DAI on StarkNet, $23 million Ethereum fee and more - The Daily Gwei Refuel #218 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today's the 28th of september 2021 all right everyone let's get into it so i was talking yesterday about kind of virgil griffith and his case and how it was kind of being held yesterday or the trials being held yesterday and uh in a bit of a i guess like a surprise he just straight up pleaded guilty to the charges there was no kind of like long form trial or anything like that uh he went into court judge was there and everything of course his lawyers and all that sort of stuff and apparently he just pleaded guilty and has made a plea agreement with the government for a recommended five to six year sentence so obviously this isn't uh the kind of like

resolution that we would want to see here this is really shitty the fact that he felt the need to plead guilty without even kind of fighting his case means that either his lawyers told him that um he had no chance of kind of like winning the case taking the plea bargain was or sorry the plea agreement was uh was the right path forward but i i don't really have any details outside of that um but he won't be sentenced until january and apparently it's up to the judge now so the judge can go anywhere they want essentially from my understanding they can either accept this uh plea agreement and say okay yes that's fine you'll do five to six years in prison or they can say well no i don't accept this i recommend the full 20 year sentence because he was facing up to 20 years or the judge could be

really kind of like lenient and and basically say well you know i'll just all this time served you won't actually have to have to serve any um any time in prison maybe you get some community service or stuff like that i don't know which way it's going to go i don't know enough about the case i don't know enough about the american kind of like justice system so i'm not going to make any any kind of comments on that but just uh generally this is just a shitty outcome uh for virgil i think it's uh i mean as i explained yesterday i don't think he exactly did anything wrong obviously uh going to north korea and actually giving the presentation was stupid to begin with i'm not excusing that not saying that what he did was was smart or anything but at the end of the

day it feels like the government's just making an example of him like i mentioned yesterday so uh i don't think we'll be hearing much about this until january i think it's january 13th maybe the sentence date and then we'll see what happens there i'm and obviously i'm hoping that the judge kind of like uh you know see uh has leniency here and sees what's going on and kind of like has some sense but you never know right it definitely varies judge the judge i don't know anything about the judge that's kind of like overseeing this case so we'll have to wait and see and i mean uh you know he kind of like was keeping us updated with this sort of stuff and has his thread that i said for you guys to go check out yesterday um but there was a bunch of other people

making comments about this i don't know exactly where it is it may be appended to a means thread if i scroll down through his thread here i think he was appending some uh you know people's kind of like sentiments around this and and stuff like that uh yeah so people for like nick johnson who's long-time ethereum core developer um saying that you know he was devastated and just doesn't really make much sense uh gabrielle shapiro here who's actually a um a lawyer basically said five to six years for amorphous conspiracy to provide services as a travesty when the indictment first dropped i like a lot of the others assumed that there must be something more serious than a more gen uh mere general ethereum presentation involved but nope and then jake chavinski is another lawyer in this space says i'm hopeful he'll end up with

sentence of time served he has some of the best defense lawyers in the country but it's in judge castell's hands now uh yeah i mean that's you know just what i said then so yeah sad to see uh but we'll have to kind of like see what happens in january i mean i'm hoping obviously for his sake that uh he's gonna be able to get through this uh best case scenario is time served worst cases 20 years middle case i guess is the judge accepting his plea bargain of five to six years which is still i mean spending that amount of time in prison is crazy like i don't whenever i think about this sort of stuff and think about prison like you always hear about it in like you know you're watching tv shows movies maybe you hear about on the news but you know unless you actually go to

prison you don't know what the experience is like but you really think through it and you're like it's not it's not obviously it's not a fun time it's really really really like i don't think you know in my mind any crime is really worth going to prison for uh it just doesn't really make much sense to me i know this may seem obvious but it's just something that i've been thinking about since yesterday especially since i saw this because this news came out about it like an hour after i recorded yesterday's refuel and i was kind of thinking myself like just in in in um being in covert lockdowns as well like not that covert lockdowns is anything like being in prison of course but you know it's it's kind of like a clever lockdowns are right you feel really bad about it you're stuck at home you

