EF leadership changes, Ethereum's core values & more - The Daily Gwei Refuel #830 - Ethereum Updates

Transcript

hello everyone welcome to another episode of daway refuel where C the latest news in ether ecosystem I'm your host and 3rd of March 2025 all right everyone let's get into it so an exciting weekend of news uh we had a bunch of things happen which I'm going to go through of course today but it's kind of funny that it all happened over the weekend you usually expect these kind of announcements to happen during the week but I guess they wanted to do them on the weekend and here we are so let's start with the biggest announcement we have those EF or ethereum Foundation leadership changes now confirmed so there are going to be two new executive directors of the ethereum foundation Shia Wang and thas Stak Stans I'm saying that surname wrong but who these people are is what's important not how I pronounce their name

so Shia Wang you guys know have been has been in the ethereum ecosystem for quite a while I've talked about her a lot on the refi before she's been around I think since at least like 2019 probably even earlier than that and she was instrumental in the development of what we used to know as eth 2 or the beacon chain Pro for sake ethereum so she's been around for a while she's very technical she knows a lot of people within the ethereum ecosystem she has a lot of great connections there and she has been at the ethereum foundation for as long as I think I've known about her so she obviously has a that that's obviously a promotion that's been done within and then you have Tomas on the other hand who is actually one of the founders of the nethermind team and as you guys know the nethermind team do a

lot of different things within the ethereum ecosystem they not only make the execution an execution layer client I believe they were even working on a consensus layer Cent mind but they do a bunch of other things like security audits they've worked closely with the star net team to develop things like an escape hatch uh tool and so on and so forth right they do a lot of different things across the ecosystem I believe the team is over 200 people um or something like that but they are distinctly separate from the ethereum foundation so this is thether foundation going out and saying okay we're going to hire two executive directors one from within and one outside but tamasa is obviously worked closely with the EF for quite a while given that nethermind has a client given that uh a lot of the work they do has close relations to the EF

anyway but he didn't work or hasn't worked for the EF I don't think he's ever worked for the EF directly here but now he does obviously starting I think in a couple of weeks as a co-executive director now in terms of their skill sets here and this is one thing that I think a lot of people may have been confused on because both of them seem quite technical right both of them come from quite technical backgrounds but I think that from my understanding of where the skill set of each of these people lie shwe has a skill set in a lot of research and and development she's done a lot of that over the years she has a lot of personal and close relationships within the ethereum foundation she's someone that everyone knows she's someone that people trust within the organization and she's already got those existing relationships

there so she would be what I consider to be maybe the technical side of this co-ed um kind of thing that's going on here whereas Tomas on the other hand while he is technical he's also led a team for quite a while now at nethermind he's been doing that stuff dayto day he's been he grew nether mind from I I think from basically nothing to where it is today one of the biggest if not the biggest teams uh one of the biggest teams in the ethereum ecosystem I should say here so not only is he technical but he's also a leader you know a proven leader which obviously is exactly what's needed for an executive director now I saw some concerns from people about what a co-executive director kind of thing would look like because obviously we've seen or I don't know how how how um

closely you guys have paid attention over maybe the last 10 20 years in businesses or studied business history normally Co CEOs don't work but I think that it's it's weird because like this isn't a CEO position right and ethereum isn't a company the ethereum foundation isn't a company it's a foundation right uh and there's different goals different ways of doing things there's no shareholders to answer to as well like I know sometimes people like to think that the EF is uh you know should be doing things to uh benefit the eth price and yeah in some way they should but it's not the same relationship as as a company needing to have a needing to make sure they stock price is strong and goes up because there is a a fiduciary duty there for those sorts of things so

there's there is a difference here I think and I think that a co-executive director um relationship for with the EF with other organizations within within the etherum ecosystem can actually be very strong because I do trust that both of these people have the requisite skills required in order to do the job especially uh given that I know their background I known about them for a very long time and also I mean I've already seen Tomas like you can see this tweet here I've already seen him be super active on Twitter and he hasn't even started in an official capacity yet so that's what we actually need as well we need a a more public facing Ed I think sh way given that she's more Technical and she definitely has been more in the background I think she'll continue that role and and do stuff in the background

