10min crypto pitch, Layer 2's burning ETH and more - The Daily Gwei Refuel #379 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delight refuel where recap the latest news and ethereum ecosystem i'm your host anthony sosano and today's the 6th of june 2022 all right everyone let's get into it so over the weekend i put out a tweet where i said i don't think people realize just how incredibly bad crypto's image is to the quote-unquote outside world they all think that we're destroying the planet that every single crypto including eth and btc is a scam that no value is being generated and that it should all be completely banned and then i continue to throw with a few examples and then i ended the thread by saying that i was going to give kind of like my 10 minute pitch that i give in real life uh to people you know whenever they kind of like come at me with you know crypto

scam or the government's gonna ban it or any of those kind of like bad narratives so i want to do that today for you guys now i'll tell you when i'm starting the actual pitch because there's a few ground rules that i think i need to run through first so this is kind of like how i approach it let's run through a scenario here so i might be at kind of like a family gathering i might be with kind of like friends and someone brings up obviously the topic of what i do for a living right and then i say okay well i'm involved in the cryptocurrency industry i focus most of my time on something called ethereum and i mean half the time they've heard of it half the time they haven't they've all heard of bitcoin uh unfortunately or fortunately uh i i mean

i'll i'll explain why i say unfortunately there but yeah the whole heard of bitcoin so i don't really have to kind of like explain exactly you know what crypto is it's not like no it's not like they haven't heard of crypto before they know crypto bitcoin and funny enough a lot of them know about nfts as well so that's kind of like how it usually starts and then from then on i try to you know if if they are pushing the issue if they're kind of like really saying things like you know i think it's a scam or the government's going to shut it down like sometimes i'll get asked like aren't you you know scared for your future that kind of like your livelihood's gonna get shut down and i'm like okay okay let me let me run this through with you and i kind of say to

them like let me let me just give you kind of like um the rundown of how i see things now i don't pitch them like a sales pitch and that's actually very important like i won't try i'm not trying to sell them anything it's actually very important for you to uh basically make sure that you're not acting like you're trying to sell them anything because i think that's what it turns a lot of people off where a lot of people get shield these coins or the nfts or anything or investments and it kind of feels like a you know a multi-level marketing scheme where people are like you know you're just telling me to buy it because you have it and you want you want the kind of like price to go up and all these sorts of stuff so i don't actually ever talk about the prices what

to buy uh i don't kind of like give any investment advice and i don't make my pitch sound like i'm trying to get them to buy something right so i go into it with the goal of killing those surface level narratives first and foremost i want to kill the narrative of crypto is a scam or only used by criminals or is uh or the government's gonna ban it or anything else that they've kind of like got from the mainstream media uh but i do kind of like preface it by saying you know there are a lot of scams in the industry just like any industry there are scammers there's opportunists and they kind of like get that right i think everyone gets that the scam is an opportunist in every single industry and you know at some point of our lives we're going to get kind of like either scammed or

taking advantage of in some way buy an institution whether it be like a company or kind of like some influencer or whatever it is right it's just unavoidable in in this day and age i think for most people um and then i you know i explained to them that the only reason why they have these views of crypto is because that's all they hear about like i i asked them like do you all of your crypto knowledge does it come from mainstream media and they say yes of course and like okay well put it to me put it to let me put it to you this way how reliable is the mainstream media in general like about any topic and they're like oh and they kind of like laugh and like exactly so you shouldn't listen to the mainstream media about crypto especially because crypto

is inherently more complex than than than most things because it's so technical like once you dive in deeper right so i explained that to them as well and i'm not getting into my pitch yet guys like i'm just trying to like give you like what i have loaded before i go into it right um and as i said like not do don't um try to get them to buy anything don't make it sound like you're selling something to them and uh this is why i said uh that unfortunately they've heard of bitcoin before is i don't talk about bitcoin at all i honestly don't think bitcoin is a good flag bearer for this industry at all uh i don't think that the big community is a good flag bearer especially the hardcore community i think they turn a lot of people off i think they uh put out really bad

