ETH ETF chat, Dencun readiness and more - The Daily Gwei Refuel #743 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where recap the latest news in E EOS system I'm your host d s today the 7th of March 2024 all right everyone let's get into it so apologies for yesterday's uh episode or a lack of episode or rug fuel if you will uh and just a forewarning there might be another rug fuel or an episode missed tomorrow being Friday but if I do miss tomorrow's episode I will make up for it by doing an episode on Saturday so there will only be one technically missed episode uh this week but yeah I mean I'm going to try and do it tomorrow it's actually preferable for me to do it tomorrow but it just depends on how uh kind of timelines line up there if not I'll do it on on Saturday but yeah apologies for for missing yesterday

there but anyway there's a bunch of stuff to get through here first off is more stuff around the eth ETF I know you guys are probably sick of hearing about this at this point and of course if you are there are time stamps on the videos you can skip ahead if you don't want to listen to me ramble on about it but I think it is critically important not just because obviously we want the E ETF to get approved but also because the sec's power within crypto or they hold over crypto or what little I guess hold they think they have the more that we diminish that the better it is for all of crypto it's not just about ethereum it's not just about eth as an asset it's about all of crypto because as we know the SEC is extremely hostile towards crypto now of course they can't really

do any damage to truly decentralized protocols uh in the sense that for example if they went after the unisoft labs team uh and like properly sued them and say hey you're running like an unregistered kind of security exchange like they've done with or unregistered trading venue of Securities like they've done with coinbase it wouldn't affect unisoft the protocol right because unisoft the protocol is actually decentralized but the point is is that the sec's power needs to be put in check now if Congress doesn't want to put it in check in in the US or or or or keep it in check the courts have to but the problem with that is that the courts are very very expensive grayscale and Ripple uh to win their cases spent a lot of money and this is money that a lot of smaller teams or pretty much all the smaller

teams do not have and it's not just the money aspect to it it's also the mental will load like if you're a startup right and you're trying to build your new fancy crypto project and then the SEC comes after you and says you either going to settle with us and you're going to pay a fine and then you're going to stop what you're doing or you're going to fight Us in court and it's going to cost you years worth of I guess like mental anguish it's going to cost you a lot of money and that's all time and money that you can't use on your project so what what path do you think these smaller teams are going to take and that obviously kills Innovation that kills uh uh you know a lot of money coming into the space because the US is still that

Center of money for for crypto uh at least for the foreseeable future so getting the eth ETF approved would go a very long way of weakening the sec's case against crypto assets generally and against labeling them as Securities and that's exactly what we want here but the reason why I'm bringing it up today is because Nate Geri here put out another tweet a couple of days ago I think uh where he basically said the SEC is seeking public comments on various spot e e ETF filings uh and it really comes down to this should approval of spot BTC ETFs equal an approval of spot e ET ETFs given the SEC allowed e Futures ETFs uh Nate thinks yes but clearly key differences between uh uh BTC and eth which uh the SEC is circling in on here

and there's a little paragraph here that you can read but basically the key differences are I think you know proof of work versus proof of stake right and also the fact that ethereum has a defined road map and has regular Network upgrades now I guess like when it comes to proof of work versus proof of stake there are a lot of differences between the two but I don't think that really matters for eth getting a uh ETF I don't really see how that would be relevant there uh when it comes to ethereum having a road map as opposed to something like Bitcoin I think yeah I mean that can be relevant if the answer is that ethereum is centralized around the people working on the road map which it obviously is not right there are 160 odd core devs and researchers but they're they're just the ones who

propose upgrades and build the upgrades they're not the ones who actually I mean there is overlap between them and people who run the full nodes of course A lot of them run full nodes but they are one voice among many within the ecosystem right there are many many different voices many many different stakeholders which make up ethereum and ethereum is truly decentralized because of that so I think that as I said the proof of work versus proof of stake distinction probably doesn't matter when it comes to the ETF stuff I don't see why why it would um and I know that there's obviously like all these reasons people can come up with but really anytime I see people kind of trying to come up with reasons why the E ETF shouldn't be approved it's that same old fud that we hear from Bitcoin Maxis all the time

