SEC vs NFTs, Crypto bull case and more - The Daily Gwei Refuel #648 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily refuel where we cap the latest news in ethereum ecosystem I'm your host Anthony 28th of August 2023. all right everyone let's get into it so some big news from the SEC today you know our favorite us uh regulatory agency um but they charged an LA based media and entertainment company impact theory for an unregistered offering of nfts now that's a weird thing to read right because not not because it's like uh the SEC going after someone for selling something right we're all we're all about that we we know all about that but Hermione Wong here actually points out that the headline should have read for unregistered offering of Securities

right because what the SEC is doing here is that they're basically saying that nfts are all Securities in this headline or they're making the assertion that all nfts uh Securities um because there's no such thing as an unregistered offering of nfts right that just doesn't exist that doesn't exist in law either now of course they went after like one of the dodgiest nft issuers impact Theory which Zac xbt has actually done a thread on in 2021 they raised 30 million dollars or something by selling nfts and then they made all these promises about how they were going to drive value to these nfts and stuff like that obviously it very much looks like a Securities offering right it all very much looks like an investment contract

but when it comes to the wording of these things uh it's worth paying attention to that and Hermione uh Hermione in this uh in this Twitter thread has actually done that and and broken it down for us now I think from what I've read they paid a 6.1 million dollar fine or something like that uh and basically I guess like they had to return some kind of like money or burn the nfts that they had there was some stipulations in there but I mean this doesn't really seem like anyone's being protected uh all it seems like is that you know you raise 30 million you pay a 6.1 million dollar fine to the SEC uh it's kind of like the SEC is like a mafia going after their protection money and then away you go right no one goes to jail or anything like that so you

know I know the SEC can't bring uh criminal proceedings against anyone obviously that that's the department of Justice's uh kind of purview there but still you know it's all a little bit of a racket to me to be honest um and and yeah I think outside of that the you know in in Hermione's tweets right here just just basically saying that like this headline saying unregistered offering of nfts there's no such thing as a registered offering of nfts right because you can't go to the SEC and say hey I have these nfts I want to sell can I register to sell them that's just not a thing at least from what I know I I very much doubt that that is a thing I'm almost certain it's not um so yeah the headline should have read an unregistered offering of Securities and then the sac says while the

Securities took the form of an nft and then those nfts that were sold took the form of an investment contract which is the actual security as we've seen this is this was argued in the Ripple case and this is exactly what coinbase is arguing as well in their lawsuit so uh Hermione says yeah just another blatant naked grab for power over crypto by the SEC and really I mean what's to stop them from doing this right like there's been no kind of I guess like um uh pushback on the SEC in in Congress for this because obviously the presidency is is democratic right now or democrat I should say presidency right now uh and um Gary gensley He's a Democrat he was appointed by a Democrat president so when you when you look at like that

they're not going to get any pushback even though they should and that's why uh these things usually settle as well especially for things that are generally quite dodgy um and then their ACC can just use whatever language they want because if it goes to court that's where they get challenged right and that's where they probably most likely will lose because as I said they're just doing power grabs here it's not really based on the law or anything like that but unfortunately they can do this because really the only way that you can hit back at them is by taking them to court but if that's how if they're saying to you hey you can pay this fine and you know that's it we'll just the case is over the settlement's done whatever you just you know you pay back all this the SEC gets what they want

right they get to further kind of um increase their agenda which is having uh a power over crypto and they're not challenged in court about it so I think that and even when they go to court it's kind of funny because like when you look at the incentives as well like the SEC has such an enormous budget they don't care if they go to court right they don't even care if they lose to be honest I got I doubt Gary Gensler cares if he loses because to them it's like well we go to court but we do all these other settlements outside of court with these groups and then we can just make the money back that way so it's it's all a wrought guys like it's all such a disgusting game to me especially like I you know I used to actually when I was I

guess not in crypto a long time ago I used to look at these agencies and like cheer them on when they went after these kind of like Bad actors so to speak but then when you look more closely at what they're actually doing they don't care about the Bad actors they don't care about any of these sort of stuff all they care is about their own power their own political goals their own career goals and that takes the form uh of what we see happening with the SEC and crypto because if the SSA in my mind actually cared about protecting crypto investors they would put in place proper Frameworks or they would at least encourage Congress to put in place proper Frameworks proper legislation so the SEC could do their job to the best of their ability but they're not doing that they're doing the exact opposite of

