SBF found guilty, Ethereum full node on a PS4 - The Daily Gwei Refuel #683 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where C the latest news in ethereum ecosystem I'm your host andony s today's the 3rd of November 2023 all right everyone let's get into it so obviously we've all heard this by now of you or youve all heard this by now but Sam bankman freed or SPF has been found guilty on a lot of the charges brought against him I think he was found not guilty on a bunch of them but I think there was like seven charges or something where he was found guilty by the jurors uh and sentencing is set for I believe March 28th next year now the maximum sentencing is I think up to 120 years in prison I don't think he's going to get the maximum of course I don't from my understanding I don't think most people ever get the maximum

but I think that he'll get at least decades in prison for obviously all the crimes that he has committed here and I think there's even another trial at some point going to be had around other crimes that are being brought or other charges I should say that are being brought against him here now of course you know all of us in the crypto Community are pretty happy with this result uh for a while there we actually thought that SPF would get away with this or at least there was a narrative that thatf would get away with this and he just get away with a slap on the wrist because it's a financial crimes and usually with financial crimes these things um you know tend to get swept under the rug but I think that maybe that's true for kind of a lot of the trafi system but when you have someone

like SPF who one was involved in crypto right which is already like Enemy Number One right now for the Democrats or at least for some high ranking Democrats right then you have two of he SPF himself was very visible uh and he wasn't like just hiding beneath you know hiding behind um his own company or hiding behind the system itself he he was very very public right he was on Twitter he was tweeting you know he was still Tweeting once um once FTX capped and all that sorts of stuff and he had a cult of personality around him so it was very very different and I I mean I never thought that he was going to get away with anything to be honest and I I really did believe that he would get obviously found guilty because he is guilty I mean that's obvious to anyone

right you I don't think you need needed a trial for that but obviously we we had a trial because uh it's guilty until proven in sorry it's innocent until proven guilty I should say uh but sometimes that's not the case in crypto right um but the result is that yeah he'll be going to prison for decades we won't know the exact amount of time until the sentencing in March on March 28th uh but until then I believe he's in he's in prison or in jail um there's kind of technical terms here uh until that date basically and and then yeah I mean it's kind of crazy because I I saw some kind of people speculating about how much time he would get on Twitter some people said 30 to 40 years would be I mean it's it's really up to the judge how much time they want to to want to

give s spfr but you know they can go up all the way up to 120 years but as I said it's not going to be that long but even you know 30 to 40 years SF is what 30 years old now he won't get out until he's 60 or 70 years old uh that that's his whole life gone guys like I mean by the time you're 60 or 70 years old like especially coming out of prison after that I mean what what life is he going to have after that nothing so so I think that there's people calling for blood out there saying you know he should get the absolute maximum whatever and I'm like I think and and I don't disagree with that but I think it's irrelevant at the end of the day like if he gets 30 40 years or 120 years he's he's probably

going to die in prison to be honest right I mean I he's his health wasn't exactly the best outside of prison I doubt he going to get it's going to get any better in prison but when when you kind of think about it like that I think the justice has definitely been served here he ruined a lot of people's lives he screwed over so many different companies within the ecosystem he fooled a lot of people he made a lot of people look like complete idiots when to be fair a lot of the people who simped for him are complete idiots and I hope that they have taken the last I guess like year at least um to reflect on all of this right and to reflect on their involvement in this and to basically not get involved with actors like this again I mean I'm not holding my breath because

unfortunately uh people have shot short memories on this and I feel like I'm already seeing a couple of I guess Cults of Personality forming again within crypto so around these newish actors which is is kind of it's not near as big as what SPF and Doan and Alex mashinsky and and other people like that were but still like Cults of Personality guys I mean I think by now it should be obvious to all of us they're not the way to go they're not the way to go because essentially people are have flaws right and deifying people and and and and forming a cult around them it's it's failed so many times within crypto and I think that you know as much as uh guess this gets talked about a lot I don't think it's appreciated that with Bitcoin I think Satoshi realized early on that

