EIP-4844 updates, Stablecoin chat and more - The Daily Gwei Refuel #620 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily way refuel where you cap the latest news in ethereum ecosystem I'm your host Anthony 11th of July 2023 right everyone let's get into it so another uh update here from Terence on the latest EIP 4844 implementers call so today's highlights included the status of devnet 7 devnet 8 planning Beacon API updates and blob gossip parameters so I guess the main takeaway is that devnet7 has been chugging along nicely they've been spamming the devnet with blobs with around 2 000 submitted in the past days however uh veteran says here we've encountered issues like client splits and chains not being followed that's what devnet is for to find and fix bugs and you can check out the client

tracking um notes uh document here which I'll link in the YouTube description below to see uh you know us to see which clients are actually able to stay synced to the Head are attesting and proposing it seems I guess most of the issues are centered around uh Aragon on the execution layer side of things not being able to talk to the consensus layer side of things you can see all the red crosses here I don't know if that's because they haven't basically tried yet or haven't built the uh I haven't built the um the spec into their client yet but it seems most of the other client combos are going okay there are some things here and there where you can see here that uh Geth and prism aren't attesting or proposing and another minor

Nimbus I'm proposing so not obviously picking on Eragon here but just uh glancing at the chart and seeing that where the crosses are where the ticks are and where the question marks are here now as Terence said you know this is what you expect from devnets this is why we do the devnets before we do the test net test Nets to iron out as many bugs as possible they could be very simple bugs guys by the way like the thing with building uh you know clients and Engineering clients is that the bugs can be as simple as one line of code being changed right because someone did a typo somewhere or someone named a variable uh you know or refer to the wrong variable somewhere these don't necess necessarily have to be like major critical things that are showstoppers that take weeks to fix no I mean

sometimes there might be some stuff like that but usually it is small things especially because the spec is basically done from my understanding the research is basically done so you know we know based on the spec and in theory that it works it's just that we obviously need to get the clients uh to the point where it actually works on a on a live Network without there being chain splits or anything like that and that's exactly what these devnets are for so devnet 7 is uh is tracking along nicely with devnet 8 already on the horizon the spec is out but the launch date you still be to be determined um keep in mind that this devnet will start from capella Genesis so you can check out the notes document around devnet8 here um as was said there isn't a uh uh a date yet for when this will be going

live but I'm sure this will be going live rather soon and there's also a devnet 9 uh planned as well uh so yeah I mean pretty fast moving here these devnets aren't meant to be long lived they're just meant to be out there for testing purposes to find those bugs squash those bugs so that we can eventually move on to some test Nets and then obviously mainnet uh nothing I've seen as I usually say here has signaled to me that uh 4844 or I guess like dencoon generally as a network upgrade is being pushed back or anything like that there isn't any date for it there's obviously just that estimate of I guess my own personal estimate of like October November more likely November but I haven't seen any dates or estimates

really given by the core devs themselves it's it's really just based on the fact that they've said they wanted to maintain a six-month release Cadence in the last release obviously was in April so six months from then would be around yeah November or something like that October November so yeah that's uh that's still my prediction but we'll see how things uh chug along there but you can check out the latest thread here from Terence I'll link it in the YouTube description below all right you guys know that the ethereum staking deposit Q has been quite full for quite a while now I mean it has actually dipped to about I think 82 000 last time I checked down from the 90 000 that it has been persistent at and I'll just bring up the um the beacon chain website here so I've got it in

front of me yeah so it's at 82 554 now of course the um exit queue is is still at zero but yeah it seems that we're coming down uh uh from where we were uh just a couple weeks ago when we were at like what 95 000 pending or something like that but we're also coming down faster because recently as Tom Wan uh highlights here that because ethereum hit the 655 360 active validator Milestone um the churn limit has increased from nine to ten per Epoch which means that instead of 2025 validators being let in each day uh it's 2250 validators um each each day so we're letting in an extra 125 validators here uh if I'm doing my

math correctly no it's more than 225 isn't that's that's uh wow my math is sucks 225. 225 validators per day which is obviously clearing out that Q faster but uh it seems that people uh joining a staking or ethereum staking has slowed down a bit now it could have slowed down for a number of different reasons um just from a bit of anecdotal I guess reasoning here that I've come across there are a lot of people that I know that are waiting for the queue to come down in order to stake now this may seem counterproductive in that you may as well just stake now because the longer you wait uh you would have waited let's just say you wait uh that you know there's six weeks for the queue to come down and then you deposit well you've

