Ivan on Tech analyzes Bitcoin and Ethereum market sentiment during a crypto bear market
Ivan on Tech presents a live stream covering extreme negative sentiment in Ethereum and Bitcoin markets, interspersed with community Q&A and song clips.
Summary
Ivan on Tech hosts a live stream examining what he describes as peak negative sentiment in both the Ethereum and Bitcoin markets. He highlights a series of high-profile capitulations — including Bankless co-founder David Hoffman selling all his ETH, Ethereum Foundation researchers quitting, and Mark Cuban (who stated he sold most of his Bitcoin) and a startup podcast host turning bearish on Bitcoin — arguing these are classic signals of a market bottom forming. He contends that Ethereum's core problem is the L2 ecosystem destroying the ultrasound money thesis by eliminating ETH burn, and that the fragmentation of liquidity across L2s has damaged usability. On Bitcoin, he frames soul-crushing sentiment and high-profile sell-offs as necessary preconditions for the next major bull run, which he projects for late 2026 through 2027. The stream also features a live on-air call with community musician Davidido and the playback of several community-made songs including 'Bitcoin Will Be Pumped' and 'ETH is Deflationary,' celebrating the channel's creative history.
Key Takeaways
FULL TRANSCRIPT
Ethereum Sentiment Collapse and the L2 Problem
Ivan on Tech: Welcome to another episode. As you can see right now, we have a very interesting situation on the Bitcoin chart. Bitcoin is still in the bear trend. The week is back into red, and overall, as you know, on Bitcoin we are risk-off. However, there are some very important things happening in the Ethereum land that I want to discuss, which also may point to a big vibe shift overall in this industry, because we are now getting to a point where souls are getting crushed in a big way. The social sentiment is breaking down in real time.
Literally, the Bankless guys who've been screaming "ETH is money, ETH is money, ETH is money" for years and years — they are tapping out right at the bottoms. David Hoffman from Bankless is saying: "There has been a huge vibe shift in crypto Twitter over the last two weeks. Or was it just me selling my last ETH?" He has zero ETH. He was Bankless. Now he is fully ETH-less.
This is important because ETH is now getting such a crazy vibe. It's insane. People are quitting left and right. Just yesterday we did see more people quit — researchers quitting, basically daily. This is very important from the overall market perspective. You now see something that kind of looks like peak doomerism.
A few days ago we were discussing that people are leaving ETH. Yesterday, more researchers left. And when you look at it, you have negativity from all directions. Laura Shin is posting saying that she thinks Ethereum's original sin was not considering tokenomics with every move it made. From Dencun on, the ultrasound money thesis was a good one, and with Dencun they should have stopped to say that this was going to hurt the ultrasound money thesis — basically, before they accommodated all of the L2s, the L2 industrial complex.
Before they accommodated the L2 industrial complex, ETH was deflationary. You remember the song we made? ETH is deflationary. It goes down in supply and at the same time it gives you yield. It is deflationary. Maybe I'll find it towards the end of the stream.
But anyway — before they accommodated all of the L2s, ETH was deflationary and it went down in supply because it was deflationary, and it gave you yield because you can stake it. But since they started to accommodate all of the L2s, what happened? They decreased the cost for L2s. And when the cost is decreased, the burn does not happen, because the burn was proportional to the transaction fees. So when they decreased the cost for L2s, the ultrasound money thesis died, because you no longer had to burn any ETH to use Ethereum — especially for L2s. That's number one.
As Laura Shin says: most people don't want to believe in something that isn't also putting up points on the scoreboard. When the main offering becomes ideology and tokenomics are overlooked, the peasants are going to revolt. And they've been doing it for years now. She's fully correct here. Because you remember back in 2021, we loved ETH. I was all about ETH.
