TikTok NFTs on Immutable X, Uptober begins and more - The Daily Gwei Refuel #221 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news the ethereum ecosystem i'm your host anthony sosano and today's the first of october 2021 all right everyone first day of october october as they're calling it on twitter over the last few hours because the prices of eight bitcoin bunch of other assets has gone nuts over the the past i guess like 24 hours uh it's eight is currently at time of recording at 32.70 started at 3000 uh about i guess you could say 12 hours ago now um so yeah it's been a day for crypto prices for sure but it's also been a day for news as well so i'm going to get right into that but just a quick reminder that there's going to be an ama in the discord channel tomorrow at the normal time definitely go check that out it's

in the announcements and calendar channel that you'll find in on the discord server there uh and you know if you want to ask your question be sure to do so in the ama series channel of on discord but you can also ask it live if you're going to attend the ama and of course it'll be recorded and uploaded to youtube and also this weekend there'll be a data pump uploaded to youtube as well the first one in four months i said that i was gonna do it i will do it uh there's a lot of people requesting it a lot of data to go through as well so i'm pretty excited for that but on to the news from the last 24 hours so i think one thing i wanted to start with was this tweet from robert leschner who's the founder of compound here um i spoke

about how compounds had that exploit yesterday with the comp token where people could claim uh way more com tokens than they should be able to and then uh they can't actually put a fix in for a week because there's a time lock and all that sort of stuff uh so robert decided to put out this tweet today and it's it's not a great tweet let's put it that way it seems like you put it out without thinking first but i want to kind of unpack this whole thing so the tweet reads if you received a large incorrect amount of comp from the compound protocol error please return it to the compound timelock contract at this address and you can keep 10 as a white hat otherwise it's being reported as income to the irs and most of you are doxxed um then he he put a follow-up

tweet out uh i guess i think it was like a couple hours after this tweet where he said i'm trying to do anything i can to help the community get some of its comp back and this was a boneheaded tweet approach that's on me luckily the community is much bigger and smarter than just me i appreciate you ridicule ridicule and support so obviously this is polarizing for a number of reasons the biggest reason is the fact that uh robert said that um he's going or not him or like someone uh maybe not him directly but like someone he knows or people in his circle would report uh the the those addresses to the irs and he's saying you know most of you are doxed which means he knows the identity of these people or at least there's a there's a trail there from

from either from a centralized exchange or somewhere else now of course saying something nice like this goes against the very ethos of d5 right like the very ethos of defy is to not have government's nation states regulatory intervention in anything at the end of the day um and robert's saying this is basically uh i guess uh but by saying this he's he's he's threatening he's he's using the threat of nation state uh power to force people to return the comp to this this time lock address here obviously a really really crappy approach and he realized this a couple hours later so i don't want to like crucify him for this because i mean for those of you who've been around for a while you know how much robert has done for d5 he kick-started defy summer by launching the compound liquidity mining

program he's done a lot of stuff in the background he funds a lot of different teams helps a lot of them out he's been around for quite a while so you know he's a great guy and i you know when i saw this tweet i was like wow this is really robert's account like this is actually weird coming from him considering he's been such a great advocate for defy um and it just feels like he put this out without thinking and we've all done this before we've all said things before that we regretted immediately and unfortunately when you put stuff out on on twitter uh it's there forever even if you deleted this immediately after putting it out someone would have screenshotted it so that's the unfortunate kind of uh thing when it comes to twitter and i guess like social media in general now if you you know you

scroll through the comments there's a bunch of polarization going on there's so many different you know people um uh making their kind of like our own comments about about this i think most people basically said to him that uh this is just a silly thing to do that's why he gave that follow-up tweet there i'm not going to go through all the replies you can check them out yourself if you haven't yet um but yeah i mean this isn't the way to go about it to me and and actually this also brought up the kind of like question around you know what's the actual law when it comes to these things is the code law or is kind of like the social contract law the social layer law and we all know that the social layer of these things is humans at the end of the

day so uh there was obviously that bug and people got comp tokens and they sold it off or they have comp that they shouldn't have and they can either choose to give back the funds or not right now we saw this play out i guess like a few months ago with alchemix where they basically said to people hey you know they didn't they didn't kind of like force people to give them the the eighth back that they drained but they said hey if you give the eighth back uh you know you'll get like an nft and you'll get like some perks and whatever um you know sent to your address and they kind of like offered i guess a bit of a carrot there for people to kind of come and do this and 55 percent of the eight ended up being returned which is a

