Some people think Adam Back is Satoshi.
I know.
I believe I know who Satoshi is.
I believe. I would never say it on this channel.
You'll never hear me say.
I'm very confident
that I know who Satoshi is.
Very confident.
Bloomberg analyst predicts mass die-off of "zombie" Ethereum competitors.
And, man, I told you guys for a long time there's way too many layer 1s.
I'm sick of layer 1s.
I'm sick of them.
Like, how many do we need?
How many do we need?
We don't need as many as we have. I know not much.
How many? How many do we need, Ben?
How many is a good number?
5-10.
- 5-10 I think is good. - Solid.
Yeah, 5-10.
We don't need 712,
- which is probably what we have. - Yeah.
- Like, if you-- let's go-- - Well, 1.8 million is what we--
- well, that's total coins, not layer 1s. - I know. I'm saying--
When we go to categories here,
and we click on layer 1s,
this only shows 47.
But as you said, CoinGecko doesn't have as many as--
No, CoinGecko has more.
- Well, they have-- - They more?
no.
No, they don't. They don't have, but
CoinMarketCap actually has 10,000.
- Keep that in mind. - Okay.
It says 1.8 million,
- but they only have 10,000 listed. - Fair. Fair.
So I don't know how many CoinGecko has listed total,
but,
you know, like, you start looking at these things.
MultiVAC?
That was one people were shilling hard last year.
And, man, that thing has been nothing but down it looks like according to the chart.
Phantasma was really high at one point.
Not doing well.
Moonriver, another one that had a lot of potential on DOT
and doesn't really seem to be doing much.
Ergo
Okay.
Ergo's okay.
It's had a big shot up here recently.
Kadena
Sui
Chiliz is--
is Chiliz a layer 1?
Why is Chiliz a layer 1?
What is it even doing being a layer 1?
Like, be an NFT coin.
Just get built yourself on Ethereum.
You don't need your own chain.
Like, you don't--
you start with--
Fantom is absolute trash.
Fantom is trash, guys.
And can we talk about somebody?
Can we talk about Andre Cronje?
Andre Cronje is one of the biggest scammers who ever hit cryptocurrency.
This guy,
Fantom,
he was all in--
he was all in with Sam with the SAFE protocol or COVER protocol, SAFE token.
That was all a big scam.
Sam hacked it all.
Andre knew about all of it.
The price of Fantom has been based on
is Andre Cronje on the board right now or is he not?
Like,
this guy,
everything that he touches,
it pumps when he wants it to pump and he makes all the money
and everybody else gets screwed, guys.
People call him the godfather of DeFi.
No, no, this guy is a money-grubber.
That's all that he is.
Go look at the track record of all his projects.
Fantom pumps when he needs liquidity.
That's what I'll tell you.
Fantom's trash.
Now,
look.
Does Fantom has some good--
Spookyswap.
It's got some good stuff about it?
Sure.
Is anybody using it?
No.
No one is freaking using it.
They'll give you fake user numbers, I'm sure.
Harmony
Trash.
Ever since Harmony had that hack
and they made a very bad decision about how they handled it,
trash.
Okay?
Like,
Elrond has some stuff.
I'm definitely not going to call it trash.
Injective Protocol is one I want to look into on the show.
Tezos
A lot of pop, no sizzle.
A lot of pop.
No sizzle.
You start looking at the--
Flow
Like, go check out--
like, Flow is good for NFTs,
but I just, like, why did you need your own chain?
I just don't understand why all these projects feel like they need their own chains.
Because they make more money!
Crypto.com makes more money by having their own chain.
Everybody makes more money when you have your own chain.
Everything happens on your chain.
So, look, I like Crypto.com.
I like CRO, but I just--
you didn't need your own chain.
You are fine being on Ethereum.
So, anyways, it is what it is.
Alright.
So let's see what they're talking about, the ones they're talking about going away.
Let's see.
Competitors may soon fizzle out.
Abysmal second quarter financials.
Let's see here.
Ethereum layer 1
It shows you their profits.
