medic rewards in any kind of like aggressive fashion anymore it's really just like their business development and their marketing

and and kind of like acquiring these other zk teams and stuff like that that has been really really good for them so that's that was another big theme of 2021 and i think if i had to kind of like summarize the whole year you know taking into account all these high-level themes taking into account the the price action what the market's done in 2021 i would say that 2021 was the year that crypto basically jumped the the chasm and we've jumped from basically this early stage nerdy technology that only a few people paid attention to to the early kind of like adopters going on to mass adoption which isn't you know here yet but we're basically in the early adopter phase where this technology went from being okay well maybe this will work out too okay you know this is going to change the world

that's 2021 to me it doesn't matter how many things people got wrong how many things people got right doesn't matter about all the other themes that i spoke about what matters to me is like the overall kind of um i think and the most important thing and that that that is the the fact that we've kind of like not gone mainstream but we've crossed over to the to a point of no return we're it's basically like crypto is going to succeed a lot of people believe that and there there's no going back from there so i had a lot of fun this year i actually think 2020 was a better year for me than 2021 i mean personally i think 2021 was a bit more of a come down year for me especially in the second half where it was kind of like okay well

you know i've uh i i've come a long way in my journey within crypto i you know i made i made all this money from investing in eighth early on and then kind of like i guess after eighth finished hitting its all-time high and came back down it's kind of felt like just i've been cruising right i've been kind of like doing the refills still doing the newsletters still keeping up with everything happening in the ecosystem but i feel like we're in this kind of like holding pattern right now where it's kind of uh getting ready for the next leg up from here so and not just in the market but in terms of like adoption as well and it feels like so many things are coming at once and 2022 is going to be big uh i think and actually now that i think about it as well i just reminded

myself um another big theme of 2021 not the overall thing but another big theme that i forgot to mention i'm by the way i'm doing this all off the cuff i haven't actually got any notes prepared for this i'm literally just speaking as things come to me so apologies if i like repeat myself or i forget things but i'm just doing it because i i i feel like my videos are better when i just kind of like do it from stream of consciousness but the other big theme was regulation there was the first time that crypto was on the kind of like uh world stage in terms of regulation and that was no more clearer than it was around the infrastructure build that happened in the u.s where the crypto provisions were actually holding up the infrastructure bill from going forward and we made ourselves known we made our presence

known and this falls into my um my kind of like overall theme about how 2021 was the year that crypto kind of like put across the point of no return where we've gone haven't gone mainstream but we've gone into kind of like the early adopter phase we've gone and you know we've gone geopolitical obviously um outside of the kind of like ethereum uh land we had bitcoin with el salvador making it legal tender that was obviously a huge theme as well but that i think fits into kind of like the government regulation nation-state stuff that's been going on all year and there's been tons of regulatory talk obviously they've been kind of like the sec uh you know yelling at people you know yelling at teams yelling at projects just doing their you know the absolute worst job ever not protecting anyone um and then you had like the the

the congress kind of like debating the infrastructure bill and the crypto divisions holding it up so that's been a very very big theme in 2021 as as well and i expect it to continue to be a big theme when you cross over the point of no return when you go from being a little play thing that people can just ignore to people realizing that this isn't going away this is actually going to be a big deal it's going to disrupt industries it's going to change the world you you definitely are met with force right you're met with kind of like um resistance from the incumbents and they are going to resist they're going to resist harder than what they are now they're going to be countries around the world that's not that they'll probably won't ban crypto but they're going to come down hard on it they're going to do

things like ban you from or at least requiring kyc for you to withdraw crypto from an exchange to your address this was floated in the u.s didn't pass but i believe some other countries are in the process of implementing these policies that's all coming and that's why i've said before my two main uh kind of like um things that i'm most interested within the crypto ecosystem in terms of like investment opportunities especially uh layer two technologies and privacy technologies but i'm not so bullish on privacy technologies uh such as like zcash or monero like standalone blockchains i'm more bullish on privacy tech that built on a blockchain like a smart contract blockchain like ethereum that is able to kind of like enhance the experience not be the sole product i don't think um uh i i don't think uh the privacy

blockchains are gonna accrue any long-term value you've already seen the price of zek it's just done nothing monero i'm not even sure it is but i'm sure it hasn't done much either i think that uh there are privacy things you can invest in on ethereum there's an overlap between l2s and privacy as well as i've discussed before but i think that's going to become more and more prevalent as these regulations start ramping up which unfortunately is the reality that we have to have to be met with i mean the incident went through this too like you may think that a lot of the internet kind of like uh just was adopted by everyone the governments were happy with it and nothing you know nothing bad ever happened then nothing was ever kind of like banned or censored um but that's couldn't be further from the truth there

