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Richard Heart Loves Puppies.
Apr 10, 2022
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“hex” · 60 mentions
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Transcript
Show
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30:06
price performance and then
30:08
maybe censorship resistance
30:11
and then you look at these projects that
30:13
do all this stuff they have high
30:14
throughput to for to what end like take
30:16
bsv what are all the bsv transactions
30:19
weather updates of what temperature it
30:21
is someplace you're like oh okay and
30:24
that's who's trying to censor that and
30:25
why are we logging that on 10 000 hard
30:27
drives no like oh just so that you guys
30:30
look busy okay yeah and then you and you
30:32
look at other chains and you're like
30:34
what are all these stupid oh these high
30:36
throughput features like like hashgraph
30:38
right hashgraph says it has high
30:40
throughput it doesn't actually it only
30:42
has high throughput without finality if
30:44
you care about the finality the pass
30:46
can't change it doesn't have higher
30:47
throughput
30:48
and so
30:50
what what are all their transactions
30:52
it's just like six guys
30:53
spamming up the chain when you when you
30:56
filter out by like who's submitting the
30:57
transactions you're like oh there's like
30:58
six guys that do all transactions cool
30:59
good one
31:01
and so people
31:02
there's this law um i don't remember the
31:04
name of it right now but basically as
31:07
soon as you makes a measurement
31:09
a priority it
31:12
ceases to be a good measurement
31:14
so if you're metric for what you think
31:16
makes a blockchain good is transactions
31:19
people are going to spam with the chain
31:20
of transactions
31:21
if your metric is fees people will
31:24
uh shall bid the fees up to themselves
31:27
if it's volume people will
31:29
create fake volume
31:31
and if it's uh you know how many
31:33
partners you have oh boy you're gonna
31:35
get a lot of jpegs at the bottom of that
31:37
website
31:38
from xyz crap ventures and you know xyz
31:41
crap capital
31:43
and uh
31:44
it's i hate all that buzzword salad
31:49
false key performance indicators
31:52
just i don't like any of that stuff it
31:53
all sucks so
31:56
i don't want people to think
31:58
that an l1 chain is a better value
32:00
proposition
32:02
than something well designed on the
32:03
chain
32:04
because it's not the case
32:06
so
32:07
you know amazon that ships you stuff
32:10
is not layer one
32:12
they operate on the post office they
32:14
operate on dhl they operate on fedex and
32:17
if those companies didn't to carry the
32:18
crap to you you wouldn't get the crap
32:21
so they're a layer too
32:23
but they make more money than all those
32:25
other companies why because they're
32:27
closer to the money and so in every
32:30
in every value ecosystem there's a
32:31
stratification of who gets all the money
32:35
and usually the people closest to the
32:37
sales channel get the majority of the
32:39
money
32:40
the sales people
32:41
and the company doing the sales makes
32:43
the most of the money the people that
32:44
actually build the stuff design the
32:46
stuff
32:47
do customer support for the stuff ship
32:49
the stuff they make less
32:51
and so
32:52
i i just feel in you that you think l1s
32:55
are cool and you like stuff that does
32:56
more and i'm trying to shake you out of
32:58
that because it just means more attack
33:01
surface and usually ghost chain
33:04
and then if you
33:05
there are exceptions ethereum is an
33:07
exception because they actually have
33:08
users
33:09
i i believe less is more just to be
33:11
clear um
33:13
i've owned multiple businesses so i
33:14
understand where you're coming from
33:16
um
33:17
but i would say that i don't think
33:19
i i bash a lot of l1s just to be clear
33:22
um i i don't like a lot of crypto like
33:25
95 of them are like exactly what you
33:27
said they're empty they're hollow
33:29
um
33:30
but what i would say is that when you
33:32
make the statement about the security
33:34
you should compare it with something
33:35
similar that's
33:37
because hold on again so if i say a gun
33:39
is better than a knife that makes you
33:41
angry because i'm not comparing it to
33:42
other guns
33:44
well if you're comparing the specs of a
33:46
gun you should compare the specs to
33:47
another gun no
33:49
your mittens if you're trying to figure
33:50
out what gun's better right but that's
33:52
no one is trying to that's not the
33:54
statement the statement is that you're
33:55
less likely to have an inflation bug in
33:57
