Set Protocol updates, DAI growth, 1559 chat and more - The Daily Gwei Refuel #43 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 26th of january 2021 right everyone let's get into the news from the last 24 hours so some personal news as they like to say so i announced on twitter yesterday or i guess earlier today for for some of you was uh that i um have left set as a as like a full-time person employed at set uh i used to be used to be as of like a couple days ago i was a product marketing manager at set uh i had worked there for 18 months uh since mid 2019 joined in july of 2019 i'm pretty sure and now i've stepped down to an advisory

position with the company uh and i said here on twitter that i now work full-time for ethereum and the open internet and i've got a thread here i'll link it in the youtube description if you haven't seen it yet and you want to read it there but basically what i mean by this is that you know ethereum has given me a lot over the years uh over the four years that i've been in this ecosystem and i've obviously tried to give a lot back through the daily way through ethub my work at set you know my twitter presence all that sort of stuff and now i'm kind of in a position in my life where i can take this kind of to the next level and essentially work for myself um you know support myself and and work for ethereum uh basically so that means

you know more daily grade content is going to be coming at you you know doing more stuff with eath hub um being more involved with like earlier stage projects i love to help early stage projects from both an advisory position perspective or just you know jumping on a call and helping them through different things like marketing community management you know all the communications all that sort of stuff because there's going to be a lot of projects spinning up in the coming years because you know d5 ethereum is just exploding that they're definitely going to need help because navigating the this ecosystem is actually quite difficult um from i guess like a marketing and and um community perspective because there's a lot of insiders kind of baseball that you need to know uh you need to know like you know

how the community reacts to certain things you know have a pulse of the community of like what they like what they don't like you know the memes you know what works and what does it from a product perspective as well within d5 what people are interested in what people want what's been tried before which failed because of this this and this reason so you know there's a million different things going on there but that's where i think you know i can i can help and add a lot of value so yeah it feels really really great to be able to uh you know take my i guess my personal work full time um you know set working with set for the for the last 18 months has been awesome the team is great i truly believe they're building products that are going to change the world

you know i'm sure you're all aware of the default pulse index you know one of the most popular products that has has kind of like launched with the index co-op and there's just more and more coming i i you know i'm really excited and that's why instead of just leaving the company all together i really wanted to stay on in an advisory position because i really wanted to be involved with their success i i definitely think they're going far there so a little bit of a shill but if you're sleeping on set protocol or index cop or any of the stuff that they're doing uh definitely don't because you'll be you'll be missing out on some really cool stuff so yeah and uh if if you're if anyone watching or listening to this is you know maybe you have a project that you're thinking of spinning up or

you're in the early stages and you need some advice or anything i'm always available and happy to help you know just damn me on twitter on telegram my telegram handle is the same as my twitter handle so sassel0x here um so you can just dm me there and i'll i'll definitely answer uh we can you know 24 hours normally and you're always happy to help the earlier stage projects so yeah looking forward to that and yeah looking forward to providing more content on the daily way you know through through youtube through um you know the newsletter i might take that a little bit further and do some cool stuff there i've got a few ideas of what i want to do i just i need to just kind of like plan out my life now now that i've got like all this um all this time

i've got to allocate it you know as as i think is best effective i don't want to just like sit here and and kind of like have all this time and not do anything with it i'm always kind of someone who wants to be as involved as i can with with kind of um you know the ecosystem and i think you know ethereum's going to change the world so very happy that i get to still be part of that um in a in a kind of like grander capacity i guess you could say so anyway enough about me there's a lot of news to get through today so let's get into it so larry somak from the blog put out this uh tweet today uh basically saying and i'll quote the tweet the while the vast majority of institutional capital is flowing into bitcoin every single standout candidate we have

interviewed at the block recently was drawn into d5 not a single one that was focused only on bitcoin end quote i thought this was really cool and really bullish because it's just a sign of the times right what's happening with bitcoin not to insult bitcoin but if you're a new person coming into this ecosystem you know maybe you're coming through bitcoin you learn all about bitcoin learn what it's about and then you know you obviously will discover ethereum too right and then you come into a theory you're like okay ethereum can do all all of all of this if you can basically do what bitcoin does but like so much more and then there's just a wider kind of pool of things to do on ethereum and kind of cast a wider net then you're inevitably going to get more of this talent interested in things

happening on ethereum like d5 you know nfts dows things like that right rather than just being interested in in bitcoin um and you know it really is i mean not again not to insult kind of like bitcoin but i just for me personally i don't know what they do when the price isn't going up i really don't there's just not much happening um from the day to day you know maybe there's there's bit happening in kind of like the wider kind of global macro space where you know companies are buying bitcoin for their balance sheet and all that sort of stuff and that's that's fine that's cool whatever but that's just not something that interests me i guess and obviously a lot of the new people coming into the ecosystem are not interested by that either uh and i kind of like i joked one

of my friends before i'm just like is bitcoin becoming like the boomer coin of of crypto um where it's just like you know once you kind of like a new to crypto it's like revolutionary right and it's amazing but then you dive deeper and you look into like ethereum and you're like okay well you know bitcoin's so far behind in terms of what it can do by design don't get me wrong but you know that's what new people kind of see so they're more drawn to d5 and ethereum which is incredibly bullish we need you know as much talent as we can in d5 i think defy is in general just going to suck in so so much talent from the traditional world especially traditional finance and in a few years we're going to reach this kind of inflection point where traditional finance can no longer

ignore defy simply because all the talent is going to defy so so like these other companies will be bleeding talent to defy um just like you saw when i mean the internet's uh kind of spun up there's a lot of companies that bled people to to you know internet-based companies and stuff like that so we're going to see the same thing play out maybe it doesn't even take a few years maybe it happens over the next couple years especially during a bull market tons of new people are going to be coming in and they're not going to be sticking to only bitcoin the days of that are gone it is just too you know boring to just stick to bitcoin it's just the stark reality of it um so you can still hold bitcoin you can still follow along with any developments happening on there

but if you want to get to like the really the most exciting stuff happening at all of crypto it's all on ethereum and that's not even just me with my obvious obvious massive ethereum bias that's just the objective truth right there are things happening on other chains that may or may not be interesting depending on what you're after but the vast majority i would say over 95 percent of the stuff that's interesting is happening on ethereum the research the development the apps the the community stuff that's that's happening everything like that it's it's the majority of it is happening on on ethereum so that's where a lot of people are going to go and the majority of d fights happening on ethereum right so we're going to have so much i mean what makes me most bullish is when we have new people flooding into the

ecosystem more so than anything else because uh fresh blood is only a good thing you know fresh ideas come to the to the plate we get more businesses spun up more apps spun up that will compete with each other which is good for the end user and we just kind of like get to where we want to go a lot faster than we could have so yeah i thought that was really interesting from larry since obviously he works at the block is the director of research there so he would see a lot of these a lot of these candidates coming through and for him to say this is is quite big so i thought that was was an interesting thing to to kind of talk about today so the ethereum cat herders put out their 37th update uh yesterday so for those who don't know

the ethereum cat herders are basically a small group of people who monitor ethereum one protocol developments and write updates on them uh and and kind of like help steward different things or for for you know to their namesake they try to hurt the cats essentially right so in this update they go through you know a lot of things going on with um eth1 right now obviously uh the berlin network upgrade that i spoke about i think a couple of days ago is uh the one of the biggest things happening right now there's the yolo v3 test net which is the the i think going to be the final berlin uh test net before we can we can get to mainnet there there's a bunch of other updates here around uh e2 they're doing e2 updates now one five five nine infamous

uh implementation at the eip ip meetings which is basically a meeting for the ethereum governance uh process and like how how things are shaping up there and a bunch of other things i mean this is a pretty chunky update here so if you're interested in following along and getting updated on eth1 client development and some e2 stuff in here as well and the governance and everything highly suggest checking this this post out highly suggest i'm following the ethereum cad headers medium account so you get updates here um they are doing the best job out of anyone in following eighth one developments i think uh i really love reading these updates because it's kind of hard to follow along with eth1 developments considering it's kind of split into many different places because it's

decentralized um i think uh yeah it's just very very um good to keep up to date with this sort of stuff so yeah really uh you know i guess like kudos to the team for for putting these out this is the 37th update and i think they do these weekly so 37 weeks and going strong so yeah thanks to the team for putting these updates out so alpha finance tweeted out today that 0.39 of the total heat supply is now in alpha homora which is one of their apps um i mean i think i've spoken about alpha finance before this is one project that i'm extremely extremely bullish on i i have obviously because of that i have alpha tokens so just a disclaimer there but i think not just i mean not i didn't want to talk about alpha too much i

