Twitter NFT profile pictures, FTX supports Polygon - The Daily Gwei Refuel #298 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel where recap the latest news in the ethereum ecosystem i'm your host anthony desano and today the 21st of january 2022 all right everyone let's get into it so another kind of crappy day in the markets right i was [ __ ] posting all day on twitter with kind of like bear tweets out there i'm not kind of like bearish guys like i as you guys know like i'm always bullish but um yeah it wasn't a great day i think you know what made it worse was that i guess yesterday before i went to bed it was like what 2 a.m or something like that my time and eve had gone back up to like 32 or 3 300. it was you know it was going really well and i went to sleep and i'm like yeah okay cool it's

gone back up that's nice and then i i woke up and i woke up to a message from a friend who said 8th not looking too hot and i'm like what like i went to bed and it was doing really well and i looked at the price and it was 2 900 and i was like oh okay what happens and then i saw that basically stocks took another tumble apparently netflix uh missed their expected earnings so that meant that eth would dump or that crypto should dump i don't know like apparently according to one of my friends netflix is usually first or one of the first in earnings season to kind of like renounce their earnings and if they miss the mark then um it's more likely the other tech companies will miss the mark as well on their expected earnings which means it's kind of like bearish i don't

know like as i've said to you guys before the macro environment is incredibly hard to read right like for especially for for um people like us who just you know a lot of us don't come from traditional finance a lot of us never paid attention to macro a lot of us didn't even know kind of like what the fed was or who jerome power was before we got into kind of crypto investing right but now you know it's what we we kind of like talk about all the time but i think when when you kind of like think about it and think about it from the perspective of uh you know what is the okay the market may be bearish right now and i mean it's pretty hard to deny that we're in a bear market we pretty much are i mean the every single pump just keeps getting sold down

to me that's a very classic uh kind of like sign that that we're in a bear market and also uh when there's really good news and the price kind of like does nothing uh doesn't react positively and goes down again that is another telltale sign of a bear market because you know i remember the perfect example of going the other way was back in i think it was 2020 or or yeah i think it was 2020. back in 2020 um uh bitmex basically or maybe maybe 2019 i don't know i can't remember now but it was one of those years i'm pretty sure it was 2020. um bitmex uh kind of like uh got the um i can't remember what regulator it was but they went after them and basically uh bitmex was a huge exchange back then the

huge perpetuals exchange was responsible for a lot of volume uh especially on the kind of like leverage side of things but they got hit with some kind of like uh regulatory action i think the founders got charged with some criminal stuff uh and then the price didn't really go down it actually i mean it went down a little bit but then it kind of bounced back up straight away and kind of like when you see that you're kind of like okay well this bad news didn't actually make the price go down the price is actually going up so the momentum momentum's there because the market is always about the momentum if there is a strong bearish momentum it doesn't matter what news comes out or what good news and positive news comes out the momentum remains bearish and the same is true for the bullish momentum

doesn't matter what bad news comes out you still keep going up think about all the bad news that came out during basically from march 2020 the bottom to may 2021 which is the first top that we kind of like had there think about the amount of bad news that came out there was so much bad regulatory news that was coming out at the time but the price kept ignoring that it kept going up i remember there was some really shitty regulatory news uh out of the us basically saying that they were gonna ban people from being able to withdraw from an exchange to their own wallet so withdraw like eighth to your own kind of ethereum wallet and this was pretty uh this was pretty um a pretty big deal and there's a lot of fight around this and then 8th was like 500 600 or

something and obviously eth went a lot higher than that after that then we had the infrastructure bill stuff that that kind of like came along too but so we had a lot of bad news but it didn't matter when the momentum was bullish but now the momentum is is definitely bearish right we're we're pretty massively off the all-time high now where the all-time low is 4900 we're at 2900 at time of recording or even below that i think last time i checked we're at almost 2800 again now and it doesn't seem like we're going to stop going down but who knows right who knows in the kind of like short to medium term obviously still long term bullish but i think that you need to kind of realize that at the moment we're pretty much at the mercy of the macro environment especially at the mercy of stocks and

kind of like uh rates being raised and all that sort of stuff and the way to navigate that is just to play defensively so i mean this is an investment device this is just general advice when you're kind of like you know in the in the kind of in this ecosystem don't blow yourself up like that's pretty much number one rule like don't kind of like leverage up and get yourself blown up on leverage and lose your position because what ends up happening for a lot of the times people lose their position and then the market goes back up again and they're not in it at all so i mean there's nothing worse than losing your position to losing money and then the market going back up again and you not being in it and you're not making money again or not making back the money