but I think toas is going to be that face right he's going to be the more public facing lead uh uh uh leadership sty and bring that kind of leadership style to his role as an exe as a co-executive director here and he was responding today to the announcement of that crypto strategic Reserve that Trump uh I would I guess I can't say tweeted about because he posted about it on Truth social but he he posted about and he said oh there's going to be a crypto strategic Reserve it's going to have xrp Adar and soul in it and then like 45 minutes later he um posted again and said oh and of course BTC and eth and like there was a lot of confusion with that of course um I think like not just confusion but also just like if the if we're going to have a crypto strateg

reserve of anything this is just doing more damage than good because no one takes these things seriously within crypto like Ripple I'm sorry it's a it's a scam right it's a huge scam they haven't done anything for so long they've just got a huge marketing machine behind them and it's pretty much a scam at least from where I'm looking cardano look maybe it's not a scam but like it's pretty useless they don't really have any usage going on there they've been around for a very long time they keep claiming that they're going to be better than this better than that and they never get there right and then solo on the other hand I mean obviously Salo isn't a scam or anything like that uh but uh at at the same time like it's if you're going by I guess like what the largest market caps are here in terms of

assets to be part of a strategic reserved um there there ones bigger than that already like B&B for example but I think that those assets were chosen well I really think those assets were chosen because someone close to Trump told him to tweet out about about those but also they've been going on about this like americanmade crypto thing where it's kind of funny because you know Ripple cardano and salana are positioning themselves as American maid when in reality at least two of those I don't know if three for three but at least two of those are not americanmade they have foundations outside of America specifically in Switzerland and so do most of crypto because doing it in the US was uh not the right way to do it because of um various different reasons here but you can't claim to be an americanmade crypto just because your

Founders live in the US right um so I thought that was a little bit of there but then Trump following up by saying oh and of course BTC and E are included that means that someone told him hey you forgot to tweet about BTC and eth right or you forgot to post about that which just to me is just like more clown world right I I didn't like that I woke up to this today I was like what the going on like this is not how a a serious strategic Reserve should be done honestly it should probably just start with BTC and then add eth later I'd like it to start with BTC and eth but I I don't see um I don't see this as anything other than uh uh people trying to people close to Trump pumping their bags it makes absolutely no sense to have cardano or Ripple or

even salana at this stage in the Strategic Reserve because if you're talking about what it's the Strategic reserve's Point actually is it's to be strategically important for the US cardano could go down tomorrow and no one would care like there'd be a lot of bag holders obviously but the network is Barely Used Ripple the same thing there's a lot of bag holders Network Barely Used it's not a standard of anything they used to call themselves The Standard it's not used by any of the banks around the world maybe in some like very small pilot programs but not really uh and then salano on the other hand as well has just not been around long enough it's not mature enough I believe um and I and I I think that um uh Soul as an asset I don't think it's a great asset to add there as well they

have like super high inflation all that sorts of stuff I don't want to I don't want to I don't want to bash anything too much here but as I said if it's strategic then sure add BTC first because that's a huge asset now it has a lot of traditional Finance involvement with it it's it's broadly accepted at least within crypto and and some of the circles as a digital gold right an alternative story value there or alternative um gold there and then eth I think I've gone through this before on the refuel I think eth is extremely um strategic for the US for a number of reasons eth as an asset I believe is is an alternative story value or a story value and and a money itself but most of the stable coins are issued on top of ethereum so ethereum the network is

critically important here the biggest crypto companies are building their business that are based in the US are building their businesses on ethereum coinbase with Bass um crack in with ink right uh and then you also have uh the fact that uh tokenized assets reward assets are being deployed on ethereum so I believe eth is just as strategically important here as BTC is if not more but the others as I said like 100% cardano and ripple make absolutely no sense there is no strategic importance of those assets at all for the us as they as I said they could both go away tomorrow and the only people that would be hurting is the people that held the assets the bag holders essentially right um the no one uses the networks uh so yeah anyway the reason why I went on on a rant about that and how I got onto

