ETH is at $500! WHAT'S NEXT?! Anthony and David Discuss

Transcript

if you are looking for the front page of defy look no further than xerion.io xerion is your home base for managing your d5 portfolios xerion offers a central place for you to engage with all of the d5 protocols and assets that you engage with on a daily basis but all in one central spot here you can see i've loaded up a wallet in xerion is giving me the portfolio performance of all the assets in this wallet over time as well as a breakdown of all the assets that i own as well as all of my transaction history that i've ever done in an easy to view fashion xerion also lets you invest right into dfi's best yielding financial opportunities right from their home page xerion also makes it super

easy to access interest in defy using applications like compound and ava in the background and you can also exchange your assets using the xerion app using an exchange aggregator in the background to make sure that you always get the best rates you can even use the xerion mobile wallet to add your metamask or arjun or another ethereum address right into your mobile wallet so you can see your portfolio and engage in defy on the go here i just loaded up my argent wallet and now i'm going to load up my meta mask as well and xericon will do the same thing it will add all of my assets and wallets together all in one space and give me a portfolio summary of what's going on adding wallets is trivially easy if you already have a metamask you can get it

right into the xerion app and it can sync with your desktop app as well and the best part is you can also buy ether right into the app itself use the invest tab to look at all the things that you have invested in as well as other opportunities and coming soon to the xerion app is the ability to buy and sell your assets straight from your mobile device as well so download the app it works on ios and android go to xerion.io plug in your wallets and get a historical report of your portfolio over time as well as a comprehensive breakdown of all the assets that you own and how much yield they're generating for you we're also brought to you by monolith monolith is your cool new defy account your defy savings account your d5

checking account except the cool thing about the monolith defy account is that it gets software updates right you actually get to increase the usefulness of this over time so here are some of the features monolith is a smart contract wallet with a lot of the features that you would expect if you've come to know defy and what it is you can you can add money to it you can put that money to work in compound and accessing yield uh but you can al and you can also swap through uniswap what was cool with monolith is that they will send you a very sexy monolith visa card that connects to your smart monolith smart contract wallet on ethereum so it's a really awesome tool to live a bankless life with a a savings account that gets software updates so

this is something that you're never gonna find out in the real world but you can still do real world things with you know real money it like buy your groceries so that's just fantastic coming soon to monolith actually already here to monolith is now you can buy die and get it sent to your wallet directly right so it's also being an on-ramp so you don't have to go through your centralized exchange like coinbase or gemini or wherever you can just go straight from your bank account right into your monolith checking account smart contract wallet so check them out at monolith.xyz all right welcome bankless nation this is a quick emergency video because something really cool just happened and so i just woke up it's 5 40 in the morning i pull out my phone because i'm

addicted to my phone and i pull up the ether price because i'm addicted to the ether price and i see that ether has hit 500 anthony what does that mean why are we at five why are we above 500 what happened so this means that it's the first time ethan's been at 500 since july 2018 so it's been over two years two grueling years of uh over varying years long long years of a bear market um and i think i mean generally i pretty uh like pretty much everyone is in agreement that we're in a bull market but for eth uh there was i guess if you're a trader there was a technical kind of resistance at 490 and once that went uh you know we could

fly basically the price could fly so we're over 500 um you know we can we can go a lot higher now i think we're gonna go a lot higher um you know and it's about time we joined the party right we've been watching bitcoin go crazy for the last few weeks and and you know we're just sitting on our hands being like okay when's it our turn sorry i think now is our turn is 500 a actual a significant number or like you said was it actually 490 and 500 is just approximate to that is this a psychological period is 500 meaningful are we just talking about nice round numbers here or what's going on yeah i think 500 is mostly psychological but at the same time i think you know the fact that we haven't been in the 500 price range for so long is just

something that you know traders and investors look at um you know just like they would look at like an all-time high price for example and say you know that's bullish right it's bullish that we've been we haven't been there for over two years and we got back there it's like every time bitcoin you know in its history has always bounced back you know that's why people are still so bullish on it i think the same happens with eth and you know obviously eth and ethereum get a lot of a lot of flack from from the wider community right and it's always like oh it's dead you know the price is gonna dump it's worth nothing you know whatever it's only used for gas and then eight does the same thing as bitcoin it keeps bouncing back so like we've seen it just a ton of hype

in the external world about bitcoin right we're seeing bitcoin show up back again on cnbc nick carter just did a fantastic job shilling bitcoin on cnbc uh we just saw some some rapper uh quote unquote yolo into bitcoin uh maisie williams tweeted about bitcoin right like google searches for bitcoin are starting to like do their like retail creep upwards uh but meanwhile ether like bitcoin is at 18 500 which is like within striking distance of his previous all-time high now we're all super stoked about ether at 500 but you know that's a long way away from ether at 1400.