like it's just such old fud that I can't believe people are still spouting but when it comes to the SEC they're they're not going to you know they're not going to kind of take you just giving them dot points of like why you think prer stake is bad or why you think ethereum is centralized you actually have to give detailed examples and evidence as to why you think these things because typically on Twitter what you'll see is basically dot points of people's takes on this and they'll say know ethereum is centralized because there is a small group of developers that make changes it's like okay that's a statement with literally no supporting evidence what's your supporting evidence to that statement like what actually makes it true and then people will continue and they'll say oh know vitalic in control and Joe Luben is in control and then it's like

okay how are they in control like what specifically tell us what they what they're in control of how they can actually exert control over the network and then from then it just gets lost in conspiracy theories because for one Joe Luben is not and has never been a core Dev he has funded core developers as part of consensus but he has never been a core Dev he has never really had any control over over ethereum really I mean I would I would argue that like even in the earliest days his saying things was very very minimal and he purposely did that I think as well in the early days and then when it comes to vitalic I mean obviously in the earlier days he had more influence do he than he does today but today he really is just another researcher in the sea of other

researchers not to discredit his work not to obviously make it sound like he doesn't do anything but the thing is is that if italic was to come out with an EIP and said hey I want to change the network to do such and such he has to go through the entire ethereum governance process the entire AIP process has to get it through that has to get it included in an upgrade and then it has to convince everyone to actually know want this thing for such and such reason and one of the aips that vitalic was a co-author on was EIP 1559 and obviously that is one of the most popular eips or the most popular EIP in ethereum's history it you know burns the eth brought a lot of uh kind of nice upgrades to the ethereum fee uh fee Network or fee mechanism I should say

but that still took 2 and a half years to get into the network and you could even go back further to when vitalik first proposed this this uh change which I believe was as early as 2017 and it went live 2021 right August 2021 so when you look at it like that you know 3 four years worth of research and development to get something in that vitalic wanted to get in so there is literally no uh I guess like evidence to support these arguments and if you want to put these arguments forward and you want the secc to actually rule based on these arguments there has to be evidence right uh because there can't just be statements like it's it's like these um these people have never actually uh you know uh looked at a court case for example like you can't just walk into a

court case and be like that person murdered that person and then the judge be like oh well you're right that makes total sense you know guilty going to jail for 20 years that's not how it works like you can't just make a statement and then expect that statement to be true and people to believe it to be true um you know that is more reserved for things like Cults and I guess like to an extent the Bitcoin Maxis and the laser eyes are a cult right and that's why you know they repeat it and they kind of believe it without any for supporting evidence here so that's that's a big part of it and that's what the SEC is going to go back and forth with but I guess like my kind of take on this is that I already think that the EFS are getting approved like

it's already a lock this is all just a formality this is all just back and forth in my mind there are no material differences between BTC and eth when it comes to the ETFs they already approved eth Futures ETFs so and know obviously gray scale won their court case uh forcing the SEC to basically approve the BTC ETFs because they already approved the Futures ones and the funny thing is is that the Futures ETFs Fae weren't approved like a long time ago they were approved very recently it was in October I think it was October 1st or something like that uh very early October where those were approved and you'll remember gray scale won their case against the SEC in October as well so it's not like these things were approved years ago when the SEC had a different kind of take on on crypto no it was very recent

so it kind of begs the question of like okay why did they approve those things if that actually uh makes it basically impossible for them to deny a spot ETF and I think it's maybe because of two reasons one they actually don't want uh never plan to deny the spot ETFs or two which is maybe the more likely thing is that they actually expected to win against grayscale in their in their case here and they didn't expect the the judge to to to pass on that kind of um that that judgment uh and basically give grayscale the win so yeah there's that aspect to it but then there's also the other aspect to it about how the SEC and the cftc have been fighting over jurisdiction uh when it comes to crypto assets specifically Ethan BTC you know the CFC believes that eth and BTC are