that where Gary Ganzo is going in front of these committees and basically saying no the law is fine the law doesn't need to be changed it's clear when it's anything but that so it is quite frustrating when you dive deeper into these things and you realize that it really just seems like a rot I mean people say that crypto is full of scams have you seen the government right so anyway I'm gonna I'm gonna stop ranting there but you can go give this tweet thread a read from her mind I'll link it in the YouTube description below all right so some good news out of a dcg and Genesis so you'll remember that gcg owes Genesis like a billion dollars or something and dcg is the uh is it stands for digital currency Group which is a large conglomerate within crypto headed

up by Barry silbert that owns properties such as coindesk and a bunch of others uh and they're uh they basically had their lending arm essentially where they got blown up I think 3ac blew them up and then they ended up owing uh uh Genesis creditors of which one of them was um Gemini obviously a big creditor you've seen the spat between those groups there uh because of all that that blob there well today it was announced that they have reached an agreement dcg has reached an agreement with Genesis creditors to deliver recoveries of up to 90 percent now full details about this is in the um the article which I'll link in the YouTube description below uh but this is going to take a while to pay out apparently they're going to be paying out uh in in a kind of schedule here and that the plan could result in estimated

recoveries about of about 70 to 90 for unsecured accreditors in US dollar equivalent um and a 65 to 90 recovery for an in-kind basis depending on the nomination of the digital assets um and I believe I read somewhere that this could potentially take up to seven years to be fully paid back which was the um the kind of unsecured promissory note here so yeah but anyway I still think it's generally positive news it means people get paid back right people are made whole um you know a lot of people didn't do the wrong thing here I think the biggest players did the wrong thing I mean most of them are under arrest or in jail right now and facing criminal charges but the others you know three AC they're still they're still out there they're not even helping uh all three SC Founders I should say um suzu and Carl

Davies they're not even helping with the recovery process or anything they blew themselves up they start and then they they kind of like fled to these jurisdictions where they're not going to get extradited um they started their new kind of like exchange company they issued this token or whatever and I think what they're hoping is that they can make it all back in one trade and then I don't know if they'll pay back credit to three AC creditors in that world but yeah I think they're hoping that they can do it again you know building the bear so to speak and then profiting the ball but it's all it was all a very big mess as you guys know so anyway you can go read this full article I'll link it in the YouTube description below for you to do so or an update out of the eigenlayer

ecosystem today so they've shared the first bunch of projects that they're working with or that are building with eigenlayer so there are 12 projects here already that are building with eigenlayer and you can see some of the names here that you may be familiar with such as cello which is that L1 that's becoming an L2 uh espresso which are building uh kind of sequences and shared sequences uh mantle which is an l21 ethereum uh alt layer which offers roll up as a service uh eigen da which is the eigen data availability layer and and many more here so if you're interested in learning more about each of those projects and what they're doing with eigenlayer you can check this out I'll link it in the YouTube description below but this you know this makes me even more kind of like I guess like bullish on on eigen layer and I I should

obviously disclose here that I'm an investor in eigen layer but I've been talking about eigenlayer for so long now long before I invested in it and I know there are concerns around eigenlayer generally and around I mean not not so much about eigenlayer but around the concept of restaking and I've gone through those before so I'm not going to rehash myself here but the reason why I typically get bullish on uh like on on the moves uh on projects making moves like this is because I think Business Development and and partnering with projects and especially you know other successful projects and and integrating with them is the lifeblood of really any ecosystem if you look at um the most successful ecosystems in crypto it's always been either a concerted BD approach that they've taken to partner with long uh

and long-term kind of like applications that actually push the space forward and actually innovate and actually go somewhere and are just flashing the pan things uh obviously polygons BD department is is well known as well but you've seen optimism recently do a lot of really great BD especially by Landing base to building the op stack uh but and sorry I should say Landing coinbase to build based on the op stack so I always get pretty excited when I see this kind of Business Development going on because to me it's just a very strong signal that the project understands what it takes to to kind of like make it so to speak right now of course there's no guarantee here that uh most of these projects are going to go anywhere as I've said before just because sallow is becoming an L2 on ethereum doesn't mean

they're going to find product Market fit you know they still have to build out their product they still have to get get users of course and everything in between and same goes for all of these I'm not just picking on seller here but same goes for all of these things and some of them have a higher chance than others so for example eigen's data availability uh layer that they're building I think that has a pretty high chance of success to be honest because think about it like this if you're going to use off-chain data like if you're going to be a validium or something and you want to store your data somewhere that is obviously cheap but also secure well what is going to be the most secure data availability layout it's obviously going to be something that is harnessing um staked eth right because eth is