narratives out there for most people and most people just simply aren't interested in bitcoin there's not much to it like what am i supposed to say i mean i can explain the technicals of how bitcoin works or how blockchain works and i can kind of explain what the ball case is for bitcoin i guess but i don't think that resonates with most people and i don't think that would get my point across so i don't do that anyway now i'm going to that's that's kind of like the ground rules that's the kind of background stuff that i go into this with now i'm going to start my actual kind of like pitch that i give them and you can time you from this it usually takes around 10 minutes but sometimes i lose track of time because you know you guys know i talk really

quickly and i like to talk a lot so you can time me from starting now so as i said i start the discussion uh kind of like asking them what they've kind of like heard of before you know obviously they've heard of bitcoin encrypted before and then i'm okay and then i say okay well i'm working within the ethereum ecosystem and then they're like oh okay well what's a theory i'm like okay well you know i have to say it's kind of like like bitcoin because that's just kind of like what they've heard before but you can actually kind of like build stuff on it now of course this isn't going to mean much to most people build stuff on it what does that mean so i have to use analogies from there so i always always give the analogy of the internet i say to them okay well you

know how there's like the internet and there's all these websites and applications that interact with the internet that are built on top of it i mean we all use them we all have smartphones all that good stuff there and obviously immediately they get that like i don't have to explain any further from there and then i say them well with ethereum there are applications uh just like there are on the internet but uh they're different sorts of applications and then i go into kind of like some of the i guess like applications that are built on ethereum that people would immediately resonate with so i basically say to them uh you know think of a bank think of the functions that a bank does okay the bank is going to uh loan you money uh or a bank is going to store your money or a bank is going to give

you a yield on your money right it's obviously not a great yield these days but they're going to give you a yield then i say to them well on ethereum they're actually financial applications that allow you to do this but what they allow you to do is that and i don't mention decentralization here because that doesn't really mean anything to anyone but i say to them like they allow you to do it kind of like having a custody of your own fund so you can go on your computer just like you do normally or your kind of like phone or your laptop whatever it is you can have a wallet like so like a digital wallet i think when i say digital wallet instead of like a private public key pair obviously people are going to resonate with that because they know what a wallet is i say to them you have money

in there and then you go to these websites you go to these apps and you interact with them you say okay well i want to deposit my money here i want to earn such and such yield and then it just all happens for you automatically and then i kind of explain some other things like uni swap for example i say to them like okay do you have you ever traded stocks before and some of them have some of them haven't uh and then i send them well okay you can do the same thing on a centralized crypto exchange of course but you can also do it on top of ethereum there's this thing called unisop i always give that as an example i said then you can swap assets for assets so i say if you have uh and then this is where i started

explaining stable coins i said okay well there's these coins that exist that are actually um stable to a us dollar so there's this coin called usdc i start with the centralized ones first and i say it is pegged to us dollars right so if you have one usdc you can redeem that for one us dollar and then i go on to say okay well then you can trade that usdc for an asset like eth through uni swap and it's the same thing as going to this website going to an app and just kind of like clicking through and clicking the relevant buttons and you do this all from your own wallet there's no middlemen there's no need for you to deal with bankers and i need to for you to kind of like go into a bank no need for you to kind of like sign up for an

account or anything like that your wallet is your account and they will start turning from here guys like they really do start resonating with it like and then i'll get comments like i had no idea this existed like why do i never hear about this and they legitimately say that because think of what you are like when you're kind of like outside of the ecosystem and not paying any attention to crypto all the narratives come and all that everything everything you hear about comes from mainstream media and they barely ever cover any of these sorts of stuff uh so obviously why would someone know about it but if they're not in the industry they're obviously not gonna know about it so i started getting some really positive comments about and i'm like okay and then i say to them like well this is why i'm really excited about ethereum