if this technology Bitcoin succeeded which it obviously has to this point succeeded at I guess like acing a lot of value he would be deified as a God and he is it's just that he's not around for it right Satoshi is regarded as a God among a lot of people in crypto especially the bitcoiners but he's not around um you know to to bathe in that to take advantage of that to to essentially um uh you know be there for people to Dey it's more satos is more of an idea at this point than a person right which I think is is is pretty cool uh and then you have I guess in the theorum ecosystem with falic people have tried to deify him people have tried to form Cult of personalities around him but I think he's rejected that at every step of the way and he's remained humble

and just honestly vitalic has remained just incredibly uh steadfast in in everything as time has gone on within crypto and especially as ethereum has grown that I think because he's rejected that uh he hasn't been deified like these other people were you know SPF and and the 3ac people and Doan and others they all bathed in this they loved the attention right they love the cult of personalities around them and they they they only they not only bathed in it but they cultivated it as well especially dwan I think dwan is the quintessential example he was worse than SF at cultivating cultivating a um a cult around him because if you guys were around back then I'm not sure I'm assuming most of you were around back when Terror was extremely popular right because Luna had mooned in price the US

market cap was mooning um and dwan was literally regarded as the guy who could do no wrong and had this massive cult following behind him it was absolutely disgusting guys like I I saw this I'm like holy this is really really bad like it these people are treating uh Doan like he's literally a a God and he can do no wrong and uh it wasn't just like the random people you see on crypto Twitter hiding behind hanging on profile pictures it was also a lot of people in this industry that you would think know knew better right and the same was true for simping for SPF and and others out there uh and you guys know that for the longest time I used to call out these actors all the time saying that I I I just generally avoid people who have egos who try to cultivate um Cults of

personality around them who bathe in it uh and I think that that's served me quite well over the years and it's a major reason why I've stuck around in ethereum because I think within the ethereum core ecosystem and I'm talking I'm not talking the Theo necessarily the projects built on top of ethereum even though a lot of them fall into this bucket but the core of ethereum to me there isn't really any Cults of Personality there there may be kind of some that try to form here and there um around projects I guess like Daniel cesta with the Frog Nation stuff which wasn't just ethereum I mean that was like Phantom as well and oh don't even get me started on Andre condre who actually in 2020 was deified by a lot of the Ethan community and I haven't pushed back on that back then I said to some of

my friends who were like obsessed with him because a he was launching all these products and everyone was making so much money obviously everyone was really happy about it I said to them back then I'm like guys this guy this dude isn't Jesus can can we stop deifying him and I got pushed back from that on some really close ethereum friends and then of course things blew up and obviously since then Andre's Fall From Grace has been quite a sight to behold um but you know even back then I I don't like to brag but I was right about it and I think that as I said the rule of thumb is that anyone who has an ego anyone kind has a cult of personality around them and bathes in it you know anyone can have a cult of personality around them but if they bathe in it if they

nurture it if they try to make it you know as big as possible that's to be avoided in in my opinion and you know sometimes I talk to some some friends about about this and they say oh you know don't you have a cult personality around you since you're like one of the the I guess like top people in ethereum that people know essentially or one of the most visible people in ethereum and I'm like oh maybe maybe I do have some limited limited kind of thing of that uh but I don't embrace it right I I never tried to kind of uh um you know ensure people look look up to me or review me as a God or deify me or anything like that I don't want that I've never wanted that if I wanted that I wouldn't be doing what I'm doing and I guess like a

big part of what I do is just provide the daily way for free because I don't want to monetize it I don't want people kind of forming a cult around me and expecting me to I don't know pump some token or whatever uh and generally I only do what I do because I'm super passionate about ethereum and uh I'm super passionate about seeing it succeed but yeah I mean we've all seen this time and time again within crypto just the deification of personalities of people and it never ends well and yeah I gets back to the SPF stuff I'm just glad that he has gotten Justice here and I'm going to be glad to see all the others get Justice as well I mean dwan obviously got arrested and he's facing charges Alex mashinsky is facing some really bad charges actually I think as bad as SPF