however you know prices can move really quickly so like how far away are we from 1400 do you think um i don't think we're very far at all if you look at what you know as bitcoin as an example right it was at 10k only a few weeks ago and now it's over 18k so that's an 80 move in a large cap cryptocurrency so if if 8th moves 80 from say say 400 um you know that's going to be a lot higher and i think we're going to move quite quickly now uh as i said that that last resistance was basically the last thing for i think 800 is kind of the next technical barrier but you know um it's because we didn't spend much time between 500 and 800 historically people look at that and and

buy it up but you know i think on the on the bitcoin front and how we've seen that go up so much lately you know bitcoin as you me as you were alluding to owns the macro narrative right it is what the mainstream outside of the crypto ecosystem focuses on but i think ethereum owns the insider um insider narrative right in crypto right all the most exciting things are happening on ethereum if you're in crypto already like the including bitcoin yeah yeah exactly um so you know if you're getting into crypto and then you come through the front gate which is bitcoin you're inevitably going to find ethereum and then you're going to find out why ethereum's so awesome so i mean bitcoin having a macro an awesome macro narrative is is amazing for ethereum yeah i totally agree back in

2016-17 when we had the previous bull market bowl cycle like i think it was easier to get into the crypto space and then make a decision as to like where your camp was uh and in this world like and especially with ethereum where it's like okay there's this cool ethereum thing what's it what it's do what is it what's its purpose it's it does icos well that's dumb like i mean i guess icos are making a lot of money but like intrinsically is that cool like no but now we can say like okay what's ethereum for it's like oh all generalized financial activity exchange infrastructure borrowing lending like some stuff that mimics the old financial world and so i'm personally bullish on the fact that like new entrants into the world of ethereum can become much more compelled by what

ethereum has to offer today than what it had to offer in 2017. yeah yeah you know what's really funny is that i don't think you've read it yet but this is exactly what i said in today's daily grade piece yeah i said this exact thing where the last time we were you know in these price ranges back in 2017 exactly it was all just icos right and we had the most crude of decentralized exchanges with ether delta okay and now we have an entire bankless system right for people to come into uh so that in itself is going to be so exciting for new people i think and they're going to get so much more value out of ethereum this time um you know unlike last time yes there's going to be most likely going to be another speculative mania right like we saw right but it's lasting and it's real

there's going to be real value created it's not going to be you know like what we saw in 2017 i think yeah and it's sticky value too right because like icos when when people came came into ethereum to do ico stuff like again that was 90 of the activity back in 2017. icos weren't sticky but like uniswap amms and maker dow vaults and depositing money into ave or compound these are sticky these are our reservoirs reservoirs are of value right so you come in and you put your value in and it can it can stay there and you can do things unlike icos which are fleeting right and so having a sticky ecosystem is something that is intrinsically new to this bull run and makes me particularly optimistic about how easily that ether can get up to uh

previous all-time highs yeah yeah exactly exactly i mean and even to that point as well even outside of what's happening on ethereum one we have eth2 now right imagine you were around in 2017 you heard about this e2 thing right there was a lot of hype back then actually about eve 2 and staking and all this sort of stuff and obviously you know the hype the price got way way ahead of where it was and the hype got ahead of where it was you know and imagine you come back in now and you're like wow ethereum's still sticking around oh wow they actually you know they shipped proof of stake i can stake my ether now right so there's just too many exciting things happening that you know we internally have gotten so excited about but i don't think we we've really thought too much about uh you