was a lot of clamping down on what you could do with the internet i mean look at piracy for example obviously you know pirating copyright materials is is illegal right it's you know you're literally breaking the the law if you're doing that but the way they went about regulating it was was kind of crazy they they literally started like banning these websites even if the websites didn't host the content they just kind of like pointed to it um they would do that and then there was the whole net neutrality thing in the us and and basically uh there's a lot of um kind of like censorship going on as well and i mean craziness especially around when trump was president on social media like people saying you know how can he say this like this is ridiculous like it goes against your policies and social

media didn't want to ban um obviously ban the president things like that because of the repercussions so there's a lot of stuff that's going on with the internet as well and it's just natural for any technology that's er that allows people to do whatever they want with it um there's going to be pushback there's going to be heavier regulation than otherwise and there's going to be a lot of resistance so i think that's what i'm going to be looking for going into 2022 as well is that level of kind of like resistance that we're going to be facing especially as regulations ramp up around the world not so much maybe the u.s because the u.s is a is a very big place they seem to be i guess like okay right now i think that we've got a few people in in politics on our side at this point uh which is which

is cool to see um but i think we're bribing the right people uh this way it's bribing sorry sorry i should say uh donating to the right people and lobbying right i think i'm seeing that play out there but there's definitely gonna be a big theme going into 2022 which as i'm coming up on the 30 minute mark here i do want to segue into some of my not so much predictions for 2022 but more just an outlook of what i see happening and why i think 2022 is going to be a super exciting year so there's three main things i'm kind of like looking forward to one is i think the market is going to do kind of like very well in 2022 i think that uh we've been kind of like in this range of being we've been um especially i mean when it comes to

eighth i don't know about most other assets but when it comes to 8 i think it's going to do very well um i think there's going to be a mania around l2s and the l2 tokens i think l2's are going to take off in a really big way in 2022 and i think that the merge is as i mentioned plenty of times before going to lead to a very very big narrative shift for ethereum on multiple fronts the first front is that we're going to have a deflationary eth all the time as long as uh the uh the gray price is like 10 or 20 gray or something like that last time i worked it out um it's going to be more deflationary than bitcoin which is going to be a narrative talking point uh especially for normies and stuff like that it's going to get ethereum off proof of

work and go into proof of stake uh which is obviously a huge deal it's going to significantly de-risk ethereum for the more traditional investors because they're going to be like okay well this major upgrade is actually out of the way now and it's done and it was successful uh so you know but now now it's safer to invest and you know that may seem crazy to you but a lot of people think like this because they have to i mean a lot of traditional investors are regulated they can't just like throw money into anything they have to be careful about what they throw money into and they have to weigh up all the risks and that's how they size things so it's going to be a significant de-risking event there um and you know i mentioned the l2s as another another thing there and also i think

that um towards the end of 2022 the i'm hoping maybe i don't think like i'm hoping the narrative changes around ethereum scalability i mean i'm hoping this happens in the first half of 2022 but i i think in the second half because i think the first half we're going to have a lot of these l2s doing tokens there's going to be a lot of rapid growth of these l2 so people are going to use them a lot people are going to be really happy with them and they're going to offer cheap fees but then i actually think that we run the risk of them hitting their limits uh because a lot of these things are still very limited they're not anywhere near their full capacity they have our training wheels on a lot of them are still centralized and i think that's going to be a counter narrative to

ethereum scalability because people are going to hit those limits and be like what the hell like i thought this was going to be cheaper uh you know what why is it kind of getting expensive again blah blah blah then i think what's going to happen is the l2s are going to basically uh take their limits off or take their training wheels off or improve and then the second half of 2022 will be i think like the steady state of people like okay well ethereum can scale now a lot of the new users aren't going to be going into ethereum l1 we're going to have lots of we're going to hopefully have lots of centralized exchanges being having bridges into these l2s and that's all going to be well and good so i really do think 2022 is going to be the year of of the l2 if it's not i fear

that ethereum i mean i think worst case scenario if the l2s fail to gain traction in 2022 if people just aren't interested in using them if they don't actually play it right if they don't do the marketing right they don't do the business development right if they don't do tokens i actually fear that ethereum has a very real chance of losing its kind of like lead here i mean it really does hinge i know i know i'm not really kind of like uh a bearish on ethereum in general but i think that uh the l2s it's not enough just to i mentioned this yesterday it's not enough to just build it like you need to incentivize people to go there go look at literally any tvl chart for any chain it spikes as soon as there's my liquidity mining rewards to be had or as

soon as there's token incentives there and it's obvious why people want to make money they're going to go there they're going to make their money and there's going to be some sticky liquidity it's the best marketing tool ever a token is amazing i mean obviously there's the downside to a token when it's not performing amazingly it can kind of like make your community sour it can make people not want to obviously purchase it anymore and it can make your liquidity mining program not be as lucrative but just generally when a token is done right and people have skin in the game when there are rewards to be had when uh they can use the products it's just the best marketing tool ever and and as on flow of that it's the best business development tool as well so i really do think that if we don't get our arse into