because these are the most basic applications or at least the ones that i i'm able to kind of like translate really easily for for you but there are so many more applications and i i kind of like continue explaining to them like you know there's money markets where you can kind of like take loans uh sorry uh borrow money uh i don't explain the over-clutterization part because i think that just goes too deep i try to keep it higher level because if these people are really new to crypto they're obviously not going to res uh understand anything deeper than the highest level stuff at least to begin with so i keep at high level and i say you know there's money markets you can kind of like borrow from that you can put your money in and you can you can earn a yield and i kind of

like explain all that as well from from there too and then you know if they seem really interested i start going even deeper from there and i kind of like say things like okay well there's not just financial applications there's actually uh uh applications like social media but decentralized and that's where i started getting into the decentralization of it all i said okay well there's uh the the ethereum network is actually not controlled by any one person there's no ceo there's no uh dictator there's no president there's nothing the ethereum network is run by computers all over the world and i think that's pretty simple for most people to understand uh you know they don't have to understand how networking works or how blockchain works but they understand that people can have software on their computers and run it from from anywhere on the planet because

the internet's right anywhere on the planet so that's pretty straightforward so i i kind of like lean into that and i basically say and because of that you can build whatever you want on there and depending on how the application is structured it can be built in such a way where no one can can stop it and i again go back to the unisop example and say unisop is actually built in a way where it can't be stopped to stop it you would have to take over the entire ethereum network and i don't go into too much detail about why that's actually very difficult to do but i basically tell them like that's incredibly expensive to do it costs billions and billions of dollars tens of billions of dollars but i don't go into detail i just give them like a number figure because they can

immediately relate to that so from then on we kind of like continue the conversation a bit from there i tell them about some more applications as i said decentralized social media then i move into nfts depending on where the conversation is going because nfts have an even worse image than than crypto does generally but you know i'll get weird looks when i mention nfts and i'll say that i'm like look guys like nfts the nft is actually just kind of like a a standard right it and i try not to go too deep into it like it's token standard and it stands for non-fungible token and all this sort of stuff and i just say to them okay guys like i bring it back to kind of um real world examples again i say to them do you have trading cards that you collected as a

kid i mean nine times out of ten they do right especially if they're younger they have trading cards that collected i'm like okay well a lot of these things are like that right but they're digital and they say oh why can't i just right click save i'm like yeah you can just like you can photocopy a pokemon card but the thing is is that you can actually immediately prove whether it's genuine or not and it's not so much about the actual image itself it's about the authenticity of it like no one i mean there's a reason why fake uh trading cards and fake watches and fake everything else uh are essentially worth less than the original even if they're really really good replicas is simply because of the fact that uh it's not the real thing and yes i know when you right click save you

get the exact same image that you would get by by buying it but by buying the nft you're not just getting the image i mean the image is kind of like the last part of it that makes it valuable i think i think you get the the providence of it right you get the token in your wallet you get the the flex essentially people actually say that i'm like oh holy [ __ ] he actually has the real nft if it's worth a lot of money they'll be like oh my god it's worth so much money he must you know must be kind of like a whale it must be an og whatever it is right so there's a lot of that going on and depending on where these people sit in terms of kind of like luxury items and things like that and kind of like

the money scale as well they may or may not resonate with that but as i said i try to steer clear of nfts but i do kind of like throw it in there because i want to see where they're at with it um and then inevitably we'll get to the point where the conversation will probably turn to the monetary side of it the investing side of it and thereby and they're basically like you know aren't these things all kind of like monies and currencies like i don't get how they can be like thousands of monies and currencies and i and i immediately say i'm like no no okay let me stop you there most of the assets in crypto have nothing to do with being a money or a currency i would argue there's only a handful not even that are actually even trying to i think

there's two that are even trying to be money it's bitcoin and eighth right none of the other ones are trying to be money most of them don't even want to be money and i then i explained to them most of these projects that i mentioned to you they have uh what's called a token associated with them now you can think of a token as a stock right in that company or equity in that sorry protocol in that application and now whether the price of that kind of like token goes up or down depends on a variety of factors and a lot of the time the similar factors to what dictates a stock going up and down and they immediately get that that's like the cleanest analogy i can use even if it's not like totally accurate it's the cleanest analogy i can use from there