Commodities the SEC believes that eth is a security right or has traditionally believed that it's a security if you pay attention to their language they haven't actually called ether Security in a long time or or or set of security in a long time and they also didn't include eth in any of their lawsuits against coin based binance and Kraken labeling other assets as Securities right um and then uh It came it came out today the cftc chair said that e and BTC are Commodities but things will get tricky if the SEC says otherwise and it actually would because it would mean if the wanted to go off to eth and say it was a security essentially what they would be doing is admitting that they approved Futures contracts for an unregistered security right because they approved the the Futures ETF for an unregistered secur so

there would be admitting that they up there then then there would also be admitting that let the CME Futures market for eth run for many for years now I think it's over two years at least now right and let that run um and and and then what would happen is that they'd open themselves up to a massive lawsuit from many different players on this the judge would look at the law would look at the the you know what's happened in the past look at the precedent here and basically more than likely rule in in favor of these um of the of the companies bringing the lawsuits against the SEC and the SEC would once again have egg on their face would once again lose big and the headlines will not be good and I've said this before but this is a critical election year for Democrats and Gary GLE

is a Democrat app Point e obviously so like they they they can't afford to be getting bad headlines here I know some people disagree with this and some people think that people don't care enough about crypto to be a single issue voter on crypto I think there is a lot of people out there especially when the Market's going up guys so in saying that I put out another tweet today where I said the path of least resistance for the SEC is just to approve these e ETFs if they deny them it's going to cause a world of hurt for them if they approve them right there's no world of hurt for them really I mean maybe for for gendler maybe Elizabeth waren doesn't like that gendler approves them I don't know like I I don't know when it comes to that stuff the back room stuff that they do

who knows what happens there but for the secs as an organization it is much more in their interest to approve these things especially during a bull market because they get all the Goodwill they don't have to have any headaches and don't have to deal with any lawsuits uh and they just cement the fact that BTC and eth are the Commodities and then they can probably even use that to go after other assets they can basically say okay well we'll leave BTC in e as Commodities because that makes sense for such and such reasons but they're still going to go after other other things for being Securities right maybe they think that it could help them I said before that I don't think that would help them think that's actually going to um weaken their case but maybe they use that in a roundabout way we we all know the ACC

has not been uh very logical over the past year or so especially there but anyway that's enough on the ETF stuff I just figured I'd give a bit more of my thoughts around that because like people are still doubting it I understand why people are doubting it uh doubting the EF is getting approved by May 23rd I get it and look there's not 100% lock right I said that I think they're going to get impr approved I'm staking my reputation based on that obviously I'm ultra long on eth so I'm betting on that and roundabout way as well but it doesn't mean that I'm right I could be completely wrong they could deny it just to do it and they could just deal with all the headaches they won't care about that because there are smart people saying that the chances of the EF getting approved are are quite small

here I'm not talking about people who call eat small potatoes I'm talking about people like Jake chinsky who's a lawyer within the crypto space who's been around for a long time I respect his opinion on things but at the same time all of us are just guessing right and I'm trying to make an informed guess based on what I have seen and what I think is the path of least resistance here but I could be completely wrong on this so please do not trade based on this stuff I know people are going to trade based on this stuff and if you are really you're just playing the speculative game which is basically what all of trading and investing really boils down to but I'm not here saying that you know it's 100% getting approved believe me you know there's no way it's getting denied you should live long on

eth no I'm not saying for for you guys to do that and really I don't think E's value relies on an ETF getting approved it's just like one value driver out of out of out of many um but I do firmly still believe and I've seen no reason reason to not believe that these are going to get approved by May 23rd and just like what happened with the BTC ones I kind of feel like they're going to wait the is going to wait until May 23rd to approve them they're not going to do it any sooner just to be that little bit spiteful there which is kind of shitty but as long as they get approved that's all that matters in the end there right moving on so denune is around the corner it's coming next week on the 13th of March so very very close