basically waited the same amount of time and if the queue goes up during that wait period anyway then you've waited longer than just joining the queue earlier right but but things do change when you consider the lsts so I have some friends that basically what they do is that they've bought these lsts whether they be you know SD or arith um more so st8 because you get that immediate kind of upfront yields but they bought that and they've get they're getting that immediate upfront yield so they don't miss out on any yields and then once the deposit queue clears they're going to spin up a solar validator so it's kind of funny how lsts are influencing that I don't know if it's really worth the risk for what an extra six weeks worth of yield I I believe that actually I believe the

deposit Cube because of this increased churn limit is actually down to like 35 days or something like that it's it's it's it's very it's it's much shorter than it has been so just over a month now is the increased risk and you know is it worth it like maybe if for some people it is but for me personally every time I've spun up a solo validator I've done it irrespective of the queue I did one recently actually when the queue was over 90 000 and honestly I don't care that I mean I'm still in the queue um I don't really care I I'm looking at that and I'm being like you know what I don't care about missing out on four to five weeks whatever it was six weeks worth of yields here um it is not that big of a deal uh and that you

know obviously there is a chance of proposing a block in though those six weeks that I I could have proposed um if I didn't wait uh and then I could have gotten an extra extra yield from that or a big block reward but the chances of that happening are quite low so I'm happy just waiting around but I know people that just aren't you know they're they're both I mean they're waiting until the queue clears but they're also staking with other services like Lido that uh that front the yield for you and because they don't want to miss out on the Yale so that's just a bit of anecdotal kind of stuff that I've come across personally but it's great to see that the trend limit has increased this is built into the protocol by the way guys it keeps going up the more validators that uh that come onto the

network and you can see this Nifty little chart here from Tom Tom Wan showing you where it actually did lift so you can see each portion of where it lifted it lifted in April and then before then it lifted like last time in uh in February and then before that in October of last year and you can see uh the the speed at which is lifted actually lifted um it went from nine to ten much faster than it went from eight to nine here which is which is pretty cool to see and Tom also has some more Tweets in this thread um with more information about this actually a lot more information about this wow I didn't realize this tweet this thread was that long that's that's really cool so shout out to Tom for putting together this thread here about this but you can go uh

check that out for yourself I'll link it in the YouTube description below uh but yeah it seems that this queue might I I I it's kind of hard to know where this will go right like is it going to go to zero anytime soon is that bearish I don't think it's bearish I think some people have been saying oh the queue going down is bearish I mean what do you mean it's bearish right like we just hit 20 of the total ease Supply staked um you know we still deflationary ether's in such a great position as an asset right now I don't know people just like to bring up these bearish things and you know you know it's kind of funny because people love to bring up bearish narratives no matter what it is like people are even bringing up bearish narratives around the Bitcoin ETF

they're like oh yeah okay if the ETF gets approved but uh you know it's still bare Irish because of such and such reason it's like oh my God guys like don't you get exhausted being a bear right I mean unless you've got like an active short on and you're trying to profit from it maybe that's that makes it less exhausting for you but I feel like being a bull is just like so much more fun and so much less exhausting yeah okay being a bull during periods can be frustrating you have to wait you know I I've talked I've talked about that time-based capitulation before but I don't know being a ball is just much more fun to me than being a bear and I guess like it depends on the asset too obviously I'm bullish on eth but I'm bearish on a lot of other assets out

there um you know a lot of tokens that are that are pretty much going to zero uh for one reason or another uh nfts generally uh I think a lot of nfts are falling into the same bucket as tokens they're just gonna fade away but that's just the healthy Market cycle so I think that I'm talking specifically about Ethan maybe even BTC Here It just strikes me as weird and and it strikes me as cope and it strikes me as when I what I said I think it was a couple weeks ago where I said the market need needs to be convinced that it's changed from bear to a bull market and the last people to be convinced are usually those those holdouts right those people who are finding reasons to be bearish on everything no matter how bullish it is no matter how much pain there's already

been those people are the ones that need to be convinced and eventually they will eventually they'll flip they'll flip bullish for whatever reason uh and they'll join us in the the ball pool as it as as it's called there but yeah anyway back on topic here you can check out Tom's thread I'll link it in the YouTube description below um but yeah expect this to uh this uh this validated cue to churn out more quickly uh as time goes on because of this all right a new project that I came across today D5 project called oku trade I think that's how you say it um on Twitter uh they're calling themselves the most advanced defy trading platform powered by unisop V3 from my understanding it seems that they want to make LP on uni swap V3 um uh much easier and they also want to