if not worse which means that he's probably going to go to prison for for many decades as well and he's older I don't know how old he is but I guess like if I'm just uh thinking off the top of my head from the way he looks I think he's got to be in his 40s at least right um maybe even in his 50s I'm not sure but if he gets the same time SF does yeah he's going to be in prison till he probably dies as well um as I said do Kuan um which is sad because uh Doan has a a newborn daughter that was actually born during um the I guess like whole bull market and he named her Luna it's just such a sad story right like just crazy to me that someone would uh would would would risk all that and would kind

of I guess um throw all that away uh just for a cult of personality around them uh and then I mean the three arrows Capital guys look suu got arrested but I feel like that was just to get him to cooperate with the bankruptcy proceedings I don't know if him and Kyle are actually going to end up inis prison for for for for a long time or anything like that then there's Barry silbert who's facing a lot of a lot of charges I mean it kind of is gross when you think about it the amount of people that have been arrested in crypto that were I guess like the considered the kings of crypto at the time um but it also it gives me hope it gives me hope that we have a brighter future ahead of us within the crypto ecosystem within the ethereum ecosystem and we can focus on

the things that actually matter and at the end of the day I think that the number one thing that actually matters in crypto is onboarding as many people as possible that is still the goal guy and we have still the vast majority of the planet left to on board and I'm not talking about getting them to buy our bags like I don't want people to do that what I'm talking about is getting them on chain using the products getting value out of the products and I feel like we yeah have billions I mean we have over 8 billion people on the planet right and the majority of those have never touched crypto and we have a mission to make sure that we build better systems and we build better products and services and we build really cool things for these people to want to use and want and want to

actually get value out of instead of just building the same old kind of like ponies Cults around people that result in ruin every single time but anyway that's a bit of a long winded rant there about this but I figured it was worth kind of bringing this stuff up again and and kind of rehashing it uh in the light of the fact that SPF was found guilty today or yesterday I guess you could say so thank goodness for that I'm sure we're all happy about that but anyway moving on to some ethereum related news I saw this tweet from Mario haval today where he said tonight's experiment running ethereum on a hacked PlayStation 4 so far it sinks and you can see the screenshot here of what he's doing he's obviously jailbroken a PlayStation 4

console here and then just run an ethereum full node on it and I mean why wouldn't it work of course it would work ethereum full nodes can be run on some of the lowest power powered hardware and I don't think the PS4 is that low powered I mean it is obviously the last gen PlayStation console with the PS5 now out but still hacking it running it on running a full node on a PS4 is exactly what ethereum is all about like this is cipher Punk stuff guys like this is not um uh kind of like something that should be just looked at as a neat little project I think this is something that the ethereum community has worked hard towards for a very long time now is maintaining the I guess like chain um through running nodes on things like PS4s on raspby Pi's on whatever you want

on low power devices that is at the heart and the core of what ethereum is and for a long time the uh there was a narrative that the bit Bitcoin Max IST said that no one can run an ethereum full node and I quote tweeted this tweet and I said well ethereum Maxes went F you PS4 full node engage right but it wasn't just that it was the fact that like the the fact that I was saying this obviously speak to speaks to the fact that they're just incredibly ignorant because at the end of the day everyone can run an ethereum full node um as long as they have some low powered hardware and an internet connection to do it right like as I said you can run on Raspberry pies you can run on Rock 5B boards um you can run it on just

consumer Hardware you can run it in data centers you you can run it anywhere it doesn't matter that's the whole point is that you can run a full node anywhere you can verify the chain for yourself which is really fundamentally the most important thing in crypto to me right uh because at the end of the day like I get the the tradeoff here where because the chain is so easy to run it means that the scalability is limited at layer one but the point is is that by allowing anyone to verify the chain it allows them to not have to trust anyone because at the end of the day what we're trying to do with blockchain is dis imediate trust right we're trying to remove trust we're trying to create trustless systems where you don't need to trust anyone else um in the in the system you can run

the full node yourself and then trust that your full node is telling you the truth right so I think that from from that perspective that's why we want this and that's why we're scaling via layers because if you do everything at layer one you lose this ability right you do have like clients um which can do like most of this but it won't ever give you like 100% uh a guarantee that you're you're kind of like on the right chain right you you you you haven't 100% verified everything for yourself so needing beefy Hardware to run uh full nodes is just not an option in the ethereum ecosystem so that's exactly why uh it's built the way it is there but yeah I just figured it was worth highlighting this I thought this was very very cool um you know I had an idea for a project a while ago I don't know