now just a friendly reminder that I'll be doing a live stream with the eth Staker and eth Cat herders crew you can go to eth staker's Twitter page to find a link to that I'll be on there with a bunch of great folks I think it's going to be H starting at midnight Australian Eastern Standard Time I don't know what time that is for everyone else I think that's like early morning us uh depending on your Coast that you're on and then in Europe it's like midday or something like that but I'm sure you guys will see the the timing there uh but yeah I'm looking forward to it obviously always event whenever ethereum has a network upgrade but the reason I'm bringing it up today was because that there is a node Readiness Checker that Tim Boo has shared or at least two different check us here at

ethernet.pdf as well if you are running a full ethereum node whether you've got re um validators attached to it or not doesn't matter you need to upgrade to denune you need to upgrade your client I think all of the client releases are out at this point so you can go find those at their respective GitHub repositories if you're running something like a Dap node their packages should be updated by now Rocka pool I think is updated or will be updated soon I I I I remember seeing something about that uh and also

critical to remember you need to upgrade me boost as well do not forget to upgrade your me boost if you are using it which 95% of the network are because as I said if you don't upgrade and then you have a block proposal you're going to miss that block proposal because it will not be on the correct Network or will not be the correct version of the software there so yeah you need to update your execution layer client consensus layer client validator client which comes with the consensus layer uh client anyway um and meev boost please make sure to update all of those and if you want to track how it's all going you can track it on uh these these respective websites here now I think uh Tim Biko posted some screenshot screenshots here as of uh two days ago um a lot of the network was uh was

already supporting you can see here how it's kind of climbed up over time uh on on the execution layer and the consensus layer side of things but usually we see these um percentages creep up over over time and as we get closer and closer people sometimes look at it and like oh we're only at 50% with a week left that doesn't really matter guys upgrading these things doesn't take very long uh especially like solo valid in stake is it's very very easy there are many many guides out there on how to upgrade rocker pool is even easier honestly uh and then the big operations have their own kind of I guess like devops pipeline that they have to follow to upgrade but I mean they've all got it like uh you know down down pad at this point I mean they have to they have to do it as

efficiently as possible but yeah I wouldn't worry about any of that but um yeah denune is almost here guys blobs are coming uh I think there's been a lot of discussion around blob fee pricing as well I mean I discussed the that this week as well and I've I mean I think I've discussed it for months but I really showed it this week with regards to that new website that was posted by the optimism team there covering blobs and covering what the cost would be like I do want to just reiterate something here that any cost estimations that you see are just that their estimations or even best guess estimations we will not know until denune goes live and has been live for maybe a couple of months what the kind of steady state fees are going to be on these l2s and all of the l2s

are different in how they handle fees some of them have heavier execution costs some of them have heavy data costs if if they have heavier data costs they're probably going to benefit more from 4844 than the ones that have heavy execution costs because of the fact that obviously blobs are for data right they're not for execution so there are going to be different kind of cost reductions here across the board so please do keep in mind that any estimations you see are just that they estimations don't take them as gospel don't look at them and be like oh my God you know the fees are going to get reduced by 50x or something like that it's a case-by casee basis depending on the L2 and I should say depending on the L2 framework because the logically all of the op stack chains should look similar to each other all of the

arbitrum orbit chains you know should look similar to each other all of the um the uh the the AP polyon cdk chains should look similar right all that kind of stuff there but at the same time it is a case by case basis on on that front now in terms of like what I'm expecting to see I don't really know honestly like I think that over time blobs got changed I I think I remember originally the original spec for blobs the blobs were bigger in size and there were War blobs I think and but then eventually the cevs decided that hey okay let's start small and scale it up from there so that we don't obviously have any network stability issues um so I think originally I said that there was up to 100x decrease of of fees and that was a long time ago now but that was when

denum was speced that way I think today especially with I guess like um the fact we have a lot more l2s now so there's going to be a lot more demand for blobs I think that we could expect across the board on average a 5 to 10x uh decrease here now that's a substantial decrease mind you like five 5 to 10x I mean let's just do a 10x thing if you're paying 10 cents today which I mean I think it's higher than that but just for the sake of math if you're paying 10 cents today you should logically be paying 1 cent tomorrow right so that is substantial reduction in of itself there uh but as I've said before 4844 blobs are not static they can be changed over time they they require a hard Fork to change but they can be increased in size and