bring limit orders to UNI swap V3 now you can check this out for yourself I'll link it in the YouTube description below I'm not vouching for this protocol or anything I don't know this protocol very well I only came across it uh today um you know and there's obviously always risk involved with interacting with new protocols uh but I think it's pretty cool for when people build like interfaces on top of the existing protocols and try to just make it a more streamlined and simple process for people while enabling new products or kind of like new use cases like limit orders on top of on top of existing protocols like unisop V3 so yeah I'm just basically highlighting it because uh I like highlighting new things within D5 obviously there are a lot of things in D5 that have been around for quite a

while now obviously there are a lot of things that haven't worked in the past um and but are still working now unisop obviously is the king of things that have worked in the past and are still working now many of you don't know uh sorry not many of you many of you probably do know this but many people generally don't know that unisop has been around since 2019 um and you know even before that in 2018 I believe uh there were kind of like early iterations of this you know if you want to go back to the earliest iteration of amm's um at least that were launched on ethereum and that were live on ethereum I think bancor was one of the early iterations but might have only come a little bit earlier than unusop I don't

know if they hit mainnet before unisop did but unisop specifically has been around since 2019 obviously they've got version four which is going to go live shortly after dencoon which is coming up relatively soon uh and yeah they've just gone through Bull and Bear periods continuing to grow and I think that just speaks to basically what the main use case is for for blockchains right now obviously uh is speculation but it's not just speculation right because we can't just call everything or every trade that someone does speculation because you know what if you want to trade between stable coins for whatever reason you're not exactly speculating I mean maybe you are after stable coins depending or something like that but let's just assume that they're at Peg and you're shopping between usdc and

usdt maybe it's because your counterparty only wants to accept usdt or maybe you've lost face in usdc and you want to protect yourself in usdt for example I'm only using these as example CR so I mean obviously a lot of uni stop trading is speculative but it doesn't always have to be and if you look at the traditional Finance markets a lot of currency trading is speculative to begin with you know it's not like uh the majority of the currency trading taking place is people going to a country as a tourist and saying okay well I'm going to trade my you know US dollars for such and such currency whatever currency it is um that also influences obviously the the speculative markets because it's uh the um the Brokers doing the trading

obviously uh trade on the speculative markets and have to have to hedge their bets and things like that and do Futures Trading it's a very complex Market but most currency trading is is speculative in nature and it's funny because I remember Mike novogratz uh he was a currency Trader for a long time and this was an interview he did a long time ago but the reason why I remember this is because it was funny to me he said that he had like a 20-year career in um in currency trading and really you couldn't make much money from it because a lot of the the currencies didn't really trade you know in a very volatile way it was a very fine art it was very the volatility just wasn't there whereas in crypto the volatility is insane because you're obviously not just trading between

um uh currencies you're trading between different assets whether some of the mccurrencies some of them are not uh but that really stuck with me because I'm just like you know what it's kind of funny because here's this guy for 20 years in the currency markets trying to speculate on currencies and trying to make a profit from them and then he comes to crypto and it's just a completely different world but the reason why it stuck with me was because uh that was when I I can't and this was a interview from a long time ago but that's when I found finally understood I don't know why I had this kind of epiphany where I'm just like you know what it's all speculative it doesn't matter if it's in traditional Finance or in crypto or ever else it's all speculative and the more you think about

it so many things in life are speculative so when people say to me oh it's only speculation I'm like but what do you mean it's only speculation like everyone speculates in One Way or Another about some things um you know you could even argue that when you're looking for a job and you're looking at the salaries right and then and then you're thinking to yourself oh what could I negotiate this salary to you're speculating on what you can negotiate this salary to so I mean I know it might sound like a little bit of a stretch sometimes but you can actually reason it like that and it's just like it's obviously a spectrum and there's varying levels here um but yeah that's a little bit of a rant about speculation I guess but generally I think that's why unicevers work their appeals in both Bull and Bear

markets uh why universities work for such a long time is it appeals to that speculative nature but also provides a valuable end product to to a valuable products to end users through both of those market conditions there and products like Oak trade that are built on top I think are really important and really do add a lot of value so you can check out this for yourself I'll link it in the YouTube description below all right so it looks like Ave is getting set to launch the go or gho stable coin on the ethereum mainnet so voting for this opens in uh well 24 hours as of 20 something hours ago uh so voting for this opens soon you can check this out for yourself I'll link it in the YouTube description below but yeah you may have forgotten all uh what go is