the paper gains that you kind of lost and then if you get some more money you have to buy back in higher than what you kind of like lost your money at so it kind of like very very much uh stings there and and i've seen a fair few people go through this so definitely not something fun to experience so i think that is the golden rule just don't blow yourself up uh but the second rule is kind of like if you're gonna buy i mean dollar cost averaging in work string i think like the bit i think it works during kind of like bear markets in bull markets i never liked dollar cost averaging in during bull markets because if you do it like weekly for example you could like because the price can move so quickly you can end up buying like double what the price was a week prior

sometimes or or higher and it's kind of like er i don't know i i like it better on the way down than the way up but that's another thing you could be doing i know people kind of like look at these prices today and especially if you're an eath ball or or or a bull or a crypto bull in general and you think yourself wow this is on sale i'm going to buy buy buy but the thing is is that it's it's kind of hard because you could end up catching that falling knife right where it falls a lot lower than you thought it would and if you're a long-term investor i mean it'll be fine because obviously you believe it's going to go back up uh i mean i'm look i shouldn't say it's going to be fine you believe it's going to be fine

like obviously nothing is guaranteed when it comes to investing um but uh yeah i mean i and this is why the momentum can stay bearish because people get too scared to buy but then eventually you know enough people kind of like get the confidence again they're like okay well you know we've been at this price point for a while feels like a bottom i'm gonna buy in here and then the momentum shifts to bullish and the sellers are basically exhausted and we we go we go back up so i think the longer term the momentum shifts are much easier to spot uh short term it's very very hard like it it takes a while to spot it honestly like you do you won't actually know until it's confirmed because i think the way what i waited for for with eth in 2020 was when eth got

back above i think three or four hundred dollars that's when i kind of knew because it hadn't been back to that price for a very long time i was kind of okay well the momentum is definitely bullish now uh plus it was kind of uh the price was ignoring all the bad news and things like that and there was a lot of um exciting stuff happening within the eth ecosystem especially around d5 so that was obviously adding fuel to the fire that's when i kind of like knew the momentum has shifted but the thing is is that the momentum had already shifted uh when we hit the bottom in march of 2020 to i think it even shifted before that i think the momentum shifted in january of 2020 then we had that kind of like people like to call it like the scam dump because we'd done because of the

covert stuff um but you didn't know until it was confirmed uh until we got over the price that we hadn't been at in quite a while since basically you know 2018 or or 2017 when we were going back up uh and then if you had bought at 400 instead of bought at 80 you'd be buying much higher but it was a much safer bet because you basically had not guarantees but you had relative certainty that the momentum had shifted whereas buying in at the lows i mean if you were doing it for like the longer term that would be fine i mean buying at those prices just generally would have been fine but you never know right so short to medium term momentum shifts very very hard to spot unless you're a really good trader or unless you're kind of like really good at reading the signals i'm definitely not

longer term much easier to spot and i can tell you right now the fact that um the two things i look for good news doing nothing to the price and every kind of like a positive price movement getting sold down those two are the telltale signs for me for a bear market now could the bear market end now and momentum shift to bullish i mean sure it could but will we know until that's the case and uh for you know immediately we won't right we'll have to wait and see because we could go back up to 4 000 but then drop back down right i think before you can actually say that momentum has shifted bullish again i think we would have to get back to almost all time hunt which is 49 4900 to to say that i i think it's going to be very hard for for

for people to say that even if we get back to 4 000 but it also depends on how long we spend around price price points and stuff like that um but uh but yeah anyway i think i'm going to end it there with the price talk i just i did i know i've talked about price recently um and nothing's changed in terms of kind of like the fundamental uh reasons to be bullish on ethereum and eighth obviously the merge and stuff still happening this year and eip1559 is still burning ethan all that other stuff i'm not going to rehash it again but i think that when it comes to the price action right now it's in the hands of the macro environment there's nothing that uri can do so just don't blow yourself up buy more if you want to buy more choose the price that

