The Evolution of Ethereum: Beyond Bitcoin

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(MARKET) What’s the Market saying? (5 mins)

• BTC Price
  • Republican house = no tax cut repeals, no increase in capital gains
  • = Bullish?
  • Number never goes down
• • Biden presidency = Pro stimulus, pro MMT
  • BTC on Ethereum
  • BTC futures ATH volume before election (link)
• ETH Price
  • Existent
  • Underwhelming (in price)
  • • Means the upside is the head of us. 
    • People that were already bullish didnt have any further ability to express more bullishness
    • So much of the game is left to be played
  • https://twitter.com/TrustlessState/status/1324360199507881984?s=20
  • Unchanged, flat. 
• • Phase 0 pump was…
  • TVL in DeFi
  • 11.3B
• Prediction Markets (literally ‘what are the market saying’)
  • (BIDEN)
  • David made a bet!
  • https://catnip.exchange/
  • Tweet
• • FTX centralized exchange
  • PolyMarket
  • nTrump and yTrump tokens from Catnip, built with Augur + Balancer
• Uniswap 4B in 1 week (link)

(RELEASES) What got released?

• ETH 2 Deposit Contract announced
  • Alpha Leak & Guide (link)
  • If 500k ETH gets deposited to the Depositcontract.eth, december 1st or 7 days after threshold is reached, Phase 0 is launched. 
  • • ETH staking is officially here
  • FUD? Yes according to Preston and also facts
  • • ETH can’t be transferred in phase 0 
    • Anyways, the people that put their ETH on the line in the name of ETH 2.0 are not speculators. Theres no product market fit here. 
  • (Link)
• • Shill Bankless content
  •  
  • FTX playing with ‘Beacon Chain ETH’ as a secondary ETH asset to-be traded on FTX (link)
  • Before moving on, worthwhile to let people know about this ETH graphic
• Loopring Smart Contract mobile wallet (link)
• Verizon playing with blockchains for news verification?? (link)

(NEWS) What’s in the news?

• Australia CBDC (link)
• • Another consensys client
• Companies have committed to CBDCs
• • (Mastercard)
• PayPal Q3 Earnings call indicates that their Crypto products are in high demand (tweet) (transcript)
  • Venmo first half of 2021
  • • Eyeball exposure
• • Takeaways from PayPal's Q3 earnings call:
  • BTC and CBDCs pretty much of equal importance
  • Venmo gets crypto in first half of 2021
  • Surprised by the reaction to their announcement
  • Wait list was 2-3x larger than expected
  • Users check the price a lot after buying crypto (lol)
  • PayPal signals interest in enabling more assets, specifically eyeing CBDCs (link)
• Fidelity doubling down HARD on digital assets (link)
• • Hiring a cohort of over 20 developers
• US Gov seizes $1B in BTC (link)
• Huobi under nation state attack (link)
• • Same thing as OKEx
• Fincen proposal to lower Travel rule threshold to $250 (link)
• • Can’t send 250 or more internationally without reporting. Big thumbs down. 
• SBF is among Biden’s top donators (link)
• • Getting ahead of his illegal actions by donating. We know how this works. 

(TAKES) What’s on your mind?

• (David) Lack of trust in institutions means there's is increasingly becoming room for people to be open to new alternatives
• • 2020 has changed so many paradigms, that adopting things like Bitcoin and Ethereum just don’t seem that crazy by comparison any more. 
  • The common phrase that we hear all the time is that ‘trust in institutions are at an all time low
  • What is Bitcoin, Ethereum, and DeFi other than new alternative institutions in which we can place our trust?
  • I don't see how we are gaining trust in institutions back. I don’t see us ‘voting’ our way into a richer world. I see us adoption new institutions that can’t break our trust. 
• (Ryan) 
• • Uniswap is doing $4b per week--you can no longer say DeFi/Ethereum is useless
• (Ryan) Take 1: ETH is not priced in
• (Ryan) Spicy take 
• • We don't need a Bitcoin v2 because it already exists. 
  • It's called Ethereum.

What are you excited about?

• David: The arrival of Ethereum 2.0 brings so many 2nd, 3rd order consequences
  • ETH triple point asset thesis moves closer to the status quo. 
• • ETH price has an entirely new value proposition
  • To this day, we still hear people citing John Pfeffers ETH investment thesis, which some in the ETH camp, us included, cited as total BS from day one (at least how it relates to ETH), but the Ethereum side of things never had any hard evidence to back it up. NOW WE DO. 
  • All previous unfavorable theories of ETH are defunct
• Ryan: ETH as a Digital Bond (link) (link)
• • investors are going to wake up to ETH as a yield asset
  • Digital Bond

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