and then they're like oh my god i had no idea about this right like i had no idea i thought everything was just trying to be a currency i thought you know these people were always talking about you know this currency replacing um the you know australian dollar where i am or the us dollar and i'm like okay well yeah there's an element of that and that's why i don't really talk about bitcoin too much because as i said not only people resonate with this but basically i say to them like okay yeah that's that's basically bitcoin's whole thing that's that's whole goal it's all shtick and they they kind of like trended more towards the digital gold story value side than the in the currency side at least right now and i think in the future they they have this theory that you know that'll come

later sort of thing and but i say to them like okay well you know eth is also trying to be a money and a currency but i think with eth it's more that there wants to be a currency of its own ecosystem and i and then i i kind of like start using um some deeper analogies where i say you can imagine ethereum as like a country and eth has its own uh uh sorry ethereum has its own currency called eth and ethereum has its own businesses which are the projects i mentioned and then you keep going from there and you keep going down that line of kind of like um of thinking there and honestly like i think all of that especially for a new person is interesting enough for them to kind of like kill their previous or at least and convincing enough for them to have like

their previous narratives or their previous thoughts about crypto killed from there i think so uh at least most of them and i think from then on they have a more kind of like skeptical lens when looking at uh crypto on on the mainstream media and thinking okay well what you know this is kind of like crap this doesn't make any sense it you know anthony told me this and this is saying this um but in the vein of kind of like investing once i finished explaining you know to them how these things work i then say to them look investing in general not just within crypto is incredibly hard there are tons of scams there are tons of projects that look better than what they are uh there are tons of things that go down a lot and i explain to them like plenty of these assets have gone down 90

plus percent very easily in a few months and it kind of like and then i tell them like look i was like i i kind of like do you know i buy eighth and i do kind of like angel investing but you know public markets it's just very very hard it's it's and i say to them like a lot of the time it looks more like gambling than investing and then i again say like that's the same thing with the stock market if you're day trading in the stock market if you're kind of like meme investing which has kind of come to prominence over the last few years it's it to me it's akin to gambling and it's the same risk profile as well like you could get a big return but you could also lose a lot all of your money right so and that's kind of like where the

conversation ends on the investing side because i basically say i don't give investment advice sorry you know this is what i do i basically buy eighth and i do angel investments and then they might ask me like what are you know what's an angel investor like how do i do that and i'm like well okay well then i have to go into like another discussion but that's orthogonal to the actual kind of like crypto pitch that i usually give um and and that's kind of like how how i do it and and i usually finish off by kind of like saying that you know if they're interested they can go here here and here to learn more and i basically i link them to my channel but i also say that my channel is for the more advanced kind of like crypto person it's definitely not a beginner friendly

uh but yeah that's that's kind of like where it goes and then the conversation can go in multiple directions from there but that is generally the higher level kind of like pitch that i give um now you know maybe that's not convincing to crypto veterans maybe that's not interesting to people who who kind of like watch my show every day because obviously we don't talk about that sort of stuff we usually talk about the in the weeds stuff um but you'll notice that i didn't mention any of that i didn't mention layer two i didn't mention sharding i didn't mention i only mentioned decentralization once in the context of what applications i was describing um i didn't mention eip1559 you know i didn't mention like um deflationary none of that stuff like monetary policy because that stuff is not how you convince someone uh that

that is new to crypto you can't just jump into the deep end for most people some people love jumping into the deep end but most people do not especially if they have these preconceived ideas and notions of what crypto can be so that's kind of like where i ended and i think that was around 10 minutes i'm pretty sure i see my time of year i think that was about 10 minutes which i haven't impressed myself there usually i can go on for a lot longer with people as i'm sure whatever you feel listeners and watchers can imagine but yeah there's my promised kind of like pitch for you guys um hopefully i hopefully you enjoyed it hopefully you resonated with it i'm curious to hear if you guys have any other ideas of like what you've had success with um explaining this kind of