gear in 2022 in terms of like the l2s actually scaling ethereum we stand a very real risk of kind of like completely losing the narrative and people just kind of like getting sick of us saying you know the l2s are coming they're coming and they're coming uh and then kind of like just using the other chains and kind of like ethereum losing its moat there i think there's a very very low chance of that happening i think it's basically zero percent chance but that is the worst case scenario and that's why i'm pushing so hard i keep pushing the l2 teams like trying to signal to them do tokens guys like i know that you want to focus on building but doing a token is part of building like that's what it is in crypto it's not like uh if you're a company in the traditional space like a

non-crypto space and you wait like seven years to ipo it's not like that because when you ipo you're not doing liquidity mining for your products it means you know if you if you get to an ipo most of the time your product has actually already got a lot of traction and the reason you're ipo is because uh you know it's got a lot of traction and your investors like oh well you know it's time to go public right we want an exit tokens are the are a big part of the product within crypto they're a big part of um building so you know don't think of it as kind of like a speculative vehicle don't think of it as just oh we have to do a token because our investors want us to do it or because people want to want to dj and speculate on it they

want to do that yes and that's what a lot of crypto currently is but it's still the best marketing tool ever it's the best way to build a community it's the best way to get traction of things so i really really hope to see that play out into 2022 and i think it will i mean honestly zk sync uh arbitram uh i'm sure optimism they've all they're all done they i start where they've done the series b's at this point i think starcraft did a series c as well i don't imagine them going much further than that i think the tokens are coming i think they're coming very very soon zk synthetic that's coming very very soon as i said three to six months months i think they're all going to have a token um there's already some with tokens right like metis um there's uh there's a few other kind of

forks out there there's obviously polygon as well with matic and stuff like that and there's a bunch of other bridge tokens too that's another thing going into 2022 i think it's going to be a big deal bridges because of the fact that l2s if they you know when they take off bridges are going to be even more important they're already pretty important but they're going to they're going to kind of like tag along for the ride as well so that's another big thing going into 2022 as well but yeah that's my thoughts guys i think i think i'm coming up on time here so that's my thoughts on kind of like just recapping briefly 2021 all the major themes what i expect going into 2022 i really do think um it's gonna be a great year for ethereum the network and eth the asset i

think that we're gonna get to ten thousand dollars at least in 2022 i think we can go much further than that but i think that's finally going to be the year where where he finally gets the ten thousand dollars that i've been kind of like calling for since i think early 2019 so it's going to be a good like three years uh probably since since that's happened there but i think the most important thing for ethereum is getting that merge done obviously that's going to be probably the biggest event of the year in terms of a singular singular event for ethereum and i think the uh the obviously the other biggest things are the l2 stuff but price if prices going up everything becomes a big big deal i'm sure you've all noticed that like whenever the price is going up of an asset everything a chain does or

everything an ecosystem does is amazing you can do no wrong it's all good guys like everything's bullish um but then when the price is going down it's kind of like the opposite thing there and this was especially felt in like 2018 2019 where everyone was fighting because it was a bear market and everyone was like depressed and sad and then the bull market came roaring back and everyone's like oh my god like this is awesome like we have so much money and then actually i think the last six months has been back to basically what we were like in the bear market because sideways is probably the worst i think sideways price action is worse than a bear market because at least in a bear market you know that the price is going down and you know that that's probably going to continue like that for a while in a

sideways market you've got no idea what's going on you're like oh is it going to go up now oh no no it's going back down again oh wait no it's going back up oh wait no it's going down it's just this constant kind of like yo-yo and it just it's really nauseating and it's really really frustrating i think that's what leads to a lot of toxicity as well people just get super frustrated and they take it out on whoever they can as well there but uh but yeah i think that's going to be it for this special episode of the refuel the last one of the year i hope all of you had a great 2021 i know a few of you reached out before and said to me that you really enjoyed the enjoy the refuel really enjoyed my newsletter and that it's changed your lives actually so really

humbled to hear that this year i'm gonna obviously keep doing the refuel into 2022 no plans on stopping it there i'm going to try and do more standalone videos too i really really want to do more standalone videos because i still think that there's so much things out there that people have no idea about i mean people still think the merge is going to lower gas fees i really really want to kill that that um that narrative before it kind of like bites us in the ass once the merch happens and fees don't go down because i can already picture it in my head the amount of fun that there's going to be regardless of what what anyone says there's going to be heaps of fud that that happens after that unfortunately um but i hope the l2s are in full swing by then so people

don't even care that much at that point but we'll have to see um but yeah so i guess like happy new year i'll see you all in the new year for a big 2022 i hope you guys have something fun planned for your news eve i'm not sure what i'm doing yet but i'm definitely going to be taking some time uh tomorrow night just off so there won't be a refill tomorrow obviously or anything like that there won't be a newsletter either but uh there will be on monday so yeah thanks everyone for tuning in this year and i'll catch you all next year be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all next year thanks everyone