you want to buy at you just have to pull the trigger if you know if you buy now and it falls another 50 you got to be comfortable with that right like i've done that before i bought i bought plenty of times where the prices felt fallen 50 during during like kind of like 2019 um and even 2020 but i think i bought at the beginning of 2020 and then the covert dump happened and i'm pretty sure it went down more than 50 from when i bought because i think i bought into the the the initial rally there in early 2020 so i know the feeling just as well as anyone um but those are the two things that you can do right now anyway but anyway on to some more positive news uh from the last 24 hours so marius who i talk about a lot with

regards to the merge uh put together twitter thread today that uh they just forked the girly test net uh as as part of the merge kind of like testing effort here so what does this mean well basically marios explains it here they tested the merge on a real test net the devops wizards deployed a genesis contract on gurley and deposited enough validators to start a chain it went through all the stages of the merge um although we kind of effed up and had to reconvict the nodes at some point now the merge test net runs in parallel to gurley transactions from gurley are also executed on the test net so we finally have a real world loads and the network is finalizing there are still some issue there are some issues still persisting and we found loads of pitfalls and issues during deployment all in all

really great refit and a huge leap forward for merge testing we will probably leave our shadow fork up and running for a couple of days until the issues are fixed and we can try again big props to a few other people that made this happen para toshu i've talked before and raphael here as well so uh this is really really cool this means that you know the girly test net which for the developers out there you know how popular this test net is um it basically you know got shadow forked into a kind of like merge test net and is now uh proof of stake right so that's very very cool like the the original girly test net still exists as kind of like a proof of work one that didn't change but they kind of like forked off of that and and it worked so very very

cool to see this i mean honestly the progress on the merge has been blowing my mind like how quickly these guys are doing so are doing this and how much i guess enthusiasm there is about the merge not just from a technical perspective but from a social one from kind of like getting us off of work finally because you know the proof of work rhetoric uh or the bad narratives around it are really picking up steam lately i'm seeing a lot more i guess people talk about it a lot more governments talk about it and obviously it's a pretty big deal within kind of like crowds like the nft crowd for better or worse right it doesn't matter if they're misguided or not so i think that uh obviously i've said it plenty of times before the sooner we get to proof of stake the better and i'm

actually curious to see how this all affects the price too like you know the if the merge gets scheduled for june is eighth price gonna run up massively in anticipation of that massive kind of like 80 90 supply shock i'm still confident it will i'm i i can't imagine a world where there's that strong of a narrative around eth the price isn't going to go up leading up to it i know i just said before that during kind of like bearish momentum shifts really good news doesn't do anything for the price but this is less of a news event and more of a kind of like anticipated event that has a direct uh has a direct impact on the eighth supply which then has a direct impact on the eighth uh market dynamics which should have a

direct impact on the price but also by june we could be back to a bull market right we could we could have shifted momentum by june i mean it's still like a few months away i'm not sure if we will but i just can't imagine a world where it doesn't do something leading up to it and if it doesn't i mean that just makes it even more explosive once the momentum shifts bullish again because we're going to have 80 to 90 less cell pressure actually no for the first six months we're going to have 100 less cell pressure because there's no withdrawals for six months after the merge so there can actually be no new eath entering circulation and we'll obviously have the burn still going so we'll be you know massively net deflationary i don't i just can't imagine a world where it doesn't do positively in that

environment but we'll have to see um i think um you know it's going to be funny if if this narrative is so powerful and this kind of like supply shock is so powerful we could actually flip bitcoin in a in a bear market that would be hilarious right but we'll have to see i'm not gonna you know i think whenever people talk about the flipping too much uh it ends up being quite bearish for for the eighth btc ratio which has obviously come down from the highs um due to kind of like the crash and things like that but anyway regardless of the price here i think the progress on the merge has been awesome and of course i will keep you guys up to date on any other updates that come out so another piece of big news today and again this is news that came out and

didn't and the price did nothing um twitter announced today that you can now uh upset your nft as your profile picture and it turns your uh your um i guess like twitter profile picture uh container into a hexagon so try and scroll down here and see if i can have it if there's any examples of people that ah there here is one you can see it's a hexagon and the normal ones are kind of like uh circles um and yeah look i read through the comments here there's so many kind of so much hate in these comments i mean you can see this this meme here reminder this is a thing now use it um you can actually mute accounts who use the nft avatar integration so that's pretty wild i actually think that that was a i thought that was a photoshop at first

