PayPal creates stablecoin, Staking updates and more - The Daily Gwei Refuel #636 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily refuel where he kept the latest news in ethereum ecosystem I'm your host internet of August 2023. all right everyone let's get into it so apologies for missing yesterday's episode everyone I'm sure you saw on Twitter it was my 13-year anniversary with my fiance so obviously spend time with her and just didn't have enough time to do a refuel but I'm back today with a longer than usual episode because a lot has happened actually in the last couple days and there's a lot to get through but firstly here I just wanted to give a shout out to upside down which is a co-working space uh Slash kind of um I guess you could call it funding Initiative for early stage projects that is based right here in Melbourne where I live I actually went there today you can see here uh in this

photo I was giving a warm welcome by having these memes of me up on the uh on the screens here but I just wanted to give a shout out to them because if you are in Melbourne and you're looking for and you're in crypto obviously and you're looking for a new co-working space or a new kind of like office space to to work out of you know not all the time obviously you could do a couple of days in you know a few days at home and things like that uh then definitely reach out to upside down they've got a great little space there it's like it's in cremon uh it's a suburb in Melbourne of course um kind of uh not too far from uh from the city uh if you if you kind of uh if you know the area here so just

a shout out for my fellow Melbourne crypto people there but yeah go check it out I'll link it in the YouTube description below but it was really fun being there today and thank you to the guys there for making me feel welcome all right the biggest news from the last 48 hours was that PayPal is doing a stable coin and not only are they doing a stable coin but they're doing it on ethereum of course now their stable coin is called p-y-usd or Pi USD I guess I don't know how you're supposed to say that all in one word I guess you're not right pyusd I don't know the name's not important what is important is Paypal doing a stable coin right like how cool is that now I want to get something out of the way here some misconceptions people seem to have every time that

there's a new one of these stable coins that comes out everyone was complaining about how it's centralized it's like yeah okay like did you expect PayPal to do a decentralized stable coin I I don't think so right so yes it is centralized yes it um it does have controls in place to like freeze the assets on chain things like that but it's the same as usdc and usdt have had those functions since day one of their existence and every time that uh this kind of news comes out news like this comes out people just seems to not be aware of this fact which is just insane to me because guys it's it's a centralized stable coin they're not trying to be decentralized stable coins so of course they're going to have these controls in place for various different reasons I mean at the end of the day it's it probably just

comes down to the the legal and Regulatory stuff obviously right uh so just wanted to get that out of the way but uh but yeah it's uh it's a pretty pretty big deal I think for a number of different reasons I think I want to go over the top three reasons why I think this is a big deal one it's a big deal for ethereum obviously because as I've talked about a lot in the past on the refuel I have this thesis and and this theory that ethereum's most valuable trait is that it is it is a global settlement layer right it is censorship resistant it is credible incredibly neutral it allows anyone to settle any kind of value that they want onto the chain uh whether that be uh tokens or layer twos or anything of the sort right n of T stuff like that that get settled

onto the chain so you know PayPal settling their stable coin and building their stable coin on ethereum layer one and then obviously being able to bridge it out to other layers like ethereum layer 2 and stuff like that is a huge signal boost for that thesis and it really really does reinforce the thesis that you know that I've been talking about a lot on the refill which is very cool secondly it's cool from like a I guess regulatory perspective in the US where essentially uh the US has obviously been trying to push through legislation with regards to a stable coin specifically uh and there's been a bunch of kind of movement there but what this does for the regulatory stuff is basically send a strong signal to these regulators and politicians saying that homegrown uh big American businesses want to issue stable coins they want to

get involved with ethereum and building stuff on ethereum they want to get involved with D5 so let's not kill it obviously let's not shut it down or let's not attempt to shut it down or stifle it let's embrace it let's Embrace The Innovation here and make sure that these things can be given a chance to to Blossom uh on on these networks so that's the second thing the third thing and I think this is obvious but still I want to mention it is that it is a potential Vector for bringing in a lot of new people into crypto right now of course you may not consider people using centralized stable coins through the PayPal app to be crypto or to be using crypto or to be using on-chain products and I mean I think that if you're only on the PayPal app just sending this uh