ETH layer 2
It shows you they're negative, which is shocking to me.
Look at alt.
So their layer 1s,
crushed.
Let's see if this has--
now, look at this pansy article here from the Daily Hodl.
Can you name some?
Can you name some that need to go away?
I mean, what?
Are you scared you're going to say zombies?
We named some.
I can name a lot more on there.
If I didn't mention it, it's on the bottom.
It's already issuing to go away.
I sound like a maxi?
I--
how can you get I sound like a maxi when I'm telling you
that, like, 5-10 is probably a good num--
guys, there's not going to be a zillion networks we're all using in the future!
It's just not going to be.
- It's not going to be. - Yeah.
They're not all going to succeed.
Ethereum
Cardano
That one coin that I absolutely hate because of who the founder is.
DOT will probably be around.
It's got a good infrastructure.
HBAR
Algorand
ICP
Like, these are good layer 1s.
There's other ones.
Elrond is okay.
I hate how many rebrands they've done.
But they've got some stuff that they do.
Multiverse or whatever they call it now.
Like, there's some good stuff out there.
Almost all of its garbage, though.
And this is what it boils down to.
Supply and demand.
We talk about supply and demand a lot.
And we talk about it in regards to what?
Money, charts, prices, right?
Supply and demand is a concept in life.
- There's not the demand for this many layer 1s. - Yeah.
There's not the demand.
Layer 2s?
Huge demand for layer 2s.
There's not that the dem--
there is not--
there's an oversupply of layer 1s.
And there's a low demand for these.
There's a low demand and a high supply.
Of course, the chart's going to look like that.
Ethereum
Cardano
Binance Smart Chain
You know.
I don't even know what the other big ones are.
Those are the top three, right?
- Those are the top three. - Yeah.
Let's see here.
Well, I already said the other ones I like.
Let's see. Am I missing a major one?
Solana
There you go.
Solana
TRON
Both of those--
TRON probably needs to stay just for the way that Tether works on it.
Solana can go away for all I care.
I wish Polkadot,
I wish they would just change.
I wish Gavin Wood would go away.
If Gavin Wood goes away,
if he completely steps out of Polkadot 100%,
I can go back to supporting it.
And everybody who is in Polkadot,
you should demand that.
You should demand.
This child molester tells stories about it!
Way more horrible stuff he's done than that too that I know about.
Demand this man, "Step away completely from your project."
If you can support that,
what else can you support?
I don't know. Are you big on, you know, betting on human trafficking?
Is that what you want?
You know?
I guess it's a cool thing to bet on, you know,
how many people are coming over in the cargo ship this week.
Make a lot of money on it.
Probably not ethical.
That's what you're looking at with the founder of Polkadot.
We should really start a campaign to get rid of this guy.
That's really what we should do, to be honest.
He's a very, very, very bad person.
But Polkadot's infrastructure,
it will probably do okay.
And the price will do okay, I'm sure.
Okay.
Avalanche
I think Avalanche has trash people behind it,
but it's a decent project, I think.
Toncoin, one I'm really interested in getting--
did they list Toncoin on the layer 1s?
- They did not. - Yeah.
Is Toncoin on Ethereum then?
I thought it had its own chain.
People were talking about projects built on it.
I mean, you can build on it, I guess, and then be its own chain.
Yeah, you can--
no, it's not on the list.
- It's not on the list for layer 1s. - It's not on the list for sure.
I just--
I want to do a deep dive myself on it.
On its chain explorers.
Yeah, they have their own chain explorer.
But they also have Etherscan.
So maybe it is still an ERC-20.
I don't even remember where you look to check anymore.
I thought it was on the networks.
- Look up if it's an ERC-20. - That's--
- yeah, I'm looking at it right now. - Okay. Thank you.
So there you go.
So, yeah, of course, we're going to see a lot of these zombie layer 1s go away
and a lot of the major ones are going to make it.
Then you have the new ones.
You have Aptos.
You have Sui.
Like, these are new ones.
You got new comp--
constantly new competitors coming into the space.