but apparently it's a real it's a real thing um wait no no oh i i wait i don't think it's actually real you should use tweet date been using it for you okay apparently it's not real but like i you know what the funny thing is is that it wouldn't be hard to do this uh oh this is on tweetdeck not on the official twitter oh okay so if it's actually real on tweetdeck then i mean that makes sense because tweetdeck is kind of like a third-party um service there but this is pretty hilarious right like that that um people are still heading on nft so much you know brad now at a listing of the climate impact of each mst on nft on the details screen too and then this person's like sent from an iphone you know i don't know the comments are

just stupid like i'm not going to get bogged down in them but what i find really cool about this is this and if these are going so mainstream guys it's actually incredible i mean this was teased for a while but the fact that like twitter did this really quickly is awesome um and and the fact that you can now kind of like essentially verify that you own the nft without having to kind of go verify it on um on on opencr on etherscan or anything like that you can just verify straight on twitter and it lets you kind of like differentiate between people who have an nft profile picture and those who don't now i i i i would have liked for it to be kind of like uh for it to have been like a badge on the twitter profile picture like like a little

ethereum icon badge instead of a hexagon but i guess a hexagon visually makes more sense but uh you know if they start supporting more chains than just ethereum then they may do that right they may do the badge as well so it's going to be interesting to see kind of like how that plays out there but i thought this video was quite cool as well i mean can you can watch the video usually these videos are cringe but i actually thought this one was actually really well done the animations were very high quality and it didn't come across as cringe at all it just came across as kind of like um someone who was native to the web 3 nft ecosystem knew what they were doing and you had to kind of like appeal to appeal to kind of like these people so i i really liked

the video but the wallets that are supported a coinbase wallet rainbow metamask uh trustworth argent and ledger live i believe wallet connect is also supported with that which is really cool as well but yeah just another example of nfts going super mainstream here really really cool to see this and i guess another nfc related announcement was that adidas originals have announced that uh they're teaming up with prada to do an uh what they're calling an ambitious first of its kind nft project featuring user generated and creator-owned art in collaboration with digital artist zach lieberman here so there's more details here um i believe this is on polygon as well so if i just click into this website let's see um so this is basically the the quick intro vet adidas and prada reward holders of

adidas originals into the metaverse nfts uh and bridge the gap for a new community of credits to join the innovative world of web three so there's more information here there's like there's a basically an faq um you know uh what is the uh adidas prada resource uh i mean there's lots of different kind of like questions and answers here right you can see this um and as i said it is on polygon which is really cool which means i mean polygon's a pos network right so it means it's kind of like uh it's not using lots of energy and it's also very very cheap being the the pos network there um so basically what you get uh if you participate in adidas are for private resource so as a co-creator you mint atar nft free of charge your tileform is part of a final artwork canvas created

by zac nft tile creators receive three percent of secondary market sales and perpetuity of their individual tile after secondary marketplace fees have been deducted eg openc that's wild seeing kind of like open c on on adidas's website here and same with maddie at maddie and polygon um and equals and you also receive an equal share among all tile creators the 15 percent of the final canvas sale at auction so this is basically you know added out some prada doing kind of like a collaboration for an art piece where um everyone can kind of participate and get rewarded for not everyone but like you know the community can participate and get kind of like rewarded for it with royalties and things like that uniquely enabled by nfts this is really cool obviously adidas is an absolutely massive brand i think that you know nike uh acquired rtfkt which is

another nft brand so adidas definitely needs to be doing things with the nft stuff and um in them and in the metaverse and you can see even in their bio adidas has uh into the metaverse here so i think uh it's pretty cool how involved these brands are getting i think they're acutely aware of um of kind of like these i guess like trend shifts and kind of like where the puck is going not where it's been and and kind of like being counter culture because funny enough nfts are still pretty counterculture especially because of all the hate that they still get and eventually as i said like the other day i think the hate is inconsequential it's irrelevant i think eventually uh everyone's going to be using nfts in one way or another and the hate is just going to dissipate away it doesn't

really matter for adoption or anything like that but still very very cool to see this so if you want to learn more information about this definitely go check out the faq here and the about page and there's also a discord channel that you can get involved with as well uh another nft related uh bit of news here that i i i forgot that i had lined up for today so apparently metta which is facebook's parent company is looking to launch an nft marketplace now i can't remember if there was like a news about this already over the last few months like rumors i think there was i mean i think people just kind of like drew the lines while if facebook's going all in on the metaverse then they need to have a marketplace now this is going to be obviously super centralized even more centralized than openc is today but