if I um if I mentioned this on the refill but I haven't gotten around to it yet but I wanted to put a uh a a Raspberry Pi in a Game Boy advanced shell and then run an ethereum full node on that and then have it just as like as like a display on my desk or something like that with the screen obviously lighting up with the um the command line there um but maybe I'll get around to that eventually but I guess I wonder if you could hack some other Hardware out there I'm sure you could to run ethereum full nodes on um maybe even running on iPhone or something like that maybe one day we'll have to see but yeah you can go check out this tweet for yourself I'll link it in the YouTube description below all right onto some staking chat

so ewave had a great tweet out today where they show show uh the basically the distribution between node operators versus validators so they've done a 1 to 10 scale here so for every one node operator um you can say that they're running uh 10 validators here or I guess like to the power of 10 validators so when you look at rocka pool you can see that for every one node operator the average validators uh is 11.38 which is obviously extremely decentralized here because rocker poool has thousands of node operators um and instead of just like a small handful right then you make your way down the list and really it gets worse from there obviously swell and stake wise are working towards having more note operators but if you look at Swell it's one note operator per 191 validators for

stake Wise It's one not operator versus 545 validators and then you can make your way down to Lio of course you know lighter everyone's favorite steaking service provider where you can see here that there's that one for every one node operator controls 7,659 validators now I've talked about this a lot in the past about how I don't think it's necessarily a bad thing that um you know this distribution is like this but it's not about I think good versus bad it's about good versus better right so what's better than uh one note operator running 7 7,000 validators well of course rocker pool is better one note operator running 11 validators right and thousands of node operators I should say running a few uh validators here and there rather than whatever it is in

ligher today 36 node operators running thousands of validators each right so I as I've said before I think lato is is is good fine I mean I think that the way they do things is fine I don't obviously don't think their market share is a good thing I think that should come down um but it's good versus better I don't think it's it's good versus bad because when you look at like a bad not not necessarily bad because it's hard to say what's a bad staking service provider versus what's a good one because people will say oh well if it's super centralized then it's bad like for for example if it's a centralized exchange then it's bad but if a centralized exchange only has like 3 to 4% Network share then then is it bad no I don't think it's bad because centralized exchange is offer obviously offering a

product to its users to stake with them um and they're obviously taking a fee from that but they're doing it all for their users and they're only 3 to 4% of the network so I don't think that's actually bad but then people can say well coinbase has 14% of the network um that's bad I'm like okay well yeah that that is actually bad because coinbase is a single entity uh coinbase has unilateral control over all those validators as a single entity so yeah I would say that he's bad so it it really is a nuanced thing here you can't say something is good or bad just based on um you know I guess like Vibes and feels it has to be based on reality and based on fact and based on the Nuance which I've discussed plenty of times on the r before so I'm not going to rehash the

discussions there but I just thought this is a really great way to visualize just how decentralized and distributed rocker poool is compared to these other providers out here now don't get me wrong I obviously swell and Stak Stak wise as I mentioned have plans to decentralize out this further and and and and become better here right um but Lio as well has those plans but at the same time they don't have the same plans that the other ones do like Lio wants to keep onboarding node operators but they're only going to do it slowly and in small chunks at a time whereas something like Rocka pool has onboarded many many many node operators in a you know a short period of time and will continue to do that swell and stake wise will only get more decentralized from here as they operate as they onboard

more note operators which I think is is very cool now I will say one thing and I will cave out this with one big thing I think is it's it's a huge asteris here you're going to have node operators that are are the same node operators I should say on different services so for example I'm a node operator on Rocka pool but I'm also planning to be a node operator on Stak wise and maybe one day on swell as well right um I'm not planning to be a node operator for Lio I mean I don't think that they uh that that would um want that responsibility anyway but in terms of Rocka pool and and swell uh S I would be the same not operator across these two different networks right so it's it's kind of this argument of like you unique note operator versus the same