PayPal um I guess like USD stablecoin with other PayPal users it's not going to change the balance on chain it's not going to invoke an on-chain transaction it's just going to be like updating a row in a spreadsheet or a database on PayPal's back end so that's the same as using a centralized exchange and just trading on there so yes that's not on chain but the thing is is that this is a token that is issued on chain I should have mentioned that paxos is actually um is actually the the Builder of this they they use their existing contracts to issue this and they're working with PayPal on this and you'll know paxos from their stablecoin they did with binance busd before that was obviously shut down for various different reasons they also have uh their paxos USD so they're not new to this game they've

been around for for a while now and they're doing it with PayPal and it's yeah it's all Unchained as an erc20 token so you could use it within the PayPal app or you can use it on chain you know imagine how cool is it going to be having PayPal's stablecoin be in unisop liquidity pools or it'll be accepted on money markets as collateral and stuff like that like that that sort of stuff is just I don't know even though it's a centralized kind of asset I still think it's it's very cool because as I said it's going to bring a lot of more people a lot new of new people on chain as well as uh obviously bass as well as I've talked about before is something that is going to be a big driver of people coming on chain which launches today by the way I mean

launches officially it has been kind of live for a week and a bit now um but uh but yeah so so the PayPal news is obviously obviously massive PR in their video that they've got these 30 second video that they posted what I found really cool is that they actually specifically called out that it was built on ethereum sometimes these things are buried for one reason or another but no the video specifically calls out that it's built on ethereum and the eth logo the ethereum logo is right there now uh in app in the PayPal app you'll be able to redeemed PayPal USD for US dollars right in the app you don't need to be some institution you can just be a normal retail investor or just a normal user and you'll be able to do it you can you'll be able to convert pyusd into

other crypto assets or directly in the app so that's going to be very cool uh so it definitely seems like PayPal is moving right into being a kind of sort of like a crypto exchange right uh but with their own stablecoin instead of using existing ones out there and PayPal has a massive user base uh and it's not just the user base that's concentrated in one I guess like uh maybe one uh geography it's rather concentrated because it's got a big us presence but demographic because everyone uses PayPal like from from young people to old people Everyone uses uh uses PayPal because it's it was or sorry it is uh one of the de facto payment methods online and and people love using it uh yes as I said it's centralized and yes

it comes with the same pitfalls as all the centralized financial institutions do but uh but this is the kind of stuff that brings in a lot of new users so kudos to PayPal for doing this super excited to see how this rolls out and how it evolves and what the traction looks like as time goes on all right moving on so the EF next billion account has tweeted out an update on the uh next billions fellows cohort so this is the cohort number three and you can read all about this I'll link it in the in the YouTube description below but just a recap of what this Fellowship is it's trying to reach folks that are based in I guess like uh places around the world that they aren't the usual places that crypto has a presence in obviously uh like us

and Europe and Asia crypto dominates there but other places are like uh around the world that may be kind of like poorer countries or may have people that are in obviously uh dire need of crypto technology because they don't have good banking systems places like Indonesia's is called out here and and others um you can read the list I'll link it in the YouTube description below that's what they're trying to to do here with these initiatives so yeah I just wanted to shout this out you can go check this out uh for yourself there's full details here uh for you to do so all right an interesting tweet from the protocol Guild TR now I'm not only highlighting this because it's It's Shouting me out I'm not I'm not that vain but the Tweet says you know with with my uh RPL donation that I made a

few days ago over 1238 RPL I joined uh the uh leaderboard um in the top 10 leaderboard of of people that had been or people entities that have donated to the protocol Guild so the reason why I wanted to just highlight this quickly is because this is a dune analytics dashboard you can go check out I think I've I've showcased it on the refill before but you can go check this out but what I really like about this is that it shows the initial value and then it shows the current value of the donation because a lot of these donations are actually made in the token so for example the arbitrim community the donation was made in the ARB token it was done when the ARB token was issued I remember covering that on the refuel lydo Dow is ldo uni swapped out is uni and S Dallas NS you know you

get what I'm saying most of the time it's done in the native token here and of course those tokens fluctuating value it's not a stable coin it fluctuates in value against against USD so you can see here on the actual uh on the actual kind of um dashboard uh an up-to-date view of this so essentially it makes me look pretty bad here because all of the uh all everything I've donated to the protocol Guild has been RPL and the RPL token has gone down a fair bit recently so the initial value was 132 000 now it's only ninety one thousand dollars but it works both ways you know if RPL goes back up again then obviously that will uh that will look better and that will get better over time and uh and and uh and look a lot a lot healthier here but I was just humbled to be in the top