can't go anywhere you feel kind of like a criminal if you're breaking some of the rules of you know going um going somewhere where you shouldn't or going outside of kind of like yeah or spending more time exercising than you're allowed to and stuff like that but think about like that and how crappy that feels for those of us who have experienced lockdowns i know a lot of fellow aussies have experienced that and then apply that to something like prison where literally like you are you know there's armed guards around you 24 7 uh you know your entire life is controlled by the prison like they tell you when to get up when to eat when to go when to go to sleep all that sort of stuff um and you have really hardly any freedoms to do to do to do anything uh and you're

stuck there for six years like five to six years in virgil's case so yeah just me just thinking about that over the last 24 hours has been quite quite quite crazy and it depends on the person too like virgil isn't a hardened criminal who's been doing bad things and illegal things for years he literally went and did something in north korea where he was teaching i gave a presentation on you know on on ethereum and now he's facing you know getting sent to prison over it so and then you think about like all the people who get away with much worse stuff like think about all the white collar crime that basically goes completely unpunished like it doesn't matter if you you know you got caught money laundering you got caught kind of like stiffening money uh off um off uh sorry siphoning money off

companies or whatever like insider trading uh there's hardly anyone who goes to prison over that especially not for five to six years a lot of the time they end up paying a fine or they'll uh they'll basically it they'll basically get off of it with just losing their job at the firm that they were at or whatever but yeah a lot of the time it's just not that they don't end up in prison whereas um virgil obviously he was charged with breaking sanctions which is a serious offense but you have to contextualize that it's not like he leaked state secrets like us state secrets to north korea he presented a um i guess like a powerpoint presentation on ethereum that is freely available on the internet like you seem that none of that information was uh what was uh was privileged or anything like that but yeah i mean i spoke about

that yesterday but just something that i thought about of the last 24 hours with regards to kind of like just what virgil's facing here and i can only imagine what he's feeling so i'm hoping that uh you know come january the judge kind of like sees sensei and gives him time served uh but you know i guess like hopefully it's not the worst case scenario where the judge basically says no you're going to prison for 20 years like that would be crazy and i know there's been other examples of this within the crypto ecosystem like ross albrecht for example who served i mentioned yesterday is serving multiple life sentences for for running silk road um which i think i mean i don't think the punishment fit the crime obviously what ross did was uh was was a criminal activity but at the same time he's been

sent to prison longer than drug lords get sent to prison like actual manufacturers actual distributors of this stuff um and that was obviously just us government making an example of him just like they have done with virgil so yeah lots of examples of this through the justice system it is definitely far from perfect so i'm hoping that come january uh virgil will have a better outcome than he did over the last 24 hours all right speaking of governments doing shitty things uh frank shaparo shared uh an article from the block i think earlier today uh basically saying coin gecko and coin market cap have now been blocked by china's internet firewall uh and this comes i guess like as the latest uh crackdown uh from china over crypto like i mentioned the other day

how they banned crypto again and they're basically cracking down on exchanges saying that they can't service mainland uh mainland chinese investors anymore from what i'm seeing and hearing from few people i know in china they just get around this through vpns and stuff like that they're still doing otc trades but obviously there's like a massive push to to kind of like uh clamp down on all the crypto activity in china and i think yesterday uh spark pool also announced that they're ceasing operations as well so they're the second biggest ethereum mining pool uh they're assessing operations by september 30 uh they're mining operations because of this crackdown so it is definitely real it's not like your traditional kind of like fud uh that has come out before maybe the other day i presented it as

that but the crackdown definitely is real uh but you know as i mentioned the other day it i don't think it's actually like structurally really really bad um over the kind of like the long term for china to ban things i mean think of all the trillions not just the trillion dollar companies but the massive internet tech companies in the us that were founded in the us they're still global companies that have market caps of hundreds of billions of trillions of dollars uh so i don't think you know china's gonna exactly stifle crypto adoption yes they have a big population and everything like that but uh you know they're i don't see like the us or or kind of like europe outright banning these things maybe parts of europe europe might um i don't see other parts of asia outlawing this like china