note operator and I think that unless people actually self-report that you're not going to know who you know what the share is you're not going to know how many not operators for Rocka poool are also not operators for swell for example you'll know some of them because some of them will be companies and stuff like that but generally you're not going to you know you know you're not going to really know right um and I don't think that's necessarily a bad thing but that is the one huge asterisk here where the node operator pool generally is going to be limited it's not like we're going to have a million note operators to choose from I think at most we're probably going to have potentially at kind of like maturity tens of thousands of not operators to choose from um but we're not going to have millions definitely

not and even tens of thousands is going to require uh you know I guess like a longer term Outlook and as I said at maturity to to reach that U but I think that's okay because at the end of the day if those tens of thousands are a mixture of companies Enterprises you know nonprofit foundations individuals uh teams you know small teams small groups of people that is what we want because an an expressive ethereum ecosystem an expressive ethereum staking ecosystem and a distributed and diverse one especially geographically distributed is what we're after we're not after perfect guys like the perfect is obviously the aim and that's like what we want to get to but we we're not after we know in reality we're never going to get a perfect distribution of

stake we're not going to get a perect perfect distribution of client diversity and stuff like that but if we can get it as close to perfect as possible that is the goal and that's what we're working towards and that's what we're doing with bringing online all these other staking service providers with making it easier for people to stake making it cheaper for people to stake and making sure that we keep ethereum as decentralized as as possible there now I did have another thing I wanted to talk about with regards to staking which was this report from GSR today which is a very very great report uh honestly about the um various kind of like staking entities on the ethereum network and just staking in General on ethereum I suggest you go give this a read I'll link it in YouTube description below but they also have a

nice little table summary here of the different different liquid staking providers that you can see they've got all the popular ones listed here um with s stuff such as when they launched on mayet how much State they control what the fee is how many note operators they have what the reward acral structure is for their um LST uh and and and other notes as well and I really like the other notes SE section because it does highlight the things that aren't immediately obvious from the other kind of columns here as you you can see for example in the Lio column for other notes it says the largest liquid staking provider while Lio Stak is decently well Diversified amongst 37 operators uh and it continues to improve on this font Li's underdeveloped governance Pro poses some concerns right it brings up the

governance concerns here and then in the rocker poool section they have the most decentralized provider but sometimes new re e cannot be minted when Opera capacity is reach as there is no permissioned operators to delegate to uh which is those scaling issues that I've talked about before which are being addressed in Rock pool as well and then there's notes on on all these other providers here but yeah I'm not going to spend too long on this I just wanted to highlight it for you guys because it is very comprehensive and it's got sources and links to go read more about it so you can definitely go check this blog post out I'll link it in the YouTube description below for you to do so all right octant which is a project that I've mentioned on the refu before that are staking a 100,000 eth on the beacon

chain here uh and basically Distributing the staked eth rewards to public goods or projects within the crypto space here had their first allocation uh for Epoch 1 here so they've distributed a total of 28.3 n eth to various projects and they've listed the projects here among the recipients were projects like the protocol Guild and rot key along with uh GTH and t and a bunch of others which you can read about in the YouTube description below I'll link this thread for you but just wanted to highlight that that that that first kind of distribution has been completed here and this is really cool because I I remember mentioning this project to you guys and saying that I thought it was just really awesome that this project was basically spun out of go the the Golem foundation and for those of you who don't know

golum was this project or is this project they still around but they raised a lot of eth back in I think 2016 when eth was worth a lot less than it is today they had hundreds of thousands of eth that they raised and a lot of it was just sitting there doing nothing and obviously they when staking went live they wanted to stake it but then they decided you know why don't we stake it and do something different than just stake and keep the rewards for ourselves why not create this kind of um project called octant here stake the eth and then use the token I think the GNT the Golem Network token is used to vote in these distributions to distribute their rewards to different projects within the ecosystem to just give back to the ecosystem that obviously gave them so much with the um the eay that they got

there which I think is awesome I think more projects should be doing this uh but yeah I mean I think Octon is the biggest uh right now but there are other projects out there that obviously have donated um you know their own tokens to things like the protocol Guild stuff like that uh i' just love to see more of it really and I think we will see more of it as as time goes on uh here but you can go give this thread a read check out all the projects that were part of the this distribution I'll link it in the YouTube description below for you to do so right abash here from the polygon uh Ventures team shared a little table here showing that right now there is a battle between polygon and I guess like optimism for uh new chains launching using their technology so obviously you