know how it's how exciting it's going to be for new people and people coming back to the ecosystem uh so i think that's what makes me most bullish on ethereum and ethan general in that once you're in the crypto ecosystem ethereum owns the whole narrative like you know it does like everything cool happening in crypto is happening on ethereum so i i i'm excited to see the new people come in yeah especially with that eth2 comment like i'm a big fan of the reduction of risk of ethereum 2.0 being ultimately reflected in the eath price soon perhaps in december and i know that i know that you are a big believer in the fact that december is a good month for the eath price can you go into why yeah so particularly against bitcoin for

the last five years eth has bled against bitcoin in november or like i guess you could say october as well and then in december it tends to just explode upwards for some reason and that's happened literally every year for the last five years for for the eighth btc ratio you can go check out the chart and look at that so it's very interesting you know that that's happened and i expected it to happen this time as well we're actually seeing it happen right now um you know it's happening a little bit earlier than other times but yeah so it's it's from a trader perspective they look at this they look at these seasonal rotations right and they're like okay well now is the time to be in heath right and it's just a happy coincidence that eth2 is actually launching in december two so it adds just this

incredible fuel to the fire uh and you know the general bull market's back i think d5 is going to have some amazing tailwinds from that and then as an extension eth will as well so it's it's basically all coming together i think uh yeah i totally agree if you go look at the eth btc chart like exactly what anthony's saying you see this like nike swoosh pattern like it's got this down drip in november uh and then it just swooshes upwards really high in december a five out of five times like ether is five years old it's done that is gone through five decembers and we're about to go through our sixth december and so like the if the rule follows like uh the east btc ratio is about to kind of kind of um i guess mean revert is the t is the term

that people use like bitcoin's done really well bitcoin is almost at all time highs ethereum's not at all time highs ethereum theoretically could close that gap right like there's there's a discrepancy there that i think is really bullish for the price of ether yeah so i guess whenever bitcoin is going up like it has we're going to see other things bleed against it right you know traders and speculators are just going to go into bitcoin and everything else will bleed against it but then the pendulum always swings back right and you know eighth whenever eighths going up the other coins tend to go up with it so you want if you if you're in other coins and not in bitcoin uh you want bitcoin to just be going sideways you don't want it to be going up because then you're you know your positions aren't going to be going up but if

you're a long-term investor of what which i am and you are and i think most people should be then you don't have to worry about these things right um you know if you're looking at the charts day to day it's like torture basically like i mean i look at the charts day to day and i'm just used to it um but if you're a newbie and you're looking at the charts all the time you're going to just torture yourself watching these other things go up and your thing not go up and then you're going to try and chase it and you'll just end up you know hurting yourself so i think in general it's fun to think about um but it's not something that i would personally kind of like trade off or anything like that right anthony thanks for coming on the show and

recording a quick video before we go though again 500 eth what does this mean for ethereum is this is this just is ether price and ethereum just like these separate things or like how does this mean for the community what does this mean for us what does this mean for the ecosystem i mean heath price going up like there's there seems to be some detractors around price of assets going up and they think you know it brings in too many speculators you know things get too crazy yes it does but the ethereum network security is directly tied to the price of eth right in proof of work and in proof of stake the higher the price of eighth the more secure the network is that's the first order effect then there's a ton of other second order

effects right the price going up is going to draw in new headlines it's going to draw new people to the ecosystem right nothing draws in more users than a bull marketing crypto we've seen that play out every single cycle you know going back to bitcoins basic uh basically when it was created um you know it's going to bring in you know more developers more apps are going to get built more money's going to be invested into different things we already saw that happen with d5 summer so many people have made a lot of money in d5 summer and then the last couple months you've seen all these teams being funded right all these d5 teams being funded especially because people like wow i have money and wow defies the thing i'm gonna you know i'm gonna fund that theme so the yeah exactly um and of course

like every you know people make money if they're invested as well makes them feel richer makes them wanna wanna do more things so i i just i don't see any negatives to the price going up like yeah you can be annoyed that the noise ratio the noise goes up significantly in a bull market but you know we need this right the money makes the world go around right incentives make the world go around uh and i think you know uh eth2 is going to be incredibly secure with the high eighth price right like you know the the way the the the the system is designed a a high eighth price uh makes it more more secure than bitcoin right with less resources needed um which is which is pretty insane so yeah just i mean it should be like probably people listening to this or