has uh you know i i don't see many countries going the path that china has here so we'll have to see how it plays out of course but you know as much noise as the sec has been making around crypto and um just regulators in general in the us there's no way they're going to be able to just outright ban it that's just not what happens in the us and i think it would be very hard for them to do that just generally because of the way the u.s kind of like i guess political system works and as i said before i'm not an expert on any of that stuff but they're gonna you know it's completely different to the way that kind of like the ccp operates in in china of course but yeah i guess like uh they can still get around these blocks with uh with

vpns but the exchanges it's a lot harder because exchanges obviously required kyc and they're just going to shut down their operations uh the ones that located in china and banned chinese kind of like investors but apparently there's still a vibrant kind of i guess otc market going on there so uh yeah the chinese investors are still able to buy and sell crypto it's just a lot more cumbersome for them to do so at this point in time all right so a few things uh to talk about with the layer 2 ecosystem so dc investor put out an interesting tweet yesterday where he said a universe of varied l2s using ethereum for security is an incredibly decentralized market-driven future decentralized apps on l1 ignited a camera an explosion of innovation l2s will do the same while

scaling participation by orders of magnitude what a time to be alive and then i replied saying the layout to error has begun and if you've been watching the refill for months i have been saying you know similar things to what dc says here but i think he puts it in a really great way where he basically says that you know l2 i mean he basically implies that l2 opens up a whole new design space for uh you know uh uh for for people building for developers for people building kind of like things and people innovating and they're gonna be able to to build apps then there just hasn't been possible to build on l1 and as i mentioned yesterday you know the compute layer is is a commodity at this point in time but the decentralization security layer is not so we can keep ethereum decentralized

and secure at layer one and then layer two we can have all this innovation happening all these apps being built that are just like definitely not possible in layer 1 ethereum and the you know there's been rumblings about things like decentralized social media i mean rvs uh seems to be building a decentralized twitter there's not much information about that yet i'm curious to know if they're actually going to be doing it using a layer 2 or maybe they create their own side chain or something like that it'd be really cool if they use the layer 2 to do it because i think that there are some layer 2s out there that will definitely be able to handle the load of that you know i mean for example reddit has committed to building with arbitrary already so there's already an example of a social media kind of like platform

working with layer 2 technology and rv has always been very ethereum aligned so i'm sure they would prefer to do this on a layer 2 on ethereum rather than i guess like a side chain but either way still it you know it it it would still be fine i think uh but yeah i mean following on from dc's tweet here we also had paulinha who i talked about a lot on the refuel lately saying you know he they talk about modular blockchains a lot uh not l1s and l2s uh and i'm just quoting the tweet they said here uh to me execution security and data availability layers are equally important and i've i've observed the hierarchical nomencla nomenclature has a tendency to ignite tribalism a hangover from the monolithic perspective and then they go on to say when i talk about

stark net i just talk about stark net it'll leverage whatever the best security and data availability layers are never mentioned ethereum so please stop sending me angry messages about ethmaxy i'm not interested in tribalism build a better security layer instead i really appreciate paulina's kind of approach here because i mean this i think i mentioned this yesterday ethereum is the best security and data availability layer available today for layer twos to tap into um and then these layer twos uh obviously the ones that polynomial talks about a lot of like stockinette and zk sync um you know and uh and hermes the zk roll up stuff are the the amazing execution engines that run on top at kind of like l2 but as paulinho says here says here they don't refer to it as l1 and l2s

it's just referred to as execution security and data availability layers which i think you know i think the l1 and l2 term is fine for i guess like the mainstream it lets them kind of i guess latch onto something easy to understand i don't think we're going to be able to educate the mainstream or nor should they really have to know or care about the difference between you know execution security and data availability layers uh they should really only i mean even they shouldn't even have to care about l1 versus l2 but i think the i guess when i say major i mean mainstream within crypto and then you have like the really technical people the people who kind of like pay attention to uh to this stuff like at the at the lowest levels like people reading my newsletter watching the refill of course uh you