10 here I I like this leaderboard I like this dashboard as well because it encourages people to kind of compete with each other I guess uh but yeah it's crazy the amount of money that some of these uh kind of dows have given though and it makes sense that a dow would give a lot of money obviously if it's their own token that they've just kind of like issued um you know our arbitrim is leading here they've given 3.5 million dollars worth of ARB to to the particle Guild Lido in second place at 2.8 million uni swapped out 2.7 million ins down almost 2 million and then so on and so forth there uh so yeah I'm I'm in good company I think in in this list yeah but you can go check out that dashboard for yourself I'll link it in the YouTube description

below for you to do so all right now I talked about this new consensus client that's being built called the ethereum Lambda consensus client well they've got their first kind of uh public report out today you can see here fetty's intern uh put together a report on on Twitter all about what uh what they're working on right now so they've kind of gone through what each which each member of the team is working on uh on on the on the client itself uh some information about that as well as links to to learn more here and they've also said that if they get more money uh they will be doing an execution client next year as well so yeah just more clients coming online for the ethereum network you know sometimes I think that is there like a diminishing return CR2

to client diversity obviously we have a lot of clients right now but like does adding another client adds you know more I guess like diverse does it obviously adds more diversity but does it add more security to the network that it doesn't make the network better overall and I actually think it does because what what it does on a number of different fronts is that by creating another client it gets mobile people familiar with the code base of ethereum generally right so it makes it so that it's not just like a small hand group a small group of people that know how how it all works under the hood but a lot more people I understand how it works under the hood it decentralizes out the development of the protocol a lot more and especially if people are doing it as a kind of initiative that they've just started

organically it's it's obviously very important from that from that perspective so I I don't think that there's there's probably a little bit of diminishing returns but it's not great it's not great enough to not continue doing stuff like this so I am definitely uh paying close attention to what the ethereum Lambda consensus client is doing here and also looking forward to details on their potential or possible execution clients uh sometime next year all right speaking of uh running clients and staking and all that good stuff there the ethereum on arm Twitter account tweeted out that there is a new kid on the Block so the Nano PC T6 which is a new device very similar to The Rock 5B and orange Pi 5 plus uh this is uh they've said yeah this is a very well

manufactured device and you can get one with everything already assembled and they'll have new image images this week uh for all devices so basically you'll be able to run the ethereum on arm images for running in ethereum full node and validator using this Nano PC uh T6 now uh Bruder Buck commented here saying that it's 140 for the 16 gig version plus the power supply and you can probably run a node for around 250 dollars this just continues to amaze me right that it's so cheap to run a node and the amazing thing is it doesn't cost any ether on a node it's obviously only requires eth to run a validator so you can run a node and do your part for the network it's obviously an altruistic Endeavor it's definitely not something that I think a lot of people are gonna

are gonna do and it doesn't reward you monetarily but the cool thing is you can use your own full node as your own RPC so you don't actually have to use a third-party RPC and risk them going down or risk them censoring you even though the risk may be low you get to just use your own RPC you can protect your privacy as well which is obviously very important um to some people so so there's all of that going on uh too there so uh running the validators uh doesn't take much more now kind of like Hardware requirements here you could run right validators on this box just fine but obviously then you need the 32 eth uh or I guess less if it depends if you're running the rockable smart note stack you need less and obviously with future protocols it's going to get with

other protocols there are there are there are others out there that will allow you to do this um but yeah the capital requirement is a lot more than for the eighth is a lot more than the hardware requirements uh and in saying that as well if we don't cap the I guess like validators on the network or kind of like bring down the number of validators on the network through those upgrades that I've discussed before on the refuel such as increasing the max effective balance or capping the churn so that we can have a more steady kind of stream of um of people coming into staking uh it may eventually get to a point where there's too many validators on the network and it kicks off these lower powered devices because what ends up happening is that it overloads these lower powered devices uh because they

