[00:00:00] Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the web at CryptoTalkRadio.net. And now, here's your host, Leicester. Thank you for that, Bailey, and welcome everybody out there on Crypto Talk Radio found at CryptoTalkRadio.net. Hello, hello. I'm excited. Another short episode because nothing's happening. Nothing of importance, nothing of value, nothing of significance.

[00:00:27] So I always look forward to when I can slim up the episode and I don't have a significant amount to go through. Like when I had to go through the Satama Chaos, that was brutal. I like Slimmer and now is perfect. I've got a high, a couple of high bits to cover, nothing too intense. And I have a one-on-one tail end.

[00:00:53] See you on the other side. And by the way, just FYI, I will not be talking about the Curse Project today, at least not on this episode. CoinMarketCap.com, we will zoom out to the month chart starting with Bitcoin, which is currently hovering just shy of $65,000, showing somewhat of a downward trend.

[00:01:17] Some people think that we bounced back and we did bounce back up. It went almost down to like the $63,000 and $62,000 and then came back up again. And I think it's going back down again, what I see. Usually, the stability aspect is what you're looking for. Right now, I don't see a stability that would tell me it's going to go back up. That's why I'm estimating it's going to go back down, not knowing for sure, frankly.

[00:01:46] But it looks like it's going back down from my lens. I, some people are pissed about Bitcoin because they were told by YouTubers, Bitcoin to a million dollars. They, they, it didn't happen, didn't get close. Of course, Leicester, good to talk to the FEMS, I've been telling you for a long time, I didn't see that.

[00:02:09] And, you know, I hope if you are watching various YouTubers mislead you, that it realigns your thought process to where you listen to more, smarter people, you know, more conservative voices. This doesn't mean that nothing will happen ever. Just the level of urgency. Consider what the motivation might be.

[00:02:37] The motivation might be to get you to buy so you can pump their own bag. I don't know for sure, but that might be the motivation of it all. Like, you know, so I'm going to hold and I, my audio is here because I want you to hold me accountable to what I say. But I predict whether I'm right or wrong. I don't know. I just have no idea. Ethereum. Currently hovering just over the $1,900 mark shows a slight upward trend. The inverse of Bitcoin.

[00:03:04] I believe Ethereum is running because of some things that are happening from the Ethereum foundation related to some of the upgrades, which is one of my news bits here in a minute. I believe that's part of it. I also think that alt coins in general are getting a little bit more attention right now because people are bored. They're looking for something to gamble on. All theory. I have no evidence of any of that kind of stuff. I mentioned a while ago, I created my own crypto wallet.

[00:03:35] Which I use and I'm tweaking and doing, you know, stuff. And the Ethereum foundation recently announced that one of their upgrades is going to break common cryptocurrency wallets. The idea being that there will be variable gas calculation going on, which kind of fascinates me. The idea that the gas is no longer based on a single. I don't want to say fixed because it's not, but a single predictable formula.

[00:04:03] And that's kind of more the, um, the multiplier is a little bit more randomized. I think that's interesting. I think it's good. Time will tell what that means. I think with my wallet, the way that I would need to adjust things would be that it needs to check for the gas price as it is on a more consistent basis than it currently does. Because right now it just gets price. I do the transactions never failed. So I just kind of run with it.

[00:04:33] And it's blazing fast. And I think with this change, I'm going to need to do a little bit more rigorous checks of the gas fees. Some may be curious if I'm going to release the wallet. I have not because Solana and Doge, there's something weird with their RPC accessibility. Plus I learned some of the RPCs, they literally don't let public access them, which I think is weird.

[00:05:00] So trust wall and others may have done some in run and alpha wallet, which was one of the first wallets. I started with has been abandoned, completely abandoned. I think it's even open source. And I thought about taking that using it to enhance prism. The reason I held off is I wanted to see if I could figure out the Solana and Doge on my own. They're the only two that don't work. I got all the other ones working.

[00:05:23] But what it told me is if I was going to sell the wallet, I got to figure something out from the API side because you, for some of them, you got to pay for number of calls, the price information, the charts. There's a cost. There's a cost. And you might wonder if crypto wallets are free, how are they paying for it? There's an old saying in business.

[00:05:45] Usually if something's free, it means you're the product, meaning that there's privacy things that you're giving away in exchange for using those tools. They sell your information. That's what they do. That was part of the motivation, not all, but part of the motivation of me creating my own wallet. I didn't want to have my information sold. I wanted to have control of it and I wanted to have a better experience.

[00:06:07] Most of the wallets out there suck, you know, compared to the flexibility that prison does just because it suits everything I'm trying to get done. And I don't have to worry about anything selling my information because I host it myself. I control every aspect of it, every little bit of it. So, Ethereum Foundation, in addition to this gas change, also was chatting about how to stop MEVBOTs.

[00:06:36] If you don't know what a MEVBOT is, I will try to simplify what that means first. And then I'll talk about what they're discussing doing. There's nothing firm yet. They're discussing doing it. A MEVBOT, by its definition, is essentially a script.

[00:06:54] What it does is it checks for transactions of a specific type and then it places orders designed to drain liquidity in what's referred to usually as a sandwich attack. I don't want to overcomplicate how it works. So, if you want to look at this, picture this. You've got some garbage token you want to buy. You want to put 50 bucks into the thing.

[00:07:24] It has a given price, whatever the price is. Let's assume that based on whatever the price is and its current state liquidity and your transaction, there's an expected price differential. Let's say the price is going to go up by three. I'm just going to use generic numbers so you can get a picture here. The price is going to go up by three by way of the transaction.

[00:07:47] A MEVBOT is designed to get in, buy at a certain price before you're able to get it at that price. So, you're forced to buy at the higher price. This largely affects you if you're thinking it through. It affects you if you're doing regular market trade, which the vast majority do. They go to like Uniswap and they just say, I want this token at whatever the fair market price is at that time.