know all of you doing that definitely you want to know the difference between these things but most people don't most people don't have to either uh but i still think you know for what we talk about on the refuel a lot i think it's important to to realize that layer two is what we know what we know as layer twos or the execution layer it can tap into any um security and data availability layer it wants to it doesn't have to just use ethereum but the logic flows is that well if you're building an execution engine then you should use the most secure uh uh kind of like layout to build on top of and right now that's ethereum and ethereum will have better data availability with sharding but before ethereum gets sharding there's probably going to be better data availability layers there's going to be um polygonal veil uh

celestia there's i think i think a few others out there can't remember the names but there's going to be those before sharding comes along so maybe layer 2's decided to use that and then we're going to have hybrids like the validiums and the volitions of the world where they have off-chain data availability or or kind of like with a volition you have the choice of off-chain or on-chain so and you kind of like choose where you want your data to be stored so from that point of view it's always good to kind of i guess understand how the language is evolving because you know the term modular blockchain hasn't actually been used uh by most people at this point i think pauline may have been the one who coined it or maybe someone else did but he's definitely the one who popularized it i don't know if it's a he

or she by the way but um i just just say hey because it's a habit so excuse me probably enough i'm getting that wrong um but uh yeah modular blockchain execution scooter and date availability it's basically saying that you can like mix and match between these things and you want to leverage the best that's available at that point in time so it's up to us as an ethereum ecosystem and community to ensure that ethereum is the best security and data availability layer uh and then we can have the most awesome kind of like execution layers the layer twos building on top of it now is ethereum going to be the best data availability layer going into the future i don't know if it actually will be i think it will be the best security layout for sure i don't think anything's gonna come close to

that unless bitcoin adds the functionality to uh verify stocks and all that sort of stuff but i don't think it will uh so ethereum will be the best security layout but when it comes to you know optimizing just for data availability availability like a polygon avail or a celestia they will probably do a better job than ethereum does just simply because that they are not optimizing as much for security as they are for data availability whereas ethereum is trying to do both it's trying to do security and data availability because it has security in the form of its decentralization keeping uh layer one as simple as possible making sure that we don't kind of increase the gas limit too much make it hard for people to run nodes and doing data availability through sharding which obviously is still a little while out

whereas you know as far as i know avail and celestia are just uh simply focusing all their attention on the data availability aspect but it doesn't mean it has to be like an either or it can be a and you can use ethereum and celestia and veil and whatever else it doesn't matter or some off-chain data availability committee that it doesn't even have like a i have like a specific name to it i mean there's going to be things like zk porter as well and and of course uh stock net and stock all of starkware stuff that they're building um which i'm going to talk about in a sec but yeah i mean it's just like a it really is the the error of layer two like we haven't or the error i guess of the execution layout we really haven't seen anything like this before in the ecosystem not

even with you know not just within ethereum but within crypto more generally it feels like and i've discussed this a lot on on the refill but it really feels like we're entering like an entirely new paradigm shift here of how we view blockchains and i mentioned how i think the monolithic ones the monolithic l1 that have been popular from 2016 to 2021 are gonna fail and go by the white of the wayside um and they're gonna make room for you know the next maybe five years for these execution layers which just work much much better on both i guess like the security and the centralization side but as well as the scalability side so that's going to be really interesting to see play out there um and on that note you know when i was just talking about stark net uh greg from uh from i nevermind here put out a tweet

today where he said it's hard to express how exciting stark net is i think lots of devs are starting to realize the opportunity easy l1 to l2 messaging fast finality gas cost gets cheaper as more people use the network which is the opposite of ethereum no locking time is required by fraud proofs and then he goes on to say the first touring touring completes dk language arbitrary composability and amazing dev tools for most of its history high cost of experimentation has been a major hindrance of innovation people aren't ready for what comes when stark net bulldozes uh uh uh bulldozes this wall and for those who don't who you don't know stock net is kind of like stockwear's generalized um i guess like layer two platform execution platform and i've been hearing this from so many

people uh not just like greg here but a lot of people who've been working with starkwear and starknet they're saying that they're just building some really amazing stuff around uh zero knowledge proofs and just zero knowledge technology in general and you know i mean dydx is a perfect example of this that's completely built on starkwear's tech and they've been doing an amazing amount of volume uh trading volume and activity on their network and i haven't heard anyone complain about it seems to be working working well like nothing seems to have gone wrong with it so there's a you know there's obviously already production stuff happening here but as i mentioned just before this is like the next era that we're moving into all this stuff happening that as greg says here it's been like a high cost of experimentation on ethereum layer one that is now that