already very valuable and there are already there's already a lot of eth in eigenlayer's contracts we all know that the demand that's there so as a project you're going to go with eigen da because it is going to be the most secure um and in terms of cost we don't know what it's going to look like but I think just from a security perspective that makes the most sense and then if you're an L2 and you want you know you want to um do shared sequencing or or sequences generally and stuff like that you would espresso seems to be at the Forefront of of that kind of world right now so you would go with them so that's why I mean when looking at these projects and what they're doing you can kind of gauge generally their chances of success obviously every kind of startup has

really low chances of success uh and and you've got to kind of gauge it against other I think startups but you also gauge it against established players and think yourself okay what are the chances that this startup can actually put a dent in the established players market share and grow over time and we see this play out across the entire ecosystem obviously it's not just a crypto thing but within the crypto context we see these play out all the time like just to take an example of um of the staking ecosystem within ethereum because we're talking about eigenlayer here let's uh let's put like Lido against rockapool for example since that's a fan fan favorite so your bet on on rockapool is not only a like if you buy the RPL token right over the ldo token what you're betting on is that rocker Paul is going

to eat into Lido's market share and grow their own market share of course you're betting that rocketball is going to be able to build tools and and Partnerships and do Marketing in order to make that a reality and you're also betting on the RPL token accruing that value right I mean there's other things inside of that but that's the kind of General thing I think about so then you have to think yourself okay well what's the percentage chance of each of those things happening and then obviously by doing research into these things and seeing um a variety a variety of different factors I'm not going to go through them all I have my own thing that I look at when I make investments um especially Public Market Investments as well it's a very big thing for me I don't make much Public Market Investments really it's just been lately

but when it comes to to Angel Investments I base my size typically on I guess like how bullish I am on on the project really and I I mean I'll be I'll be honest with you guys I I put I I put a pretty sizable chunk relative to my other Angel investments into eigenlay and I've actually done that with all the l2s as well because you guys know I'm all about the l2s right um so that's the kind of thing that I look at when investing in things um and I yeah as I said like Business Development marketing generally is is the lifeblood of a project especially early stage ones so yeah not trying to assure you guys on eigen layer or anything like that but I I figured I'd explain kind of my way of thinking about projects generally and when they partner with things because we all know that

there are a lot of projects out there that have partnered together or done these kind of like BD things that went nowhere right they went absolutely nowhere sometimes they're fake Partnerships like there's a kind of running meme that these l1s they always say they're partnered with Microsoft or they partnered with Google but what they've really done what they've really done is basically just used Google cloud or Microsoft cloud or something like that right and this is kind of like this running joke um about that and I Remember by putting the Discord Channel Once that these Partnerships are akin to me saying that I partnered with a steak for dinner tonight because I ate steak for dinner right there there's a lot of that going on don't get me wrong and that's again why you have to actually do your own research see what their you know the

Partnerships are see there's actually substance there and then make kind of informed decisions about uh about you know whether you want to follow along with this project whether you want to invest in it and so on and so forth but anyway if you want to check out eigenlayer's early projects uh that sorry the early projects that are building on eigenlayer you can check this blog post out I'll link it in the YouTube description below all right so I talk about data availability a lot on the refuel especially in the context of l2s and I think the term itself is very confusing and bartek actually from the l2beat team today put out a tweet thread where he said that availability is by far the most confusing term we have ever come up with data publishing Plus data storage are better terms that are more intuitive da or data publishing not data storage

here are a few facts that you might be unaware of and the thread continues and you can give that a read there but yeah I mean in my experience the term data availability is extremely confusing for people not just because of what bartek has said here but also because of things like for example when I say data availability I don't mean the availability of nft pictures guys I mean data as in like the state of the chain or the state of a roll-up that's what I mean and that's what the the term actually means it doesn't mean that oh is the the picture of your pfp available on ethereum or is it available somewhere else or is available in some SQL server has got nothing to do with that in this in this kind of like terminology that we use it for but bartek says and I agree