can't keep up with the chain so yeah that's an orthogonal thing there but I don't think that's happening anytime soon it seems that the amount of people staking has slowed down as well which is which is kind of um I guess like relieving for people who are concerned that we'd have too many validators on the network but really it's not a huge issue in my eyes uh as I mentioned before with dencoon uh hopefully going live in November I think I don't know if it's been included yet I think it's still being discussed but but limiting that churn limit so that I think they want to cap it at only 12 validators per Epoch being able to get into um the network and then having the more longer term solution be increasing that max effective balance per validator so that people can consolidate their their

stake so for example simple you know if you're running you know 10 20 validators right now if there is a or even more than that right whatever number it is I'm just picking a number off the top of my head but if you're running multiple validators uh by increasing the max effective balance to say 20 2048 eighth which is on the original proposal you can collapse all those validators into one and that takes load off the network and I think the math was done that essentially if everyone did this you could basically cut the amount of validators on the network by it by down to basically at least a quarter of what it is now so instead of having 700 000 validators you would have like less than 200 000 which would take loads off the network it would be a lot better for

bandwidth usage as well because validators use a lot of bandwidth um and it would still give the same security it wouldn't compromise on security at all uh but the concerns around that are of course people consolidating validators meaning that they have less redundancy or maybe they don't um you know that they don't have enough security for their own validators not for the network but for their own validators and it could potentially lead to a slight increase in the risk of things being compromised at mass and slashing and stuff like that I don't know I've discussed it before I don't think that's a huge kind of deal I think that with technology like distributed validator technology or DVT that alleviates a lot of those issues and with the players getting more sophisticated with how they secure their setups alleviates a lot of issues as

well so so yeah really I I'm not too concerned there but yeah you can go check out the nanopc T6 uh you can just Google it I guess and maybe you want to buy it and run an ethereum full node on that as I said very very cheap seems to be around 250 bucks right now to run a full node on this device all right so puff of Finance has announced that they've raised a 5.5 million dollar seed round today uh with a bunch of investors that you may uh kind of like uh know here you can see them such as bankless Ventures and limits cap and a bunch of other people SRI Ram from eigenlayer as an angel I'm not going to name them all but they're all in this list here but what puffer Finance is is an anti-slashing uh liquid staking protocol so essentially what

they're trying to focus on is creating a technology to make it so that you can't get slashed no matter what and this probably goes back into what I was saying just earlier about the concerns around validators being uh consolidated and how that may increase slashing risks and stuff like that for for a number of different reasons incomes puffer to potentially alleviate those sorts of things uh with with what they're building here so they say here how they're going to be uh they're building um what what they're building their protocol based on Three core pillars uh they're integrating Cutting Edge anti-slashing technology to protect ethereum validators um safely lowering the bonding threshold to eighth allowing for more node operators that can collectively improve upon decentralization that's a liquid

staking part of it I don't know if they've updated their docs yet because I haven't checked it in a while but I didn't see a concrete plan from them on how they actually plan to allow people to stake with just two eth and run the validators themselves and stuff like that it probably is enabled by things like DVT right distributed valve technology validated technology but I haven't checked it recently so I can't comment accurately on that uh just yet and the third pillar is that they want to increase reward opportunities through unique restaking Services built on eigen layouts so obviously working with with eigenlayer there in order to in order in order to kind of like Get increase those reward opportunities so yeah very cool new protocol in the staking space yeah uh great to see that they've been able to to raise a pretty healthy seed round

honestly 5.5 million seed round valuations probably at what 25 30 mil or something like that and that's pretty healthy for this market right now because you know the Market's quiet and not just on the public market side but the the private funding side the VC Market side valuations have come down but I think we're at the bottom of that too now uh and it seems that good projects projects that make a lot of sense are definitely still commanding uh relatively strong valuations here which is great to see so congrats once again to Papa Finance on this if you want to learn learn more about this I'll link this in the YouTube description below for you to do so all right octant uh the app or I guess like the um the staking kind of initiative that I've been talking about recently on the refuel that was built

that has been built by the Golem Foundation uh is ready for takeoff so they've launched uh their app today a platform for experiments in decentralized governance that reward active participation with eth so just to re recap yeah Octan has been funded with a hundred thousand each from the Golan Golem Foundation uh and is operating 3125 validators on the ethereum network and a specific portion of the staking rewards will flow into the reward pool for a steady budget for experimentation so if you want to take part in octet and want to take part in this experiment you need a minimum of 100 glm tokens so they call them Network tokens here um uh with octet for a 90-day Epoch period and the more JLM you lock the