wanted to more talk about the fact that just more 8 is being sucked into d5 apps right like this is just one app on ethereum and that has 0.39 of all eth in it right maker dao has a has a has more way more than that in it compound are there all these apps and then on top of that you have a through staking which has almost three million ethernet now which is almost three percent of the total supply something like 2.7 2.8 and you quickly get to a very very large amount of the eat supply being kind of like taken out of of off the market not out of circulation but off the market so i mean and and that's not counting like all the the ethereum cold storage right people just sitting on it waiting for

uh i guess um you know maybe to sell it one day or maybe they're just sitting on it because they don't need to need to to sell it or they're selling it slowly or whatever and there's tons of that all the lost eat you know tons of stuff around that um and i just when i saw this tweet i was just like it's just crazy like all these eats is going to get sucked up there's not going to be much eat left for sale i think the last time i checked there were less than 10 of the total eat supply on exchanges at this point um which which means i mean you know you do need demand to match the supply side like you can't just say you know oh something's going to be worth more because it's it's scarce right it can it has to be scarce but there

also has to be demand for it so obviously there's demand for eth right more people want to buy a we're getting a lot more people interested in eth we're having institutions coming in a couple of weeks we've seen that the cma futures launch for eth which is going to drive even more interest and if only less than 10 percent of the supply is actually available for sale on exchanges on any given kind of day right that's just going to keep getting sucked up and keep getting bored and that's what pushes the price up like at the end of the day you know there's all this technical analysis that's happening there's all these kind of um fundamental analysis there's all this stuff at the end of the day and that all kind of adds up and is cumulative but the the law of of uh supply and demand

is basically what drives everything here like the demand is driven by uh you know external factors of course many external factors right it could be driven by a two developments people get more confident than each two is coming along they buy it d5 developments people see that d5 is locking up all this e they're like oh my god i need to buy eighth like it's gonna you know there's not gonna be much left to buy i need a bike before it goes up you know people buy eth to speculate on its use as a store of value you know they buy it for gas and stuff like that right there's there's a lot of demand drivers for eth put it that way but then when you match that with a supply side that is dwindling right and that is going down rapidly because everyone wants eath

that just leads to something very magical and that's why we see such these such reflexive price rises right we i mean in 2017 it was actually a huge driver of the price because we had a lot of projects doing icos they would raise all this money in eth and then they would keep it in a treasury now this works both ways during 17 at work to lock up eth it worked to drive a lot of demand for eath as well because obviously people wanted to buy these icos um or buy into these icos invest in them or whatever but then the opposite happened during 2018 and 2019 where all this eth wasn't locked in these treasuries right the treasury of these projects started selling and they sold a lot during 2018 and 2019 and that is a

was one of the primary drivers of why the price went down and then of course the price going down during a bear market people keep selling because they're like i need to get out before it falls further and then it falls further because people think that and it's a self-fulfilling prophecy right um you know a classic example of of a large ico selling their eighth was eos so eos allegedly raised four billion dollars worth of eath they had like a lot of eid i think they had millions of each that they raised and they actually ended up dumping every single last one of it and they didn't just dump it for dollars they bought bitcoin with it too so i think that's a big reason why we saw in 2019 bitcoin actually doubled in 2019 whereas eth stagnated and stayed flat i think eth had so so much cell

pressure from these icos that it kept it down for quite a while um and and longer than it should have been kept down i think so now we're going into a phase where we don't have icos having like a crap ton of ether cell anymore we're pretty much at all time highs again we have each supply being locked up in in various ways right within d5 within e2 staking and all the other ways i mentioned before and this isn't going to be capital that's just going to sell like icos did right they're not just going to immediately sell i mean in staking for example a lot of that capital i imagine is long-term capital they're not going to be immediately withdrawing you know and dumping as soon as withdrawals are enabled some of them will but but i think most of it will stay um so

it's a more natural driver of demand you have i think institutional interest which is more natural as well and they don't kind of like panic dump so to speak some of them will but most of them won't i don't i don't think so that's another kind of like a thing there to keep i guess the eighth price from falling as hard as it did during the last bear market so yeah a lot of interesting stuff happening there in the eats kind of supply side stuff i have the next daily grade data pump video which goes over the ethereum on chain analysis uh coming out in i think a week next week if i got the dates right here so look out for that because i'm actually going to be going over it's supply um kind of our dynamics there and how it's been changing over

the last couple months so definitely subscribe to the channel if you haven't yet so you don't miss that i think it's going to be very interesting i was looking at it um just today and i'm like okay this is really interesting there's there's you know not much ether for sale i think this is going to be cool to look at so yeah keep keep an eye out for that one a quick shout out here to linda shea she's put together a ethereum vr meetup with trent van epps here uh it's going to be hosted on friday this week january 29th at 4 pm eastern time uh us eastern time so if you're interested in attending you can sign up on on this sign up form here which i'll link in the youtube description i've signed up luckily i can attend this it's only 8am 8am my time

um so i can definitely attend this one usually these events when they're scheduled on like especially the eastern time in the us they're like 3 or 4 a.m so i can never attend them but really glad i can attend this one so if that's what you're interested in definitely um sign up here and you'll you'll see me on there so yeah the links in the youtube description so interesting tweet from lamboshi here this wasn't a tweet from today i think it was like four days ago um he tweeted about the energy use of different kind of mining algorithms uh compared to proof-of-stake so he's got here e3 proof-of-stake only uses 1.4 gigawatt-hours uh ethereum mining uses 16 000 gigawatt hours and bitcoin mining uses 77 000 gigawatt hours and then he goes on to

say it is easy to see which of the two consensus mechanisms is most compatible with the future now i wrote more about this in the daily guay newsletter today you can go read that i'm not going to go into like the nitty gritty details of what i wrote about but this just speaks to the fact that i mean proof of stake has been on the ethereum roadmap forever and one of the main reasons it was there is because we wanted to go to a more greener more sustainable consensus mechanism because mining as you can see uses a lot of power the bitcoin mining currently uses 0.5 percent of all worldwide electricity consumption literally do you think 0.5 percent of the population actually use bitcoin in their everyday lives i don't think so

i don't think there's 0.5 of people in the world um hold bitcoin at this point that would be hundreds i think it's hundreds of millions of people or something like that if i'm doing my math right i don't think that we're at that point yet um and even then i mean does that justify the energy expenditure now obviously ethereum's not much better here i think it's like 1 4 or something of the energy use but ethereum has a plan to move off that and we already have a proof of stake chain live we just need to wait for the merger to happen and you can see that the orders of magnitude difference here is is extreme right because with ethereum proof of stake you only need a simple kind of simple hardware you don't need a specialized mining machine just general purpose hardware and you don't need lots of electricity

to power this and you don't need to power it like full capacity to get the the juice out of your mining machine and to make the most kind of like returns so from that point of view it uses electricity but it doesn't use hardly anything compared to compared to what mining uses so and on top of that mining equipment actually is incredibly wasteful because you have to keep replacing it as as time goes on because there's better mining equipment comes out that's more efficient that'll make you more profitable and then all the old mining equipment is literally waste it doesn't get used for anything else it gets put into it it just gets thrown out essentially so that's another big aspect that i think people miss is not just the energy usage it's also the massive amount of waste that's produced by by bitcoin mining

so i think over the coming couple of years maybe yeah the next couple years as kind of like this bull market heats up as bitcoin grows more as this price goes up and more it uses more electricity there's going to be a lot of regulators that are going to take a look at this a lot of governments they're going to taking a look at this and they're going to think we're trying to combat climate change yet we have this massive elephant in the room of you know of proof-of-work mining and not just bitcoin any network that does proof-of-work mining you know what can we do to to to stop this to regulate it now obviously no one can stop bitcoin right it's very hard to stop bitcoin you know maybe a motivated nation state or a motivated government like the us government could if they

really wanted to and they probably could today if they really really really wanted to and that was like their sole goal i think they could at least you know without banning bitcoin from trading i think they could uh the network if they wanted to but outside of that i think it's just going to come under intense scrutiny here because they're going to be thinking to themselves you know this is just such a waste it pollutes everything you know and bitcoin is going up against governments anyway right it's going up against central banks and their ability to print money and the government's ability to print money so it's not like there are innocent little kind of thing in the corner being like please don't hurt me i'm innocent right no it's not like that at all they're actually bitcoin launched the first attack so from that point of view i don't know i

think the next couple of years are going to get crazy and i don't think enough people are talking about this i i think that mining is is is i mean proof of work was a good kind of proof of concept that it kind of um launched obviously bitcoin it launched this whole industry but if we can do proof of stake and and it's just as secure um then why not right why stick to proof of work and you know the the bitcoiners like to argue against this saying you know proof of work actually encourages you know green energy and cheap energy production and it's actually good for the world i've never seen a study or research done on that that wasn't biased so it wasn't from a bitcoin aligned publication so if you've got something send it to me because i haven't seen it yet um