much better outcome than zero being returned and and as i said they didn't use kind of like any threats or anything like that they played it really well i believe whereas robert here this is not a great approach of course and and i'm glad he realized this and i i think that he probably feels the worst out of anyone that this happened to be honest because compound is his baby at the end of the day and he probably feels really bad that people have lost money um on you know uh with the comm token bug here so i can totally understand it from his perspective but also just generally i think that it's actually pretty encouraging that people hit back against robert on this like really really aggressively as well um because as i said i don't think we should be appealing to nation state institutions

such as whatever the irs the sec any kind of nation state institution to and kind of like threatening their using them to kind of like get able to do what we want them to do even if people taking those com tokens was quote unquote the the wrong thing to do and i put quote-unquote there because they they just did what um you know the contract allowed them to do like i'm sorry but the we just got to build better systems we build more resilient systems there's always going to be bugs but at the end of the day you build better more resilient systems over time and you can kind of like lessen the severity of those bugs and hopefully get to a point where uh critical bugs are a rare occurrence and i think we're getting there over time especially with the the quote-unquote d5 blue chips uh

and and stuff like that but still i i just i don't know personally and you guys know how i am i just do not think that we should be looking to these nation states looking to these kind of institutions for help or for like you know or using them as kind of like a threat against people because we're trying to disrupt them we can't just say hey well you know we're we want your help you know we need your help with this because this happened blah blah but then on the other hand say oh well actually we're actually you know our protocol's actually trying to disrupt you because compound disrupts banks because it offers uh uh kind of like uh obviously offers um uh uh what is that money market surface that's what i service that's what the that's the term i was looking for and it obviously has

uh better rates for people they have their compound treasury product and things like that so they're obviously trying to disrupt banks here but so they can't just go to these financial institutions or go to something like the irs that protect these financial institutions or at least are tightly coupled with them and and basically use them as a kind of like i guess force against against these people so that's kind of like my general thoughts on this whole thing um but as i said robert is a great person he is not someone that i expected to say this but again i think that this just shows that he's under an immense amount of stress and pressure when it comes to this of this incident and why you know why wouldn't he be at the end of the day i mean as i said like he's not responsible for compound as it

exists today that's obviously in the hands of the comp token governance community but he still is the founder it still is his baby and he probably still feels responsible for what's happened so he's just trying what he can to kind of fix the situation but obviously you know what he said was wrong and i'm i'm glad that he kept it up and like let people comment and let people kind of like talk about it but this that definitely does go against the very ethos of d5 and what we're trying to build here so i don't encourage this at all i don't want to see any um you know people kind of like saying this no like not even like founders of apps just anyone like let's let's not appeal to the state let's not appeal to any of these centralized institutions let's keep them at bay let's keep them like as

far removed as possible we don't want them to be meddling with our stuff and basically setting the lay of the land the law of the land the law of the land is what we what we what we make it at the end of the day it's not code i don't believe cody's law to an extent because you know for example if uh 50 of the total eat supply was just this is an extreme example but say fifty percent of the total eat supply was kind of like uh due to some exploit was put into one central wallet or it was or it got sent to the burn address because some per uh you know some person was just like oh well i wanna watch the world burn so i'm gonna send fifty percent of all eighth um to the burn address i'm telling you right now that

would be rolled back the community would come together and and come to consensus and be like well this is obviously disastrous fifty percent of all eighth going to the burn address and you know depending where that eighth came from it probably came from d5 apps probably came from exchanges and and that's you know that's hurting a lot of people everyone would be in favor of rolling it rolling back the chain to or at least doing a regular state transition like you did with the with the dow hack uh sorry like the community with the dow hack where you reverse that um that kind of like uh that incident and the same what happened for bitcoin like don't just think this is an ethereum thing this is definitely a bitcoin thing too there is absolutely no way the community would be okay with something like that happening so at the