greater your rewards and voting power will be and the whole point is basically to reward people for participating in this new initiative uh to vote and to to come kind of um have a say in where the mistaken Awards get redirected you know what public goods they get redirected to and things like that this is one of my favorite initiatives in the in the space right now because of that kind of public goods funding uh out of a huge treasury you know Gollum for those of you who don't know Golem was one of the earliest ethereum projects to do an Ico I believe they did it in 2016 when eth was worth a lot less than what it is now I think they managed to raise 800 000 eth or something now obviously today that's a huge number but back then it wasn't relative to to I guess like um

what it is now I think back then it might have been worth eight million or something so obviously a lot less than what it is what it is today right um and they still have a lot of that eth uh you know under their belts and so instead of sitting on it like a dragon they figured okay well let's stake this eth let's get use a portion of the rewards uh for a new initiative that Octon is running here let's have the community hold out hold our tokens and have a say uh in in things like where this uh the weather is taking rewards get distributed to and other and other things like that so yeah you can go read this thread for a full kind of description of all of that I'll link it in the YouTube description below but I'll be monitoring this uh fairly

closely as as time goes on or well there's a lot of staking in news that I've I've kind of got queued up yeah this one's about Diva so uh they've said yeah welcome to Diva staking ethereum's first liquid staking solution powered by DBT now I've talked about Diva before and how they're basically trying to be a new liquid staking protocol on ethereum and they are using DVT technology to to achieve this uh but they basically got this thread out today where they is they're talking about all the innovations that they're um that that they're doing as part of the protocol here so you can check out this thread I'll link it in the YouTube description below but this is the kind of stuff that I've been talking about for quite a while now where I said that to be Lido's dominance or to reduce lighter's

dominance to create a healthier and more diverse staking ecosystem we not only need um uh the existing protocols to uh to I guess like um upgrade themselves uh keep evolving keep innovating keep doing stuff like BD and marketing but we uh we need and and also the social pressure on the community to not stake with the big providers and to stake with the small providers but we also need more of these staking Solutions coming online with more innovative ideas in order to grow the pie and make sure that eath goes into these Solutions rather than the dominant solution and obviously everyone picks on Lido because they're the dominant solution but the best thing that can happen and it has actually been

happening recently I think as well is that we redirect the eth inflows from Lido to the other providers and it can be anyone it doesn't even have to be a decentralized one it can be anyone ideally we want it to be decentralized ones like rocker Paul and others out there but it can still be the centralized exchanges like binance and coinbase yes they already have a large market share and I it's not ideal for Easter go there but it's better than it going to Lido because Lido is in the you know if there was a if there was kind of like a a Red Zone a critical Red Zone light always right there right uh whereas binance and coinbase are in the yellow zone I would say and then something like rocker poison the green zone but uh we we would like we want to

kind of divert the stake away from from later uh now in terms of getting the stake out of Lido the existing stake out of lado and into other protocols that's a taller ask and that's a much harder task for reasons that have outlined before I've talked about I think I've talked about this on the on the refuel this overhang that we kind of have from withdrawals not being enabled uh for a while uh where essentially a lot of stake went into Lido and then anytime the steth price was uh not at fair value there was no Arbitrage opportunity between the beacon chain and the secondary market so what ended up happening was that by the time withdrawals were enabled STDs was at fair value so there was no eath withdrawn from lato in order to complete that Arbitrage Loop I'm going to be

interested to see how that plays out in a bull market and what differences we see in a bull market because obviously volatility leads to the fair value of things kind of um uh changing and going down or up or whatever it is trading at a discount trading at a premium so that's going to be interesting but I think for now the best thing for the ethereum staking ecosystem to focus on is promoting these other Solutions building them innovating them and getting people to stake with those instead of with the dominant Solutions out there which I think has been happening which has been very positive to see and I'm liking that seeing that uh and diva is definitely one of the protocols doing that so you can go check out this Twitter thread from them I'll link it in the YouTube description below all right so yeah I talked about this