that wall has kind of like been bulldozed and now we're going to have this low cost of experimentation and a camber and explosion in new apps and new kind of like experiences that are leveraging ethereum security but and leveraging the scalability of execution layout at sitting at layer two which i think is super super exciting um another kind of tweet here from stockwear where they said the first step for die coming to starknet uh so there's a vote going forward right now uh it's a ratification poll for stock for the stock net engineering core units to uh basically i think accept uh die into into stock net which i think is cool i mean uh there's a discussion here i think in in the forum yeah you can go here adding the stock net engineering

core unit so these are the first steps to getting dye on stock net and um you know you may be wondering when stockinette is due to come out i think end of year early next year maybe or maybe maybe q2 maybe i'm getting my my timelines wrong there i would say q1 or q2 so it's not that far away i mean we're almost in q4 now um so even if it takes like another few months like maybe three to six months say uh that's still amazing because i mean we have these other solutions live optimism arbitram um a bunch of others coming out soon uh you know obviously zk sync has zk porter we've got hermes they're going to be doing more than just payments and there's i mean there's plenty of them and it's funny because people always ask me like are arbitrary and optimism going to be obsolete in the

face of a zero knowledge uh world it's like not at all i mean i bet i bet you like money that arbitrary and optimism are both working on their own zk stuff and they're going to be rolling that out um but in the medium term or short to medium term we do need these kind of like bridging solutions uh through optimistic roll-ups and optimistic roll-ups have their own i guess kind of like benefits as well uh it's not just all drawbacks i know some people point to the drawback of a long withdrawal delay but we have bridges and stuff like that happening um but like the longer term definitely is zk roll ups validiums volitions all that sort of stuff like anything using zk tech i think is the long term arc of of this sort of stuff so i uh that's why i've been focusing a lot of attention on that

lately and a lot of people other people have but i would kind of like temper your expectations about when a lot of this stuff will be delivered and also when it'll be kind of like ready as arbitrary is ready today because getting your generalized platform to the point uh to to where arbitrage has gotten their generalized platform to where there's no white list anyone can deploy to it anyone can kind of like um uh can can uh uh can use it but also having like still training wheels on like the the limits on the transactions that can happen uh you know uh per second and per day and also uh you know the cost being a higher because there's not many people using it just yet the the layer 2 rollout is not going to happen overnight i've always said it's a marathon not a sprint but really i mean

at the beginning of this year i did say one of my predictions for this year that it would be the year of layer two and what i meant by that would be the year of late who's actually going live and people talking about it and realizing that the layer two ecosystem is just booming like absolutely going insane there's so much people so many kind of like teams and people working on it and we're just like at the starting line so i'm super excited about it of course i talk about it a lot on the refuel um but if you're not paying attention to the layer two stuff if you're not just like completely you know um diving into all this stuff doing all the research you can you can then you're missing out of course like i highly recommend doing as much research as you can on everything

layer 2 because that i believe is where the best opportunities are going to be going forward both from i guess like a financial perspective investment perspective but also from a social perspective there's a lot of these teams hiring too they're not just hiring technical people they're hiring community managers being part of one of these teams is is literally a rocket ship i i'm not kidding you like they're going to be some of the biggest um protocols within crypto they're going to be worth lots and lots of money when they do tokens because of the fact that they are the execution layer and you've seen how people price these execution layers like all the other layer ones uh execution layers as well except except bitcoin like for smart contracts right um so what do you think's going to happen when layer 2's have tokens i mean the closest

thing we have is the is polygon which has obviously layer twos but their most um uh the most successful uh implementation is the pos chain which is a which is i mean it's a side chain commit chain um not not a layer two but that i think the magic token has a 10 billion dollar fully diluted value so just using that as like kind of i guess like a reality evaluation and barometer there these protocols are going to be worth billions and billions of dollars so if you join one of these companies early on and get an equity stake which can be trans uh you know can be turned into tokens later on uh it'll do wonders for you so definitely go check out you know starkware arbitrim optimism uh polygon all of those teams i'm gonna name them all all the teams working on