they can also be uh there can also be more blobs added and that's going to happen over time like and it's a very very easy thing to do so 4844 is ground is the ground workor that's why it's called Proto sharding right it's the groundw work being laid to get us to full dank Shing which is going to happen hopefully over the next couple of years but you we'll have to keep an eye on that that road map still pretty uh I wouldn't say in flux but like there's a lot of work to be done on that front uh there all right speaking of execution layer clients gu or go ethereum CPU usage has been cut almost in half so you can see here that both Peter and mariio who work on gu have tweeted about this so if you are running gu which I think a

lot of you probably still are I know there's been a push to get people off gu recently obviously because of the client diversity stuff but gu is an amazing client guys is very performant very reliable um and just gets better and better over time so and as I said before as a solo Staker you using gu is not that big of a deal I think that if you want to do your part for client diversity you definitely can in terms of like running minority clients and maybe you have better experience with other clients but when it comes to client diversity it really comes down to the biggest players uh in terms of moving the needle right like coinbase and Lio and and and binance and and and Kraken and all those you know those other big players there but really I mean Li and queen rates are the biggest players here

so that they make up like 50% of the network or something like that so when you kind of look it up like that then you you you kind of see that okay well even if the solo St is are what like 5 to 7% I think the last estimations were you do make a difference but at the same time it's not a big deal if you run run gu especially if you're having a good experience with it you have no reason to change then stay with it like you shouldn't be forced to to switch off here but it's just great to see that there's some substantial improvements being made to get which is the oldest ethereum client by far I mean it's been around since day one it's like been around since 2015 C me 2015 when ethereum launched even earlier than that if you count the test Nets right so the

fact that they're still able to improve it this much by cutting CPU usage in half uh is a crazy achievement so kudos to the GU team for doing this and if you're running gu you can now upgrade to I think an unstable and stable version of this which uh uh so the unstable version which is not like the full release yet uh has this has this kind of change here but you can upgrade to that if you want I mean I probably wouldn't suggest it for an in production environment you know because there might be bugs and things like that but yeah anyway you can go check this out I'll link it in the YouTube description below for you to do so all right so Terren has a new post on L1 censorship and inclusion lists he says here in this post I outline why I

believe addressing censorship in relays and Builders is more pressing and a natural solution is to give validators some degree of freedom to include their own transactions I.E an inclusion list so yeah I'll link this in the YouTube description below for you to check out but inclusion lists as you guys know are definitely something that a lot of the core devs and researchers want to get into the upgrade so they want this EIP to go uh crit to be included as part of Petra which should ship probably in q1 next year at this rate and this rate here um and I'm definitely in favor of this as well as long as the design is sound as long as it actually will achieve some of what we wanted to achieve and what we wanted to achieve really is to minimize censorship on the ethereum network because as we know

there are three different ways that censorship can happen on the ethereum network today in terms of like inclusion level censorship I'm not talking about attestation level censorship we haven't seen that at all in doubt will see that because of the fact that doing attestation level censorship is basically uh you know hurting yourself for for nothing you're just basically fing Off the Chain by doing that but inclusion level kind of censorship censorship has been happening since the ofac sanctions happened right that's that's like two years ago now uh not two years ago it happened um August 8th 2022 I believe yes it was before the merge um so but then you have these three parties you have validators you have relays and you have Builders so right now Builders are the most censoring bunch where you have 62% of builders that are currently

censoring which I believe is four out of five of them uh and there's one Builder not censoring there's five builders that make up the majority of the blocks relays is about half sensoring half non- censoring and validators there's 91% that are non- sensoring and 9% sensoring here so as you can see the picture is much better for validator than it is for the other two groups relays are being handled as part of um PBS or epbs that does not mean that the relays are going to be sensorship resistant by default uh PBS just enshrines the relays into the protocol or epbs uh and Builders we've already kind of accepted as an ecosystem that Builders are always going to be centralized so in that world where we accepted the builders are always going to be centralized because of the centralizing forces of block building just just to begin with then we need to