stuff to people i mean post it in the youtube comments or on the discord channel i'd love to hear your ideas around how you pitch it to people and what you found to be most effective because i think and i said this on um on the tweet here i think most people are just uneducated they're not actually quote unquote against crypto or just like have this inherent hate for crypto they really just don't know any better they're just uneducated and i think the more time goes on the more education that we put out there it's going to be better overall and better long term and we're going to uh be you know we're going to come out better on the other on the other side so i have no doubt that that's going to happen but we're going to keep we're going to keep doing it i'm going to keep

doing my education obviously uh but yeah hopefully you enjoyed that pitch i'm going to move on to the rest of the news uh uh for today uh but yeah there it is all right so we have an update on the roxton emerge imagine if i said that to the people that i give the pitch to roxton merge right like they would have absolutely no idea what i'm talking about anyway we've got an update about the robston uh merge here so they've changed the ttd or the terminal total difficulty um to five i don't know what that number is there's a lot of zeros there but basically this is the ttd right and it's due to happen around june 8th 9th just depends how fast we get there uh so yeah if you are running a kind of like a validator or kind of like a nodes for rops then

for that merge uh definitely kind of like be aware of this i think you need to manually set it in your own client so be aware of that as well but all of the information is in this blog post that tim bico posted uh with all the links to download everything as well so if you're interested in uh kind of like getting involved with this you can and there's kind of like i guess an updated graphic here from trent van epps as well that he posted on twitter around kind of like the the the timelines yeah there are no i guess hard dates given or anything like that but this is kind of like what we're looking at and i explained this last week on the refill so i won't rehash it here but this is in a nice graphical format of the road to the

merge from where we are today so definitely you can check this out i'll link it in the youtube description below uh but i just wanted to give a heads up to you guys that we are two or three days away from the roxton emerge and as i said it's the first public test net to be merged this will be a big test this will kind of dictate i think a lot of the timelines for the merch as i've said to you guys before i think the merge is more likely to be september now rather than august because of the difficulty bomb delay the difficulty bomb delay doesn't directly impact the merge but it does add a bit more kind of like overhead in terms of coordination and stuff like that so i expected to add a bit more lead time there but yeah apparently you know nothing's changed i

think september but if robson doesn't go like we want it to go if it doesn't go like not uh you know as well as we want it to go then we'll have to see we'll have to revisit there but yeah that's my kind of like best uh guesstimate right now on that one all right so uh someone asked me to cover this so eric wahl put out a tweet uh uh just before where he said uh eip1559 took two percent of the supply off the market for good it was it was a bigger event than microstrategy which took 0.7 of btc off the market which is not really off the market because they they may have to sell they can sell in the future and i've talked about this before about how 1559 is more bullish than saler buying um kind of like btc here uh and then eric goes on to say uh

you know the reply guys that replied to his tweet are going to say ethereum will like this sorry this is him saying to the rep reply guys if someone kind of like replies to him and kind of like floods this he says ethereum will likely reach zero percent net issuance a full 100 plus years before bitcoin and when that happens it also won't have to explore the uncertain security territory of trying to secure itself reliably using one of the least reliable budget sources in existence to transaction fees now i've covered this before on the refill but i will break it down quickly again for you guys here so what eric is saying here is that ethereum will reach zero percent net issuance or be deflationary because of the fact that issuance is much lower you know post-merge and we have the fee burn which basically can make you know eighth

deflationary now why he says a full 100 plus years before bitcoin is because the last bitcoin won't be mined until the year 21.40 so there's still plenty of bitcoin to be mined like yes it's halving and things like that but you know bitcoin's not going to be zero percent net issuance until it kind of like mints its last uh its last bitcoin or unless they implement a fee burn or kind of like unless there's some way to quantify how much btc is lost you know over time and if that rate and if one year there's kind of like net issuance at zero percent because of that but yeah that's that's kind of like that that part and then eric says you know when that happens it also won't have to explore the uncertain security territory of trying to secure itself using transaction fees now this part is is