end of the day it is all kind of like a social contract but in saying that we should still use a social contract as a last line of defense it should not be something that we rely on it should not be like oh well you know if something bad happens with our app we can just get a out or you know that that shouldn't be the line of thinking that we take and you know i don't think it is currently but we should be vigilant and we should not let the narrative take hold that oh yeah do whatever you want if you lose funds whatever it's fine we'll just roll back the chain or we'll just kind of like doing a regular state change and all will be well and good um but yeah that's kind of like my opinion on the whole thing from robert here i'm going

to leave it at that for now because there's a bunch of other stuff to get through so i think this is the biggest news of the last 24 hours uh besides the visa news that i went over yesterday but immutable uh immutable has announced that they have teamed up with tick tock which is i think the biggest app in the world still it is definitely that it definitely has a lot of users hundreds of millions of uh deadly active users i believe but they've teamed up with tiktok um to build nfts on their immutable x uh platform they're they're kind of like layer two platform on ethereum this is huge news i mean absolutely huge look at the celebrities that they have on board here they have uh bella pollach i think that's how you spell her surname she's she's a massive kind of like tick-tock

person lil nas x uh definitely huge um kind of like music star there uh gary vaynerchuk grimes uh i mean just going through the list here i mean they're it's just i mean it's huge right like it's huge because it's funny because when you think about like these traditional web 2 apps i've been getting people saying to me oh well all these apps are going to go to the more scalable centralized chains because i don't give a crap about anything but they're not like i'm telling you right now the reason why these apps pick different kind of solutions is due to the bd effects of these solutions so for example uh you know polygon has done a really great job here with their bd efforts on the pos chain where they basically bd stands for business

development where they basically went out they approached all these things they they onboarded them all these kind of like d5 apps and things like that and everything outside of that they recently did an nft job with dolce gabbana but they basically uh went and approached all these kind of like companies and said hey here are the benefits of our tech here's what we can do here's what we can set you up with and that's exactly what immutable did here um and eli actually has a tweet about this it only took two weeks from uh tiktok reached out to starkware on september 16th and then they immediately put them in contact with immutable who worked day and night to get it done over two weeks to get this kind of like um nft stuff done which is i mean an amazing turnaround like that's that's crazy and

i think uh the funny thing is is that um you know i was going on about business development efforts this is on immutable for their great business development effort here where they basically took took um this opportunity ran with it got everything set up and got the kind of like official press release out in two weeks absolutely incredible now you're gonna see much more of this stuff coming along where there's uh all these platforms are gonna be fighting for these massive user bases from the web 2 world to migrate them across obviously ethereum has a lot of them right now you know visa building on it tick tock reddit there's a couple other ones i'm going to go through in the refuel in a sec but um it's all business development at the end of the day like a lot of these companies they don't really have the capacity or the

knowledge to i guess um go through every single solution and basically uh look at which ones kind of like work which ones don't which ones are actually decentralized which ones aren't they're relying on the companies to come to them um you know and i mean tick tock was pretty proactive by reaching out to starkware but i think i saw another tweet from eli or from from uri one of the founders of um of of uh of starkware here um that said that they had a common investor sequoia who's a big web 2 investor they've invested in starkware and tick-tock so what i think would have happened would was tick tock probably went to sequoia and said hey we're going to do nfts and then sequoia was like hey well why don't you do it on starkware with immutablex and that's how that

connection was made so that's kind of like i guess a bit of luck there but what happened with the reddit case is that arbitrary actually participated in the reddit scaling challenge and won the scaling challenge and and basically impressed reddit with all of their kind of like tech and their kind of like efforts on onboarding them and getting them to work with their their platform and stuff like that so from that point of view it can work both ways but i mean this is yeah just absolutely massive expect to see much more of this going forward this is definitely not uh the final thing we're going to see here and you know it's funny because there are other platforms landing kind of like big web 2 apps as well and i think that a lot of these kind of like web 2 apps they don't

really care too much about the centralization because they're centralized to begin with what they do care about is using something that works so that's why i'm really excited that immutable has something that works today and um and it has has immutable x and that works today it's it's it's got it's getting like network effects built up around it it's getting kind of like a um community built up around it uh and it's built on ethereum and it uses ethereum and i know immutablex is technically a volidium which is technically not a layer two because they store data off chain i'm not gonna get into that whole debate but validium still store their proofs on ethereum it's still all ethereum they're only using a validium because of the fact that ethereum doesn't have the data availability um capacity for them to scale like they

like they would want to right now we have to wait for data shining for that and things like that but still i mean it's still in the ethereum family it's still part of the ethereum network so yeah i don't know there's semantic debates and some people will say they're not semantics people say it's really important to kind of like use the precise language here um i get it and i've tried my hardest to use the precise language in the past but as we keep going on and as we keep getting adoption and as kind of like more of these solutions come out it's going to be very confusing for most users to discern what's actually a layer to you know what's a validium what's a volition what's this what's it that like you know what's the side chain all that sort of stuff so i'm gonna keep you know calling

them what they are on the refill of course and i'm gonna keep educating people but don't expect everyone to follow this i got most people are just gonna repeat what they're told at the end of the day um and there's gonna be disagreements about what actually is an l2 and what isn't so yeah i mean just be prepared for kind of like that kind of rhetoric going forward as well all right second bit piece of big news was uh roon christensen here announced that i don't know if i'm going to say this right but society generally hopefully i said that right i think it's a french kind of like yes the third largest bank bank in france uh just made a collateral onboarding application to maker for 20 million usd backed by euro bonds proposed by their blockchain subsidiary so this is a long post here i'm not going

to go through it on the refill you can give it a read for yourself but from my understanding it seems that they want to onboard euro bonds as collateral uh on as part of maker in order to uh borrow 20 million dollars worth of uh usd or at least um put in 20 million dollars worth of uh with these euros euro kind of bonds here um you can see the kind of like data the um the main characteristics of the ofh tokens are as follows and you can see all the kind of characteristics here uh i mean this is very long i'm not going to go through it uh and go through it on the refill but you can go give it a read but i mean i want to talk about the broader implications of this this is the very traditional finance system

being a you know an actual centralized bank um onboarding to make up which is a defy app on ethereum this is this i think okay so i know i said the visa news is absolutely massive yesterday i know i said the tick tock news is massive but i would argue that this is probably just as big if not bigger than than than both of those things um you know i think these are building their own layer two kind of like payments network is cool and i saw some people kind of like pinging the head of crypto at visa saying hey you should build a rollup instead so maybe we're gonna get a visa roll up which is just even cooler um but then also like this the third largest bank in france not a small bank not a little community bank the third largest bank in in france um wants to do a

collateral onboarding application for maker uh and not for a small amount either and and using euro bonds it's just i don't know like this stuff is just happening so much faster than i thought it would and it's just become so insane to keep up with the industry right now like i i this morning i saw the tick tick tock news and i was like holy that's huge and then like a couple hours later i saw the uh the news from roon here and i was like what the like how did i miss that sorry for swearing but like how did i miss that right like it just feels like there's so much happening all the time that even the big news gets drowned out by other bigger news and and it kind of like becomes hard for even me to keep up with it which

you know i didn't think it would happen this fast definitely not but it only makes sense we're in the exponential kind of like ethereum adoption phase we're in the super cycle of adoption as i've been talking about a lot over the last i guess like i've been talking about this on the reefer for quite a while now you know over a year um and you know i just think it's really really cool to see more of these traditional institutions getting involved now of course we want to disrupt these banks but i think the funny thing is when it comes to discussions like this disrupting the banks doesn't mean putting them out of business disrupting the banks means forcing them to adopt our better infrastructure that's what it's always meant to me and not just banks but financial institutions in general they're not going to go out of business

if they build on crypto they're going to actually improve their business and they're going to use our kind of like crypto rails to make the financial system fairer and more transparent and make uh you know it actually makes regulators jobs easier as well so from that perspective uh you know when we say we want to disrupt the traditional financial system we don't want to necessarily destroy what's already there we just want to force the the system to be better we want to make it better for everyone and that's exactly what's happening i mean it's not just the this bank it's not just visa it's it's a lot of enterprises looking into this sort of stuff a lot of them doing that stuff in their own way obviously ey built their nightfall roll up and now with polygon um mastercard's

looking into stuff jp morgan built their own fork of uh of ethereum for a while called quorum they're doing a bunch of stuff there there's so much happening on the enterprise front that i know it may seem boring to an extent because enterprises move a lot slower and and these kind of traditional institutions move a lot slower than we're used to within the crypto ecosystem but it's still coming and it's it's coming much faster than i think people give them credit for it's not going to take five years it's probably going to take one two before we see a lot of this stuff and you know i think it's still going to take i mean probably a decade before we get to a point where a crypto is um is kind of like ubiquitous like it's actually part of everyone's life in at least the first