it's confusing and that's why he's kind of broken this down in this tweet thread here which I highly recommend reading I'll link it in the YouTube description but I guess like generally outside of that as well when it comes to terminology within crypto and ethereum like it's always good going to be a game of confusion because there's these new terms that get created and then they're created because we just need a term to name this thing so let's take dank sharding for example if you're not in ethereum and if you don't like even if you're in ethereum you probably don't understand why it's called dank sharding right um and I've explained it to you before it's because Dan crowd Feist one of the ethereum researchers came up with Dank sharding right like and that's why it's called that and then people will ask why

is it called proto-dang shining it's like well it's kind of a play on words where it's like Proto is Proto Lambda which is another um well former ethereum researcher now works at optimism came up with this kind of like prototype version of a dank sharding that we call Proto dank shining or erp4844 so these terms are descriptive in context right but to the laymen or even to people that just don't have the context it just sounds ridiculous and I totally understand that um but I think that regardless of that you always need a name for something and the researchers are going to name it one thing because they have all the context right they have all the context around what why they're naming it that but then that's going to confuse people but I think that that's just the way of the

world really I mean it's not hard to learn what these terms mean to be honest there's so many resources these days for you to learn what these things mean and I think that uh you know the bar text right here is just another great resource for that but also um bartex thread more hits on the fact that the terminology that we use in general isn't actually as descriptive as we as we think it is and we shouldn't actually use that we should actually change the terminology if we discover that it isn't actually the right terminology to use so anyway you can give bartex uh tweet better read for yourself I'll link it in the YouTube description below for you to do so all right speaking of L2 beat uh they've announced today that they are soon going to start enforcing their final stages requirement on the website which is the

existence of an open source node that can recreate the state from L1 data uh they said here we'll be contacting projects and updating the stage designation for systems that do not meet the requirement and there's a thread for context here so yeah I mean just to give you the tldr context there are obviously those stages that metallic came up with that l2beat adopted on their website and if you go to the website here you can actually see it you know stage one stage sorry stage zero stage one and stage two and each of these stages has a criteria to hit and what l2b is saying that they're going to be soon updating these stages to basically say that in order to be considered a stage two uh I guess like roll up you need to have a um an open source node that can recreate the

state from L1 data which just makes sense it basically means that anyone should be able to run a full node of uh of your roll up uh and in order to make sure that everything is you know going correctly to sink to the head of the chain to the head of roll up so to speak and it needs to be open source as well so people can actually see what's going on under the hood as it exists today um I don't think anything that is stage two uh may not have this um so for example the only two things that are stage two on l2beat a d gate and fuel V1 I don't know if those projects actually have a uh open source full node that you can run for them if they don't then they're actually going to be demoted I believe back to stage one because I I

think stage two is going to include that requirement and that's going to be a tall order for some projects I think you can see most of the projects are actually still at stage zero there's a couple at stage one like arbitrine one and dydx but if they don't have that uh I guess like um that open source node then they're probably not going to be upgraded to stage two uh which is only fair and stage two also includes a bunch of other criteria such as fraud proofs being able to be submitted by anyone um upgrades uh you know unrelated to on-chain improvable bugs provide less than 30 days to exit so it needs more than 30 days to exit and the security council's actions are not confined to on-chain improvable bugs so there are those things to hit as well but I'm I

guess like if they do hit all of those things right now and they don't hit the full node um requirement I think that they're not going to be upgraded to stage two which as I said makes sense but you can read L2 beats thread for full breakdown on this I'll link it in the YouTube description below all right Brantley has shared a cool little look at something that he seems to be building right now called the ethereum follow protocol which is basically uh he's calling uh it's a native protocol for ethereum accounts to follow each other and you can see here the latest designs of this or what he's basically uh uh uh kind of working on and what it looks like so you can see on the left hand side There's a summary of of what it is so you know brantley.e his followers uh people he's following what

he is on the leaderboard such and such and then you've got like a discover section on the right hand side leaderboard all that good stuff there I guess this definitely falls into the bucket of decentralized social media I guess and you can see there's more screenshots here what this looks like like profile discover leaderboards all that stuff there and all obviously natively in protocol in this ethereum uh in this ethereum follow protocol here so that the state is on chain so basically what ends up happening is that all of everything you do here if you're using the official ethereum follow protocol interface it shows you the same state as another uh interface that is not associated with the ethereum follow protocol project itself but it's a third-party interface building on top they will tap into the same state that