give powers back to the validator to ensure censorship resistance which is exactly what inclusion lists aims to do and that's why it's critical that we get into the network because censorship could could possibly get worse over time because there could be more things that get sanctioned and and and the longer we let it a stew like this and long we let a Fester uh it becomes a true Scourge on the network and that's why that part of the road map that addresses censorship um is called The Scourge because it really is a Scourge and don't and keep in mind this does not just apply to ethereum this applies to pretty much any blockchain out there it's just that we've seen it on ethereum in at Large Scale because ethereum has a robust kind of um uh M Boost network which basically outsources block building to these

centralized block producers and then passes it on to validators but also ethereum is the only Network that I know of that has smart contracts that have been sanctioned I think there's been a few Bitcoin addresses that have been sanctioned but no actual smart contracts so uh this applies to every Network regard regardless like if for example tornado cash want to be deployed on another smart contract chain today and then ofac wants to sanction that uh the same thing would happen right so ethereum is tackling this headon with things like inclusion list but there are other ways of tackling this as well there lots of research going into this uh but as I said this is all part of the scourge road map item all right last up before I finish up today's episode I put a tweet out that I think is worth talking about

because I know a lot of you guys are probably in this position so I put out this tweet and I said you as a longtime Crypt native just experienced a bare crab market where everything was PVP or player versus player for a while so you naturally have fear or are scared when things are going up so rapidly I want to expand on that first paragraph so the reason why you have this fear is because for the last I don't know since maybe uh okay I think it was since the beginning of 2022 uh and to maybe like mid 2023 at least and maybe even later than that maybe like to towards the end of 2023 what ended up happening is that anything that would go up like if BTC and E would go up they get sold back down straight away right any other kind of coin that

you tried to bet on would just like not do anything it would not perform at all it would just be flat and crab so and then obviously it was very PVP where everyone knew the game everyone was kind of like um fighting each other uh that that had been around for a while you know it was just Crypt native on Crypt native kind of like uh a gang war going on if you will right uh and now because we've been in this uh I guess like probably since late Q3 Q4 and into q1 we've been in this kind of up only environment where it is a a a a a raging bull market now we're in the midst of it right now um you have this fear you're like oh are we going to sell down again am I going to get rugged again like

what's going to happen here and that's totally natural guys like I had this fear as well in um in 2020 when def5 sumon was first happening I was just like this is all happening so fast like you know because we had just gone through 2018 2019 and the co dump like last bare Market before this one the one before was much worse than this one guys like you got off easy with this bare Market let me tell you but anyway that's a good thing by the way it's means the the crypto is maturing but regardless of that um you know I had that same feeling back then and I was just like oh my God like this is this is actually happening holy like the bull Market's actually back because you keep during the bare Market you keep telling yourself you're like oh the bull

Market's going to come back you know I know how this works it works in cycles and you you believe it but then there's always that doubt in your mind you're like what if it doesn't come back what if it doesn't happen like that what if I am making theong choice of putting my money here you have that doubt right and I totally understand that so when things do start going well you still have that doubt because you've trained yourself into that and you still have that fear because you've trained yourself into that but and this comes to my next paragraph I said new entrance do not have this fear they only have hope greed and fomo they hear stories of people making it big on Meme coins and want in on the action so these new entrance all these normies that we you know we call

them all these noobs that are coming in they didn't experience this bare Market guys at all like if they by definition if their their new entrance coming in they did not experience that so for them all they're experiencing for the foreseeable future is going to be an up only Market basically right and I'll get i'll get to why this is not going to uh not not a good thing in the long run for these people but you know this is why they keep plowing money in this is why fomo gets created this is why more and more new people come in because they see their friend making money they see their people online they follow making money they see them Shilling it they see them talking about these meme coins they see them talking about they mainstream media talking about to see an eth going into