i think that look i think if that if it's a marketplace where okay the marketplace is super centralized but you can buy and sell nfts that aren't centralized on it so like nfts that live on ethereum or polygon and things like that i think that is a nice little middle ground but if it's literally just like facebook nft marketplace with only facebook nfts and only instagram nfts and stuff like that i think that's pretty crappy and i don't actually think that would go very far i think people would actually gravitate towards the more open solutions that they can have all their nfts in rather than their facebook approved nfts so we're gonna have to see kind of like how that how that plays out there um i don't think there was too much detail in this article from the from the block about uh about what they're doing i think it was

just kind of like some some news they got from a source here um yeah so citing several people familiar with the matter so there's no official announcement or anything like that but the block is usually pretty good with their sources so i'm curious to see what this looks like and as i said i hope that it's not just kind of like uh facebook nfts i hope there's actually like nfts on on all these open blockchains and open platforms because that would be a lot more interesting to me at least uh ftx announced yesterday that they now support the polygon mainnet so you can withdraw your funds from the ftx exchange if you use ftx to the polygon pos chain this is really cool i hope this means that ftx is going to be supporting uh other kind of like chains like l2s and stuff like arbitrary and

optimism and all that good stuff there i think they will ftx is one is is one of the more forward-looking exchanges even though they've got like they're big supporters obviously of the solana ecosystem because spf is a big support of the celina ecosystem i think as i've discussed before because ethereum and and and ethereum scaling solutions are kind of like credibly neutral it's okay for these exchanges to support them and as i said like as i've been talking about binance supports arbitrary and stuff like that but that was a surprise to me because i didn't think that that cz would do that but i mean you know uh i i give credit where it's due and um this just goes back to the credible neutrality thing so you know it's funny i don't think ftx would ever support direct withdrawals to bsc and maybe they

already do like see i don't i don't know because i don't use these centralized exchanges guys the only one any centralized exchanges i use are the ones that i use as a fiat on and off ramp i don't use them to trade anything else because obviously i use defy but i don't know if they actually do that i wouldn't be surprised if they didn't because as i said credible neutrality is important ftx and binance are direct competitors so why would ftx send a enable uh make it easy for their users to go to bsc right ftx obviously doesn't have it obviously doesn't have its own blockchain but it does have it does support solana and it obviously kind of like does um it does kind of enable withdrawals and that's a solana but the thing is is that they're also going to support ethereum and ethereum scaling solutions because

it's a huge market there and it's credibly neutral meaning that they're not kind of like uh giving power to competitors or anything like that ethereum is not a competitor to ftx in the sense that it's a centralized exchange obviously ethereum d5 is a competitor to ftx but they're hedging that bit by being kind of like all in on the solana ecosystem and the celina defoy ecosystem but them have you know enabling kind of like uh withdrawals and deposits for polygon and other kind of like scaling solutions um is not going to hurt their business it's actually going to be better for their business so yeah i think that i thought that was uh just something something interesting to bring up but really cool to see that they're supporting polygon now so speaking of scaling new rex here on twitter uh basically has a really great

tweet where they said the gas savings that an l2 like optimism can provide are exponentially greater for complex complex transactions transferring eth on l2 is only five times cheaper on l1 but minting susd with synthetics is 142 times cheaper and buying and selling options on lyra is 269 times cheaper not to mention perpetual protocol savings coming in at a whopping 530x l2 is going to open up new possibilities and optimism is leading the way this is so this is really cool for two reasons the first reason is that a lot of these apps haven't been optimized for optimism yet i think lyra has because they're natively deployed there and synthetics probably has to an extent because they kind of migrated there um but like a lot of them still haven't gone and got the the juice out of um

optimism that they can get like for example uniswap there's actually a fork of unisop called zip swap that optimized themselves for um for optimism and have gotten gotten cheaper fees than uh than unitop has because of that now uh obviously to nurex's tweet here about kind of um complex transaction costs coming down this is what we want to see because you know transferring eth and and like tokens on l2 is all well and good but the real value prop of the ethereum network and the real value problem of scaling solutions is is kind of like d5 nfts the complex stuff and if we can't get those costs down then really i mean most people aren't going to care about trans just transferring eth right because like it's it's just not the use case that most people are uh are using

eth for whereas they are using d5 and nfts and stuff like that so very very cool to see this this comes from a um an optimism uh dashboard on doing analytics that's i don't think nurex kind of linked that here no he has they haven't linked that here but i think i've linked this before or talked about this dashboard before but you could go to do analytics website and find this dashboard anywhere there but yeah very very cool to see the uh huge gas savings that can be had here for complex transactions so speaking of l2 again l2 beat now supports a stark net so you can go to this kind of like page here and see uh all the information about stock net uh the tbl is zero right now because there aren't any bridges deployed to stock net yet so there's actually no kind of like

tvl in there yet um but you can still find all the information you need about stock net so here it's a general purpose zk roll up uh what you know what risks there are with using stock net right now what technology that it's using what the operator is like emergency exit smart contracts references all the usual information that you see for the other projects on l2b is now available here for stock net so very very cool to see this if you want to learn more about stock net or and get all the resources then you should definitely go check this page out it'll be linked in the youtube description so the final thing to talk about today was this picture from jack where he basically said trust versus verify and it's just like a picture i mean for those listening to the podcast it's just

an image with a white background and on the left side it's a twitter verification badge so the little kind of like badge of the tick on it and on the right side it's the success prompt that you see on ether scan when you look at transactions where it's like success in green which i'm sure we've all seen before now on with the twitter verification badge you're trusting that uh you're trusting twitter in that case you can't verify twitter's centralized database you can't kind of like look at it yourself you're basically trusting that uh that twitter has kind of like verified the right people and that and that kind of like is the um is the non-scam account and that twitter has kind of like done their proper due diligence to give a verification badge to an account and then we're on the right whereas on the right side yes

while you may be trusting either scam when you look at that success prompt on etascan the thing is is that you can verify that for yourself you can run your own full node or you can check another one of the other multiple kind of like sources out there for ethereum blockchain data and check that that transaction it was successful and did actually happen uh and that is the main difference between trusting and verifying and obviously there's a hybrid model where you can trust a centralized service like eat the scan as kind of like soft trust but then verify it later on using your own full node or something like that now this is just a simple example where where it gets really cool is when we think about the things that we can verify using the ethereum blockchain think of d5 for example think of maker and think of die

all the assets backing die are in a smart contract on ethereum that anyone at any time can view and can verify the assets there so i can go there right now like obviously using etherscan but i could use my own full node if i wanted to and i could query it myself but i could basically go to ether scam i could go look at the smart contract for all the assets backing die and i can see that they're all there and i can do that within a matter of minutes i can do that from anywhere in the world i don't have to ask anyone's permission it's all uh it's all open to me to to do that now if you were to do something like that in a traditional finance system it's basically impossible banks and traditional financial institutions are not going to give you access to their

back end you know they're not going to let you look at their books they're not going to let you look in and see what they've got under the hood and i mean for good reason on on the privacy side but uh the thing is is that that's why we have kind of like financial regulators right they're allowed to kind of look at that stuff and that's what keeps them in check but then we're still trusting the financial regulators or you know basically a third party to keep them in check and as we all know a lot of these financial regulators are kind of useless and you know they're they're fallible as well like they're they're um they're subject to bribes they're subject to political wills and and and all that sorts of stuff there so that is a stark difference but obviously there's a trade-off with ethereum where there's

a privacy trade-off that you don't get but we're working on that with private technologies that are coming so but back to the main point about how the fact is we can just verify this sort of stuff within within minutes from anywhere in the world without asking anyone submission is a killer feature of d5 and it's not just for things like assets backing diets for literally anything you can even look at the smart contract and look and see if it's actually doing what the developers claim that it's doing um if the smart contract has been verified and if it hasn't you um you don't you just simply don't use the kind of like app because you don't trust it are you like okay well i don't know what the smart contract is doing i'm not going to use this that is just such a massive difference between i guess like the

existing traditional system and the new system that we're building and it is what separates uh i guess like the trust from the verification and as i said there is soft trust in web3 as well where you basically trust places like etherscan but the the difference is that you can verify that for yourself whereas in twitter verification badge land or just like in any centralized kind of like land um you have to trust it's a hard trust you don't have a way to verify it yourself you're not allowed to verify it yourself it's all close to you and if you wanted to go through it the massive kind of like process to do it and somehow get access to the information that you're trying to get access to it would probably cost you a lot of money it will take a long time and there's no guarantee of success

either so from that perspective it's just a night and day difference uh and i just yeah i just want to kind of give those examples there but i think on that note i'm going to end it there for today so thank everyone for listening and watching 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 week thanks everyone