everyone else Taps into which means you'll have the same profile the same following all that good stuff and it's all of course integrated uh with ens as well uh because ens works this way today so if you want to see those screenshots I'll link them in the YouTube description below but a cool project to follow along with is definitely the ethereum follow protocol here all right Athena Labs has announced their first end-to-end integration of their uh kind of I guess like um a software here I guess not software their products here uh with buy bit Lido and copper so they said here for the first time in history lados st8 collateral is combined with institutional grade custody Solutions and a leading derivative Exchange in order to create their products now you guys know that I'm an investor in Athena and I've

described their products for you before and the main product that they're trying to build is a stable coin that basically exists uh as being backed by things like staked eth and also following along with um with derivatives markets or I guess like uh the the um the markets of uh of Futures and things like that in order to give a yield or generate a yield a native yield for the stablecoin instead of the yield going to I guess the issuer of the stablecoin because as it exists today and as I've explained before all of the yield that goes towards the US Dollars backing uh tether or any of the the kind of like collateral backing tether or us SDC oh and there may not USBC is out of that program but like tether for example that goes to tether Labs right that

doesn't go to the holders of usdt now what athenia is trying to do is to create a disabled coin where the yield it actually does go to the holders of the stablecoin um and also it is backed by things like like staked eth uh stf or R8 and then that extra yield gets fed into that as well so that staked eth yield gets fed into that as well but yeah cool to see them integrating with a major extent exchange here as well as obviously the biggest LST that exists today all right to round out today's episode I have a little bullish rant for you guys I know these things are always exciting and you always love hearing me talk about it and I'm sure you you probably a lot of you saw my tweets uh that I'm going to talk to today but I basically

put together a pretty long tweet here it's not a tweet thread it's one of those long tweets which I'll link in the YouTube description below going over how I see the next 12 to 18 months playing out in crypto now I kind of described how I bucket the I guess like narratives um that are going to play out over the next 18 months into two main categories which is the outsider bullish narratives and The Insider bullish narratives Outsider obviously are things that non-crypto people uh get excited about or can kind of like buy into and then The Insider stuff is the people that the crypto natives get is the stuff that the crypto natives get excited about and of course the crypto natives can also get excited about the outsider bullish narratives so that's like a double up for us there but outside of the

narrative stuff I also mentioned timing and I've said before on the refuel plenty of times that I think that 2023 looks a lot like 20 19 in terms of timing wise I do think that the four year cycle looks like it still wants to play out again and that's where the narratives also also kind of play into this so what are these narratives well the main Outsider bullish narratives include the Bitcoin hardening in April 2024. now if you look at the chart and this is not correlation this is not I guess like correlation causation or anything like that but if you look at the chart of Bitcoin over its entire life cycle it has always gone up after the Harvey there has always been a bull market after the halving 2012 into 2013.

2016 into 2017 2020 into 2021 now 2024 potentially into 2025 is that kind of bull market that I'm talking about here now people say well it's because there's less BTC on the market and and uh people can uh and because of that the the prices naturally goes up I don't think that's necessarily the case I think the case is that it's just the narrative that people latch onto that they latch onto the narrative that there's less BTC in the market they'll latch onto their narrative that BTC is always pumped after the hardening and this is a narrative that exists outside of Krypton not just inside crypto but outside of crypto pretty pretty prominently I I believe and that is used in order to get new money into the ecosystem and as I said yeah it's always a fan favorite as

well so what are the second things well obviously we had a lot of discussion around these ETF stuff so I said you know a potential ETF Bonanza if they are and if they are approved it'll probably be in q1 Q2 of next year but the grayscale ETF conversion announcement could come sooner now you guys all know about this announcement that everyone's been talking about this where basically every Tuesday and Friday at 11 A.M eastern time everyone's looking at the sec's website to see if they've made a decision on allowing grayscale to convert their existing trust to an ETF and if they would if if that if they actually did that it would be a spot ETF which means that everyone would assume that all these other ETFs are going to get approved and that is obviously a

very powerful narrative and that is obviously going to bring in new money for other reasons I've outlined before so that's that there's that one as well and that is obviously a huge outside of um crypto narrative that people try to fight talk about as well then other thing would be you know each staking becomes very attractive to Trad fire because of the passive incoming yield I think that we may not be there there yet but we will get there with with that kind of narrative there and I think that there are companies that are going to be working with these tradful institutions to bring them in to get them to stake their wreath uh and then the next point was some positive U.S regulatory staff such as the stable coin bill but also more positive regulations outside of the US this stuff is going to take time to