world country and then probably another decade after that for the for for the rest of the world maybe i mean yes adoption happens fast but it also happens slow depending on what kind of adoption you're looking at so yeah from that point of view i know this is a meme but we're still early right like i say it all the time on the refuel i'm gonna keep saying it still very very early uh yeah speaking of visa i didn't mention this yesterday but q sheffield the head of crypto visa uh put out a uh uh shared a link to visa sample smart contract that is on the robston ethereum testnet here so if you're a developer i'm gonna go check out the universal payment channels uh smart contract you can't it's on etherscan you can go check it out here check it out how it all

works and everything like that it's all open source which is amazing um so yeah definitely go i give that a look if you're a developer i'm not i can't read the contract and tell you guys what it's doing because obviously i'm not a developer but for those of you who i just wanted to give i just wanted to point that out for you so scott lewis put out an amazing tweet today and i wrote today's newsletter about this tweet but basically he said ethereum is the fight against authoritarians uh i thought authoritarians technology has made it possible for very small groups of humans to dominate very large groups of humans ethereum is easy to join but hard to dominate humans need authoritarian authoritarianism and systems running the global economy the part of this tweet that i want to

focus on is where he said ethereum is easy to join but hard to dominate i had never seen it put so eloquently before in my life ethereum is easy to join because literally anyone can use it anyone can develop on it anyone can work in it anyone could do anything they wanted it there is no barrier to entry really at the day the if you wanted to argue if there's a barrier to entry within using ethereum it'd be the gas phase and that's slowly going away as we scale of course but if you want to dominate the network good luck like how are you going to dominate ethereum right you can't um you know becoming a core developer is extremely hard not just on the technical side but also on the social side and and core developers while they may hold the most influence within the

within the protocol they don't have unilateral control over it at all they can't force people to run malicious software malicious clients uh they can't force people to do anything really i mean they can give their opinions which are held in high regard because their core developers are the closest to the metal sort of thing but still they don't have much power there um centralized exchanges well i mean eath is listed on hundreds if not thousands of centralized exchanges or centralized places to buy eth at this point um so if one kind of like shuts it down depending on how big they are it's fine i mean we if coinbase for some reason delisted eth oh well like cool okay yes it would hurt short to medium term but they're not dominating ethereum there's plenty of other alternative solutions to buy eth on and then you think about like

infrastructure providers while they can't actually do anything to the protocol itself uh infurer alchemy the graph whatever they provide really good services and services that are obviously needed to keep kind of like the ecosystem going but if they went offline it would only disrupt kind of like the user flow it wouldn't disrupt the network itself ethereum would keep chugging along miners well no mining pools doesn't equal individual miners if a pool decides to do something dodgy the miners will just kind of like switch pools um and there's a lot of other game through that goes into that as well as i've spoken about on the refuel i think a few months ago when we're talking about re-orgs and stuff like that um stakers no definitely not they're slashing disincentives there's social coordination there too so i mean and and there's no one app on ethereum that has kind of like total

dominance over the network i would actually argue that even if the top default app was completely hacked and drained the network wouldn't roll back for it i know i was saying before that if like something like 50 of the 8th was kind of burnt then it would and it probably would right because everyone it would probably affect everyone on the network but uh maker losing all of its eth for example the network would not roll back for that at all it wouldn't change the social consensus wouldn't be there for that it would just be kind of like it would hurt but i mean it no one kind of like dominates the network there's no one that could say well we need to roll back the chain um and definitely not you know i didn't even mention vitalik because he's so far removed from the protocol i mean he does all the he does

a lot of core research and stuff but he's so far removed from from other kind of like ethereum network now which is obviously very positive um but yeah so just thinking through that statement is awesome like and and i used kind of like this comparison in the newsletter today where i said that nation states are easy to join um but also hard to dominate for the individual but easy to dominate for the nation state itself for the government as part of that nation state so for example if you're in the us uh or i mean not just the us but like if you're if part of any major nation state their central power has only grown over time that government's power has only grown over time and it's completely centralized right i mean some people will argue that