Then when you see — okay, you have one L2, good. Then you have another L2, okay. Then you have 10 million L2s that do the same thing. What is this? And then you see the dApps — what do the dApp developers do? Do they do something nice with the L2s? No. Uniswap — how do they use L2? They just copy-paste their Uniswap, and now there are two Uniswaps and they don't share liquidity. And it's very bad for the traders because liquidity is bad, slippage is bad. So there's no user benefit from it. The dApps are not using L2s to scale. They're using L2s to copy-paste themselves. And when they copy-paste themselves, their usability goes down because it's finance. When you don't have smooth and unified liquidity and the sharing of users and money, it's a fugazi.
So since a few years back, as you know, we're not pro-L2, especially as the price is in a bear trend. She's fully correct here. It was a nice story, but it doesn't work anymore.
Peak Doomerism as a Contrarian Signal
But, by the way, guys — just as a caveat — I'm becoming lowkey bullish, because there is so much negativity. But price is still in a downtrend. So when we need to look at the price — if it goes bull trend, you have to pay attention, because we are now at peak, peak, peak negativity. ETH still has many good things. Vitalik, the wonder child, the alien wonder child, all of the trust. Tom Lee, etc. But the peak negativity is there. Should the price go into bull trend — especially if it starts breaking this five-year chop it's had — we're going to be monitoring that.
But anyway, let's get back to the negativity first. Let's embrace the full doomerism. Look at the public reaction. Someone is saying Ethereum will be remembered as the MySpace of crypto. Let's embrace the doomerism.
And then there's Ansem. What is he saying? He's saying it's going to go to zero.
Ansem: Ethereum. How do we feel about Ethereum today, bro? I said it the first episode. I said it this year. I said it last year. I said it the year before that. Ethereum is going to zero, bro. I promise. I'm not exaggerating. I really do think it's going to continue to underperform. I think it was crucial in the emergence of smart contract platforms in crypto, but I think they really shot themselves in the foot when they outsourced a lot of the execution to all these rollups. Before you had all of the execution happening on the L1. And yes, they had issues with the fees spiking, but I think the focus should have been on trying to fix that at the base layer instead of pushing execution off to these rollups.
Ivan on Tech: So more negativity, more doomerism. And guys, by the way, when you look at the ETH/Bitcoin chart — ETH versus Bitcoin — you see that we peaked kind of where Vitalik was dancing. We actually never recovered from Vitalik dancing. Okay, since then it's been down only. This is ETH versus Bitcoin in Bitcoin terms. When Vitalik was dancing, it kind of set the overall top for this ecosystem.
You remember Vitalik dancing? He's doing the badger dance. I don't think we ever actually recovered. Isn't that crazy? We never actually fully recovered.
So all in all, the chart of ETH looks garbage. Like it looks very bad, guys. The ETH chart looks very bad versus Bitcoin — it looks horrible. So overall, it's not yet time to be ultra-bull ETH. Not yet. I don't think it's time yet. But should we go bull trend with all of this doomerism and gloomism? I mean, potentially interesting.
Look here on the daily. ETH is in the daily bear trend since October. Should it go bull trend, I wouldn't fade it too much, because the doomerism and gloomism is massive. Don't touch it until it's bull trend, guys. Don't touch anything that's bear trend. We wait until bull trend. We need to have bull trend. Now it's just trending down. It's setting lower highs. It can easily drop another 50% down. Let's see what's going to happen. But should it go bull trend, then pay attention, because I don't think it gets much worse than this for ETH — when it comes to sentiment, when it comes to attacks, when it comes to doomerism. I don't think it gets much worse than this. This is peak, peak, peak.
Bitcoin Sentiment and High-Profile Capitulations
Now let's switch gears a bit. Let's go to Bitcoin.
Apparently, Trump Media is selling and selling and selling Bitcoin — 205 million worth. If you track what they're sending to exchanges, they're selling. They're settling at a loss. They're down $445 million on their Bitcoin holding. So this is good. This is what I mean. We need people to sell their coins. Coins have to change hands. It takes time. If you just dump quickly and then do a V-shaped recovery like many people hope for, it doesn't work like that. You need people to sell their coins. For that, souls have to be crushed.
I love this crushing of the souls in the bear market where people give up hope. They think it's over. We want this. This is the perfect signal that later this year — and again, this is a process, guys, it takes months to crush — but you have to grind. You have your coffee beans, you need to crush them. You have your pestle and mortar. You have to grind. The souls have to be ground.
So this just adds to my conviction that later this year we see a nice bottom, and then Valhalla towards Q4 2026, and then big Valhalla 2027.
Look here — they're selling and selling, and it takes time for people to give up. For them to take the decision, "Hey guys, we need to exit our Bitcoin at a $455 million loss" — it doesn't happen with a fast dump. You need to dump, be sideways for a long time, maybe dump again, be sideways for a long time, maybe pump a bit to give a bit of hope, crush the hope, and dump back even more. That's how you grind the salt into smooth powder. And when it's fully ground, when people have sold everything, that's when Valhalla time is here. It's a necessity. Otherwise, what happens? You pump a bit and they dump into the pump. For us to pump bigly, they have to sell. Very important.
So more and more people are coming out saying Bitcoin is dead. Jason, for example, from a startup podcast, is saying he's not sure where the new Bitcoin buyer comes from.
Jason: I think Bitcoin is so played out. I think everybody who would have wanted exposure to it has some exposure by now, and there are no incremental buyers of Bitcoin. I think people have essentially ended the game of Bitcoin now that it feels like there are so many other alternatives. On a functionality basis, there are tons of legal stablecoins that make it easier to move money around at a lower cost. On the other side, if you're looking for something interesting, Bittensor and Tao —
Ivan on Tech: He's shilling Tao every day. He's the Tao guy. All in all, the conclusion is bearish on Bitcoin. And as soon as Bitcoin enters bull trend, it's going to pump very, very high, because it's another example of souls getting crushed. I love that.
Now another one — very important today. It is Mark Cuban. Mark Cuban coming out being bearish as hell. He sold all his Bitcoin.
Mark Cuban: This might get some people upset. I think Bitcoin has lost the plot. When I started buying Bitcoin — and I've sold most of it — it was because when all the stuff hit the fan with the Iran war, Bitcoin was always the best alternative to fiat currency losing its value.
Ivan on Tech: By the way, that's not true. Bitcoin dumped in COVID. It dumps in all crises — initially it dumps, and then it pumps. Okay. So the fact that he says that — he just hasn't been tracking it closely. I understand. He's a billionaire. He has many things. He doesn't have time to track Bitcoin day by day. But I have the full price chart not only on the chart — I have it in my nervous system. This whole chart, I've been through all of this since 2013. I was a pleb losing a lot of money in the bear market. I know Bitcoin on a nervous system level. This chart is imprinted in my nerves.
So COVID happened. It dumped like hell. That's not news. Bitcoin dumps when there is a crisis. It's not news. But long-term it goes up anyway.
Mark Cuban: I always thought it was a better version of gold than gold. Well, gold just blew up and went to $5,000. Bitcoin dropped. And every time the dollar dropped, Bitcoin should have gone up, because if it's priced in dollars, it was cheaper, so anybody from around the world could go pay in dollars.
Ivan on Tech: I love this analysis. Look at the last few months. Dollar dropped a bit. But look at where Bitcoin was five years ago, three years ago. Even three years ago — look at where we started the last bull market. It was at $15k. Bitcoin was $15k in 2022 to early 2023. Now it is what — $77k? Okay. But listen, it's okay. He's a billionaire. He doesn't really care. Bitcoin is this small thing for him and he's on a podcast. I forgive him. But would he say that without the crushing of souls? No. So it's another signal that we are reaching quite a good cook level. We're not fully cooked, but we're getting there. The beautiful ribeye of the bear is getting a fantastic cook. It's another signal.
Mark Cuban: It just didn't do that. Not such a hedge. No, it's not the hedge I expected it to be. And that was really disappointing. So I'd say I'm more disappointed in Bitcoin. Not as disappointed in Ethereum.
Ivan on Tech: And the rest — the token stuff, the meme coins — garbage. Yeah, they are garbage. It's true.
Michael Saylor and the Case for a Deeper Correction
Now, moving on. Oh, guys, guys, guys. Sailor, man. He's like this embarrassing dad. You just want to shove him in the basement — don't come here and hang out, let me hang out with my friends. What the hell is happening here? He posted this nine hours ago. It's a recap of a corporate Q&A or a podcast with the CEO of MicroStrategy. Let's listen.
MicroStrategy Podcast: "Let me recap the Q&A. Too good to be true, bro. Let me tell you about Bitcoin. Business as usual. Candles go red. Timeline screaming. We just nod our head. Business as usual. No despair. All we really want is Bitcoin per share. All we really want is Bitcoin. Hello, dear kids. All we really want is Bitcoin, right? The only share. Not too fast, not too slow. Let that engine go."
Ivan on Tech: Sailor, please let us bottom. We cannot bottom with this. Let us bottom.
MicroStrategy Podcast: "If the stack keeps growing, let it flow. Digital credit, digital flame. Old Wall Street still learning the game. They say, 'Wait, how do you pay that yield?' We say Bitcoin."
Ivan on Tech: It's a serious question — how do you pay that yield? We say Bitcoin. Oh my god. We cannot bottom. We cannot bottom with this. There's no bottom with this. It's like Vitalik dancing. There's no bottom.
And all of these MicroStrategy cult members, all their fanatics on Twitter — I can imagine they're like, "Bitcoin man, Sailor, Sailor, Sailor, business as usual."
MicroStrategy Podcast: "Orange everywhere. They call it magic, not math, with drip orange coin under the whole damn ship. Waves hit hard, but we don't bail off."
Ivan on Tech: Oh my god, guys. Maybe we need to go to $40k. Maybe that's what's needed. I think we need to go to $40k, guys. I was more towards that. We have reached the soul-grinding. Now with this, I think we need to go to $40k. We need a high-volume flash crash. Let me know what you guys think. But I think for the sake of our industry, it's needed, man. We need it now.
Other Market Developments: Sui, Polkadot, XRP
Moving on. Sui now has stablecoins without fees. That's good. Fantastic. You can send stuff without paying a fee. You can send a stablecoin without needing to have Sui for gas, which is very good, because otherwise — let's say you pay someone, you give them a crypto wallet, you pay them money, and they cannot transfer anything without getting some gas token. So good on Sui. You don't need that anymore. Haven't tried it myself, but I'm going to check it.
Polkadot treasury is empty. The Polkadot treasury peaked at near $1 billion. Now it is at $35 million. Did they have everything in DOT? Because DOT went down. Yeah, DOT went down like 90% since the flip. In crypto terms, on the weekly, DOT went down 81% since a year ago. If this treasury had only used the money line, we could have saved them so much money. It would be crazy — just from the price loss alone, it's 81%. And then they also spent it on different projects, some of them good, some not good. But overall, big problem — big problem to hodl in a bear trend. And listen, when there is a bear trend in one asset, you can still make it work in other assets.
Let's see what's happening with XRP. There's some interesting data here. ETH is losing the race on L1 stablecoin market cap — it's flat. Others are growing. Tron, the copy-paste ETH, is growing. ETH not really growing in terms of stablecoin market cap. XRP Ledger — tokenized commodities. What's happening with XRP? XRP Ledger has tokenized commodities. Let me educate myself.
Tokenized commodities crossed $1 billion on the XRP Ledger. So it's not snake oil anymore. The XRP Ledger has been steadily expanding into tokenized commodities. Gold reserves, carbon credits — the boomer stuff. Good, good, good. But where can you actually buy it? Where's their DEX? Guys, if you are an XRP fanatic, please tweet at me. I'm very interested in this. I come from a bit of a different dimension — I'm not from the XRP dimension. But if you have graduated from the snake oil into real stuff, let's check it.
To be fair, ETH is also growing a bit in tokenized funds and tokenized stocks. It's not like it's not growing. Everything is growing. So anyway, the doomerism is at peak for ETH, but the data is more nuanced.
Q&A: Solana, New Chains, Venice AI, and Trading Philosophy
Guys, let's go to Q&A — questions, answers, debates.
Someone asks about Solana. Should you invest now or wait? I wouldn't touch it now because it's bear trend. I keep it simple. It's bear trend. It basically needs to go above $100 and confirm above $100. On the daily, I would wait for bull trend to touch it. And also, you see here on the daily it has the moving averages. Soon it's going to have massive resistance at the flip and at the 200-day moving average — very important one. So Solana, I wouldn't touch it yet.
Also remember — people may have forgot — should it break this support, there is no support until $30. Okay? And should Bitcoin take another leg down because Sailor is singing his song and pushing us down, it could happen that Solana breaks from the support and you see maybe a bit of support at $60 and then boop, $30. So this is still in play because we haven't gone to bull trend. We haven't. It's the same price as we were in February and March. Nothing has happened. So I would not touch it now. Bear trend is bear trend. You don't mess with it. You respect it.
With Solana, you can also argue they have a bit of an issue with narrative. What is the Solana narrative? Because a year ago it was a better narrative — Hyperliquid wasn't that big a year ago, and all of the stocks are trading now on Hyperliquid. Just a year ago, Solana was kind of leading in tokenized stocks. They still are, but trading on Hyperliquid is way, way bigger. Also, Solana has lost a bit of the prediction market space — Polymarket is not on Solana, and their own perp market isn't that great either. Drift got hacked. So yeah, they need to put their stuff together.
But listen — next bull, everything is going to be the best performer. I don't think Solana is going to be as nice as in the last bull. Now you have Zcash, you have Hyperliquid. You don't want to be the old guard. For example, let's say you're a Bitcoin Maxi in 2015 and then you see ETH being born. ETH outperformed Bitcoin a lot in 2015, 2016, 2017. You're like, "ETH is a scam. Vitalik is a scammer." But then in 2019, 2020, you become convinced that ETH maybe is not a scam. So you buy ETH. And what happens then? Solana pumps. So ETH does not pump. You're the old guard. You finally understood ETH, and now Solana pumps. Then you finally understand Solana. You're finally excited about Solana. Let's repeat 2023, 2024. And then Hyperliquid pumps.
So that's a real danger for most people. Many people have not been part of Solana and they want to be part of it now. But it's not a given that Solana is going to be the best this cycle. Now you have Hyperliquid leading on many fronts — it's a younger coin. And then you have Zcash with privacy. If this industry is about going back to the roots, going back to cypherpunk, we need Zcash. So maybe that's the play. Let's see what's pumping the most and what is in the bull trend.
Don't be blind with Solana. Be open to everything. Especially things that are strong right now — Zcash, Hyperliquid, Tron. What's strong? That's the only thing I need to know.
Someone asks about Virtual. Virtual on the weekly — bearish. On the daily — bearish. Bearish, bearish, bearish.
Do you still use Artemis for info? Yeah, it's that website. I check it sometimes. I'm not trading based on it. I'm just checking it here on the stream to see the vibe, what's happening, what people would be thinking if they were looking at the flows. But I'm not basing trades on it. The only thing we base trades on is what's happening with the flips. If it's bullish, you've got to be bullish. If it's bearish, you're bearish. Keep it simple.
Someone mentions Venice AI — bullish on the weekly a few weeks ago, up four months. Fantastic. Venice AI has good usage and adoption. But Venice pumps and other tokens with usage and adoption don't pump too much. Many things have usage and adoption but no pump. It happens all the time. So just looking at usage and adoption doesn't help me.
Let me actually check Venice stats. Usage and adoption of Venice — token price, market cap, staked, burns. They burn about 30k per day based on people using their AI. It is growing — they tripled the burn. So basically it's a privacy AI and you pay with the coin to use it. Pay-as-you-go is most of the revenue, and then pro subscriptions are less.
But can you really pump that? I don't think this pump is because of this alone. 30k per day is spread out. It doesn't pump you like this. No, no, no. There are many factors. You need a good market maker. You need people not to dump. You need tokenomics that are good and don't dump. That's why looking at the stats alone wouldn't help at all to make money here. But looking at the Bullmania money scanner is the best, because there are so many factors — usage is one, but then you need to be able to pump. I don't think you can pump coins so much in the bear market with 30k in buy pressure per day. It's impossible. It doesn't work like that.
Because there are many holders, and none of them sell, and it's only this 30k per day that pumps them? I'm not buying it. There is something else happening here. It's too complex for the average person to understand the behind-the-scenes mechanics, because it's a lot about how the team is operating, the market maker, tokenomics, people not selling, narrative — all of this has to come together. And on the money scanner, you have a nice signal. Bullish. That's the time to be bullish. Not when you see some usage stats.
Look at Troll. Does it have usage? It has no usage. It's up a lot anyway. You need bull trend. That's the only thing I need to know.
Are new chains useful at this point in crypto? I think you need a stablecoin now — it's a must. Do you have a native stablecoin issued by the stablecoin issuers? It's a must. One of the biggest use cases is trading, paying, and payments — and you need a stablecoin for that. If you don't have that and you have a new chain, it's tough. What kind of use case is there? You have an empty chain. Is there liquidity? No, because a stablecoin is needed in most cases.
Hyperliquid is a relatively new chain and it's very useful because they have liquidity, they have trading, they have a use case. So yeah, it depends. Anyone can do their own chain in one click — you can go to an L2-as-a-service website and create your own chain in one click. There's nothing unique about a chain. And people going to say "our chain is faster or cheaper" — that doesn't work anymore. In 2020, people were saying "we're better than Ethereum, we're faster." But nowadays all chains are cheap. All chains are fast. So you cannot do that marketing anymore. You need something way better for people to migrate from Solana and Sui and ETH and all the L2s they're using now. It needs to be way better — not 10% better. Way better.
Live Call with Davidido — Songs and Community Moments
Someone asks about the ETH is deflationary song. I'm not sure I will be able to find it. Let me ask my guy who made it. Maybe he's online. He can send it in real time.
Ivan on Tech: Hey bro, you're on air. You hear me? You're on the stream.
Davidido: Yes.
Ivan on Tech: So you're on air. Say hi to our audience. We're just discussing your songs.
Davidido: Oh my god. Thank you very much for calling me. Hi. How are you guys?
Ivan on Tech: Say hi to Davidido, who is live here with us. So let's have a bit of discussion here. You guys recognize Davidido — he's the one that did "Bitcoin Will Be Pumped" a long time ago. How was it made?
Davidido: "Bitcoin Will Be Pumped" is my idea because I started to follow Ivan on Tech because my friend really suggested me to follow. I asked my friend who is in Bitcoin, "Who is the best influencer in the world?" And he answered, "Of course, Ivan on Tech." That time it was like 2020. I didn't know anything about Bitcoin. So I wanted to have some good information and he suggested Ivan because Ivan is so funny and the smartest one. So I checked you out, and every day you started with "guys, like, subscribe button on, like, subscribe button on." So instantly this is a song. I really immediately started the song without thinking about what's happening, because I love this stuff.
Ivan on Tech: Oh my god. This guy is a genius — rapping and doing Bitcoin stuff. What's going on on this channel?
Davidido: That time I did something like this remix about it.
Ivan on Tech: That's awesome. But listen, David — we were actually calling you because I cannot find the song "ETH is Deflationary." You remember you made that song?
Davidido: Yes, of course. I remember every song we made together after this.
Ivan on Tech: Can you send me in Slack the "ETH is Deflationary"? We will play it live now. Can you find it? Are you at your computer now?
Davidido: Yes. You're live.
Ivan on Tech: Okay. Send me the song as soon as possible. "ETH is Deflationary." I will play it.
Davidido: Of course. Of course. So guys, keep following Ivan on Tech. Still the best.
Ivan on Tech: Thanks, David. I appreciate it.
Davidido: Thank you so much, Ivan.
Ivan on Tech: Love you, bro. Love you. Thanks, David. I'm waiting for the song.
So guys, let's see. We should get the song here in a second. Let's remember the good old times with "Bitcoin Will Be Pumped." Let me see where this OG song is. We have many versions of it. What's his name on YouTube? I remember the first song we did was on his channel. Waka waka. Bitcoin will be pumped.
"Bitcoin Will Be Pumped" song: "If you are watching on YouTube, be sure to do the algorithm. Like, subscribe, bell button, all. Like, subscribe, bell button, all. Number one, smash the like as soon as possible. Number two, smash the subscribe button. The bell button and all. It's a very, very important algorithm. And literally if you do this, Bitcoin will be pumped. Bitcoin will be pumped. Bitcoin will be pumped."
Ivan on Tech: Good old times. Good old times from 2020. It's crazy. Let's see when this was published. December 2020. So guys, let's do a bit of Q&A while we're waiting for David to send the "ETH is Deflationary" song.
Someone says they have the book about halfway through — amazing book, love it. Fantastic, man. Thanks a lot for the great feedback.
So with our service, it's not cheap stuff. And also, if you have a small portfolio — let's say $500 — it's actually better to just work to earn first. Here's why: until you have thousands, maybe tens of thousands, the first step is to just work to earn. Because let's say you have $500 — fine, you do work to earn. You can do a 500% gain in a month depending on the country, depending on your skills, depending on your employment. When you're just starting from zero, it's zero risk, all upside in terms of your capital. You can have a 500% gain in a month. So work to earn first. Then when you're ready, you raise it. That's it.
Most existing coins will never reach all-time high again. True. By mathematical definition, it's impossible. When you have thousands of coins created every day, most of them will not go to new all-time highs in the next bull market. Just mathematically.
Playing the Lost Songs
Okay, we have another one. Do you guys remember this one? The music is here. Wait, wait, wait. Let me check what he writes. Okay, let's see.
"ETH is Deflationary" song: "It goes down and gives yield. It goes down in supply but now also this thing gives you yield. Those two things is like the gospel you want to hear. Now ETH is deflationary. It goes down and gives yield. It goes down in supply but now also this thing gives you yield."
Ivan on Tech: Those two things is like the gospel you want to hear. It's crazy. Now ETH is deflationary. It goes down and gives yield. It goes down in supply but now also this thing gives you yield. Those two things is like the gospel you want to hear.
Big shout out to CTO waiting 10 hours for the stream. Look at how serious he is. How long did you guys wait? I'm late? What, five minutes? You say I'm so late? Look — CTO waiting 10 hours for the stream. Big shout to CTO.
Let me see which more songs we have here.
"Bitcoin Bitcoin Bitcoin" song: "Bitcoin, bitcoin, bitcoin, bitcoin, bitcoin very, very loudly. They will understand if you say bitcoin, bitcoin, bitcoin, bitcoin, bitcoin very, very loudly."
Ivan on Tech: Wait, guys — there are some lost songs I forgot about. They were in the desert.
Song clip: "Volume trading coins that pump. Texas liquidity. That's what matters."
Ivan on Tech: Speaking about the question — will there be good L1s? Exactly. What is needed for an L1 to be big? Volume, trading, coins that pump, liquidity. That's what matters. Focus on that. You need all of that for an L1 to be big.
Let me see which more songs I can find. I think we have one with Charles and white papers.
Song clip: "Hustlers, fraudsters. Gary, where is Gary Gensler? Ponzi schemes, hustlers, fraudsters."
Ivan on Tech: Yes. Yes. Yes. Gary Gensler. You guys remember.
Song clip: "Short-term horrible, long-term bullish. Short-term horrible, long-term bullish."
Ivan on Tech: Oh yeah. It's ETH. It's ETH. Short-term horrible, long-term bullish. Okay.
Guys, I think those are the ones here, but there are more songs that are not here. There are more songs. We need to make a proper collection. I think we have something with Cardano. I remember quite clearly. But guys, listen — very fun stuff.
See you all. Next week basically. But I'm going to be traveling, so maybe it's going to be a bit ad hoc from a hotel. Maybe from the beach. Maybe in the middle of the ocean we go live. So let's see, guys. Big shout out to Guzman for timestamping. Have a good day and goodbye, guys. Goodbye.