Haseeb

You know, the total ETH stake supply is, what is it, like 30 something, 40%?

Okay, 40%.

Let's assume that's right.

So if he has five, then he's one-eighth of the total staked ETH.

So you have to get to 33% of total staked ETH in order to basically be able to cause a major failure in consensus.

And so that takes you to, what is that, 13%?

So that's not a lot of headroom before basically he's breaking the security model of Ethereum.

Which tells you this thing cannot get arbitrarily big.

And ETH is not as big as Bitcoin, right?

So, you know, Bitcoin is one and a half trillion.

ETH is 250 billion, roughly.

Right.

There's effectively no ceiling on strategy.

Strategy could own, you know, 5% of Bitcoin and still doesn't matter.

It doesn't really change anything about Bitcoin itself.

But if Tom Lee goes to 13%, that's like a two and a half times where he currently is.

Tom Lee's about 10 billion.

So if he gets to 25 billion at current prices, then he is now basically kind of in control of consensus.

That's weird.

That's very weird.