or GI Joe is it's basically a new decentralized uh multi-cladral stable coin that is being launched by the Ave protocol or the other project here the other ecosystem and you can go ahead ahead here and check out check it out for yourself check out the simple summary the motivation things like that and uh and and and check out what uh how this is all going to be specked out all the documentation but I'm pretty excited for this because I've said before that I don't think I don't think like a feared like pegged stable coin or it can be can can fit all the criteria and become like a truly decentralized scalable and stable stable coin but I don't think that we have to get to a point where every stable coin

has to be massive right because I think people look at the Holy Grail of stable coins they think oh can we create a Fiat pegged stable coin that is big enough to service the world it's like but but why was I I should say a decentralized Fiat Peg stablecoin that is big enough to service the world it's like but but why would we want to do that the whole point of cryptocurrency with one of its founding principles was that we were creating new kinds of money that weren't tied to a nation-state in any way obviously that started with BTC it's moved on to things like eth and uh you know and then obviously we have stable coins both centralized and decentralized uh both pegged to US Dollars and and Euro and other currencies but if we want to create a truly decentralized stable

coin then it shouldn't be pegged to fit because if you're pegged to fear then you can't be truly decentralized right and then people have brought up other things like oh well we can Peg it to a basket of fit or a basket of ass real world assets things like that it's like yeah we could but you're still running into the same issue so for me a truly decentralized stablecoin is not pegged to any kind of Fiat it's really just if because if we can grow East to such a large market cap where it is stable relative to everything else then it's fine because I think when people think about stable coins they think about it all wrong if you look at the US dollar or just think about stability generally if you look at the US dollar it's stable relative to itself one USD equals one

USD right but we all know that the US dollar loses value over time for various different reasons now if you compare the US dollar to eighth over the last whatever many years uh since ether's been around it's lost a lot of value right but that's that's a speculative thing that's a speculative asset that has lost value too same with the stock markets then with property things like that right but let's compare it to things that you spend your US Dollars on every day like bills and groceries the US dollar has lost value against bills and groceries right so when comparing things whether they be stable against themselves or stable against other things that's the context that you should be running with so if we can grow East to a point where obviously it's stable against itself one eighth equals

one eighth but it is still relatively stable and accepted widely for payments um and and is is deeply liquid and is accepted as a currency worldwide then eth becomes the truly decentralized stablecoin because eighth is the only truly decentralized asset that exists on ethereum so in my mind we're never going to get a truly decentralized scalable serviceable to the world stablecoin that is pegged to fit but that doesn't mean we shouldn't try to have Peg defeat stable coins exist within the ethereum ecosystem in the ethereum economy that service users who need them because we still need these stable coins people still want US dollars right but if we really want to up the ante and go to the next level then what we need is a truly

decentralized stable coin that is not pink to fear and as I as I explained that would be something like f or eighth or and maybe even like staked eat but steak teeth is a bit different because depending on which protocol you go with it's it's not as decentralized as eth right like st8th and R8 and cb8 I mean I shouldn't even include CBE maybe even not stf in this but rockapool eighth let's just say as the most decentralized LST right now you would you're still adding more risk on top of that and it's obviously never going to be as liquid as vanilla eighth or probably won't be ever as liquid as vanilla eighth so when you're looking at these sorts of things I think you need to contextualize that as well but yeah for me I truly decentralized scalable to

the world stablecoin is something like eighth but I think that things like go should exist uh at least for the short to medium term to service the needs of everyone that needs those U.S pegged stable coins yeah so yeah anyway that was a little bit of a rant about stable coins but you can go check out this proposal I'll link it in the YouTube description below all right so an interesting little initiative that I came across on Twitter today was that someone or some people are trying to get the word unchain or one word uh added to the official uh Miriam Webster dictionary here so they've got a website where it's on chain is a word.com but there's dashes instead of spaces there uh and they're basically trying to raise money in order

to oh you can mince basically an nft that just says on chain in order to put a billboard in front of Miriam Webster's HQ that says on chain is a new word now this is on chain without the hyphen it's just on chain as all one word and the reason why I bring this up is because it really is a new word and I think that this word is going to keep getting used more and more it's obviously taken from online could you imagine if we typed out online like on dash line it it would look weird right and on dash chain really has been used for quite a while now but simplifying it to just be on chain they drop the hyphen right it's cooler I think it's a better way of doing things and I think that this term is going to be used more and