scalability whether that be layer 2 stuff or app chains or you know even even teams like uh working on the the bridges of course as well are very important and i think the bridge protocols are going to end up being worth a lot too uh to kind of like the arbitrary message stuff that's happening like rarity capital doing their nova stuff i know starkware's building the damm um any of these things i mean just for your i guess like career trajectory uh not just like on the money side but on the social side i couldn't think of better teams to work for right now than the layer two space and as i said they're not just looking for technical people community marketing business development any of that sort of stuff they're all looking for this so definitely go visit their websites and go visit cryptocurrencyjobs.com as well and you

can kind of like see on there which roles are available for which kind of companies as i said i'm pretty sure all of them are hiring and the last thing about starkware here is that georgios posted that open zeppelin and starkware are kind of like working together on some standardized contracts for cairo which i mentioned before where's native uh kind of like programming language that's different to to solidity um and for those who don't know open zeppelin is basically i mean they do a bunch of different things i think they do like audits but they do a lot of stuff around smart contracts and creating like standardized smart contracts for different kind of platforms so it's great to see them building stuff for cairo here which i think is just going to push things forward all right so polygon announced that advising ventures has launched a 30

million dollar fund for supporting gaming projects building on polygons so uh advice and ventures is a cryptocurrency venture capital fund a venture capital fund um which is committed to ramping up investments and support in the field of decentralized gaming so you can read the full announcement post here it'll of course be linked in the youtube description but it's really awesome to see more focus on crypto gaming specifically within the polygon ecosystem because i think polygon is actually perfectly positioned to capture a lot of this activity because a lot of the gaming stuff doesn't actually need like the full security of ethereum right it's fine to live on a side chain at least in the short to medium term maybe when uh the kind of like layer two ecosystem matures a lot more we can get to the point where it's like really really really scalable

um gaming will move to that but of course polygon is working on those solutions as well right like the hermes stuff and and uh generalized zk roll ups and all that sort of stuff but um when it comes to just gaming in general crypto gaming i was listening to a podcast today from bank list that i did with ariana simpson i recommend checking that one out but i don't think people realize just how big the gaming wave is going to be in crypto if you look at the nft wave and how many how many new people have have kind of like been on board to crypto through the nft uh mania or the nfc kind of like growth times that by like at least 10 for gaming there is a strong overlap between people who like nfts and like games but also the gaming industry is absolutely

massive like gaming isn't is it isn't just like people sitting at their pcs anymore it's it's everything that's like you can do pc game you can do console gaming mobile gaming is absolutely massive there's going to be tons of mobile games uh coming out that have tied to crypto i mean look at actually infinity that's a mobile game uh and that's extremely popular it caught a lot of people off guard by how quickly it grew so i think you know these kind of like venture capital funds and and kind of like all these teams working on funding crypto gaming bringing it to uh you know bringing it to life are going to get an awesome return on investment here because i mean i i think people are severely underestimating how many people will be onboarded through gaming probably more than anything else and i you know nfts and gaming obviously the

lines are blurred there because you can have nft items within the games obviously with like axe infinity you have the axes that are nfts and stuff like that um but there's other aspects to nfts as well like there's the art stuff there's collectibles and all that sort of stuff but those are going to blur together and you're going to have like an explosion of the nft kind of community in mania coupled with the gaming community in mania and there's going to be so much overlap that they're just going to feed off each other and i think it's going to be like a really big deal so that's something that i'm paying attention to especially um and i think a lot of you would be as well considering the growth that actually infinity has had i'm pretty sure you've all seen that by now it's just been crazy to watch play out

right so uh yesterday there was i think the largest ever transaction fee paid on ethereum that was an error between bitfinex and diversify so i mentioned the other that bitfinex has a bridge to diversify um i don't know if this was that bridge that i was talking about or whether it was just a normal withdrawal to the diversify i kind of like wallet here but the the gas price i mean sorry the the um the fee that was paid was 7676 eighth or at the time uh it was twenty it was worth 23 million dollars worth of eighth and and the thing is this wasn't burned either um with eip1559 only the base fee gets burned and you can see here the base sphere was only 58 way so only i think was like 25 worth of