hex
33:58
than any other l1 chain and it's
34:00
factually true because it's modular it's
34:03
secure and when you upgrade the network
34:05
and these other chains you accidentally
34:06
scrub consensus when you upgrade the
34:08
network around when you upgrade ethereum
34:10
you're not going to accidentally script
34:11
hex
a's consensus
34:13
it's very useful and important for me to
34:15
educate people about what actual
34:17
security looks like yeah and what am i
34:20
going to compare myself to there is
34:21
nothing else like x like there's not
34:23
like hey where's that other you know
34:25
yeah
34:28
by the way
34:29
which is why we have 100 perfect
34:31
flawless operation and everything else
34:33
is wrecked
34:34
people should understand why we how we
34:36
did that so maybe they could try and
34:37
emulate it yeah you made it simple you
34:39
did one thing and you did it very well
34:41
and that's why it's you know it's uh
34:43
what top 15 uh by market cap size or
34:47
what that's where you look i mean if you
34:48
look on ether scan it's probably top
34:51
five erc20s probably um if you look on
34:54
like coin for pre-economics it's
34:56
probably top
34:58
i don't know
34:59
12 or something um if you look at coin
35:02
market cap it's always at 201 which is
35:03
why they've been sued in court
35:06
by a
hex
agon in a class action lawsuit
35:10
so hopefully that goes through at some
35:12
point uh what else but once again that's
35:15
another metric that you can't make money
35:17
on like you can't make money on the
35:18
market cap
35:20
you can't place orders on the market cap
35:21
chart can't buy can't sell it you can't
35:24
place orders in the volume chart
35:27
so like price is king
35:30
like percentage increase
35:33
well um
35:35
it's what you can it's what you got in
35:37
at versus what you got out at and the
35:39
best representation of that usually is
35:41
percentage increase if you're a giant
35:43
massive massive whale then you have to
35:45
wait a little bit because you probably
35:47
can't market sell you'd hurt the price
35:48
too much you have to be the liquidity
35:50
and sit on the limit for a while
35:52
so you know with
35:54
with the caveat that the size of your
35:57
willness matters it's like usually when
35:59
i look at the market and
hex
if you're
36:01
selling a million bucks you're gonna get
36:03
like two or three percent slippage max
36:06
usually i'll go check it right now
36:08
easy to
36:09
check
36:11
yeah while you're checking that though
36:12
um yeah i did see this problem with coin
36:14
market cap and coin gecko actually i
36:15
created my own version um
36:18
and we're literally i saw that
36:19
chill it coin picks that i o what'd you
36:21
say i said shillit
36:23
no one knows what it is tell them no
36:26
yeah um
36:28
yeah i don't want to censor anybody
36:29
so yeah i want to
36:31
basically create and it's it just
36:33
started but eventually you are going to
36:35
want to censor people eventually you're
36:38
going to find a coin that you can only
36:39
buy and never sell one of those
36:41
exploited ones and you'll be like ah you
36:43
know what
36:44
i'm going to introduce censorship for
36:45
this one
36:47
yeah maybe right now it's not a problem
36:49
yeah it's not yet nope um like for
36:52
instance squid game would have been an
36:53
ideal to be censored coin because i
36:56
think it's market cap before it rug
36:57
pulled in the first two hours was like
36:59
12 trillion or something
37:02
yeah that was crazy right now the will
37:04
smith coin or whatever yes that when
37:06
there was a toilet paper shortage i mean
37:08
it's not a favorite point like it just
37:09
they make a stupid coin for everybody
37:12
um right now if you were to sell a
37:13
million dollars of hacks your slippage
37:15
would be 2.8
37:17
it's actually not that bad and if you
37:19
were to buy it's it's
37:22
pretty darn good if you go in depending
37:24
on what exchange you're on if you were
37:25
to buy a million dollars of
hex
your
37:27
slippage would be 2.6 percent
37:30
so i'm using one inch.io you could
37:31
always use matcha.xyz or uniswap you get
37:35
basically the same stuff
37:37
so the whales you know low slippage they
37:39
look for liquidity so yeah or you could
37:41
just be the liquidity and have no
37:43
slippage
37:45
you don't have to have slippage you
37:46
don't have to pay the bid ask spread you
37:47
don't have to pay fees you can b get
37:49
paid fees so you know
37:52
smash smashing the market by market sell
37:54
buttons isn't the optimal order entry
37:57
method
38:01
how do you use bots no i mean you could
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