and they also say that oh yeah bitcoin uses this much energy but so does all this other stuff that's wasteful and i'm like well that's just what about ism and that's a really poor argument in my in my eyes so i would really love to be proven wrong here um because i just i don't see how that that you can justify this much energy use for something that most of the world or at least 99 of the world at this point in time don't benefit from right so you know you can say oh this uses that this much energy they usually say that um the the entire traditional finance system uses more energy than bitcoin and it's like well i mean yeah it powers the entire globe like everyone uses it right so i don't understand where that argument's coming from it's just a super

weird argument but yeah i'll digress for now i've got a few more thoughts in the newsletter so you can go read that if you want to um learn more about what i what i think about this so seth us here at set today launched a asset management suite after three months of it being in public beta so what this means is that now anyone can create their own tokenized basket or their own set uh have people invest in it they can implement their own fees and they can also access the rest of d5 through various integrations now we've already seen a bunch of people create their own sets which is really cool people were dying to do this for a long time i mean people have asked us for this feature for a very very long time and we finally felt comfortable enough to release it to the wild

which is which is really really cool so if that's something you're interested in and you want to create your own set create your own fund i guess on chain without having to go through our team it's now permissionless permissionless to do so um and you can see the integrations we have here you can trade using sushi swap unispop xerox uh kaiba one inch you can participate in governance of different protocols lend out on rv charge fees there's so much going on here this is actually you know i mean one of the most exciting releases that we've had in quite a while and i was really really glad to see this go out there so if that's something you're interested in definitely go check it out because uh you know you can you can literally in a few clicks using a really nice interface create your own basket create your own

tokenized fund and then get investors maybe you want to help your family or something or have your friends do it you can just send them this link and you they can and then they can um kind of like invest in it or they you know maybe they send you money and you invest in it for them but you have like this whole kind of um management suite here so that you don't have to manage like all these different kind of crude addresses and stuff like that you can just put it into this um this pool of capital and then kind of work it from there so definitely go check that out if that's something you're interested in so do an analytic poster doing analytics posted this tweet today about there being over 1.5 million die is now being issued uh by the maker dow system which is now

backed by 4.5 billion dollars worth of collateral now this is obviously not just eth collateral it's also usdc and a bunch of other tokens you can actually see the collateral here um you know there's i mean there's a lot of tokens in there now like xerox knc bat wi-fi there's tons in here and of course the stable coins as well um but i thought this was really cool i mean the maker project has been growing so quickly um over the past year even though the mkr token price has done barely anything up until recently so it's actually really funny to see the fundamentals continue to get you know explosively better whereas the token price isn't reflecting that maybe not up until recently i guess so that's like kind of a divide

there but what i think is also interesting is that i don't know if dot how much dye is being used as a stable coin rather than being used as cheap leverage because at the moment maker is the cheapest place to get leverage on chain because if you put your eighth into compound or are there you have this kind of higher rate on stable coins so i think to borrow like a stable coin whether it be usdc or die is seven or eight percent last time i checked whereas using eth on maker and borrowing against it is three point five percent so and it was much cheaper it was like two percent a couple of weeks ago so i think die i mean i don't know i'd like to see how much people are actually using dyes just like a stable coin right rather than a way to get

cheap leverage or at least the maker system as a way to get cheap leverage because i think that's what people are doing um because you know you can look at all the assets locked in there it's a lot of eighth a lot of eath holders obviously don't want to sell their eighth because ether is going up but they want to play maybe in defy right they want to buy some defy tokens and it's a really good tax advantaged way to do it as well because by putting your ether to make and this isn't tax advice but how it works for me in australia is that by putting my ether to make her it's not a taxable event but borrowing assets against it not a taxable event the only taxable event is if i buy something with those dollars i make a profit right and then i'm taxed on those

as capital gains so that is you know instead of me having to sell my a incur like capital gains tax and then reset my cost basis and all this mess so i think that's why it's very very popular um but that doesn't take away from its growth i think that's how maker dao works right it requires people to want cheap leverage or to want to take out loans and stuff like that so yeah i don't think it takes away from their growth at all so kudos to maker onwards to two billion die and and you know get getting further along from that as well so intro is just interesting tweet from georgios today about eip1559 and this is an undercover aspect of one five five nine so what the op code the base fee op code will allow for

um it will allow smart contracts to estimate congestion on chain uh by comparing the historical base fee behavior and then they'll be able to progra programmatically adjust parameters such as dispute periods and optimistic roll-ups now i mean this is quite technical you may not understand exactly what he's saying here so i'll try to break it down as best i can basically it acts as an on-chain oracle for the gas market so you can imagine you know oracles that power d5 today and power all of the theorem today that give you the price of like e they give you the price of a stable coin obviously chain link is a big project in this space or at least you know the biggest and leading project in this space so what 1559 will do with this op code is allow smart contracts to tap into it and basically be able to use that as an

on-chain oracle to uh estimate kind of um you know uh kind of like how they're doing gas for users on the user side and now he mentions optimistic roll-ups as well which is a layer 2 technology i'm not an expert on here so i might get this wrong but from my understanding uh the dispute period within optimistic roll-ups is you know can be up to a week so it it basically is a period where anyone can challenge the um the withdrawal or something that happens on the optimistic roll-up before it gets settled on the on layer one ethereum for kind of fraud and things like that um and by by uh by getting the the smart contracts and the roll-ups to talk to this op code to to kind of measure congestion and things like that

they can better do these dispute resolutions so yeah this is something that's quite technical but i think is very important because just another reason why we need one five five nine gas burning better fee estimation for users better for ux right um you know aligning incentives between uh all the parties on the network makes it so you can only pay for fees on the network and now having this on chain kind of gas price oracle or kind of like um i guess like gas market oracle it's just another thing that that's exciting about one five five nine so that it's not it's not wrong to say this is the biggest upgrade that ethereum has ever seen in its entire history on on on eth1 at least in the network besides eth2 of course so very very very excited for this to go

live as i've said in the past my heavy speculation is that we're going to see it around july but we'll see how it pans out giving any sorts of dates within ethereum is not great right there's always been delays but i'm optimistic right you could very optimistic because tim biker's leading it and i've spoken about him a lot and i really trust him to get the work done so really looking forward to that going live so lastly here a little bit of drama so niraj from coin center posted this tweet today and i'll read the tweet out quote some people on clubhouse are mad because i said ethereum is not a scam so i'll say it again ethereum is not a scam end quote now obviously if you've been in the ethereum ecosystem for a while you'll know this all too well a lot of people

actually think that ethereum is a scam right not as a joke they don't think it's just like a bad idea or anything like that they think it's a legitimate scam that should be taken down and they compare it to theranos right that massive scam that went on in the traditional startup world and it's just so bizarre right you can think ethereum is a broken system you can think it's dumb you can think defy is dumb i mean i don't know why you would think that but you can think that that's fine that's a that's your opinion but for you to call ethereum a scam in the face of overwhelming evidence to the contrary is just so bizarre like i just don't get it right and i don't actually think that these people really believe that ethereum is a scam maybe some of them do

but i think they use this as a as a kind of defensive mechanism against kind of like having to accept that ethereum is going to exist right and it's going to exist just as long as bitcoin is going to exist and i think what burns these people the most is that they can't kill ethereum and they can't kill ethereum for the same reason they can't kill bitcoin which is the ultimate irony here so i just i mean i don't want to dive too deep into this but it's just it's so insane to me that people still think this these people are missing so much of what goes on within ethereum so much of the developments they're missing world-changing technology because they're stuck in their bubble they're stuck in bias right they're stuck being for lack of a better term

maximalists which i just think is is bizarre and i just think it it's really detrimental to to the space so you know and a lot of these people pretty much all of them are a bitcoin maximalist right like there's no sugar coating it here so they're i mean in my opinion they're not worth paying attention to they're not worth listening to if they can't have critical arguments or critical thought around ethereum and can accept that it's not a scam then they're not worth listening to and a lot of them don't have any good arguments because a lot of them don't even understand how ethereum works which which is even even funnier so you know how can you call something a scam if you don't know how it works and it was even funnier is that the arguments that kind of bitcoin maximalists use against ethereum

are the same arguments that people that aren't into crypto use against bitcoin to to detract from from its properties right bitcoin was called a scam for a very long time um so yeah i mean i don't expect a lot of these people to not call to stop calling ethereum scam they're going to keep doing it whatever that's it is what it is uh and i mean it really doesn't matter at the end of the day ethereum continues unabated uh d5 continues right the explosive growth is going to continue and all the kind of like i guess moderate bitcoiners pretty much accept ethereum and like ethereum it's just the real kind of like ones on the on the maximalist end of the spectrum that they kind of think it's still a scam so whatever we don't need those people they we don't need the negative negativity

within the ecosystem so yeah anyway i digress for now uh that's it for today's episode so thank you everyone for listening and watching if you haven't yet give the video a thumbs up subscribe to the youtube channel subscribe to the delegate newsletter join the discord channel and i will catch you all tomorrow thanks everyone