more I think that eventually instead of people saying like crypto or blockchain or web3 we might just be using on chain I actually had high hopes for web 3 to be honest but I feel like that term has been tainted now everyone hates it outside of crypto even in crypto people just me met and kind of like make a joke about it so I think on chain is a relatively neutral term that we can use hopefully it doesn't become corrupted like blockchain and crypto and web 3 have become good those generally okay still I think just the terms web 3 and blockchain have become pretty corrupted um but on chain yeah I really like it I really like the term and I think that if we keep pushing with it we could make it a thing um and getting it added to the dictionaries definitely something that

um uh that that is one of those steps to do that so you can check out this website for yourself and possibly meet one of these nfts if you would like I'll link it in the YouTube description below for you to do so all right so to round out today's episode I have two things I want to talk about the first thing was a tweet that I put out today where I said the things that drive most of the positive long-term impact slash change in the crypto ecosystem are usually quote unquote boring most people won't pay attention to them unless someone slaps an exciting narrative on it and drops a token many such cases so this is pretty obvious right like most of the things that people get excited about in crypto I have a token attached to them or have the potential to have a token attached to them and

that's only natural because people want to speculate as I was saying before speculation is not bad but this you know and not all speculation is good either don't get me wrong I mean I truly believe that gambling like true gambling is a net negative for society to be honest and I don't think I would ban it outright but I don't see any other way where you could control it in in a way that was not net negative for society there is I I think you know gambling um is is is probably just as bad as as hardcore drugs is for people to be honest because it's an addiction right and obviously people can get addicted to anything but it's all about what the addiction is and what the negative externalities are with gambling you know if you addicted to gambling you're losing all of your money right like that

is affecting absolutely everything in your life with with um uh with you know with being addicted to drugs right and being into hardcore drugs you are losing all of your money and you use and and you're also losing your livelihood and you end up homeless things like that so I think with gambling it can lead to the same outcome because you're losing all of your of your money if you can't pay your mortgage you can't pay your rent you're going to end up homeless too so and I I just think that that um gambling as well just um staying on this topic for a second here and people can disagree with me feel free to disagree with me but look everyone knows even the problem gamblers I think they deep down they still know that it's rigged the house is not going to lose on

net they're always going to win on net the the slot machines are literally rigged right like they're rigged to the fact that they won't pay out after until a certain amount of money has been put into them and that's all obviously done on purpose because you're not going to run a casino you're not going to own slot machines if you're paying out more than what's going in and you're always going to rig it in your favor you're always going to rig the game in your favor and even if you're able to beat the game in some way the casino is just going to kick you out because they're a private business and they're allowed to do that so and there's lots of cases of this so I I just truly believe that you know gambling isn't that negative for society but generally that's a that's a

aside there back to my tweet here for a second so the things that I'm talking about here when it's boring let's look at ethereum core development most people don't pay any attentions with um core development and research but it's what's driving everything without the ethereum core developers doing what they're doing and and research is doing what they're doing to build out all of this infrastructure you wouldn't be able to have all this stuff that people speculate on because there wouldn't be that infrastructure there same with layer two teams right same with everyone building out the core default infrastructure that is not is super exciting like all these sorts of things and all these foundations are being laid so people can speculate people can uh get excited about things with narratives and tokens and stuff like that but at the end of the day like people are just

focusing on the wrong thing a lot of the time in my mind it's fine to speculate but like you should be focusing on more of these substantial things even if you want to speculate because there's usually Alpha in that too but this is Genesis generally that people focus on and the same is true for every industry to be fair but I figured I'd just put like uh crypto here obviously because it's relevant to to my my Twitter following and obviously relevant to you guys on the refuel um but yeah I I think on the refuel you guys are definitely in it for the tech I don't think you'd be watching me rant on about ethereum every day for 30 minutes if you weren't in it for the tech um you know in a bear Market um but and I and and you guys obviously are very interested in core development

I talked to you about it on the daily way Discord but the vast majority of participants aren't and that that's not a bad thing but it's kind of funny how like the things that drive the most impact are the things that most people don't pay attention to because they consider them to be boring but anyway that's just a little bit of a of a of a um a topic that I wanted to discuss but to round out today's episode I'm going to have an eth chart in front of me for the first time in quite a while I never really have the chart in front of me I don't really uh talk about price too much but this is not talking about price specifically they're just talking about kind of um markets generally and how price is dictated by very kind of like short-term moves or kind of like short

