Galois Capital Takes Big Swings at The Merge & Vitalik

Gm.

Welcome to the first edition of The Psychedelic Toad where we always say Gm back:

We're straight-shooters over here with absolutely no fluff whatsoever, at all, whatsoever, at all. (Insert any of your high school English essays here)

So, with that said, here's what's on the docket for today. We'll keep it nice and light for the 1st edition:

• Galois Capital Takes Big Swings at The Merge & Vitalik

• Meme of the Day

Galois Capital Takes Big Swings at The Merge & Vitalik

Galois Capital, "a crypto hedge fund that specializes in over-the-counter trading and algorithmic market-making" according to their website, stirred the proverbial CryptoTwitter pot this past week, questioning the upcoming Ethereum Merge to POS (proof-of-stake) tentatively set for this September.

There's too much to unpack here for a mere newsletter, but essentially here's what was questioned by an unruly, but measured Galois:

The people have spoken, and so did Vitalik:

The main questions seem to be:

• What happens after the Merge? Will ETH1 plummet straight to 0, or not?

• Will people still choose to use (POW) ETH1 or actually abandon it and use (POS) ETH2? Or will there be an entirely new fork in the mix?

• What happens to stablecoins? USDC? USDT? Do they stay on ETH1 or roll over?

• What happens to stETH, and those consequences?

• What happens to futures and perp contracts?

• Where are the miners going to go? They need to move somewhere and make money with their expensive mining rigs?

Even though everyone has their own opinion on the matter, as always, I still have respect for Galois Capital in questioning something no one has yet, to my knowledge, openly questioned in mainstream fashion about the upcoming Merge. Thus the public outrage.

My boy was even gully enough to drop a Krishnamurti quote on a separate similar thread, lambasting the current crypto elite running web3 with their web2 hypocrisies:

Like anyone, we're not too sure on how this all plays out, but what's sure is that it'll be interesting to watch around September.

Meme of the Day

Until next time frens.

All my best,

~ Basel

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.