alltime highs so they start getting the creating fomo and they don't have that overhang fear from the bear and crab market they don't have that at all honestly like zero of that because they didn't experience it whereas you have that but what's good about this is that you can harness this and this is what this bring me to my final par paragraph where I said remove the fear from your mind right the fear will only paralyze you embrace the bull market to maximize your chances of success so remove that fear like that that fear is not going to do you any good it's going to paralyze you but at the same time remove it but remember it right so don't let it paralyze you but keep it in mind because there is going to be another bare Market guys I know everyone's talking about up

only supercycle whatever you want to call it there is going to be another bare Market 100% like I can guarantee you there's going to be another bare Market there is no way that there isn't that is not how markets work but you need to harness this fear uh after you know removing it from your mind to stop it from paralyzing you but then like harness the fear harness uh that kind of experience that you have to maximize your chances of success because I ended the Tweet by saying this you waited years for this don't it up like do not it up you waited years you stacked when you should have stacked right you've got a good healthy portfolio you didn't over leverage you didn't blow yourself up you sat through it you believed in the tech you know you believed in what the asset you bought

now the time has come or will come soon enough for you to start taking profits and I spoke at length about this with Eric on the podcast that we did you can go uh watch that if you haven't yet to get more of my takes on this but now is the time well I mean the time really probably was 6 months ago to start start planning your exit or or kind of I guess like uh coming to terms with when you're going to exit but really you need to keep that top of Mind enjoy the bull market you know don't get me wrong but at the same time it's up only until it isn't it's a bull market until it isn't you're never going to time the top right but if you kind of have your uh targets you want to sell out you DCA out or

maybe you have things you want to sell for and you know exactly what you're what you're kind of like selling for you know where you're taking profits that's the way to to go about it but as I said go watch that episode I did with Eric for more on that uh but yeah guys this was something that I had to keep in mind in 2021 a lot and I had other people mentoring me and guiding me on this I didn't just come up with it on my own like no one does and that's why I'm trying to pass this on to you guys I'm trying to impart this wisdom on to you guys because I've been through what you're going through right now I know what it feels like uh but you can't let that paralyze you because if you let it paralyze you you don't you you you you

default it in action and then you miss selling again and if you do not take profits this bull market and then you have to wait for another bull market to come around you are going to absolutely hate it I'm telling you right now it's going to be the worst feeling you ever felt like it's I did that in 2017 where essentially I didn't take any profits and look I didn't feel like totally about it but the thing is is that I was really in it for the tech in 2018 2019 I was I I made the the whole thing the the crypto system my life I made ethereum my life and I was enjoying it because of that but at the same time my portfolio was basically flat guys for a long time and it went down a lot like I peaked it's a pretty

high uh amount of money in 2017 I didn't take anything off the table and it felt like honestly but what kept me going that I had a great kind of a group of people that I uh that I talk to a lot um you know Eric being one of those those people and uh they kept me grounded right they kept me grounded they kept me on Mission uh and we all kind of helped each other with that and that's what I'm trying to do here I'm trying to kind of help you guys with it trying to keep the spirits High I know this your spirits are probably high right now because it's a bull market right I think I did my hard work of keeping your spirits high in the bear and crab market but the bull market you don't want your spirits getting that too

high or so high that you start being blinded by the bull market and you don't take profits because I know a lot of you you're really counting on crypto to help you substantially in your life and why not why shouldn't you that should be something that you're count that you're counting on like not as a guarantee but hey you know it keeps you focused you know what you want and if you want if if what you want is a house or a deposit on a house or a way to pay off your you know an existing mortgage or maybe you want a new car maybe you want to help your parents out help your friends and family out whatever it is whatever you want you're not going to get any of that if you don't sell now I know I'm say you know me saying sell is maybe saced

because of how bullish I am on eth and crypto generally but you can be bullish on crypto and still take profits because as we all know it all works in pretty violent cycles and you can take advantage of these Cycles if you want to if you know how to play the game uh but that's like kind of my whole overall point there but anyway enough of me ranting about that hopefully that helps you guys uh as we move into you know the the next phase of this this bull market here as BTC you know hit alltime High ether's almost going almost there basically heading to the 4000s um but yeah I think on that note that's going to be it for today so thank 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