uh moves so when you look at this chart what you know what do you see like I'll bring up my camera's in front of it right now so this is the year to date chart this is from the 1st of January of this year to the 17th or sorry the 11th of um July uh this year the eve price started the year at what around 1200 it is up to 1870 at um at time of recording but but look at it really closely you you might notice something you might not I'm going to explain it to you don't worry it's not a pop quiz but like how many days this is the daily chart how many days has eth actually had positive price movements that resulted in a new yearly High well let's count them right you can look here in January 8th went up from 1200 to

around oh I guess you could say yeah it's about well let's go to the highest part of January it's about here right to 1675. so in 21 days in January 8th went from 1200 to 1675 right and then the next time it broke that price in Earnest I mean it went up a little bit to like 1740 in Feb but let's say in Earnest right it broke above that and kind of like went up to around what 18 1870 so and that's after it had dumped back down to 1360 here and then went back to 1870. so from from where we were here in January it had maybe like another two three days of positive price movement right and then you can you can

see uh again another couple days here of positive price movement and then another three days here so you've got five days you add them all together you get like seven seven or eight days here and then from from there on Eve has not set a new yearly High it went to 21.50 and since then ether's not set a new yearly High so what does this tell you well it tells you that out of the six and a half months of this year so far less than a month's worth of price action has dictated the yearly highs right and why I'm bringing this up is because usually the big moves happen in short bursts and the rest of the time we're just ranging this is true for crypto this is true for the stock market this is true in Bull markets this is true in Bear markets

right you can see in the bull market uh like if you want to go to 2020 uh let's have a look here 2020 2021 right in it's the same kind of thing this as I said this is the daily chart this is the same kind of thing you have a lot of sideways where you have like these big steps up and then sideways you have the big step up sideways sideways sideways and before you get up like to the previous big step up price it can take a little while to do that obviously in a bear Market it takes longer but it still happens in in either markets uh and it doesn't just happen in eth or crypto it happens in all sorts of markets you'll see this pattern repeated out time and time again now you may be wondering why this happens I'm not an expert on why

this happens I have a few theories about this I think my number one theory is that the price goes up right and then it finds a level where there's an equilibrium where people start taking profits right people start selling into it and they're like oh okay the price is up a lot because if you look here right uh from the first of January to the 21st eath went up around 40 after we're basically being you know very down only uh for for um for a lot of 2022 right like you can see the massive drop-offs here people start taking profits um and then the same is true for like a lot of the other moves I think and then you end up just having more sellers than buyers right just supply and demand at the end of the day and then you have to kind of climb that what they call Wall

of worry during a bear market during a crab market where you have to convince as I've said before you have to convince those bears that the bull market is back that the price is going up again and then what ends up happening less and less people want to sell right because they're convinced that it's a bull market so they keep waiting and waiting and waiting for prices to go higher and prices do go higher because you have that feedback loop but then eventually it reaches an equilibrium again where there's more sales than buyers right there's more people taking profit than there are people buying in and then we have the bear Market again right we have the big drop-offs and we have the big dumps and obviously leverage blobs things like that but you usually those things again happen in short bursts so really what I'm trying to tell you is

that day trading is just a brutal game it is not a game that I think most people can profit from long-term investing is also brutal if you're looking at the price every day like if you're literally waking up every day and checking the East price and you're very sensitive to the Earth price because you are relying on it going up for whatever then most days it's going to be boring most days they're going to be neutral or down on the price it was you know a couple months back or something like that even if you look at it right now it is at 1870 it was at 1980 like a week and a half ago and it was at 21.50 back in April so if you're sitting at this project oh my God he hasn't done anything since like April I mean okay yeah no it hasn't but why are you

looking at day-to-day price movements right you can switch to the weekly chart it's still going to show a a um a similar picture here but it's going to give you more up than than sideways it's going to look a little bit healthier switch to the monthly chart it even looks healthier look at this I looked at this the other day the monthly chart you wouldn't know this but it had six green monthly candles in a row and this month isn't over yet this month is currently red but there's still 20 days left of this month so this could turn green as well so zoom out guys don't look at day-to-day movements um only look at them if it's out of curiosity or if it's out of some kind of like longer term analysis but generally it's not going to tell you much A lot of

it is noise uh the price uh uh uh kind of um is not made on the daily chart it's made on the weekly and monthly especially the monthly that's where the the kind of um the marginal price is is set in in terms of like the the time ranges here uh but yeah anyway just wanted to hide that for you guys walk you through it walk through how I think about it but I've gone over time here I thought today's episode was actually going to be shorter but it turned out to be longer because I went on a few rants today but I hope you enjoyed them but that is for it is it for today 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 and I'll catch you all tomorrow thanks everyone