Justin Drake

It's bricked.

And then, you know, there's like a few case studies of a few people.

If you really go digging in the Reddit discussions and whatnot, you'll find stuff.

But in the grand scheme of things, it's, you know, sum total less than 0.1%.

So that is the known lost supply.

But, you know, realistically, there will be...

some coins which will be revealed to be lost closer to QDA.

And that, if I were to make a guess, that is in the small single digit, call it 2%, 3%, 4%, 5% maybe.

Exactly, yes.

I mean, if I were to make a concrete prediction, I'd say 2%, which is roughly an order of magnitude less than Bitcoin.

And this quantitative difference actually has qualitative consequences, which is that in the case of Ethereum, I would strongly advocate for not doing anything and really honoring property rights because at the end of the day, whatever, 2% is not a big deal.

In the case of Bitcoin, 15% is a massive deal.

And if you zoom out and you look at the big picture, we're basically moving towards Ether being much better money than BTC.

It will be non-interventionist, respectful of property rights.

It will be quantum secure, and it will not have the security budget issue that is going to plague Bitcoin in a couple of halvings.

And so I think this is a big opportunity for Ether, the asset.

So there's two problems that need to be solved.

There's the technical one and the social one.

If you look at the technical one, Haseeb is correct that there's basically three problems that Ethereum has to solve.

Each of the different layers of Ethereum.