that topic was as I was saying toas basically tweeted out that uh uh you know because of this announcement now is the time to really get the ethereum ecosystem involved with trfi with these institutions with governments uh and make sure that we are represented there and he said that he cannot promise it would be delivered by the EF quickly enough obviously um and he is not sure if etherealized is already fully operational to execute on this within hours ethereal Li is getting there and there's actually an announcement regarding ethereal that I'll talk about in a sec um but we you know we will and then he said we will look at how to improve it with the EF but ethereum is a sum of all the great Builders and it handles really high institutional stakes and he's got a list of um different

things uh different apps and different companies working within the ethereum ecosystem here so I I don't necessarily think that it's the message that should be focused on here even though the message is important it's the it's the fact that he even put something out to begin with because as you guys know like a is more of I guess like a a like she she wasn't loud on Twitter like I I don't I don't know what word I was looking for there but she's she wasn't loud on Twitter right as the executive director she was doing a lot of things internally but it wasn't visible externally and she definitely wasn't doing stuff like this whereas Tomas is so and as I said he's not in in the position yet he'll be joining in a couple of weeks but what this signals is that uh Tomas wants to be really

aggressive about this he wants to tweet more he wants to let people know what's going on he wants to market the ethereum foundation more talk about them more and basically be a leader a true leader a true externally facing leader within the ethereum ecosystem here and then sh way can probably just handle a lot of the internal stuff right a lot of the internal R&D stuff as well which is critically important I'm sure Tomas will have a have a hand in that too but yeah I think he's going to be the more public facing uh one here but yeah that's all the EF leadership news now of course you probably all wondering if you haven't seen the news yet what about Danny Ryan because everyone was asking about Danny Ryan to be the executive director and I remember I mentioned on Friday's refuel and that I thought that he's I guess

like it would be better for him to probably join a team that's not the EF at this stage of where I think that his skills would fit better in and what maybe he wants uh as well like because at the end of the day everyone was cheering for him to be the executive director here but was that really what he wanted in the end Well turns out he's not going to be the executive director of the Ean Foundation but he's going somewhere that I think personally think is a better fit for him which is a as a he's joined as a co-founder of ethereal Li so this is a huge deal because obviously we now have two pretty big entities within the ethereum ecosystem we have the ethereum foundation and etherealized tackling different things the ethereum foundation will tackle the R&D stuff mostly etherealized is going

to tackle the institutional trafi government kind of nation state side of ethereum and these two Powerhouse teams or organizations I should say are going to uh uh uh get ethereum to win and win big and I've been saying that on Twitter for a little while now so I'm I'm extremely excited that Danny has found a home here I'm just glad that he's back in ethereum honestly because I've always loved his um his takes on things his work ethic what what what he has done for ethereum in the past and I know just how good he is at what he does so I think that um this is a huge get for etheral lie as I said he's going to be a co-founder alongside veia who as you guys know has been um tweeting a lot about ethereum on the institutional side

of things on the TR side of things I'm in contact with with um VC as well I've been talking to him a lot about things and he makes me bullish honestly there's not that many people who could make me more bullish on eth but VC is definitely one of them there the other one uh is Justin Drake and even Danny Ryan like there's there's only a handful of people that can make me more bullish on eth but those are are the people there so yeah anyway huge congrats to to Danny as well obviously to Tomas and and Shia way on their new appointments here um and I think this was a really really great outcome for everyone I think that it's kind of funny after all the drama over the last maybe 3 months uh around all of this we've gotten to a position that I