before I I must have forgot to put this tweet over over near PayPal but yeah I put out a tweet saying you know PayPal stablecoin uh being centralized doesn't make it any any less cool ethereum being is a sentiment layer for all types of value and it means that different type of types of assets are going to be settled there and I'm not going to expand on that again I talked about that before but yeah that tweet was got to do with the PayPal stuff all right so TurnKey is now live uh you can see here today they've got a blog post out uh saying TurnKey is now open for everyone and for those of you who don't know what uh TurnKey is they're basically uh offering uh new private key infrastructure so new ways of securing private keys and securing Assets in crypto I should disclose here that I am

an investor in TurnKey you can go check out what they've built at wallet.tx.xyz but basically the tldr here is TurnKey offers truly flexible private key infrastructure there are no widgets no pre-built generic user experiences no limits on what you can create um you can create a non-custodial embedded consumer wallet that uses pass keys for transaction signing now pass keys are a turnkey solution I I believe or innovation I believe that that they've integrated into into their stack here and they've actually got a demo out with Goldfinch today so if you go to defyfortheworld.com um and you can find the link to that in the in the YouTube description below below you can see here that they're actually using turnkeys Pass Key

technology in the background to enable this and they describe this here by saying um for all the authentication and signing uh they're using pass Keys which is a a growing web standard pass keys let you effectively create a hardware wallet inside nearly every device on the market today under the hood they use secure enclaves built into your phone or laptop so that's what the that that's the Innovation that TurnKey is um is kind of leveraging with their with their wallet software here and the private key is stored in the secure Enclave on the cloud with custom with a custom OS developed by TurnKey that ensures absolutely no one can access your the private key except the user with their pass key so Goldfinch can't access it TurnKey can't access it uh AWS can't no one and if you go to the site here defy

for the the world I actually created one of my one of my wallets here already on base using uh my Windows PC so it pops up with the windows kind of um security pro prompt it says to enter your password or use your your security key I've used my my security key to do this and you can actually see that the address lives on base I haven't sent any funds to it but it's it's on base scan here this is the address that I was that I was able to generate uh and and it was done without anything other than me just uh creating the wallet using that um using that uh I've got like a 2fa device like a hardware um 2fa device that I use uh and it was it was done using that and that's my wallet and now I can sign and

transactions just using that there's no need for seed phrases nothing it's all stored securely on my on my device uh and no one has access to that private key except for me this is the kind of stuff that enables Mass adoption guys because if you have a wallet like this where essentially someone can get their phone they go to their app or the wallet they create say it's an iPhone they create a a new wallet using the secure Enclave on the iPhone uh using um they're taking technology that TurnKey has created the wall Tech wallet technology then there's no need for sea phrases none of this stuff that's needed there's no need for the complicated ux or complicated uis it's all done seamlessly using the same user

experience that that mobile uses especially iPhone users are used to with things like face ID so very very cool Innovation here guys this is the sort of stuff this is the sort of infrastructure that enables Mass adoption I know that uh obviously there's um different types of infrastructure like layer twos and stuff like that as well but this is the infrastructure that may seem boring to the everyday person because it's not something that they can particularly speculate on it's not something that uh that is flashy but it is something that's critically important to achieving Mass adoption and to getting more people into this ecosystem so you can go check both of these things out uh turnkeys announcements and also uh goldfinch's little demo here I'll link them in the YouTube description below for you to do so

all right so Bitcoin grants around 18 is just I think it's like a week away now uh so the tldr is that there's a million dollar matching funds for the core rounds there's going to be four core rounds uh community-led featured rounds and applications are open until the 15th with the early bird deadline of the 11th here as well so if you're interested in I guess like applying and having a grant on bitcoin grants around 18 you can visit this link which I'll I'll link in the YouTube description below of course uh for you to do so there um but yeah not long now so get your I guess like while it's ready I know a lot of us probably don't have much spare fear lying around because we've bought eth with it and you know we're trying to buy the buy the dips and stack some gray

uh but you can obviously donate with Ethan other tokens as well you don't have to just donate with stable coins there so yeah I mean these grants around are always really awesome to get involved with because you're funding public goods you're funding things that indirectly benefit I I guess like the um the value of eth they benefit the ethereum network they benefit everything building on top of the ethereum network and these are the kind of thing things that I was talking about the other day when I said everything else as the value accrual driver for eth This falls right into it public goods funding is a huge thing I think but it's an indirect thing it's not really one-to-one map TR uh but still very important so yeah get ready for Bitcoin grants round 18 going live in about a week here all right uh so Samsung here who you'll

