Speaker unverified: belief

Transcript context

…I'll go with Eth2 too. I'm also going to go with Eth2. But I think it's interesting. All these things that seem technological challenges are also human challenges. Just like Tesla, everyone's like the tech is there but it's the regulation. I think the same here. There's a bunch of people who are ETH miners who are bummed that they've bought these rigs and they have the whole thing set up and they're no longer going to be running these proof of work things and making ETH for doing so. What I think is the opposing camp to Eth2 is the miners who've been making all this money off from proof of work. But if it does switch to proof of stake which it seems like it will, the big thing that happens there is that instead of spending a lot of electricity to solve really hard math problems and maybe hurting the environment or maybe not, depending on if you use renewables, all of that, what happens is you put up whatever amount of ETH I think, to do it directly unchained, you need to hold 32 ETH and put them up or stake them. You sensually vote this is a good transaction. We can allow this. No, this is an ETH transaction. We won't allow this. You earn Eth and that's where you get your yield from staking your RTH, if you're voting in the right way. But if you contradict yourself or if it's proven that you vote in a way that's bad for Ethereum, then you lose your stake. You’re staking the stuff to vote. But what it also means is that the yield for staking means that all of the sudden instead of just being kicked out of the system, the value that is being created on top of Ethereum actually starts accruing to ETH holders That's the really big thing, where there's always been this disconnect in my mind or the question that I always ask people is like, great, people use Ethereum, what happens? How does value occur to ETH and proof of stake is how value accrues ETH, because you need ETH to stake to secure the network. Then for doing that as a holder, the value accrues back to you. It essentially makes it a cash flowing asset.…

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