think has made everyone happy I didn't see anyone be upset about these announcements um and and I definitely don't think anyone um uh is is is any more upset than maybe I would they're not upset I would say like they're cautiously optimistic about the co-executive director thing that's just going to need to prove itself out but I think that it's going to be a really good uh fit for the EF and I think that Danny is going to be a really good fit for etheral lie of course and as I said I think these two Powerhouse organizations can now take ethereum into true War mode so that it can compete with the dirty competition as I said guys like there are people that are close to uh Trump's Administration that are not rooting for E they're not batting for E they're batting for their own bags and I guess that's only natural

but in by doing so they're also trashing ethereum behind the scenes they they're basically trying to tear down ethereum will talk up their own thing and if you aren't involved in crypto at all or only casually involved in you it's very easy to fall into this it's very easy to believe what these people say because they say it with confidence I see them say this on videos like they say it with confidence and they'll just talk as much as possible because they're making money out of it unfortunately this Market tends to reward crime so I'm glad that we have a counterbalance here now with etherealized with a stronger ethereum foundation so that we can continue to build out the ethereum ecosystem with our core principles in mind mind you um and and not needing to I guess like stoop to that level there sometimes we probably have to fight a

little a little bit dirty but yeah that's just the way it is there so those are all the leadership change announcements here there was also another thing that from the etherum foundation that was controversial and did get a lot of flack on Twitter they announced this new kind of informal society called the Civil the Sylvie culture society which is essentially a group of people from the ethereum ecosystem that will act as informal advisers to the EF about all things going on in ethereum from development to infrastructure to privacy to uh you know uh the social layer stuff like just a bunch of different things and you'll recognize a bunch of names on the list here as well as in the image which I'll um I'll link this in the YouTube description below if you missed this but the reason why it was controversial and

the problem that people had with it was really just the language here because the they they used a bit of Flowery language where they said the roots of the infinite Garden are nourished by soils rich in these core values ethereum success depends on having talented and committed developers building with these values in mind and the EFS ethos and the work has always been centered around them and as I said flowery language infinite Garden nourished uh soils so on and so forth and it didn't really explain what this or this new kind of society or informal advisor ship actually is and what they're going to be doing so I I I think that again speaks to the fact that the EF just sucks at marketing themselves and and marketing what they're doing I hope that's going to improve under Tomas and sh's Leadership I think it will but I don't

know people tend to make a huge deal out of things when uh like just because of the fact that maybe price isn't doing what they wanted to do and I think that people just uh love to have an opinion on everything these days because you have like a platform to to um uh I guess uh use as a megaphone for that opinion and then get engagement on it and so on and so forth but really I don't know I didn't have an issue with this I saw this and I was like yeah okay maybe they could have explained it better but people made a meme out of it saying that are you a gardener you know in ethereum now it's like guys this infinite Garden thing is not a new thing like it's been talked about for at least 6 years now this is how we think ethereum we do

think about ethereum as an infinite Garden it's not a meme it's not a joke it's just the way we think about it and this is a core ethereum thing this is not something that we're going to be going and talking to uh you know Black Rock about we're not going to tell them etherum is the infinite Garden no we're just going to go to them and say hey etherum is this uh you know ethereum is this platform this decentralized platform there's this whole economy built on it you can build your own L2 on it if you want to you can deploy your own tokenized assets on it if you want to so on and so forth we're not going to go up to Larry think and say hey man do you want to be a gardener in the infinite Garden that is a eum do you

want to tend to the soil no that's language for the internal kind of very inner ethereum Community because uh we like that language at least people I talk to really like that language it's inspiring but when it actually means going out and and and talking to businesses talking to large Trad organizations governments and stuff that language is not going to be used so again I I think this was just blown out of proportion um but I'm I'm glad to see that the EF put this together because as I said like I recognize a bunch of names on this on this graphic here and they're Chads at what they do so I'm I'm glad that they they are uh uh kind of um having a relationship here with the EF even if it is informal uh there right something else I just wanted to highlight here was the ethereum

cipher Punk Manifesto that was put together by this account on Twitter I say account because the Twitter name is sud rm-rf D- no preserve root uh which is I believe I mean I'm not an expert on this but I believe it's the way of killing your uh Linux uh box you basically remove the um the operating system and you don't Pres root so essentially you kill everything um but yeah it's a funny Twitter name but they posted this ethereum Cipher Punk Manifesto which essentially outlines what ethereum's core kind of beliefs and pillars are so our core principles are privacy security and censorship resistance obviously we all know that right our pillars are immutability decentralized governance Open Access