depending on where you live there's a decentralization among power there's checks and balances all that sort of stuff but at the end of the day there are still like massive centralized points of failure and massive centralized centralization of power within these institutions and within these individuals in some cases as well um and you know i mean take it to the logical extreme you have north korea a pure dictatorship having uh one person control the entire the entire country there it's like 100 000 centralized right and nation states always want to keep centralizing they don't want to decentralize it is not part of their dna to decentralize whereas ethereum's dna is decentralization it doesn't want to uh it doesn't want to centralize it doesn't attract people who want to centralize

power it can't like people as i said like ethereum is at a point now where there's no kind of like central party that can dominate the network i can't think of anyone that can exert central control over the network and get and get away with it or even like ex control over the network and have any kind of effect over it and don't get me wrong there are kind of like big players that that kind of like have more sway than others but still the ethereum community is so diverse there's so many stakeholders it's such a big network now um there's so many eyeballs on it i i don't know i just feel like it's it'd be near impossible not just hard but near impossible to dominate it without forming one party there but yeah i mean i wrote a bit more about this in

the newsletter today if you want to go check that out but i'm going to move on from that because i've got a i've only got five minutes left and i still got a bunch to get through here so uh crypto testers has announced that they have launched an academy with tutorials on the most basic things that beginner needs to know to start their default journey things like what is defy how to use metamask how to trade on uni swap how to lend borrow on rv how to buy a d5 index uh et cetera et cetera so you can go visit cryptotesters.com forward slash academy here if you're a total noob and you want to kind of get started i know maybe most people watching the refill have done pretty much all of this before and aren't total noobs but i figured i'd give this a shout out as well because

maybe you know someone that's a total noob and you want to share them share this with them i think it's a really great little guide here so definitely definitely do so if you know someone who's just getting started so polygon announced that they're joining hands with the auger project uh with a one million dollar liquidity mining program the liquidity mining program will bootstrap user adoption of auger turbo um and uh this is pretty cool because i hadn't heard of orga for a little while i i knew that was still building in the background and i knew that they were going to use polygon um but i didn't know the kind of status of it so it's great to see here that uh basically uh the auger turbo prediction market uh is it has a liquidity mining program attached to it now and they're still kind of like building this i mean

auga is one of the og ethereum projects i think it was created in like 2016 i believe one of the first icos that's for sure so cool to see them you know expanding to polygon a more scalable kind of solution for them here um uh and and you know they're doing a liquidity mining program as well to bootstrap growth which is going to be interesting to see how that plays out because i haven't i don't think there's been a prediction market platform that's done a liquidity mining program just yet so it's definitely a first i think you can earn yeah you can earn auger and matic rewards here so definitely go check this out if you're interested in that um hot protocol got added to crypto fees.info today so you can now see how much uh kind of like revenue liquidity providers are generating on each kind of

chain here split up between arbitrary and polygon optimism and x die so you can see in total or pop doing about 11 000 of revenue right now that's only going to grow over time of course as bridges get more usage here um and as kind of like hop adds more pairs and adds more chains so definitely going to expect to see that go either go higher element finance announced that they've surpassed 120 million tvl mark now i've spoken about element a lot on the refuel not lately but i think earlier on and i basically just described how they were kind of like a fixed and variable yield market that was solely needed within the d5 space it's definitely targeted more towards sophisticated investors specifically institutions but it's great to see them

growing here and great to see institutional d5 growing as well um a new partnership between polygon and index co-op is coming the polygon diversified index aka the pdi um will capture broad exposure to the most influential polygon network projects so i guess projects like uh quick swap uh obviously the magic token ave sushi on there um uh sand mana must ghost defend i mean there's a bunch of different tokens in here you can see the breakdown here and on the little table here but and yeah not just another product coming to the index cop from polygon this is cool i mean these are two teams that i obviously work closely with polygon as an advisor index cop as my advisor advisory set um and obviously i hold tokens for for the index co-op as well

so it's just great to see uh two projects that i'm close with uh teaming up here um spreak uh put a great tweet throw it out today basically going through kind of like the dangerous things you can do within crypto so they start the tweet by saying an always dangerous thing entering your seed phrase or equivalently private key um uploading keystore showing qr code from metamask into a website app or chat legitimate sites should never ask for this if they do it isn't worth using nope nope nope nope and yeah i mean i completely agree with this do not ever enter your seed phrase private key um or anything like that into a website ever ever ever ever ever um and it's funny because like with metamask sometimes it'll uh like with metamask if you want to restore an