watching this definitely understand why the price going up is good um but for those who don't yeah it's not just so that everyone can get rich right it's so that we can actually bring this stuff to a wider audience i think yeah there's nothing more beneficial to the ethereum ecosystem than a bunch of people that believe in the ethereum ecosystem from ha from having like three times as much money as they previously did if specifically eath bulls have more money they're going to do good things for ethereum right so first and foremost that's intrinsically good like salaries can be paid more projects can be built more reasons to come to ethereum can be made and then at the same time we have the monetary policy of minimum viable issuance now um my critique of minimum viable issuance is that it's subjective

but the bold case for that is that uh every time ether price goes up we can reduce issuance right like the higher eth price goes the lower we can issue more eth for security and so that just adds to the scarcity of ethereum which adds to the protection and security of ethereum and that kind of just turns into a self fulfilling prophecy and so i think this is how we actually get to 10k like ether gets to 500 people invest in ethereum we lower ether issuance and then we continue doing that all the way till 10k yeah yeah i mean that's a good point um and i guess also on what you said just before about how you know eighth bulls who have been invested in each for a long time you know them getting having more money to play with is is really

beneficial for the ecosystem and that's true i mean me and you we've been through the bull market we invest uh sorry the bear market we invested during the bear market and we're seeing you know the tailwinds of that and where and and we we're obviously you know making money as if goes up and we're gonna reinvest that right we're gonna i mean look at you right you're producing so much content with with bankless along with ryan and everything like not to to my own horn but you know i'm i'm doing a lot within the ethereum ecosystem as well trying to educate and things like that and you know i'm not going to say that it's it's all altruism right like i am i'm making money and being able to sustain myself and things like that sustain the work that i do so yeah i i just don't see any negatives to the

price going out there it's just it puzzles me whenever people complain about it yes life life isn't all about money it's more than that but but money is an enabler right it enables you to do the other things that are important yeah plus also in the price of ether is a reflection of the health of ethereum right and so like when ether was 80 there was a lot of discoordination in the ethereum ecosystem now i'm not saying like ether at 10k is also going to therefore mean that ethereum is just like perfect and coordinated and super healthy that's actually probably an unsustainable number but again like generally this slowly the the the more it slowly increases over time the better and it does that over time like with a very long period of time and so uh the times

when ether price goes up is a time of festivities of like being able to enjoy in the spoils that we created during the bear market right the toil that we went through um anthony thank you so much for coming on and helping us understand the ether at 500 if people want to find out more about you and what you do and all the content that you put out because intrinsically whoever's listening to this is a content consumer uh where should they go yeah you can just follow me on twitter at uh sassel0x so that's s-a-s-s-a-l-0x uh and you'll find everything that i'm doing on there in my bio cool and i think you have some exciting cool announcements coming out next week so we will get you back on to talk about that when the time comes

yeah yeah looking forward to that cool all right thanks anthony awesome thanks mate if you want to live a bankless life you need to get a hardware wallet there is no alternative for storing your crypto in a self-sovereign fashion that's why i have four ledgers that i use to manage my different crypto assets using the ledger live account as well ledger live is like your home base for managing your ethereum defy and crypto accounts it does a really good job of aggregating all of your different ethereum wallets if you are the type of person that uses more than one but you can also add other cryptocurrencies like bitcoin or cosmos or whatever your preferred blockchain is and then it will display an aggregate

portfolio of all your accounts at the main page one thing that ledger is doing a really good job of is enabling all the money verbs that me and ryan talk about with the bankless skill cube enabled in the ledger live app so right now in the ledger live app you can buy sell lend swap and stake your crypto assets which is doing a really good job of fulfilling all of the money verbs in the bankless skill cube something that's new to ledger live is ledger swap where you can swap assets one for another directly inside the ledger live application ensuring trustlessness in your financial activity on ethereum and on bitcoin if you want to learn more about what you can do with a ledger go to the blog post the power of ledger live on the ledger website where they share some of the

more advanced things that you can do with your ledger that you might not have known about there's a link in the show notes that will take you to the ledger shop where you can get your preferred ledger hardware wallet i personally like the ledger nano x but i also have both they're both great options when you own a ledger you own your own assets in the way that they have been designed to be held by the user and the user alone so go get your ledger today to make sure that you are as self sovereign as possible the bankless state in the nations are brought to you by wiring wiring is defy's first self-building community run project which i just get really really excited about wiring is a system that seeks out yield in d5 and it does that

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