Global coordination and continuous Evolution and this has all got a little paragraph underneath it to explain this in in in in more detail which I'll link in the YouTube description below but I was really happy to see this for a number of reasons and really the two main reasons one I'm I'm glad that we have this kind of out there now uh because of the fact that I don't think we've had something like this before other than people talking about it and it being in disperate locations but now we have more of a I guess like centralized um location for this which is on a hackmd document here outlining exactly what ethereum's believe what ethereum is being built for and why ethereum is being built the way it is why it may be slower than other networks or cost more than other networks why it

may be slower to evolve why it may have taken longer to scale stuff like that right it's because we care about these things these are our core pillars and our core principles here and the second reason why I was excited to see this was because I commented and said I was actually talking to people about doing this at Devcon and it just never it never happened I never ended up getting around to it it was just another thing that I thought of when I I was at Devcon I was talking to people about this I'm like what if we had some kind of Manifesto or some kind of Charter that outlin exactly what ethereum stands for then we could easily just show this to anyone and say this is what ethereum stands for this is what ethereum is yes it may be different to what you're used

to within crypto and outside of crypto but this is what we believe and this is why ethereum is the way it is there so I'm glad this exists I'll link it in the YouTube description below for you guys to check out all right moving on so as you guys know the core developers over the last week or have been trying to save the whole Hy test net after the bug that caused the chain to fall last week uh during the Petra upgrade um that caused the minority chain to actually be the valid one so there is a tldr here of the bugs on holeski right now from the eth core devs. account there wasn't an issue with any of the core Petra eips as I mentioned last week the there was an edge case that caused the split the main net Fork is still to be decided but uh

they don't believe there's going to be any significant delays neither do I significant being like monthlong delays there may be a once or two week delay we'll see I think this week's all C deps called will probably cover that um this was obviously a great opportunity for uh the cevs to conduct uh a war room exercise on uh on uh on hes gar because this stuff can potentially happen on Main Nets uh and test Nets are for testing so I thought that was just a great tldr there and I think that last point is is is the the most important test Nets are for testing we should be very glad this was caught on test net rather than on mainnet cuz if a bug like this happened on mainnet which I don't think is POS this specific bug isn't possible on Main net for understanding

but let's just say a similar bug happened on mainnet it would be quite disastrous to put it mildly it would not kill ethereum dead but it would severely damage ethereum as a network um and that's why we do so much testing because we need to evolve as a network but we also can't kill the network by moving too quickly and I I've gone over this so many times on the refu and I know I'm pre preaching to the choir here but that's exactly why we do what we do and have as many test Nets and testing and Dev Nets as we have so yeah I'll keep you guys updated on heski I don't think much has changed since last week in terms of where we're at I think they're still trying to save it still trying to get validators online in order to get the network going again but hey it's a

test net we're testing things and we're discovering more about ethereum as we go all right last up here a bit of talk again about scaling ethereum in particular blobs so vitalik posted on Twitter that he believes for 2025 we need fusaka on L1 with pias ideally with a 48/72 blob Target SL limit let's aim to get a faka test net with these blob parameters running the day after Petra goes live so this is quite aggressive as you guys know the blob Target and limit right now is 36 it will become 6 sl9 in Petra so if we get um not maybe if if we just get pieraz as its own Fork maybe not even part of faka but whatever way