guys know that optimism has their op stack polygon has the polygon cdk and you can see here what it currently looks like so it's basically neck and neck with the op stack uh in terms of upcoming projects on the op stack and upcoming projects on um the polygon cdk and some of the most popular ones that I've talked about on the riew before are things like AAR which is a popular project in Japan they're building on polygon cdk there's Kanto which is basically converting from a cosmos layer one to uh two polygons technology then within the op stack e system you have Lyra which has been deployed on arbitr and optimism and started off as an optimism project but now are becoming their own chain and a bunch of other ones here as well which you can read

I'll link this in the YouTube description below but you know as I've said before I do want to caveat this by saying that I think that a lot of these chains it's going to be hard for them to find success because I think that there's going to be like obviously a handful of really successful l2s and then a long tale of ones that are kind of battling it out to be successful and maybe they are successful in their own respective niches and niches and stuff like that but really the real winner becomes the um the project that onboards the most of these chains because it forms a network effect around them now the op stack had a head start here but the polygon uh cdk seems to be uh catching up very very quickly here which is great to see and honestly it's great to see because of the competition like I

don't want it just being all op stack chains obviously I want it being polygon chains I want it being you know arbitrum uh arbitrum chains as well arbitrum orbit chains I want it being ZK sync chains I want I want everyone competing with each other and I want us to get the best result possible because no one wins if there's a monopoly and I don't think there I actually don't think that there's a way for there to be a monopoly on the in the layer 2 space just because of the fact that the opportunity is so large and there's so many different teams already working within it but eventually you're going to have uh like let's just say 5 to 10 years time you're going to know who the obvious kind of big winners are I think right now obviously there are some winners but it's not obvious that

they're going to be winners forever I think uh arbitrum is obviously obviously has a massive lead right now with arbitrum one but if you said to me oh would you bet on arbitrum one still being the number one layer 2 in five years I would not take that bet and anyone who took that bet is is is crazy like that is not a bet I would take not because I don't think arbitrum is amazing and awesome and all of that right I do along with um these other teams as well but the it's way too early to call a winner for the layer 2 ecosystem um especially because the technology is still so young as well so yeah but anyway you can go check out this table for yourself I'll link it in the YouTube description below for you to do so right a big update for metamask

today so they have announced that they the their their first wallet to enable privacy preserving security alerts with blockade so they say here our latest feature simulates transactions and signatures directly in your wallet to alert you about malicious requests uh before you sign them so you can enable this in the settings experimental uh uh kind of section of metamask if you're still using metamask of course I know a lot of people have switched off recently um but the reason why I wanted to bring this up and the reason why this is really cool is because transac simulation is something that some other wallets do and there are other kind of apps you can use today to do it what it does is it basically shows you uh exactly what the transaction would do if you were to sign it and because of that it allows you to flag things like you

know this looks deceptive or this is what the the transaction is actually going to do this is what you're doing here you're transferring funds to this address or you're approving a token approval to this address and so on and so forth right so it is a very welcome SEC uh security feature for metamask and I hope hope they keep adding more of these because as I've said before while metamask is secure as a wallet and because it's been around for so long it's got a lot of Lindy behind it it's lacking a lot of security features to protect people from signing things that they shouldn't be signing and mean as you guys know from a few weeks ago when I got fished uh I it was I mean I'm I'm not going to say the the uh the sole reason was because metamask didn't have

any Protections in place but maybe if metamask did have some Protections in place I wouldn't have uh like like I showed rabby rabby wallet has I may not have gotten fish there um but I mean at the end of the day it was my fault totally because I wasn't paying attention but if there are roadblocks in place I think that that catches a lot of these kind of uh things and makes it so that people don't get wrecked especially because metamask is used by so many people already uh and it's such a popular wallet these things are definitely needed and welcomed here so yeah you can go check this out for yourself we'll link it in the YouTube description below but 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 next week thanks everyone