about how bitcoin has a hard cap obviously there's going to be going to be 21 million bitcoin so to for its chain security it needs to rely on transaction fees and we all know that transaction fees on bitcoin haven't been going up to make up for the loss in in block rewards which go down every four years uh because of the harvening right um and because of that uh bitcoin is going to have a very real security crisis on its hands in maybe another two harvenings i don't think it's going to take that long two or three hardenings unless bitcoin the big price of bitcoin goes up a lot it's going to have a real security crisis where it's security kind of like um budget is going to be very very low because i just don't see how the transaction fees are going to increase

to match that whereas with ethereum it doesn't matter if transaction fees are high or low the validators you know post merch are still going to be getting rewarded because ethereum does not have a hard cap their eighth issuance does not have a hard cap if is issued to validators in order to make sure that they're paid for their work even if they're not getting any kind of like fees because it even if the fees are zero it doesn't matter because these validators are still getting paid so ethereum does not rely on fear revenue for its um security but what fear revenue does for ethereum with one five five nine is that we burn most of it and then we give a little bonus with the tip to the uh the validators right so and that what that does is it basically offsets that issuance so ethereum

actually has to earn its deflationary properties it has to make sure its block space is valuable its network is valuable enough for people to want to pay the fees and then it needs to generate enough fees to make a net negative in issuance and to net out that issuance to zero percent or below there um to me that is the best monetary policy design in crypto by none i believe in it so so strongly that's why i'm so bullish on 8th i mean this is the main reason why i'm bullish on 8th and obviously everything else that falls off of that but i think it is the best monetary policy ever like i don't think anything is better than it right now there may be something better than in the future but i think ethereum currently has the best monetary policy in crypto better than bitcoin

league's better than bitcoin i think bitcoin's monetary policy is reckless extremely dangerous and the fact that they're not even willing to talk about this and to admit that there is an issue here at least most of them aren't is very very scary i think for bitcoin's future so hopefully i did a good job of explaining that um that kind of like tweet from eric here uh but yeah i'm gonna leave it at that for now a couple other things to get through here so speaking of the burns speaking of erp-1559 i i kind of like went on the ultrasound money website just before uh and kind of like came across uh the fact that l2s are now the top five or the number four in the burn categories uh leaderboard here so you can see here that layer twos on ethereum have burned over twenty thousand eight which is

thirty eight million dollars since erp one five five nine went live which is obviously august of last year and then i said repeat after me layer twos are not parasitic to ethereum or eighth now i don't think i need to explain that to refuel watchers and listeners you guys know that layer 2 is not parasitic but you can see here like unfakeable proof why i say it's unfakeable is because this is burned eath right this is not uh uh wash traded fees or anything like that which you get which is which is very very hard to do but this is on chain verifiable burned eighth there is 38 million dollars worth of ether current prices or 20 over 20 20 000 eth has been burned from layer 2 related activity now this layer to related activity i would assume i don't think i can kind of like check

how ultrasound money is doing this but i would assume it's got to do with kind of like all the bridge contracts uh in in and out of layer 2 all the um the contracts that manage the kind of like state of the l2 and kind of like post their batches and things like that and any other kind of like ultra related stuff across all of them right whether it's the kind of like big ones or the small ones um this is kind of like what they've burned so far and this is obviously going to keep going up and increasing at a rapid pace as layer 2's continue their adoption i explained last week that optimism is kind of like token launch meant that layer twos peaked at like i think 3.8 percent of layer one blocks base usage for the day and that was a

record but usually it hovers around one each percent i think and that's reflected in the burn but we expect that to go up over time uh uh yeah so i just wanted to kind of like hide that for you guys um but also the ultrasound money account kind of like posted that open c has burned uh on its own over a billion dollars worth of eth which is what uh i mean i think a million dollar a million dollars probably more than 194 000 yeah more yeah so including all of open seas contracts uh you can see here that if i'm doing my math correctly it's over a million uh sorry over that's a billion sorry i was counting that in eighth sorry it's a billion dollars worth of eighth which i guess you can see here um this is the whole nft category they've burned 894 000 each

the entire nft category openc would obviously take up a large chunk of that so nfts have been a blessing for ethereum layer one right like there's been so much earth burn because of that activity it's just been crazy and i don't think anyone saw that coming so cool to see that and cool to see i'll just some money post this to remind us about it all right so i put out another tweet today where i said you know games like diablo immortal are the exact reason why gamers automatically hate nfts they simply see nft as an extension of the horrible financialization trend that has dominated gaming over the last decade such as loot boxes and pay to win in general and to be honest i don't blame them now for those of you who don't know diablo mortal is a game that came out recently has a bunch of

microtransactions in it but they're not just microtransactions for aesthetic stuff there's a pay-to-win game essentially so i think to be a to be the strongest character in the game or to kind of like uh to boost your character to the strongest point you can pay a hundred thousand dollars to do that to get it norm to get it to that state normally would take a very very long time of of gameplay um i i i don't know the exact numbers but it will take a very long time now diablo immortal is not the first to do this they're pretty much i mean they're not the last but they're very late to the game here mobile gaming is basically dominated by shitty apps that are literally gated by money like you you know they're actually built by psychologists to to reel you in there's a lot of these world building or

city building apps they'll reel you in and then they'll get you and they'll basically be like okay well if you want to go faster if you want to build your base faster you have to buy such and such resource with real dollars right and these games make a [ __ ] ton of money so much money like more money than like billions and billions of dollars right they're extremely lucrative but what that has done is that for gamers like actual gamers who enjoy video games and have joined video games for a very long time they really hate this financialization of video games and because of that they automatically hate nfts because obviously nfts are close closely tied to video games and all they see nfts as as is another arm of this hyper financialization of an entertainment medium that they used to really really

love but now don't get as much value out of because so much stuff has has um micro transactions or in-app purchases or monetization attached to it and as i said i don't blame them one bit we need to do a better kind of like job within the industry of explaining why nfts uh you know um within video games are actually a good idea why they add value why they can be complementary but i don't think we've been able to do that at this stage i think the most popular games the nft kind of like dominated games in crypto right now the ones that have gotten the most usage i mean uh actually infinity for example look guys like i i mean i don't think axe infinity was made to be a ponzi but like it pretty much looks like a ponzi i mean like you can see what happened a

lot of money came in right it had like a flywheel effect then the money stopped coming in and it did do the opposite i don't think it's a ponzi but it has a lot of kind of like ponzi-like attributes to it and from a lot of people that i've spoken to the game wasn't actually even fun it was more that they were just kind of like farming the money out of it same with things like steppen like i don't even know if i'd consider stepping a video game but it's all but it's kind of like a gamified uh fitness app right it's the same kind of like uh kind of uh uh principle there so those are the extreme examples but at this point in time there hasn't been that many examples of video games that i've seen that have actually been enhanced by nfts and we have to do a

better job of that if we want these people to come on board with it so i just wanted to kind of like point that out as my opinion on that but as usual please if you have uh your own opinion come into the discord channel discuss it with me better in there than youtube comments guys like youtube comments i don't like replying there because the threads just get all mixed up and it's just like a shitty medium to reply on this good channel you can join it in the youtube description definitely go there if you have opinions on anything that i ever talk about i'd love to hear from you on that one all right so i spoke last week about nate from open scene about how the department of justice has kind of like gone after him about uh insider trading and i got a little bit of pushback on it

people were like you know why do you feel sorry for nate uh in in some respect because i kind of feel sorry for him because he's being made an example of um but it's not so much that i thought it's not that i thought what he did was right obviously it's not i thought we think what he did was completely wrong he should be punished for it but my problem is that the biggest the bigger scammers the bigger insider traders the bigger people who kind of like the bigger grifters way bigger get away with it all and zack xbt is the number one uh kind of like person that calls this out on on twitter i highly recommend following him by the way but this is a thread where he put together a bunch of very very public figures you may have heard of some of them you may have not such as