actually be fleshed out but again this is all about narrative so if people believe that there is positive regulatory stuff happening that's enough to I guess like uh become a bullish narrative and the last thing is that we just see more traffic companies are playing with or adopting crypto such as visa and PayPal already have and that's self-explanatory right okay so that's the outside abolition what's The Insider ones well this is where things get really really fun so I mentioned the four year cycle before in the context of the harvening but the The Insider one of the the big Insider bullish narratives is that that four-year cycle timing is is uh kind of like uh still playing out nicely right now as we all know and that it gets respected this obviously becomes

bearish if next year it's just another sluggish yard and the four year cycle begins to look like it's actually not going to play out again that would be that would be bearish so just just to kind of like check the bullishness there but it's bullish if it plays out and so far it looks like it wants to play out and then another one BTC actually pumps again after the hardening uh that keeps the trend alive again it is kind of like both an Insider Outsider narrative but it's an Insider thing where we kind of like expect it to happen right and then layer twos continue taking off and we get a proper Layer Two summer which brings in new money I've talked about that before so I'm not going to rehash that there uh decentralized social platforms actually start actually start taking off and bring more people on

chain I think that's gonna happen between farcasta Lynn protocol things like friendtech definitely feels like it's it's going to happen it's drastically improved Supply Dynamics uh with the merge issuance reduction and the burn play out in a huge way once the man comes back leading to fomo I've discussed this before as well about how I think that once demand comes back either is going to be one of the big winners in the market for sure especially for its size um decentralized exchange volumes become just as dominant or flip centralized exchange volumes which brings more people on chain more liquidity on chain and then finally the eat burn goes nuts and we go Giga deflationary and new money would love this narrative because who doesn't love a deflationary kind of asset so those are the kind of main

Outsider and Insider bullish narratives and as I said I'll link this tweet in the YouTube description below for you to go check that out but I kind of front ran another thing that I knew people were going to bring up which was the the macro right I'm doing the quotation marks here or like the hand quotation marks so essentially the macro is something that I generally don't think has too much of an effect on Crypt so and I think this because crypto I mean for the most part there's two major reasons why I think this one is that it's it's mostly retail driven and it is still very small as an industry because of that try to find money is not in in any big way it seems to trade uncorrelated to uh to Market to to the kind of like um uh I guess traditional

Finance markets uh and generally it's not kind of part of the Trad fire world right and the second major reason is that this bear market for crypto has played out exactly the same as previous bear markets Ethan BTC went down like 80 90 right to their bottoms from their tops and everything else went down 90 plus percent a bunch of people blew up all the tourists left and now we're just left with kind of like the die-hards the builders the innovators the long-term investors right so it does that leads me to believe that crypto probably would have tanked anyway regardless of what the macro did so I don't look at the macro in in this context but in saying that if you want to look at the macro and look for a bullish kind of narrative there there is one to be had and that is

that the inflation keeps trickling down in the US especially of obviously the US dollar inflation is the most important it keeps going down to the fed's two percent Target and remains there for the foreseeable future or even goes below that this would kick off the narrative that the FED will start cutting rates again at some point maybe in late 2024 2025 um though by the time this happens I would bet crypto is already in a bull market and has front run this completely and then the key word here is narrative it doesn't matter if the FED doesn't start cutting rates until 2026 all that matters is that enough people believe that they're going to cut and that narrative kicks off the price and and the price action will follow that narrative I believe so yeah and as I said at the end of this tweet here I

could be wrong about all of this guys it is not investment or financial advice it's just how I see things but this is and this is what investing is you formulate a thesis you take positions on that thesis you wait for it to play out and hopefully profit from those positions that you took but not every thesis is correct uh but yeah cheers to the next 12 to 18 months and let's make them as bullish as we can I know I've already taken my positions in what I want to I'm pretty low on liquidity right now I'm definitely very illiquid I guess uh in terms of like my cash position and I have deployed so much cash into the market over the last 12 months just buying eighth you know doing a bunch of Angel Investments because I feel like it's the best opportunity and

the best time to do that I've said for a long time that I believed that buying is between one to two k's accumulation obviously the lower you can buy it the better but you can't always pick that that sort of stuff uh and it's all for the long term there's no not no short-term stuff here guys I'm not buying eight today to sell it in a month you know you guys know I'm not going to sell my eight anyway but generally um uh it's not about kind of timing the market on the shorter time frame it's about timing the market on the longer time frame and I think at this point I have a pretty decent read of it but I could still be wrong and that's my risk to take just like it's your risk to take so with that out of the way I think

that's going to be it for today's episode so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone