Dray11

Ethereum perma-bull and shit poster extraordinaire

EVM #1 @EVMavericks

[Dray11 @Dray11__]

Great article.

The more economically important Ethereum becomes, the more economically expensive its security layer must become.

It's really that simple. ETH = Ethereum and don't let anyone else gaslight you into thinking otherwise.

[Joseph Chalom @joechalom]

https://t.co/CEhi4vF5rL

[Dray11 @Dray11__]

@Walrus_Moonboy Looks sun bleached i.e this card was left out exposed to sunlight for a period of time

[Dray11 @Dray11__]

@bernardo_cafe "Because the glossy version was the earliest release and is believed to have had a smaller print run, it is generally considered the more desirable variant among vintage Japanese Pokémon collectors. High-grade examples command significant premiums."

[Dray11 @Dray11__]

@ryanberckmans They gaslight themselves and everyone else that those events are actually bearish for ETH

[Dray11 @Dray11__]

@materkel No one wants to admit it because [their bags] but by the time they're forced to admit it it'll be too late for them.

[EVMavericks @EVMavericks]

Normies, degens, institutions — nobody should have their transactions front-run or censored. The Encrypt the Mempool Coalition is pushing to make that a reality via an EIP in Ethereum’s I* Hardfork. Credibly neutral Ethereum is worth fighting for. 📷 | https://t.co/80bIpykaSs

[jasperthefriendlyghost.eth @drjasper_eth]

Can we fork Bankless and just give it to Ryan please.

[Dray11 @Dray11__]

@gainzy222 Thanks, I'm now down 6 figures after maxing out my credit cards and remortgaging my home.

[Abdul @0x_Abdul]

whoever used david as exit liquidity should be absolutely ashamed of themselves

[Dray11 @Dray11__]

@ec265 @ProofOf_ion Very true
But also feel that sometimes people feel they need to over compensate when they get caught gaslighting themselves

[Dray11 @Dray11__]

@leolanza David has lost the plot

[RYAN SΞAN ADAMS @RyanSAdams]

The Ethereum not ETH stuff is the mental fallacy that triggered me into writing and podcasting in the first place.

There is no strong Ethereum without an ETH worth trillions. Without ETH as a global store of value, Ethereum is a failed project. Full stop.

ETH is economic bandwidth for DeFi. It is the only asset maximized for CROPs, fail at high value ETH, fail at CROPs, fail at Ethereum.

Saying you’re bullish Ethereum not ETH is like saying you’re bullish America not the American economy. They are one and the same - economic engines.

Better to admit Ethereum is a failed project than “Ethereum not ETH”.

So spew that weak blockchain not crypto stuff out of your mouth, it doesn’t make sense for BTC, ZEC, ETH, or any truly crypto native project.

[Dray11 @Dray11__]

@ryanberckmans Pure delusion and/or gaslighting from anyone that says ETH and Ethereum can be separated

[Dray11 @Dray11__]

@TrustlessState @KevinWSHPod Mate, you need to take a step back, come off X for a little while, reflect on you're behaviour and be honest with yourself about what you're doing. It's fine to be a profit maxi, stop trying to kid yourself and everyone otherwise that you're doing it for the greater good of ETH

[Dray11 @Dray11__]

@TrustlessState Shout out to @hanni_abu

[AdrianoFeria.eth 🦇🔊 🛡️ @AdrianoFeria]

@jon_charb Fixed it...

[Milk Road @milkroaddaily]

The era of Wartime Ethereum is here.

That's the call from our lead macro researcher (and eternal $ETH bull) John Gillen - who just published a full response to David Hoffman's "Why I Sold My ETH" piece.

Here's the short version of where John lands:

David's argument is that the "ETH is money" thesis already played out.

Ethereum got the price it deserves, and there's no rerating coming (up or down).

John's view: it's way too early to call that.

The CLARITY Act isn't law yet... Roman Storm is still on trial... We're not even past the prologue of digital asset adoption.

Calling the game over right now is like declaring American self-governance a failure in 1781 because the Articles of Confederation were messy.

Big things take time.

On the valuation question, John pushes back hard on the idea that $ETH should be priced off L1 fees alone.

Ethereum is not a lemonade stand.

You can't value it like a business.

The market is assigning a monetary premium to $ETH for a reason, and that premium reflects properties the DCF model doesn't capture.

On the "crypto has become a vassal of TradFi" concern - John takes it seriously.

He spent six years at BlackRock.

He's seen how BNY Mellon and the rest plan to absorb this industry.

But the response to that capture attempt isn't to sell $ETH. It's to hold it and stake it.

That's how you vote with your capital against a future where the banks own the rails.

His core point: this asset class is going to dozens or hundreds of trillions of dollars in value, or it's worthless.

$ETH won't tread water at a $300B market cap forever.

The direction of travel is one or the other.

A lot of the current bearishness is just bear market fatigue.

$ETH has underperformed for a long stretch, so people are reaching for reasons to walk away.

Meanwhile network usage is at all-time highs, fees are at all-time lows, the staking queue keeps growing, and the EF is still shipping.

John still likes $ETH. He's not selling.

And he thinks the next chapter is one you're not going to want to miss.

This is only scratching the surface though.

John's a smart cookie - you need to read his full piece below to fully understand what the era of Wartime Ethereum holds. 👇

[Dray11 @Dray11__]

Honestly just comes off as "numbers didn't go up enough, quickly enough"

This weird insistence by the revenue crowd that Ethereum will be successful while ETH now can't be makes no sense. Ethereum can't be successful without a valuable ETH.

[David Hoffman @TrustlessState]

https://t.co/5EOn4y2pdx

[Dray11 @Dray11__]

@icobeast We're in the middle of the transition from retail to institutions... CT Seems overwhelmingly bearish because it's overwhelmingly retail.
Institutions just get on with setting out regulations, frameworks, projects and meetings to meet theirs and their clients needs