Why Ethereum can withstand Bitcoin tokens

Transcript

GM GM welcome to web3 Academy your one trusted source to capitalize on the next big phase of the internet don't get caught in the hype cycle I'm Jaybird joined by my co-host Kyle reedhead and we believe that blockchain is going to change the world that's why we're carving a path for doers to confidently build and invest in web3 will tokens on bitcoin make the ethereum ecosystem extinct that's the question we are answering or discussing today and it seems to be a pretty big question going on right now on Twitter and making its way through the interwebs I guess in the crypto blockchain world I'm gonna anyway Share three reasons of why I don't

believe this to be true why I think ethereum will continue to succeed and be the number one smart contract platform in the space but I think though we're going to get into some techy stuff not really and we'll keep a very high level and simple so don't worry but I think there's an important episode for those who are either building on blockchain or those who are investing in blockchain to listen to because it's going to help you understand where the puck is going now where the puck is which is the old saying is that Wayne Gretzky I think you said that one you wanted to win yeah and this will help you understand kind of where you should be building or at least what you should be thinking about it also will be important for your bags as we like to call it as well right Jay

that's right that's right and look it's it's a bit of a um a little scary as the word but it's a moment in the development of new tech where there's a debate happening or conversation happening about what direction and what the purpose of Bitcoin is which leads it to perhaps become a competitor of ethereum and what does that mean we all need to understand that in order to be confident in what blockchain we're building on and what blockchains we're investing in so I'm really excited to dive into this conversation we're going to give a little bit of a history lesson on bitcoin it's going to be a good one buckle up everybody before we jump in though we'll just take a minute to hear from our lovely lovely sponsors the future of social media is here and that future lives in web 3 on top of lens

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you can get an even bigger discount so GoPro today and we'll see you in Lisbon Portugal the 9th of June at the Epic web 3 conference welcome back okay so what we've seen the past week past few weeks especially on crypto Twitter is that many people are asking the question if Bitcoin has tokens and can do what ethereum can do if it becomes a smart contract platform what's the point in ethereum obviously ethereum's biggest claim to fame their purpose is that they are the most decentralized smart contract platform which is why so many companies have built on top of this why l2s roll up into it it's why so many apps have built on top but it's why all

these nft projects have been built on top of it but if Bitcoin now offers the same product I.E smart contracts and Bitcoin is more decent centralized it has a much larger market cap as of its token won't it just eat ethereum's lunch and I think the question also is Will Bitcoin do this we're at this moment in time where we don't even know if Bitcoin is going to do this or not but there is a lot happening that is heading in that direction with Bitcoin ordinals and other things that are being developed now bitcoiners have called ethereum the test net for a while mainly just to slap your younger brother basically kind of

be a sibling thing and now Bitcoin can just copy everything that ethereum has learned over the last seven years because this is all open source so we're at a really interesting point in time I think before we jump into what will happen if Bitcoin does this and break down the risks if Bitcoin competes if Bitcoin okay exactly before we break down if this happens what the effect will be on ethereum let's just sort of take a pause and look back words Kai can you give us a little bit of a history lesson on what is the purpose of Bitcoin and what led us here why is this

happening now where Bitcoin is deciding to go down this path of potentially becoming a smart contract blockchain yeah so I mean there's a lot of history to to bitcoin it's been around since I think 20 2009 I believe it was the original purpose of Bitcoin let's start there was when the white paper came out from search Nakamoto was to be just be a peer-to-peer payment Network right a way to basically remove money from the state and send it to anyone in the world and do it at kind of the speed of light type thing and it's somewhat moved away from that but not not completely I mean it's an open permissionless blockchain so technically the like goal of it can change right the goal post can move and it can be more things and so what

happened was is over the years as it gained adoption its fees started to go up at certain periods and it didn't really work as a peer-to-peer Network work so it's kind of new narrative that came over the last you know five six seven eight nine years has been sort of like digital gold right it's a store of value it's less about a payment Network though there are people who still believe that's it and they're building the lightning Network on top of it to try to make it be that as well but years ago there was What's called the forking Wars or the scalability wars whatever you want to call it and basically this was the block size Wars I guess is what it was called was there was a group of people in the Bitcoin Community who wanted to increase the block sizes so that fees wouldn't go hot this is like