floyd mayweather jake paul soulja boy lindsay lohan j alvarez uh lil yachty and logan paul right seven influences here that are not just not just influencers just like extremely famous people i'm sure most of you have heard of these people at least one or two of them right he put together a thread here of how these people especially during the bull market uh promoted nfts did nft rugs and scams most of it was nfts uh did token kind of like scams token rugs uh and they got away with all of it as far as i know most of them if not all of them have not been punished at all for this at this point in time at all right and these things were much much greater than what what nate did nate did i think a few tenth a few tens of thousands of dollars

worth of insider trading and he got fired for it he's he's pretty much unhorrible his career is over and now the department of justice is going after him whereas these already rich people these already rich celebrities are here rugging millions and millions and millions of dollars from their kind of like all retail right from their followers which are basically all non-crypto people and they're doing it over and over again with nfts with tokens not disclosing it at all right literal scams and rugs and they haven't seen any punishment this was my point that i was bringing up last week if these people get no punishment at all and all that gets punished is the small fish then what the [ __ ] is the point like seriously what is the point like

the deterrent maybe right do you think people like this are going to be deterred just because nate got the department justice went after nate probably not because they know that they're rich enough to hire good lawyers and defend themselves and just settle settle for probably less than what they made from these sorts of things right whereas people the smaller the people the smaller people right they i mean apparently nate has a good legal team but like i'm not just trying to focus on him just in general usually have to just take a plea deal because they can't afford to fight these sorts of stuff and in the plea deal usually is more money than what they have because they didn't really make much money from it to begin with not saying they shouldn't be punished right not at all they should be punished but the

like i know the law and justice doesn't work like this but come the [ __ ] on super public personalities on on kind of like twitter on instagram on youtube super you know famous people are getting away with this and that in all honesty most of them if not all of them are never going to get punished for this that's what makes me angry it's what makes me so disappointed and so sad and just being like what the [ __ ] like why does it have to be this way right i'm so thankful for people like zach who at least highlights this and puts together threads and puts himself on the line for this like yes he's anonymous but i think he's been doxxed before and things like that i don't know the full story there but he puts himself on the line for this

and actually calls out this stuff um and this is another reason this is one reason that i didn't kind of like bring up as to why i don't call out more of this stuff kind of like directly within the industry it's because i'm a doxxed person i don't want to put a target on my back right like i'm not someone who kind of like uh wants to be like you know calling out all these people directly and then them kind of like coming after me in some such way whether that be physical physically or digitally i don't i don't really want that that's why we need people like zach who are kind of like anonymous or other people like him to call out these sorts of stuff directly um but also i don't have time to keep up with all the scams either like and it's just depressing to

be honest to see all these sorts of stuff but i guess my main point is that like i really really hope that uh the regulators the law enforcement goes after at least some of these people because if they don't this stuff's just going to keep happening again and again and again no one's going to be scared by the kind of like deterrent um that they're doing with kind of like nate or the example they're making with nate except the smaller kind of like players and okay fair enough that does something but the bigger players the bigger scammers they're just gonna keep doing what they're doing right so yeah i'm gonna i mean i'm ranting now but like that's i feel strongly about this and i just wanted to kind of like correct uh or at least kind of clarify what i meant last week by

what i said all right finally here just wanted to highlight that i joined the uh state board down here uh kind of like on a i guess like uh interview here on a podcast uh definitely go check it out if you haven't yet we talked about obviously all things ethereum all things crypto it was it was quite a fun discussion here um i really liked kind of like talking about basically um more i guess like there was a theorem in crypto talk but there was kind of like more talk about uh like dows and stuff like that that i don't talk about that often so yeah it was a really really cool discussion i'm not gonna kinda like spoil it for you guys should definitely check it out it's in the second tweet here so i'll link this in the youtube description and you can

go check it out but i think that's gonna be it 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 tomorrow thanks everyone