account you have to enter your seed phrase in this is also risky uh because of the fact that if you do this and there's a key logger on your pc well the key logger is going to get your seed phrase and they're going to drain your wallet so you know there's kind of like a trade-off here and i just i i just like take the kind of stance of you should never do this and if you have to restore your metamask from a backup i would probably do it on a completely kind of like new install or kind of like new pc i know that's kind of shitty but it's just so risky to enter a seed phrase in or you know and and it's just i wouldn't risk it at the end of the day but anyway uh and then sprink goes on to

talk about uh potentially dangerous things um like uh funny because like sending eighth potentially dangerous uh because i mean you could send it to the wrong address right uh and then kind of like calling transfer approved on the ic20 token contract or transfer from set approval or all on erc 721 could lose that token this is kind of like what i was talking about the permissions before i've spoken about this before and then you know and the rest of the thread goes through generally not dangerous things and then a bit more information about all of this and how to kind of like help yourself and there's a few helpful replies in the tweet thread as well so definitely go check this out it'll be linked in the youtube description and speaking of kind of like dangerous and dodgy things zack here put out a great kind of like tweet threat of

his tweet threads that he's done calling out all the bad actors within the crypto space the shillers the pump and dumpers the ones who have basically shielded coins dumped them on their followers and moved on never disclosed it this there's a lot of people that do this unfortunately you can see here how many of them there are there's uh scott malka moon rock capital yellow block the yellow block team um uh coalfiria mooney nft soul starter um uh what else is there specter gbp i mean the list goes on here i'm not gonna name them all there's a few others here uh this is i mean i applaud zach for calling all this out because apparently someone doxed him and was sending him threats and he was getting like death threats and stuff like that i mean this is what's going to happen when you call out scammers at the end of

the day but this is on the unfortunate dark side of crypto is that there are so many of these people that try to scam you and try to pump and dump on you it's really really bad and my humble advice to everyone is you do not follow a trader or an influencer that is shilling you a new coin every day because they are only shilling it because they want you to buy it so that they can exit into that liquidity that's what we mean by exit liquidity and and to dumb it down even more just to so you get the full kind of implications of what happens here this is the life cycle of a pump and dumper they will buy a coin that they've found randomly cheap whether that's be been through kind of like a pre-sale or an insider deal or they're bought on the open market

then they'll start shilling it to their following then they'll wait for their following to come in with the volume come in with their liquidity you know pump the price up and then they'll have sell orders or they'll just be market selling into that liquidity as it's coming in and then that inevitably runs out because the token is either kind of like a total coin or just worthless or useless and then the price comes down but the original kind of like person who promoted this has already exited so they've used that liquidity from their following and from the noobs uh and that don't know any better to as as exit liquidity which is obviously really really bad so i applaud zach for calling this sort of stuff out i read tweety stuff all the time because i think more people should know about this

but this is the dark side of crypto so hopefully you guys you know are probably wise enough to avoid a lot of this stuff these days but stay safe out there because you don't want to be exit liquidity you really don't because it feels like getting dumped on it really does i mean there are things that go down like 90 percent within a month that's that that's these kind of things and if you bought at like the top and then you lose like 90 percent of your value in your of what you bought in a month because you didn't sell because you know you you're you're a newer person to crypto and you just were holding the bags you're like oh i bought into this because i thought it was a great project this guy that i trust was shilling it that's not good like it really screws

with you mentally and it can make you depressed actually at the end of the day i've seen people go through this so stay safe out there guys really um if you want me to kind of like give my opinion on a project i'm happy to if you come across something like this i'm happy to give it on discord i will literally give you my honest opinion i won't sugarcoat it i'll tell you if i think it's a dumb project or not but i won't tell you if i think you should buy it or not i'll never do that obviously i don't give investment advice but i will try to help you weed through the crap and i'll never cover the the crap on the refuel either i do my best to to curate it so i'm not covering scams or pump and dumps or anything like that i'm not sharing them

with you guys but i know this stuff's rampant on twitter so yeah stay safe out there everyone but i think on that note i'm going to end it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all on the ama tomorrow or the data pump on uh sunday or i'll catch you next week on the refuel thanks everyone