Finance smart chain for example has very large block sizes and so that way it doesn't get congested as much right but it's less decentralized and so there was this big debate should we do that so that it can be the peer-to-peer Network or should we keep them as they are more constrained so it remains more decentralized what's more important the winning Community from that Bitcoin did fork and they have now two different ones well they have many different Forks vsv being the the other big one I guess like litecoin's techniophoric of Bitcoin as well but the the remaining you know champion of this is the Bitcoin we know today which was the store of value they wanted to keep it as decentralized as possible and uh and have it be just money that is in a separate from the state and it's sort of just kind of been

that for a while they haven't done a lot of development to to change that or to be something else and it's done well I mean it's what I don't know what it's smart cap is right now but something like 500 600 million something like that at least over a true or billion sorry reached over a trillion in the last cycle so it's been doing exactly what you need to do now why are we at this position that we're at now well the reason is a bunch of people in the community back in the day they want wanted to build more on top of it they said well this whole permissionless blockchain thing is great for money but it can also be great for everything right and so this is where the kind of idea of smart contracts came from from vitalik buter he actually originally

wanted to do this on on bitcoin but the community basically said no they don't want to do this they weren't going to build in the capabilities for this they want to keep it to be this decentralized network that can soar value so the talk said okay this isn't going to work I'm going to have to build my own blockchain and that's where the birth of ethereum came from and so what happened was all the people that thought hey let's use blockchain to do more than just money to build things like decentralized Finance to build things like nfts Etc they kind of moved over to the ethereum world and started developing and building there now there were some people who just like loved Bitcoin so much they said they were never going to leave it and they would only ever Bill a type of Bitcoin and so behind the scenes there's been

some developers and some companies though much smaller than the the community that ethereum built out that have continued to like try to build l2s layer twos to try to build things like the lightning Network like what we're seeing with stacks and now what we're seeing with ordinals and so just recently all that stuff has finally came to light has finally launched and is now possible and so out of nowhere those select few developers who stuck around this ecosystem finally were able to launch something that now works and now they have nfts on bitcoin layer one they have stacks which is kind of like a layer two which can have what's called brc20 so tokens fungible tokens like we know on ethereum as well as nfts they only have the Bitcoin lightning Network which has been around for a while and

that's just kind of moving Bitcoin to a sort of a faster Network so we've just finally now the technology is available to even sort of compete with ethereum even though that's not what the Bitcoin most of the Bitcoin Community necessarily I guess wanted to do or we're trying for two more questions just to clarify what you're talking about when you talk about the Bitcoin community and the people who make these decisions who are you referring to yeah it's a good question so the way this stuff kind of works is I mean you have a group of of core developers so those who are working on bitcoin the actual blockchain itself and in the the core technology there but also the way that anything passes through there's boating and stuff that's off chain and there's voting that could be on chain and it's just like we have with ethereum and

there's forums and things that people decide so there's lots of different ways that people do this but essentially the way that anything actually happens is if it's such a debate where people actually just can't decide and everyone's like some people over here in this category so we run this category what you do is you just Fork the blockchain itself you Fork the technology meaning you just duplicate it and then you make the changes you want and what happens is those securing the network those running the nodes can decide which chain they want to continue to support and so there's just two chains now and this already exists there's bsv which is a fork of Bitcoin there's Bitcoin itself right and some people decided to go here and some people decided to go here and the one that was the strongest where most of the community went those are the

ones that will continue forward and I mean they're both technically existing but no one cares about bsv everyone cares about point this happened with ethereum there's ethereum classic and ethereum the the one we all know and use today same thing that was a fork Community couldn't decide so we just said let's just Fork it and we'll see what everyone does most people went to the ethereum we know today some people are still on ethereum classic doing who knows what but they're there and so it's basically just the overall Community those securing the network just aside and if they want to keep running a node somewhere then they can do it and we just see where the bulk of the community goes and the community exists of everyone users those running the node those right building montoplas et cetera right because it's decentralized Tech you need all the stakeholders to be

involved basically and using it in order to make it become what ethereum has become where you have projects building on top and you've got applications built on top you need everybody and you need a lot of investors to hold the token to secure the network need the validators all of this okay so let's assume that Bitcoin was go back to our original question let's assume that Bitcoin does become a smart contract blockchain what happens to ethereum does that mean that ethereum is extinct actually let's just back up one more second the the reason we're at this point is there are some very like there are people who just really are obsessed with their coin and obsessed with this whole store of value in its most decentralized thing and like that's all they want and so in the

community the developer Community talks about there are people literally trying to censor transactions that have anything to do with nfts or other tokens which is crazy this is a permissionless blockchain and they're asking for permission to use their blockchain that is just mind-blowing to me they're basically missing the forest for the trees but it is what it is and so and look that's fine they can have their own opinion they can understand you know I have mine and that's the way it works that's why I'm more familiar and use ethereum more than I do Bitcoin I associate myself more with that kind of idea to build and try different things Etc so here's what it is either way something they need to decide it's catching a lot of attention right now and a lot of use so a lot of people are using it people are building on it it's

doing well so like my assumption is it continues but I'm not sure we'll see where things go yeah so let me actually ask one one question there why in your mind why would a validator support one versus the other support Bitcoin to just stay as digital gold and the store of value versus support it becoming a smart contract blockchain is this all tied to the revenue that they make if it is a smart contract blockchain that there's more Revenue involved long term for them so on bitcoin it's minors not validators but yeah right so it depends it depends what they're doing for some are doing it because they want the revenues they want the money they might like the idea of

nfts on there because it's more expensive it makes fees go higher they make more some are doing it because they you know just want to separate money from the state they believe in the big Vision here of digital gold and they see this as the thing that like separates us from inflation and control and so like they don't care about the revenue side um though I think most people who are running a minor probably care about the revenues because they like pay to run a minor it's actually quite expensive to run a minor so that's why I think that they will continue this way because it's just profit and loss and yeah well you know what I mean you've got to go where the money goes this is how it works and right especially in an Open Marketplace like this where there is no like

subsidies and Regulation and things like that yeah okay so let's assume that enough miners want to go where the money is and enough one of the community want to go where their money is I think that's a pretty safe assumption because that's what's happening right now that's why we are at this point where we have Bitcoin ordinals and BRC 20s that are being developed on bitcoin where does this leave us with ethereum does ethereum get taken over by Bitcoin as a smart contract platform and ethereum becomes no more 10 years from now and everyone moves over to bitcoin it would be so ironic if that it wouldn't be hilarious if that happened I'm not glued to any blockchain I actually don't care I care about the use cases that come as a result of blockchain I do think many

of those use cases do need to be on something that's fully decentralized which is why I'm a supportive ethereum rather than some other blockchains but regardless so I got a couple points of why we'll start with the main one in my opinion so my answer is no blockchain or Bitcoin is not going to eat ethereum's lunch and I think the reason for that is ethereum as much as Bitcoin launched first ethereum actually has first mover advantage in the smart contract world right so as Bitcoin has first word advantage in like let's call it decentralized money ethereum has it in the smart contract World which is where a lot of businesses are building and so you got to understand that just because something has the ability to Mint a token right an nft or an erc20 or in this case a brc20 that's not that big of a deal right what

really matters what can you build around those things what sort of ecosystem grows around that it's like if you have a country you have some land and all you have is a currency but there's no homes there's no businesses there is no City Hall there is no anything well that currency is kind of useless it doesn't really matter so the things they're building on bitcoin right now all these different tokens and assets they don't do anything and they can't do anything now that says to say they won't like you said they could copy what ethereum's doing right which is what a lot of blockchains have done so that's fine they can do that too but when I say that ethereum is first move or Advantage you got to think it's not just in the ability to admit tokens they have it in the infrastructure that goes around

those think like wallets applications right but not even that think further than that sdks meaning tools for developers to actually come in and start building on top of this stuff right now people don't know how to do that on bitcoin because it doesn't exist or didn't exist on ethereum if you want to come and launch a wallet there's already a wallet as a service right there is like blank as a service for almost everything on ethereum so it's it's seamless to come in and build whatever application you want on ethereum especially like games you go on immutable they've got it all built out for you right this is why Unreal Engine has started using ethereum based stuff because they have all these tools for developers to make it so easy right Bitcoin doesn't have that yet you also have like ethereum uses solidity that's

the language that they write in Bitcoin uses a different one well ethereum has 20 times more developers than Bitcoin does at like the core level already right that's not even taking into account like all the other devs building on like applications and stuff and so there's also already training tools and things to help developers learn solidity at a much higher level than there is in the Bitcoin world right so to onboard new community members new developers is much easier and faster ethereum than it is Bitcoin now again Bitcoin can build all these things but they are Way Way Back ethereum's had seven years of this right Bitcoins now at like three months I think it launched in January right so like we're talking a massive difference okay so I think that's a big thing plus

you already have the network effects of like businesses communities nft projects like users all these things that are familiar with ethereum there's stable coins on there already like all the things that make an ecosystem Thrive they already exist in ethereum so it has what we call Network effects in the smart contract World Bitcoin has Network effects as money it does not have Network effects as a smart contract right so web3 is not being built on bitcoin it's being built on ethereum and it has Network effects there does not to say Bitcoin can't get that I mean Solana came in in 2018 2017 whatever it was and they now have Network effects it can do it but it's not eating ethereum's launched by any means not right now I

might be jumping a little bit ahead but just because you brought up Solana is there room for there to be multiple smart contract blockchains oh yeah for sure I mean yeah that's the other thing is there is no eating someone's lunch there's tons of lunch there is just a buffet and you can go and eat whatever you want now I guess at the moment there isn't there's not that much need for black well I guess there is I mean ethereum and Bitcoin blockchains are extremely expensive which means there is a lot of demand for Block space right so there's plenty of demand for that I mean we know that and so I think we're not taking talking pieces of someone's pot the size of web 3 is not the size it's going to be for forever right this industry is going to 100x in the next 10

years right and so there's plenty of room for both Bitcoin ethereum and Solana and everything else to all grow the whole thing together now I'm sure powers of law one will be the biggest and we'll get a large portion of it who that will be is yet to be seen but they all can grow significantly in the coming you know decade so obviously ethereum has a big first mover Advantage as you stated I think we all understand and see that because we've experienced that over the last seven years what's the second reason why the one other thing I would say is that also ethereum was built for smart contracts Bitcoins not they're they're building like some are saying that the way that they're building

salties are actually better than l17 we had a pro report that did go through this so like again I'm not saying that the way that Bitcoin is doing it's wrong it's just that ethereum was built for these things so it's more seamless more frictionless and just it's easier in terms of the technology itself even regardless of community Etc now again Bitcoin can change that they could fix it they can build Tools around it and so we'll see where that goes but a technological standpoint it's also just easier to do this on ethereum than it is on bitcoin on the other side of things we got to think of like sustainability right and so sustainability in terms of the security and the tokenomic structure of it right it's tokens that I mean the token of BTC does not secure Bitcoin like ethereum does the each token

technically does because it's proof of stake so does the token itself that is like enabling that security but I mean the miners on bitcoin do get paid in BTC so technically the token really really matters now one of the things that ethereum has done a really good job of is being open and seeing like where is the space going what do we need to change and they have been just inconsistently changing and improving upon the ethereum blockchain and the E the token right that's what we've seen with proof of stake with the merge we've seen it with eip1559 with all these different things trying to upgrade the network Bitcoin has remained kind of like they've done some upgrades but it's very slow and has kind of stayed as is now bitcoin's claim to fame is that it has 21 million Bitcoins that's all it'll

ever have it inflates right now but that's just inflating up until it reaches that 21 million by 21 year 2100 it'll all be mine and the only way that miners will make revenues so those securing the network is through fees so they actually Bitcoin needs fees they need higher fees to be able to afford their security in the future right now they're fine but in the future okay now ethereum recognized this and they said okay well we're not going to cap it we're not going to stop at 21 mode we're going to let it go to whatever it wants but we're going to find other ways to make the tokonomic structure work okay and so if you think about the sustainability of these two economies and I like to think of them as economies right we're talking about people building on top of them businesses Etc

the problem I find with Bitcoin right now and why I don't hold a whole lot of Bitcoin is because the Bitcoin Network leaks value from its economy it leaks value to other economies like the United States and wherever else that people are running their their Miners And the reason I say this is the way that their security system works is miners buy equipment and then they buy pay for electricity to run that minor they secure the network and as they do that they get paid in BTC but they have expenses quite High expenses in fact to run these this electricity of these Miners and to deny the equipment and I'm talking like in the millions of dollars of expenses and so they have to sell BTC into US dollars or into Euro dollars or

whatever it is wherever they are and go and buy that equipment in the real physical world and they have to pay for electricity into real physical world which means that the value of Bitcoin is actually just being sold by those that are secure in the network so it's leaking value now ethereum used to do that when approval work but it switched to proof of stake why because to run a validator is what they're calling ethereum to secure the network you don't need a minor you can use your laptop the same thing that we are using right now to record on this this podcast which means that I don't have any additional expenses I already have a laptop and I already pay my own interest it doesn't go up like it goes up maybe a few dollars kind of like it's very it's irrelevant right so there are no

additional Feats and so I don't have to sell the E that I'm earning right I can just leave it in the ecosystem I could sell it to buy a stable coin or to buy an nft or to do whatever or I could just leave it and accumulate it and let it keep coming right and so it doesn't leak any value it all remains at least most of it remains in the economy and to me that is a more sound kind of efficient economy and it's business model we think of these again they are businesses just like every country is technically a business it's more sound the business model is more sound it's more sustainable right now Bitcoin could change that it could make changes to their tokenomic structure they seem to be very stuck on what they have and so I actually think that the ethereum

Network and the way that they are looking to secure it in the way that they are looking to have the the design so their token is actually much better and that's my opinion there are other people that will disgroup that and that's fine I actually don't care could care less I own some Bitcoin I own a lot more eth and that's one of the main reasons why one point that you're bringing up quite a bit is the purpose of these blockchains impacts the thousands of developers miners validators that are part of the community and in order to make change in a decentralized community in a decentralized organization you need a lot of people to jump on board with that now ethereum has been doing that for

years which has developed this mindset amongst their community that that's what we do right we're constantly evolving we're constantly listening to what the market needs and we've got this long roadmap of change so change is part of their DNA in a way right whereas is bitcoin's kind of the opposite change is not part of their DNA that Dynamic I think will make Bitcoin slower to change if they do and ethereum's vision has always been to be the settlement layer of the internet right yeah and that's not what Bitcoins is Bitcoins is to be the settlement layer for money whereas the internet is a different thing right so and again though Bitcoin could change people change their minds and so maybe it happens let's see I mean the thing is

bitcoiners have been watching what's going on ethereum for the last however many years going holy [ __ ] these guys are actually building something cool here well maybe some of them are like it's all [ __ ] it's all [ __ ] coins they call it so I think that they pivot but who knows who knows well I think the other point that you brought up is that somewhere around the year 2100 Bitcoin will be fully mined yeah and at that point there is going to be a fee structure issue for the miners and think about it if your goal is to be a store of value they're basically telling people not to exchange not to trade exactly right where the fees come from right and if the solution is well we'll all exchange

and transact on the lightning Network well then there's no fees on the Bitcoin network still so like where do their revenues come from that's what people don't understand and again I know it's a hundred years away or whatever but I don't know [ __ ] matters Do you want to build a business on a platform that's going to be around for not 100 years 10 000 years right so these are important things as a builder and of course as an investor like I hold a lot of these because I plan to give that to my kids at some point and I hope that they give it to theirs and so on and so forth right you might not know the answer this question but let's say Bitcoin stays as it is right now after all of the Bitcoins have been mined in whatever 100 years whatever we don't know exactly

what year that will be but when that happens how would the miners pay I guess they don't need to mine anymore so like what would happen if they didn't change would they just be doing it out of the goodness of their hearts to signal so there are some fees that they would make from the fees on bitcoin right like it does cost to send a transaction on bitcoin and but it's a few dollars right sometimes less so they would make that and what that means is people are going to take those mining rigs shut them down because they can't afford to pay the electricity of them or they're not going to buy the next at the bottom every few years because they go they go bad there's nothing to buy the next one because they can't afford it right also why would they if you can just put it

into e and then just put it on your laptop and validate that way and make five percent right per year and have the same appreciation if not more of what's what it's been anyway what would be the point right there wouldn't be the point and so now if there's way way way less miners than if there's like 10 miners left they could make a lot of money mining Bitcoin but that means there's basically no security so what will happen is a bunch of people will leave because they can't afford it right and then at some point it reaches an equilibrium equivalent room where people are making money but how low is the hash rate at that point how low is the security at that point right is it now just very easy to hack so it's it's a problem very interesting and there's no way people will do it out of the

goodness of their heart that's not going to happen right no of course not no no that might be another conversation is diving deeper into what happens in 100 years well the thing is is at some point people are going to wake up and they'll find a solution right just like ethereum when ethereum launched they didn't know they were going to do eip1559 and blah blah blah they just knew like let's just do it and we'll figure it out I think Bitcoin is the same idea right they're just slower to do it okay let's get to the third point about how ethereum is safe even if Bitcoin does become a smart contract platform yeah so the other big thing is I mean ever since ethereum launched basically no one has launched proof of work since that right everyone is in proof of stake not only because

it's easier it's cheaper whatever it makes more sense in terms of tokenomic structure because you don't leak value it's also much better for the environment and I know a lot of Bitcoin is going to get all upset saying ah bitcoin's not bad for the environment blah blah blah blah the facts is that ethereum now uses 99.9 less energy than Bitcoin does now does Bitcoin use the most energy in the world absolutely not do banks use more than Bitcoin absolutely right do many industries use as much energy as Bitcoin does sure right but the facts are that there are many companies in the world right now who have mandates especially in Europe but this all around the world and every country is going this way that they can only use a certain amount of energy and so they just don't and can't use Bitcoin regardless they just can't and they

couldn't use ethereum before it merges well and so now they can and Bitcoin has no plans to move from proof of work to proof of stake now again I am not in the camp that says that bitcoin's the worst thing in the world and it's you know going to ruin the environment blah blah blah there is a lot of Bitcoin miners that are using renewable energy and also it's pushing Innovation to create more types of renewable energy in different ways so like and that's their big fight which I agree with 100 is doing amazing things for the renewable energy space but the fact is it still uses a hell of a lot of energy right now it's not fully renewable as much as it's innovating it's still not there and so in this moment right now there are many many companies around the world that just

will not use Bitcoin regardless of how good its to economic structure is regardless of how good it's smart contracts are or anything else they don't care they just can't use it and they will not use it right so ethereum Solana all these other ones that proof of stake they already have that Advantage right there because just a lot of people can't use it until Bitcoin decides to approve a stake which I think if it ever does that it's coin goes to zero because why they're only because they're look it's better for them but their Community has just fought for that so long that I think everyone has at that point like if they got to that point then there are no holders like long term like the strong Diamond handers they must have quit if they let it go from proof of works for mistake

because they've been fighting that fight for way too long okay so when we break down these three points right that you know ethereum has this massive first mover advantage and a large Network effect that is happening right now that has created 20 times the developers in their ecosystem if ethereum has a better economic a better tokenomic structure and they also are better for the environment coming out of this conversation I'm more bullish on Bitcoin now and and I'm actually more or sorry more bullish on ethereum I'm actually more worried about Bitcoin now and what happens there even though their market cap is at 500 billion and ethereum's market caps at 200 billion you know yes

Bitcoin seems to only win because they have the biggest brand name and they are the most crypto and the same Brits yes the simplest right digital gold is so easy for people to get they've been around from us they have the first mover Advantage for money so it makes sense they have the biggest market cap right but for smart contracts they do not right they're not even close I had the same realization as you when I really dove into ethereum back in 2020 I started moving all my Bitcoin over Bitcoin will figure it out it's not going anywhere and I stole Bitcoin and I'm still I feel confident in it I do worry about the fact that they seem like a community that is allergic to change it's very focused on being this one

thing which I'm down with them being one thing I actually think it's great which is a feature yeah that's a feature not a bug right exactly that's really well that that's great but if there's this problem that's going to come up a hundred years from now that's kind of lurking in the background that's a little bit worrying right and also I think like you said the energy thing it cannot be brushed aside like 99.9 less energy there's a huge difference especially when we're in a world where climate change is one of our biggest issues as Humanity to like kind of back up Bitcoin a little bit and I don't hear a lot of people talk about this but my opinion is in 100 years from now energy is going to cost nothing right probably

the equipment to run a minor to secure Bitcoin will go down significantly right technology is always deflationary especially manufacturing machines like that that always get so much so much cheaper as you hit like economies of the scale so like probably the expenses to secure the blockchain go down significantly by a hundred years right the world will be a very different place 100 years from now so like I do think they will figure that out so like I'm not necessarily bearish on bitcoin I'm only bearish on the eat slash Bitcoin chart I think that eth does better than Bitcoin in terms of its token price also in terms of its web 3 economy and I think that does better but I do think Bitcoin lasts and I think it figures it

out the other thing is when we talk about the monetary Revolution versus the internet Revolution and I think that's very good core concept to understand in web 3 that you brought up earlier that Bitcoin initially was focused on the monetary Revolution and ethereum is focused on the internet Revolution and there is a difference between those two is I feel like ethereum is solving the monetary Revolution as well because of stable coins and stable coins I was talking to somebody today on a call about doing a business deal and they joked they were like I'm not going to pay you in Bitcoin and I was like obviously you're not gonna pay me a Bitcoin why the [ __ ] is you pay me in Bitcoin that they're like I'll pay you in like usdt and I was like yeah if you

take me to bitcoin I wouldn't want it might lose 10 percent of the day you pay me the hood applicates on it yeah well okay so ethereum is fixing the monetary Revolution not because of stable well okay right now it is doing it because stabilities we still live in a very Fiat dominated world right so it's it's a technological innovation on Fiat but I think Eve is fixing a monetary because the monetary Revolution is not having you know less fees or faster movements of fiat currency it's getting completely out of the Fiat World which is what Bitcoin is solving right but what I thought you were going to say is eth is also solving that right because it is also a currency that is outside of the state it is also money and in my opinion

it's better money because it is ultrasound money it is scarce it's deflationary whereas Bitcoin is just neither I mean it's currently inflationary but doesn't really matter so like you said there's the monetary Revolution there's internet Revolution the one thing I think people need to understand this is what we touched on the beginning is think about how big these two industries are every single person in the world uses money every single per well 5.15 billion people currently in the world use the internet this is the biggest industries in the entire world that blockchain is looking to basically revamp right so is there room for multiple blockchains absolutely now is there room for multiple currencies around the world there's not

rooms for room for millions of currencies or stores of value necessarily but there's room for a few for sure we already have hundreds of currencies so like definitely but I think to get the whole internet in the whole money system on top of blockchains you might want more than one just saying you might need more than one the thought that just popped in my head which was a completely side dot was just if I was a business and I was building right now obviously you have to consider which blockchain you're going to build on top of and that's the other conversation that we could have as thick sort of ties into this conversation is where should you be building and I think it's quite obvious to me right now is that you

should be building on the biggest network if you build on top of the biggest Network you're going to get the biggest Network effects and you're going to get a lot of support as a result of that because you're just going to you're involved in something where there's there's so many people with so much action yeah and it depends on your audience let's say you're an artist for you know Mega contrarians so like those that are like really against the state and they you know they want their freedoms and blah blah like maybe making a nft some art on a Bitcoin ordinal is not a bad idea because those are the people that hold Bitcoin right if you are a tech nerd and you want to reach the Silicon Valley type people and those who like want the you know save data and privacy and all that like the ethereum

people are probably your crowd now and then if you want to just go completely mainstream well then neither Bitcoin or ethereum or you need layer twos on ethereum or Solana that's basically the markets for you yeah if you're a corporation a large corporation like an NFL or an NBA or a Ticketmaster you probably go build on Flow because it's sort of a centralized exchange agree with more Security in a little lower control there so yeah it's interesting okay there are a lot of people who could not have this conversation where we just said you could go and build in any of these blockchains there are people cringing right now like no it has to be ethereum it has to be Bitcoin I feel like you said flow who are you it's so interesting in the in the

advancement of technology to be a maxi to one technology it feels like anti-technology advancement to me you know like money involved right because there's money and a hundred percent it's because there's money to be honest it feels like it's also it's human ego and competition too I feel like it's sports teams sometimes I'm like you walk into a bar and you like you feel like you're like oh [ __ ] I watch into the Bitcoin bar like I better not tell anybody it's like to cover your jersey like you know like I don't know how you would show that that's who you're cheering for but yeah it feels like that right right yeah no completely that's about it ego is a good point and then just obviously money and people go crazy for money so

that's just the way it works but it was great Jay any other thoughts any other questions should we wrap it up here so let's wrap it up we should probably continue talking for hours but let's let's put a wrap on it any final thoughts on your end no but we didn't ask a poll questions if you've made it this long then there is a poll question underneath and we want you to answer it so please just scroll down there and you'll see the question and let us know the answer I'm not going to tell you the question because I want you to actually scroll down and go find it if it's a good one Tuesday if you are a pro member in our Discord we are having a Meetup where we're breaking down the top five charts that you should be looking at if you're investing in blockchain and web 3

so make sure you go pro if you're not already go pro and join that Meetup excited to see everybody there that's been a really fun thing that we've been doing every month this week we've got a couple of great podcasts coming out Wednesday we're interviewing one of the founders from paragraph talking about the future of newsletters on chain and then uh Friday we'll have to roll up we'll be back with the weekly roll-up have a great week everybody thanks so much for listening in thank you for listening to web3 Academy we hope this helps you along your web 3 journey and if it does please share this episode And subscribe so you don't miss the next one nothing in this podcast was Financial advice crypto and web 3 can be risky you can literally lose it all in fact if you invest on account of what we say you

probably will lose it all so don't do that in all honesty the point of this podcast is to remove the noise of markets and price and focus on utility and implementation anyway so you should not take any of this as Financial advice thank you friends and see you in the next one