know from uh I guess like he works at research at Paradigm but he's very popular on Twitter very famous on Twitter for usually catching a lot of bugs in different uh Unchained protocols uh there is a new initiative from him and a group of white hats called uh seal 911 which is a telegram bot which anyone can use during emergencies to get in touch with trusted members of the security community and their extensive network of contacts so essentially it's I guess 911 911 uh uh emergency contact for anyone who comes across anything that may look uh dodgy or may look exploitable may look like it's being exploited instead of people just reacting to a random tweet from usually

Peck shield on Twitter saying hey you wanna you may want to take a look at this and adding the protocol that's being exploited which I think is disgusting by the way I really hate when they do those tweets it doesn't help anyone it just it's just engagement farming um but this is a better way to do it because you get direct contact in contact with trusted security researchers trusted white hats um and people that can obviously help in these situations so just wanted to shout out that there so that you are aware of that and as I said it is a telegram bot you can find a link to it in the YouTube description below I'll link it there for you all right so round out today's episode uh it's a bit of a longer episode today but to round it out I put out a tweet a

couple of days ago now or was it yesterday yesterday where I said people keep crying about the fact that prices do nothing even though there's plenty of positive crypto news lately this is not bearish this is an opportunity that doesn't last forever do not waste it stuck gray instead so the most obvious recent example of this is PayPal stablecoin PayPal announced their stablecoin the price of eth did nothing it actually went down a little bit I mean it went down by like 10 bucks which is nothing right but still it did nothing and people were complaining I saw it on Twitter I saw it elsewhere people were saying oh even PayPal uh you know launching a stable coin on ethereum doesn't uh Moon eath how dead is this Market well it is dead I've said it before there's no new no new money coming in still it really is a PVP

environment where it's just the same money sloshing around and in that environment it's not going to lend itself to things just pumping off of of news like this unless it's news like the um the Ripple case the SSC Ripple case which is obviously something that is a lot more speculative than something like this but the thing is is that this this exact same thing happened last bear Market I remember there was heaps of positive news on the last bear market and the price of eth was doing nothing it was doing nothing good and it took at least 12 months for the price of each to actually react to all of these sorts of things but but when it did react it reacted in a really big way so the way I see it is that you basically have right now things being held underwater so it's

like holding a balloon underwater and you'll know how hard it is to hold the balloon underwater it just wants to come up right it wants the carpet wants to go and that's what I think is happening to the price of of eth right now and every time that there is a positive news event that you think should impact eth you're not seeing it because it's happening underwater maybe the balloon is a is kind of um you know uh uh growing in strength and it's it's and the person is losing their strength because they've been holding it down for so long and they're getting tired right and then eventually what happens is that the balloon just pops up right or the ball I should say the ball I guess like just pops up out of the water and shoots up because the the the the um I guess like the person in this

scenario is the bear Market it and and it's kind of like uh the people participating in the market they've become exhausted and they're like you know I can't I can't be bearish anymore you know it's exhausting and then it just pops up so it's just a rather crude analogy but I think it works because as I said in the Tweet these things are not bearish just because the price does nothing doesn't mean they're bearish what it means is that it's an opportunity it's an opportunity to front run everyone else I'm and again this is not investment advice but if you believe in obviously um the e-thesis and the value of ethereum and the value of eight is an asset then obviously it is an opportunity to you and uh you know in 12 to 18 months you're gonna people are going to be looking back on this and

saying wow okay you know uh almost my belief that in 12 to 18 months the price of either is going to be much higher than where it is today and people are going to be looking back on this and I'm going to be pointing it out to people I'm going to be saying I told you so right I told you it was an opportunity I told you that this is the way these things work because I've been around for a few Cycles now it does tend to repeat itself it does tend to play out the same way because at the end of the day human psychology is the same whether it's in crypto whether it's in the stock market or ever and I think that uh this this news is going to play out uh very positively and going to onflow but it's going to take longer than people uh

would like there but yeah on that more bullish note I think 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 the video a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone