Optimism bridge, Immutable & Mintable team-up & more - The Daily Gwei Refuel #74 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 10th of march 2021 all right everyone let's get into it so i went on my good friend greg's uh channel today on youtube called dap university and we recorded about an hour long video uh obviously i've had a theory i'm talking about you know layer two nfts you know the bull case for ether as an asset all that sort of stuff so you know after you're done watching this video i highly recommend going and checking that out in the youtube description below i mean i always love talking uh you know about aetherium but i in particular i love talking about just the narratives right and and like the late the the stuff that's happening you know in the future like

layer two and you know eighth as an asset as well was really exciting i think uh you know a lot of people still don't understand um what makes it valuable right and it's monetary policy you know why people are really bullish on it i'm actually i think i'm actually going to do a video like a stand alone video on that soon kind of like the bullish case for you know ethan ethereum as a network as well because there's still a lot of misunderstanding out there right i mean i don't know about you guys but whenever i try to explain kind of like crypto to a new person you know they immediately get like i guess you know bitcoin and like how it's like got a cap supply and it halves every four years you know that's very simple to explain but each monetary policy is is much um i guess denser than that

and in my opinion better but it is definitely denser and it takes a longer time to explain it but i'm not going to explain it now because it's in that video towards the end of it if you want to skip ahead to the end but i highly recommend watching the whole thing it was a great interview um and i mean it was kind of like a live stream that we did it wasn't really an interview it's just us chatting uh greg's really smart he's um he teaches kind of like blockchain development specifically on ethereum so if that's what you're interested in as well definitely go check out his channel and that'll be linked in the description of course so i think the biggest news of the day was this news out of maker dao and sam macpherson here posted it on twitter uh so a little bit

of background here before i get into what the news was so you know i've spoken about layer two solutions a lot and in particular i've spoken about optimism's optimistic kind of ethereum network right and one of the drawbacks of of this solution was that kind of one week withdrawal delay right you've probably heard about this on twitter before you know i i i probably mentioned it before as well where you know it it basically you know you have to wait up to a week to withdraw your funds from the optimistic layer 2 back to ethereum layer 1. and people are saying oh well this is like a you know such a massive problem it's going to kill optimistic roll-ups you know it's not going to work because of this um but you know i've said before on the refill that i think that it it's not like a show stop or anything

like that and because there's multiple ways to kind of get around this and sam mcpherson from you know make a dow here uh basically uh posted this uh this tweet thread with a link to kind of like the proposal down the bottom here which they've dubbed the optimism die bridge which aims to solve the one-week withdrawal problem for optimistic roll-ups and he explains how it works in this thread but basically this image kind of gives you an idea about how it works as well i'm kind of like there's a there's basically a bridge from these l2s to l1 and you can see like uni swaps there as well and i you know i i i obviously think that you know maker is going to be deployed um to to optimism at this stage right so that's another project that's probably going to be on optimism here

but basically um he explains how it works here they basically uh take the the maker protocol basically takes advantage of um i guess what is it here the result of the computation up here of the layer two kind of solution here with an off chain proof i mean i'm getting pretty technical here so i kind of like didn't want to dive too deeply into the technicals but basically what they can do is they can um take advantage of of the way this kind of technology works and offer a new token or not a new token but like a token called die which represents a claim on the layer one die through a vault which allows locking up f die in exchange for newly minted regular dye and then f dye is then validated by a make oracle which you can verify against the ctc

which is this kind of computation proof up here that i was talking about and there's a nice little image here that kind of explains how it works i think my camera is kind of blocking it off if i if i zoom in there but basically this solves that one week withdrawal period problem and it doesn't come without its own trade-offs don't get me wrong it is not something that's like fully you know trustless and decentralized um and you know there's still an oracle there which means that if the oracle for some reason is compromised then you know this probably wouldn't work or this could be you know potentially compromised but this was the biggest news to come out of today and patrick mccory actually does like a really good job here of breaking down the trade-offs um there's there's some news from arbitram that i'll go over

soon as well actually i'll drag this over here uh but basically patrick breaks down that with optimism's kind of f die solution where they're going from l2 to l1 uh basically the he says the former which is the optimism solution requires a new validator set who checks the layer 2 logic to verify that everything is okay before minting the coins downside is that it's not an atomic operation and there's no guarantee that you you'll receive your coins uh and obviously the upside is that the i mean he says here the quantity to withdraw is limitless yes but also you get to you know fast withdraw basically um and then basically he he compared it to arbitrary solution which i'll go over soon and i'll come back to his comparison there but you know i don't think the

trade-offs are too bad here i think you know for getting instant kind of liquidity uh and kind of like an instant withdrawal here or at least a fast withdrawal from optimism where before it was gonna take a week like that's that's really awesome right so i think that solves like a big problem i also think uh that uh i've said it before but i do think that this problem is probably more pronounced than than i think it will be because once everyone's on layer two there's gonna be bridges between the different layer twos and things like that um you know and i think there's gonna be ways around this but you know i don't think people are going to kind of get out of layer 2.

i think people are going to live in layer 2 at the end of the day and there are already people doing that you know a lot of people are living in in loop ring and other solutions that are available because that gives them what they need um but when we have all the apps on there you just won't want to go back to layer one because you know the fees are going to be high right like why would you pay a 50 fee on layer one when you can do it for free on layer two um and i guess the reason would be that layer one would still have a lot of the smaller apps i guess that haven't migrated across or maybe there's new there's opportunities on layer one still and and stuff like that or maybe there's some things like flash loans that you

want to do on layer one that haven't been built on layer two yet but most users you know are gonna be on layer two like i don't imagine users who just basically do basic things like go and do a uni swap trade right you know put their and put their ether as you know up as collateral or kind of yield farm i fee i feel like those apps are all going to be on layer 2 very quickly and then it won't really you know most users won't really ever need to leave layer 2 um until they maybe need to off off kind of like um off-ramp to an exchange and i actually think the coinbase is going to support optimism i've said it before i think they're going to support optimism withdrawals and deposits uh at some point you know if they do it like this month that would be absolutely

crazy right because optimism is still coming this month if they enabled that at the same time that would be like a complete game changer because all the users the new users coming into the ecosystem can choose from you know to go from coinbase to to the ethereum main chain or to optimism which would be really really positive as well and because i believe that a lot of new users now in the ethereum system their first experience is just high fees right uh which is sad because we have such an awesome system that we've built and it's just being hampered by these high fees so if we can give them a nice first kind of um uh first kind of impression i guess of ethereum then uh that's much better so i think that's what that's what optimism will do but yeah really awesome to see this from

from from the make it down community here and you know lucas had a really great kind of reply to sam here where he said ethereum is a giant productive interconnected permissionless lego if one team hits a wall he says one team hits a wall you know with a question mark other other teams bring a ladder while the third one is already building a tunnel never ending innovation collaboration you can't copy or replicate such a community i mean this is just like i mean i wrote about this in the delegate newsletter but i wanted to summarize it here this is the bet on on ethereum this is a large part of the ethereum bull case and why ethereum means so much to so many people like as i was just saying this withdrawal delay was a problem that a lot of people were talking about and i just knew people were working on

solutions for this already like i just knew it i mean you know it's not just the make it out community i'm sure there's many other solutions like um connext is also working on stuff there right hot protocol for bridging and stuff like that i'm sure there's plenty of people working on this and that's just not something you get in other communities right in the if you're in community you have such a vast kind of like uh i guess field to play in and you have such a vast talent pool to kind of pull from and that's what happens right um which is just amazing i mean i love his analogy here that you know if a team hits a wall one team will bring a ladder while the other team is already building a tunnel because there's multiple ways to tackle these problems because you know this this kind of make

a dow um i guess like die bridge from optimism to to main mainnet is going to be different to a solution that someone else comes up with and that's going to be different to another solution so we have multiple solutions for the same problem which um you know come with their own trade-offs and things like that but which are really really uh uh bullish right for the for the you know the whole ecosystem and i constantly think about the way kind of like i guess bitcoin approach scaling where they put all their eggs in one basket and that being the lightning network because to me the landing network is a failure i don't know if it's going to be successful in the future i have my doubts i mean up until this point it hasn't really done much um and i just think that it just

for a number of reasons it has kind of been a failure up until this point um but a big reason is definitely that you know they've put all the eggs in one basket because like the lighting network very clearly you know from my point of view doesn't work as well as it as a shorter it could doesn't work as advertised i know they're still working on it but the the fact that they've gotten like next to kind of like near near zero adoption while ethereum has like exploded in use kind of like just signals to me that you know people don't really want to use lightning network uh especially when they're bringing their btc over to ethereum um you know in droves and it kind of like outnumbers the btc enlightened network by time but i don't want to bash the lightning network but it speaks to

the point that you know in ethereum we wouldn't just go all in on one solution right one scaling solution um we didn't just go all in on sharding for example we didn't say okay we don't need layer two because sharding's coming in eth2 and then in the end what ended up happening was that charting ended up being a much more complex thing to implement right um you know at least uh data sharing is fine but like um execution sharding um is very very difficult to implement right in a in the way that we want to so we have like layer two um as well right we don't have just one solution we have multiple and that kind of like uh gets away that that execution risk as well and that kind of like delivery risk there so very very bullish um you know comment i

guess like from from lucas here and i wrote more about it in the newsletter you can go check that out if you want to um but speaking of layer 2 as well arbitram released their their fast cross chain each transfers so you can get your eighth from l2 to l1 with without waiting for the dispute period using k'nex network now i said that patrick wrote about this here so basically uh the the way that um uh avatrim is doing it is they're using an atomic swap with uh intermediary so it's basically all or nothing the upside is that there's no new trusted kind of party here and close to instant withdrawals uh the downside is that uh the the needle work to reduce impact of free american call option plus a limit on throughput withdrawal size i don't exactly know what that means

he's using some terms that i haven't seen before but i guess the second part means that there's a limit on kind of like the throughput of these instant withdrawals and how much can be withdrawn at once again both of these solutions work they just have their own trade-offs here and you know i think it's really great i mean arbitrary is also a optimistic roll-up solution as well so you know they also suffer from that seven-day withdrawal period but they're tackling it through a different way here using connext um and you can actually try this right now at bridge.arbitrom.io and i'll link it in the description for you to try out but yeah two solutions to the same problem and we'll see which one is the best one which one people want to use i mean they have their own trade-offs maybe there's no best one maybe there's just

like what's kind of like best for the situation because there's different situations where withdrawals happen but as i said before as i was talking about before i don't think that we're gonna have a world where everyone's gonna just be withdrawing to layer one or wanting to withdraw to layer one they're just going to be in with layer two and then when they want to cash out to fiat for taxes or whatever other reason they will just go to the exchange right from the late the layer two they're not gonna need to go to to layer one to do that so very very bullish stuff going on here um very exciting times for layer two so stanley from ave had an interesting tweet today where he said that a hundred billion dollar coinbase valuation demonstrates how undervalued d fight is as an ecosystem i've been saying this for a long time on the

refuel right about how i think that the market is severely underpricing d5 still and that's not investment advice but when you look at the amount of traction d5 has uh just with layer one right and layer one is is limited whether it's the high fees right there's the the the low scalability what do you think's gonna happen when we have layer two what do you think is gonna happen when we basically unshackle ethereum essentially like we we take off the chains that it has on its ankles and we say you know go you're free run for it like i know what's going to happen d5 is going to go like 10 100 x from here 1 000 x from here um and you know the fact that coinbase an exchange that does similar volumes to uniswap right has a hundred billion dollar valuation

which mind you is worth more than all of d5 combined um by a lot um what do you think is going to happen right i know what's going to happen all the d5 tokens are going to are going to re-rate up for the projects that are succeeding i think so many of them are still undervalued and again not investment advice but if you look at the metrics you look at the daily volumes you look at the total value locked you look at the growth right the month or month growth of these protocols is absolutely insane you don't see this in the traditional world like in the traditional startup world if you had 100 month or month growth across like all your metrics right it'd be like you know people will be saying to you that you're lying right you're faking them but we can actually see that people aren't

faking these metrics because it's all on chain so that's just even more exciting is that no one can doubt this stuff like you can say you know people maybe it's being faked or whatever right but you can do investigations and see if that's the issue and see if that's what's happening and with ethereum it's very hard to fake it because of the high fees right um you know i know i've said that you know something like bsc had fake volume and stuff like that and i believe that they did because it's just cheap to do that and you know um it's a centralized kind of arena there not to say that you can't fake volume and stuff on ethereum but it's it's very expensive to do so right if you wanted to fake volume you'd have to spend like thousands and tens of thousands potentially millions of dollars to fake

that amount of volume and for what right what are you trying to affect the volume for right maybe to pump the token a little bit and if the pump doesn't work you've wasted all your money right um so from that point of view yeah it's it's much harder to do but in general if we just take that you know most of the volume is real right and real activity from real users which i think it is like almost all of it probably is uh then yeah everything is kind of undervalued right now and i think once coinbase goes live is actually trading in the proper kind of markets because it's just trading on secondary markets right now but when it trades on the on the primary markets people are going to eat up this narrative more so than they are now they're gonna realize that okay if

coinbase can be worth this then these protocols that are doing similar volumes uh that have much more potential for growth mind you can do this because if you think unit swap is just gonna stop at the volume that they have now i mean i got a bridge to sell you seriously they're not going to stop as soon as the uni swap goes to layer 2 their volumes are going to absolutely explode and v3 still hasn't come out right so i know unisop is very it has a very rich valuation now and i actually think that maybe it's getting to a point where it's like pretty hot right or it's pretty much already there but you know there's not just uni stuff there's other decentralized exchanges that are growing rapidly as well there's other d5 apps that are growing rapidly they're still kind of like not worth

near as much as coinbase is worth so if you take all that into account you can very quickly come to the realization that yes uh d fires an ecosystem is extremely undervalued and that's not going to last forever so again i know i've said it or twice already but not investment advice please do your own kind of research but it's hard for me not to get excited about this and hard for me not to say that's not undervalued based on the research i've done and the metrics that i've looked at um and you know i've gone through a little bit of these metrics before uh you can go to like token terminals website you can just google it and kind of see the metrics on there and see what's undervalued versus overvalued and stuff like that because some of this stuff is overvalued don't get me wrong

but yeah it's it's just cool to kind of like see stanis say this i mean stan is the founder of ave right so i mean i i trust his opinion on this sort of stuff and i'm glad that he kind of feels the same way as i have for a little while so mintable uh the app that lets you create nfts have have announced today that are actually going to be uh partnering up with immutable x which is a layer 2 nft scaling solution going live soon uh to deliver you know basically zero gas nft minting and trading which is awesome like i've seen some nft apps go to other chains uh because of the fees and i just kind of think that's very short-sighted and i think that they are basically shooting themselves in the foot because these other chains don't have users so why are you moving to

another chain we have layer two so i'm very glad to see mintable going the layer two route here and not just any layer two immutable x is you know using starkware's technology which powers uh dydx and it also powers diversify so these aren't this isn't just like a small little kind of shop that's doing layer two they're a big deal and they've got some really great technology i mean everyone that i've ever spoken to about starkware rants and raves about how awesome the team is how great the tech is how bleeding edge it is so this is like proper you know layer two tech this isn't just um anything so i'm really glad to see immutable x getting all these partnerships lately with these projects because and they have like a very aligned kind of ethos as well i wouldn't call them like eth

maximalists but you know i've spoken to some of the the team members and you know just the way they put themselves out there on twitter like i know and you could you kind of heard robbie on um the one of the co-founders of immutable on the bankless podcast if you listen to that one where you basically said you know ethereum is it right it's it's super secure ether's an asset is is amazing right um why not use that kind of layer with layer 2. so it's really great to see apps embracing this and sticking with ethereum right um i i you know obviously i'm very happy about that and as much as i do believe that it's probably going to be like a multi-chain world eventually i do think that most of the activity is still going to remain on ethereum and the layer 2 technology is built on

top so yeah awesome to see this from from mintable so coinbase pro announced the listing of three new tokens today uh which was funny because these are tokens that well i think at least two of them are tokens that are very hyped up uh they they announced uh that they're gonna list matic uh which is now polygon obviously uh skl which is scale network uh and sushi which obviously sushi swap so i think matic and sushi are the most hyped up on twitter and full disclosure here i am an advisor to matic um and i have tokens that invest over time and i have sushi tokens so i just want to get that out of the way but the reason i'm talking about this is not to pump my bags but it's just to say that it's funny how coinbase is now doing these listings of like three assets

at once right and it's also very interesting to me that they listed sushi in particular because if you know a little bit of the background here coinbase listed uni on day one right coinbase has connections with uniswap i don't know if they're in investing in uniform directly but coinbase's co-founder that left a few years ago fred ursum is is is the co-founder of paradigm which is a vc fund which had a huge stake in uni swap because they invested back in in 2019 i've spoken about this before so there's a connection there so i would have thought you know they wouldn't list sushi because it's direct competitor to uni swap but you know they did and i'm glad they did because i i believe that you know you shouldn't not list the token just because it's a competitor to something that you're invested in and

i mean coinbase invests in a lot of things if you go to the coinbase ventures website that's their kind of like um investment arm you can see how many things they've invested in and some and there's there's overlap there i think at the end of the day and you know they've got lots of different kind of like i wouldn't call them conflicts of interest but they've got lots of different kind of um overlap between the the investments that they have um and i think they're an investment uh they're an an investor in matic as well so that explains that and i think they're an investor in scale now i don't really know much about scale network maybe some of you do i know that it is trying to scale ethereum with what they call elastic blockchains i think it's a sidechain i don't think it's layer 2 i don't want to say it is

or it isn't because i haven't looked into it too much yet but i yeah i think it's a side chain solution um that is just kind of like branding it as ethereum scaling because you know you want people to to kind of i guess like um you know um not kind of like hate you or call you an ethereum killer or whatever and and matic is a funny one or polygon because they are building layer two solutions and their current live iteration is like a hybrid i mean i wouldn't call it a side chain i know i have in the past but i actually um learnt more about it recently and learned more about the underlying tech of how it works and i've spoken about this before where they actually use um they use their own validator set but they do checkpoint to ethereum so they do have like ethereum as like a

security i guess like guard on on the network where if they needed to they could recreate the entire state automatic network using that checkpoint on ethereum and they can actually slash validators using ethereum too uh not ethereum 2.0 ethereum as well um but yeah so i i think um there's going to be like some more information coming out about that because i i as an advisor to the team i encourage them hey you should put more information about this because everyone still thinks polygon is like a pure side chain or matic is like a pure side chain and we should change the kind of narrative around that so yeah i mean not to shield too much there but i think it's important to make this the distinction here and again i'm not an expert on scale network i need to do more research on it

but as far as i know it is a kind of normal side chain kind of solution uh and a sushi of course is a is a decentralized exchange right uh but yeah cool to see coinbase listing more assets i was wondering when that would lose more assets actually because the other day i was talking to a friend and i'm like do you reckon they're gonna wait until they ipo to list more assets because maybe they want to drum up um you know i guess like volumes when their ipo is going on but i guess they can do that before the ipr and maybe it's even better doing it before so yeah there it is i'm curious to see what they list next they're still missing a lot of the top kind of assets out there especially the top defy assets so we'll see how they go

so uh tim ferriss so for those of you don't know tim ferriss is a pretty famous author podcaster investor he's been around for quite a while i'm sure a lot of you are aware of who he is but he also has a i mean as i said he has a podcast and he had vitalik buteron on uh today uh with naval as well uh so if you're interested in listening to that you can kind of i guess uh go to the page here or link in the usual description kind of like listen to it i haven't listened to it yet um i it's definitely on my to listen to list um but you know always very interested in talking to uh and listening to vitalik talk i think he's very well spoken i think he um has very high emotional intelligence so he speaks about things in a way that

isn't kind of like uh you know he's not like speaking from emotions he's speaking from logic which i really like as well and he also talked about i mean see here life extension technology as well which is something that for those of you who don't know i'm pretty sure vitalik splits his time between like mostly ethereum and on the side he does a lot of uh research into life extension and it does a lot of stuff there he donated like millions of dollars recently to that technology as well so i'm very interested to hear what he has to say but yeah go give this a listen if you haven't yet and i will definitely give it a listen uh very very soon so hasu posted uh this little mini thread here about kind of like uh miners and he basically said here after reading uh the aether mining

subreddit and watching minor youtube for the last few weeks i came to the conclusion that many miners have totally different picture of ethereum than we do we being the community at large and then he basically states some points he says most are convinced that devs make all the decisions including about one five five nine if non-devs support a proposal they are quote-unquote paid shills and he and hasu says he actually blames this on the ethereum community for peddling this warped image um themselves for many years uh just yesterday i saw a flowchart for the eip process that didn't even mention community consensus um and then three most miners fundamentally reject the idea that they are being paid that they are being paid by holders um and then quote the eighth we get is paid for by the protocol not holders end

quote four uh same goes for fees most miners have no concept of who transacts on transacts or why they pay a lot of money for it and then halsey finishes his thread by saying reddit and youtube communities are places where hobbyists meet so this is clearly isn't representative of the overall mining community larger players might have totally different views now i want to go back up to the charts he has here so he has a chart and basically a pie chart where it says how mine is c ethereum and you have like this little yellow section which i guess is like maybe five percent of of the kind of network paid shills then you have like most of the net most of the community sorry being debs and most of the community being miners and this is the miner's view of ethereum but this is how ethereum actually works

right a large chunk of it is holders a large chunk of it is defy users uh a small an equal share is app devs uh devs in general and and miners so devs in general i think he's saying app devs like d5 app devs and devs as in protocol devs and miners and this is true i mean this is exactly how it works right the holders the eth holders have an extremely vested interest in seeing the network kind of continue as it is and and having kind of like upgrades be put into the network that have been a beneficial for ethereum but also beneficial for each as an asset d5 users of course have like a very large say here because they're the ones going to be encouraging the projects to support uh you know certain eips and certain things and if there's a chain split they

would decide where they want to go and then app devs obviously decide where they want their apps to go and what chain they would want to go on and what they want to follow uh protocol devs um as well have a big have a pretty i mean not a huge say and they kind of follow what the community does but they have like a pretty pretty pretty good say here and then miners as well um have like an equal share there i would actually argue that miners don't have this big of say i would actually argue that miners have like a small sale maybe even one percent of of what happens with the network because as i've said before they are service providers and they are paid eth um for their work right directly by the protocol mind you so i do not think that miners should um

deserve to have like a really loud voice and actually after hearing them and hearing all their arguments against one five five nine um and this isn't all miners right i'm not trying to generalize here but the miners that i did here they very clearly as household illustrates here do not understand how things work they very clearly don't understand erp 1559 for example they very clearly do not have the same kind of i guess outlook for ethereum than the rest of the community does and they very clearly aren't aligned right um so at the end of the day i can't wait to get off proof of work i want to get on proof of stake as fast as possible and i think that's going to happen sooner than most people think but at the end of the day we still have to deal with this until we on

until we're on proof of stake uh when when the merger happens and i don't i mean i know i've seen like a few people kind of talk about this minor revolt that's going on on april 1st where they're actually on april 1st um they're encouraging like all different miners to uh redirect their hash power to the ether mine pool now ether mine is has been vocally um opposing uh eip1559 and they're saying that they want to get over 51 of the hash rate on ethermine to demonstrate to the you know the community and to the like the network um that this is like a bad idea you know and demonstrate that you know if miners want to bound together they can this is the stupidest thing i've ever seen in my life like i'll just be straight up this basically just wrecks all the game theory of

mining like one of the concerns is that the ethereum network is going to become insecure because of one five five nine so their their kind of like solution to this is to basically band together to collect more than 51 of the hash power into one pool and show that you know they could attack the the network at any time like how does that even work like what what is that right what what what i don't i just it blows my mind the the kind of like short-term thinking here from these miners um and like it just doesn't make any sense to me and i don't want to bash miners again i know i'm ranting but it just it's so weird right and i get why they're doing it because they're going to get a pay cut because some fees are going to get burned but as i've said on the on the on the

refuel overall network fees are down 50 over the last two weeks that's more than eip-1559 is going to burn have you heard anything about that from miners have they said absolutely anything about that no they have not you know why they haven't said anything about that because they know they can't control that and the thing is they should know they can't control eip1559 going in or not at the end of the day so it's just bizarre and it really is and i'm not gonna i'm not gonna continue this i know i i i've talked about the talk to this to death but i really wanted to kind of reassure people that have been asking me about this that miners are not going to do anything here they're all talk you know i i don't know i don't even think they're going to get to that 51

kind of hash rate on ether mine i think there's a lot of miners that support one five five nine and they're gonna like you know not direct their hash power to ether mine and i think if if for some reason they do get over 51 percent they're just gonna basically i think what's gonna happen is they're actually gonna force the devs hands and instead of getting what they want the devs might just say oh well let's just do the merger let's just merge each one into eth2 i'm just speculating here but if you really wanna play with fire well you're going to get burned basically and then they're left with nothing then their profit goes to zero because no one's going to want to stay on the eth1 proof of work chain right they might try to continue it on but they won't have the ethica they'll

have like the eth classic classic ticker or something right or the eighth power ticker and then they'll have to get exchanges to list them which they probably won't because exchanges won't want to be in that mess so yeah it just throws the whole thing off so the miner's doing this very short termism it's not something i would worry about but i am very disappointed and and kind of like pretty upset about it if i'm being frank that we have to deal with these kind of like people that and these and these kind of like groups that think they know better than the rest of the community i think they know what's right and what's best and they're threatening us with with this kind of crap and yeah i'm going to stop there before i go on an even further rant but yeah just something to keep in mind um

but that i think that's it for today's episode everyone so thank you again for listening and watching uh be sure to give that video a thumbs up subscribe to the youtube channel subscribe to the delight newsletter join the discord channel and i will catch you all tomorrow thanks everyone