[00:08:13] So, if you knew that a transaction of 50 was going to pump it by three. The bot knows that if it puts a transaction of say 100, it's going to go even higher. But it's able to buy before you can because it's a program. It's faster than you. So, it gets in at the lower price. The reconciled price is now three, four, five higher by the time your transaction completes.

[00:08:40] Now, because the price has just jumped based on this transaction that you did, piggybacked off this bot having essentially built a foundation for you to pump. Then, they can sell at profit right after it because they don't want to keep it. They just wanted the price to pump on value and then they sell out of it. Now, picture that same transaction I just described.

[00:09:08] This is the most simplest form I can do. Picture that same transaction happening at scale. You got hundreds of thousands of transactions, buy transactions or sell transactions. You can do it either way. Hundreds of thousands of these transactions. Small amounts of money probably, but it adds up quick. Thousands to tens of thousands of dollars. Let's say that it's a, again, one garbage token.

[00:09:35] It's been heavily pumped and promoted on YouTube and it's got a lot of visibility. That person could be making a pretty significant amount of money. Tens of thousands of dollars a day until it finally calms down. That's what mev bots are designed to try to do is to essentially take advantage of the fact that you're not fast enough to transact. And take advantage of the price shift that occurs due to the change in liquidity status. That's effectively what it does.

[00:10:04] The Ethereum foundation has been researching and discussing ways to try to avert what's happening. The way, the only way that this, they can get away with this is by the very nature of blockchain itself. Your transaction is broadcast. There's an order. I want to purchase it for X. You know, it takes a few seconds for it to reconcile. That gets broadcast to the chain. The bots already looking for a transaction of that kind to so-called front run you.

[00:10:33] And so they're trying to figure out a way to obfuscate, look it up, hide the transaction, your transaction from the bots to where there has to be some sort of trust between your transaction and the one who would fulfill it. So that the bot can't see that that's the intent of the transaction. It sees the transaction, doesn't know why, doesn't know exactly what's going on. So that the guests and then the bots kind of gambling, that's what they're proposing doing.

[00:11:04] Now, if I say, I think this is good. I'm not praising idiot Vidalic at all. I actually think it's a good thing, not because of him, but because it hardens the very nature of transactions, which should have always been the case. It should always have been that you can't immediately see these kinds of transactions between two. Now, I can imagine what the government's going to say.

[00:11:33] Well, if you hide that down and you lock it to where we can't see it, that we can't scan for illicit funds. And then with the Clarity Act, we need to rewrite it to where these need to be open because we got to be able to see the stuff. I'm probably tinfoiling, but I think it's a good thing. I'm saying that I can imagine the government not looking kindly to it if they're not allowed to break it. And if one's allowed to break it, that means it won't solve the problem because that means the medbot can break it. So it might be all for nothing.

[00:12:04] And this largely affects Ethereum based networks for the most part, but not solely. So if Ethereum does, it's extended to other networks that they choose to implement the standard. It doesn't force them to do it, doesn't require that they do it. So what is the widest impact that it could have? That's yet unknown. I still think it's good to pay attention to on the long game of it all. Now let's talk about our one-to-one and then we'll wrap up.

[00:12:33] That was a little bit of one-to-one. That was kind of a preface of one-to-one half part of it. The other part of it has to do with cryptocurrency in general and forks. I'm not going to talk technicals of forks. I'm going to talk impacts of forks. You might've been in some project that has said they're going to fork, fork off and create a whole new token. You know, they, there's some garbage and whatever happened and we need to fork off and create something else.

[00:13:02] Or it's a V2 migration. There's something that's happening where all the transactions you'd done up that point. Now we're going to be allegedly continued on a whole different something, whether it's different chain, whether it's a different version, whatever that is. What some people don't understand. If you have a fork, depending on how the fork's done, the fork usually represents a perfect copy.

[00:13:29] Usually not always a perfect copy of what was done on the prior chain up to a point of transactions in the ledger. Some forks though, do not carry every transaction either on purpose or because they are screw ups. So what happens when you have certain forks is you have to be very mindful of the impact of the fork, the timing of the fork, and you have to communicate what's going on with the fork.

[00:13:58] You have to coordinate any D apps of any kind that are doing transactions that the fork may not be aware of. So as an example, let's assume you staked a bunch of stuff in a offline, a D app. And it forks over. Well, the D app also has to fork over. You have to be aware. So the wallets that are holding on behalf of you, you have to be aware of balances as a current point in time.

[00:14:27] But most importantly, if there's another transaction that took place at the same time as or immediately after the fork, you have to account for those additional transactions, the Delta transactions. If you don't, it creates a problem from the fork, the new one that was created, because it can no longer continue the transactions and then you get integrity issues.

[00:14:53] So going back to the staking application example, if you had a, let's say 10 million of something staked in there, they fork it, but at the time they forked it or just before, just after you would unstake. And it's in a state of unstake. And let's say it was staked with five different validators and the validators are not going to come across. Your new chain is not going to represent the state correctly. It's going to represent that there's 10 million in there.

[00:15:20] Well, if you then on the first one got the 10 million out, if that fork is trying to use the same chain ID, it should recognize essentially you got double the coins through no fault of yours. It's the fault of them because they didn't coordinate with you about the time. I say all this to understand if you're dealing with a project that's talking about forking or V2s or anything, all sorts of bad things happen, which is why the vast majority do not thrive and do not succeed long term.

[00:15:49] I can go down the list of the ones that I can think of off the top of my head. I won't bore you. Suffice to say, if you have something where they're talking about forking, I would recommend be cautious, skeptical, hesitant. Don't jump into it. Just be mindful. I'll be right back.