From this panel:

The part quoted in the tweet starts at 2:03:20.

There's also another interesting one at 1:50:09 where he talks about ETH ETFs, and how adding staking to them could unlock a lot of inflows.

Disagree that the negativity is overdone. I think people need to have a reality check.

Again, we went from roughly 3-4B USD in fee accrual annually to... 300M USD.

And what exactly is in Pectra that will fix it?

There is an entitlement in the Ethereum community that if we make it even cheaper and even more scalable "they will come..."

They are not coming. We are not at the scaling limits of Ethereum and this is not a factor of "let's make it more cheaper."

The transactions are already fractions of a cent. It totally doesn't matter to scale it more, seriously

You know that I agree with you re: value accrual but playing Devil's advocate: how much did Ripple make in fees to justify its $240B FDV which is atm higher than Ethereum?

I think u can't compare BTC and Ripple to ETH. What's the actual falsifiable discernable fair value idea behind Bitcoin and Ripple? Bitcoin is just a greater fool's game, why do we care? Ripple is an opaque company with some ties into banking and government. No idea how to value that...

For Ethereum it's really clear and its price is following fee accrual (I actually didn't run the exact data on this yet!).

Yeah, it is true, the market can stay retarded longer than we can stay solvent. OK. Still, ETH would become more valuable if fee accrual was fixed. It's just mechanics and arbitrage

It reminds me of my friend's fundraising wisdom:

"If you start generating revenue, VCs will start evaluating you based on revenue multiples. If you have zero revenues, it's easier to sell the story that one it will be in the billions."

Ofc it's a half joke, but I feel like it's pretty true in crypto.

^it was Mac testing anon commenting :)

Man, that‘s literally the rationale of the scam VC in the Silicon Valley tv show. I don‘t think we even wanna go there

Yeah, we don't. It just explains why Ripple is worth more than Ethereum

It just explains why Ripple is worth more than Ethereum

Does it really though? How would you prove this, that Ripple is evaluated through that lens? It's just a story you and others tell themselves. On the other hand, I think you could run the math and find that Ethereum's market cap and its fee accrual is correlated