it h ends up happening if we get that in like late Q3 let's say it happens in in September of Q3 we will go to 4872 from 6 sl9 that is a massive increase guys like that is a uh like a what is it 48 uh my my head math is is is screwing up right now yeah it's eight so that's an 8X increase in the blob Target in only a few months if we do get uh if we do end up getting faka live on the network in in September of this year so that's that's pretty big dude that guys that's that's a pretty big deal because right now yes we're at limit uh of of blobs and once Petra goes live you know we won't be at limit for a little while but we're going to hit that limit

pretty quickly cuz six blobs isn't that much but going up to 48 blobs from six that is a significant increase that's almost an order of magnitude increase which means that we should be able to buy ourselves even more time uh into next year before that gets filled up again we shouldn't be slowing down but we are we do seem to be accelerating on the blob side of things which is which is really really great so I'm glad that valal tweeted this out because more people need to be aware of this ethereum is scaling and it's scaling very quickly we're going to scale blobs up as fast as we can and it's going to be a really really great time uh with that I think but anyway I've got a few minutes left here so I did want to talk a little bit about the markets I didn't talk about

them last week and I haven't talked about them that much lately because there's not really anything new I'm going to say at this point um you know I have my core principles that I always kind of relay to you guys about being a long-term investor not getting swept up by the latest trends obviously if you made money on Meme coins good for you but I hope none of you held them because they're down like 90 plus% now even the quote unquote Blue Chips right and I think I I I talked about all of this and warned about all of this so it's not worth rehashing cuz you guys have heard me going on about it a million times before but one thing I do want to talk a little bit about is the wider cycle because I think I've been saying it for a while that I believe the fouryear

cycle is dead I think this cycle has been the weirdest cycle in crypto I think that it has disappointed pretty much everyone even the Bitcoin is like yes they got a pretty good run in BTC it went to what is it 110k was its it's High uh but a lot of bitcoiners were expecting BTC to like explode up to 2 300 400k and they didn't get that and then you have the rest of the market where obviously with eth we haven't gotten a new all-time high this cycle yet we've hit 4K a bunch of times and that seems to be very stiff resistance for some reason a big big wall we can't seem to climb over uh then you had some outliers like Soul go up a lot uh it went up to like I think 290 at its high it's now down at like 150 or something

like that so it basically hared since then I think that's like 2 months ago um and then mem coins obviously as I said are down a lot and the rest of crypto never really went through an what what what I guess people referred to as an ALT season so there wasn't that typical Bitcoin goes up alltime high eth goes up alltime high then we get alt season didn't happen like that and Bitcoin dominance has remained very high throughout the whole cycle it's over 60% uh right now so so I think because of that it has led to a lot of disappointment within the community and within the ecosystem around uh crypto investing generally and I've always said to you guys that crypto investing has tricked people or crypto has tricked people into thinking that investing is easy when in reality investing is very hard and because the game has matured a

lot now you have a lot more players that know the game and that's why you're not going to get similar Cycles to what we've had in the past there just two many people that know the game we Al we're also on the macro side still in a higher rate environment we're in a riskof environment I think because of the fact that there's a lot of uncertainty in the world right now uh especially with regards to the stuff that Trump is saying like yes Trump is being good for crypto in the sense that um he the SEC is now friendly right and he's and he's he's been vocally bullish on crypto but he's been bad for a lot of other things as well like I'm sorry but saying to Canada that you wanted to become the 51st state is ridiculous go right saying you're going to leave NATO

is ridiculous I'm not trying to get too political here but these things are not things you should just be talking about and tweeting out about and then changing your mind every other day even what he did today with the the crypto strategic Reserve that was ridiculous so we're in a in an environment where you can't rely on the the president of the United States to actually give you something straight you you you have this Max uncertainty going on and in an asset class like crypto where it relies on risk on Behavior we're just not going to get that in a Max uncertainty environment so I think that explains why the market has been so weird at least over the past uh couple of months I think that uh in terms of where we are at in the overall cycle I'm not sure I have no no real read in anymore I think

that as I said the fouryear Cycles are over it seems like right now at least people are saying that we we're going to go into another bare Market you know that was it that was the bull market bare Market time I'm I'm not so sure about that I think because the Cycles are different during the bull market they're going to be different during the bare Market as well most assets that were just like crap to begin with are already down 90% BTC it seems to be just like going sideways eth came down a lot for whatever reason but he's still kind of I guess going sideways between the 2 and 4K range if you count that as a range it's a pretty big range but like if you count that there uh but e is still worth a lot as well it's like it's like um 250 plus billion still guys so I

I think as I said I don't think anyone has a read on the cycle at this point anyone that is telling you that they know what's going to happen is lying to you uh because the Cycles are different you can't rely on past data anymore even the ones that try to curve fit data they're having a hard time doing this too because the the the assets are just not acting like they usually have so the reason why I guess I brought this up again today is because I know a lot of you guys are disappointed in the disappointed in in e as an asset has not done what you think it's what you thought it was going to do especially if you got in after 2021 because even if you bought eth at the bottom at like 900 or 880 I think 880 was the exact bottom

but even if you bought eth at 900 right you're you're probably not pleased with its performance even though it's still up you're probably not pleased with its performance especially against other assets and I totally understand that but then at the at the same time no one else seems to be happy either as I said bitcoiners don't seem to be happy either they got like everything they wanted pretty much but they're still not happy they still spend all their time trashing ethereum like for whatever reason so I think when it comes to sourcing happiness from things you really need to stop relying on the market if you are relying on the market for your happiness don't do that cuz it's always going to disappoint you because you're going to check the price one day it's going to be up and you're going to be like oh yes

that's awesome my dopamine receptors are firing I'm happy and then the Market's going to go down the next day and then you're going to check it and you're like oh damn this sucks like is it all over so on and so forth and I've again I've talked about this at length on the refu and I I've said this so many times at this point but I always like reiterating things I always like adding something new maybe to my I wouldn't call it advice but just like my uh my my thoughts on things because I think you guys uh you know I I've been around for a long time I think I have some unique perspectives here but at the same time as I said like just because I've been around for a long time doesn't mean I have any read on where things are going

I'm still bullish on eth over the long term I'm still very bullish on eth and ethereum over the longer term but in terms of looking at the past as an indicator of future performance for assets but also for the ecosystem cycle as a whole it's going to be very hard to do that I think going forward so I'm not calling the bull market over or going into another bare Market I think we're just in a weird Market generally and I think that until that uncertainty clears at the macro level until rates come down until we have easing monetary policy generally I just think it's going to be really hard for risk on assets to go up like I I I think that uh the the the uncertainty is the the worst of it honestly and and I'm I'm hoping that the uncertainty can stop the macro

uncertainty generally because it just puts further pressure on an already kind of pressured asset class in terms of monetary policy because we're just being hit by both sides shitty monetary policy in terms of it not being good for risk on assets and a lot of uncertainty markets hate uncertainty there literally anything in out of anything that the markets hate the most it's uncertainty because you can't invest with uncertainty unless you're like a really long-term investor sure but I mean there are uh you know hug money allocators that do think longer term but they're not thinking like 5 10 years they're thinking maybe 1 2 years out and if you're thinking in those terms you're thinking in terms of the presidency because the presidency lasts four years until there's a change or two years at

best if you have like a midterm kind of CH shift in power there so they're thinking on those timelines and when you have the president of the United States saying he's going to leave NATO declaring war on random countries posting AI generated videos of sitting in Gaza with Netanyahu on a beach drinking beers or whatever they were doing there like that that's that's ridiculous guys like that's that's I don't care what your politics are I don't care if you're right letting left Ling it doesn't matter I'm just going to call out Ridiculousness when I see it and that's what I'm seeing right now and that's what the markets are seeing that's what the world is seeing it's not good it's uncertainty so yeah anyway I've ranted enough about uncertainty there but I figured it was worth giving my thoughts on that there for you guys

but I think that is it for today's episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel Channel and I'll catch you all on Wednesday thanks everyone