eight was burned in this transaction whereas the rest of that money went to the miner that mined the block uh as in the form of a tip so you can see here that the error was this person setting the max fee per gas at 115 million way uh and then the max priority fee per gas at 53 million way and they they were actually refunded at 9 000 each so if one if they if this wasn't a one five five nine style transaction um they would have ended up uh like uh uh paying like uh you know at least nine thousand eight basically which is which is crazy of course but the good news is is that the funds were actually returned in the end from the minor two uh to the kind of like correct account here which i mean obviously that's a good samaritan thing

to do they didn't have to do that uh i think that uh wait see seven six two yeah i think they returned like uh like most of the eighth it seems that they kept about 58 for themselves i think as like a i guess like just a a took for themselves which um you know is still not a not a kind of like low low amount of money there obviously six digits um but you know i like diversify's tweet here where they said the blockchain is immutable but the revolution we are part of is defined by our values as humans thank you to the miner of block such and such who we can confirm is returning all the eighth that we're incorrectly to pay today as a transaction fee a postmortem will follow tomorrow i haven't seen the post mortem yet but i'm sure it was a

fat finger or some kind of like bug that went on within the transaction here but good to see it returned and i completely agree with diversify it doesn't matter if the blockchain's immutable uh you know we're all humans at the end of the day the miner uh felt it in his heart to basically or she basically basically kind of like send the funds back which i think is just shows kind of like the ethereum community's uh power and how nice the ethereum community is but you know maybe in the future there won't be someone as nice as that and they'll just keep the money for themselves we'll have to see how that all plays out of course uh interesting tweet here from value disciple uh who's part of the index cop and they put out uh product lines being supported by the index cop currently

there's sector indices the dpi mvi and the data index structured indices like the fly and in the pipeline they have a bunch of different products like uh the pay and yhi uh yield indices ecosystem indices being pdi nft this is uh jpg all infused with indexed dna so all infused with the index tokens of course i just thought it was a cool little tweet here to point out that the products index coup co-op has today and we'll have in the future disclosure of course like i hold index tokens and through my advisory to set i have exposure to index because set was the ones who originally launched it but i think the index card is still one of the best kind of like defy platforms or apps or guess what projects out there right now um they're making

great progress and they're one of the best dowels as well so definitely go check them out if you haven't already um and this is something i just want to quickly power through but i wrote more about in today's newsletter so definitely go check it out but this person matt veloso quote tweeted chris dixon here one of chris dixon's tweets where he said where chris dixon said tokens give users property rights the the ability to own a piece of the internet and then uh matt veloso who's a technical advisor to the ceo at microsoft so not like a nobody definitely um definitely someone who who uh uh i guess like um he's not a random or like some just random anon on twitter he puts in quotes uh own a piece of the incident and then laughed at it now today's newsletter went into this deeper

so you can go read that but i just wanted to point out that these kinds of people that i've been seeing lately who are like anti-crypto anti-innovation think that it's all just a ponzi and all scams they're just simply not going to make it like betting against innovation in history has been the worst thing to do especially when it comes to technological innovation betting against i mean look at look at the famous example paul krugman who said that by he he said in 1998 that by 2005 the internet's impact on the economy would be no greater than the facts machines he was so completely stupidly wrong it was it's not even like worth discussing it like and he bet against that if he had instead bet on the internet he would have

been able to kind of like ride through the dot com dot com bob dot com bubble early on would have been able to ride the internet up and just like invest in it over time and it would have been better off and you know there's countless examples of this are people betting against innovation betting against new technologies for a variety of different reasons i think with matt here he definitely is in like the web 2 world start you know because of of his high up position within microsoft and stuff like that so maybe he's just protecting his vested interests but there's just so much ignorance in this in kind of like ah sorry outside of the crypto ecosystem that it just signals that we're really early and it signals that we have a lot more work to do when it comes to the education of these sorts of people so

anyway you can read the newsletter for more details on this but i think i'm going to wrap it up there for today so thank you 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