How crypto could change the world and Why Cryptocurrency was invented in the first place.
People used to pay each other in gold and silver. Difficult to transport. Difficult to divide.
Paper money was invented. A claim to gold in a bank vault. Easier to transport and divide.
Banks gave out more paper money than they had gold in the vault. They ran “fractional reserves”. A real money maker. But every now and then, banks collapsed because of runs on the bank.
Central banking was invented. Central banks would be lenders of last resort. Runs on the bank were thus mitigated by banks guaranteeing each other’s deposits through a central bank. The risk of a bank run was not lowered. Its frequency was diminished and its impact was increased. After all, banks remained basically insolvent in this fractional reserve scheme.
Banks would still get in trouble. But now, if one bank got in sufficient trouble, they would all be in trouble at the same time. Governments would have to step in to save them.
All ties between the financial system and gold were severed in 1971 when Nixon decided that the USD would no longer be exchangeable for a fixed amount of gold. This exacerbated the problem, because there was now effectively no limit anymore on the amount of paper money that banks could create.
From this moment on, all money was created as credit. Money ceased to be supported by an asset. When you take out a loan, money is created and lent to you. Banks expect this freshly minted money to be returned to them with interest. Sure, banks need to keep adequate reserves. But these reserves basically consist of the same credit-based money. And reserves are much lower than the loans they make.
This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB currently reports a yearly increase in the supply of the euro of about 5%.
This leads to a yearly increase in prices. The price increase is somewhat lower than the increase in the money supply. This is because of increased productivity. Society gets better at producing stuff cheaper all the time. So, in absence of money creation you would expect prices to drop every year. That they don’t is the effect of money creation.
What remains is an inflation rate in the 2% range.
Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest.
Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse.
Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you.
The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use.
When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure.
What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system.
So, if you find yourself religiously checking some cryptocurrency’s price, or bogged down in discussions about the “one true bitcoin”, or constantly asking what currency to buy, please at least remember that we have bigger fish to fry.
We are here to fix the financial system.
Given how early in the Rogers Adoption Curve for Crypto we are, I would like to take a moment so we can just imagine what this technological revolution, which I consider is the next huge step for human kind, could bring. I will emphasize some socioeconomic implications of descentralization, but I`m mostly interested in listening to, and debating your inputs.
Blockchain and Crypto Currency are here to change the world forever.
The implications of decentralization
As you may know one of the core proposals of blockchain is decentralization, and with it we can optimize so many processes that this alone could be the revolution we are talking about. By eliminating intermediaries, we can save on the cost they add to the supply chain ensuring those that create the value, keep it. Or we can simply save on fees.
To quote the man himself:
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. – Vitalik Buterin.
To put it simply, imagine that you replace Binance (a centralized company) with a robot. A robot that you have programed so well, whose code you publicly audit, and that is so safe you can trust it with billions of dollars in liquidity pools, so it proceeds to host and operate the trading platform by itself. In case you didn’t know, this is already a reality! Many people here trade on those platforms on a daily basis.
But this goes beyond replacing Centralized Exchanges with Automated Market Makers, Airbnb with a blockchain DApp that connects landlords and costumers, or even banks with complex smart contracts that allow you to borrow, save, tokenize physical assets, and so on. This goes way beyond.
Here is where I start to fantasize of the future. Think about replacing capital itself, think about getting rid of corporations. Lets dream of a world with DAOs massive adoption.
With DeFi, we may no longer need a company like Nestlé…
And specially not their investors. Of course, you will still need the people administrating, planning, monitoring, generating new ideas that adapt to their context, and creating innovative solutions for a complex world only humans can comprehend. But the figure of shareholders and CEOs that steal all the value that workers create and leave them with a tiny fraction of it, can disappear. This can be the basis of a once in a century transformation.
Just as an example: Nestlè’s coffee growers in Colombia keep less than 10% of the final sale price, and barely make a living on it, so are actually abandoning the rural areas.
With Blockchain, DeFi and Smart Contracts, people like you and me can collectively fund such an operation, and then agree upon specific terms like wages by direct democracy, voting with our crypto holdings. Then we would proceed to allocate funds, hire “developers” which would ultimately be regular office jobs that keep the organization functioning. Once in operation we would frequently vote on decisions and results, which would ultimately keep the highest level of accountability for people working in the organization. This is already happening by the way, this is how some blockchain projects work today. We just haven’t applied it to industrial and physical supply chains yet.
Let’s go back to our project to replace Nestle. Imagine that an organization’s main goal is not to maximize profits for shareholders and bonuses for CEOs anymore. Instead, it’s the interest of regular people and the company’s collaborators that drive its actions.
Most likely, you and I will want to consolidate an efficient and effective supply chain, that is sustainable and keeps the dignity and wellbeing of its collaborators as a guiding principle. We are not longer at their mercy on issues like climate change, we can now take immediate action against it, or stop endangering and hoarding water supplies in classic Nestle fashion.
Also, we are making profits, so we are redistributing capital, and improving our quality of life, which will be most notorious in the most vulnerable communities, usually those that extract/harvest/mine raw materials.
This is what could happen with the blockchain descentralization of business. And you could apply it to pretty much anything, but maybe initially it could be for low labor and capital intensive businesses.
I’ll give you another example. I work for a solar power multinational company. If you don’t know it, solar energy is essentially a financial product, most people working in these companies don’t care about the world, its simply that solar is a very safe and lucrative hustle, and all investors care about is having a nice return of investment (ROI). As of now, my company works exclusively for large scale corporate clients or the state itself, given that’s where the nice ROIs are, since they give you the projects that allow you to place large capitals at once. This means, as of today, we blatantly ignore the regular people that seek for our help and funding to power their farms and/or houses with solar energy. They’re not that profitable my boss tells me. This is shitty, and I’ve thought of quitting several times.
But back to the point. Now, imagine once again, we get rid of the institutional investors. Now you and me create Reddit Solar Co, a DAO. Our only purpose is to facilitate access to electricity to those without it, and to advance in the urban implementation of renewable energy. We help the world, make dividends that are automatically distributed by the DAO, and also our own Crypto is rising in value.
And this is not the best.
Let’s not forget of synergies.
So, we just created a DAO that manufactures and distributes food globally right? Or maybe Reddit Solar Co. As an organization born on the blockchain, we won’t have to adapt to the state of the art innovations on the crypto world like an old steam locomotive attempting to adapt a warp drive on top of it. We were born in space.
From the beginning, our Ethereum based DAO could adopt VeChain’s solution for supply chains, Cardano will help us to give an integral solution to the unbanked communities that provide our raw material, they now have IDs, access to DeFi and education. The land deeds and legal documents that relate to our enterprise are certified by LTO Network, we move money internationally with XRP or Stellar, and don’t worry, we use Polkadot to ensure proper blockchain interoperability.
Too complex for you? Don’t worry, you don’t even have to know or care about this, leave that to others. You’re into finance. Maybe sales is your thing and there’s a little Michael Scott in you. Or you`re into social work and want to supervise our community engagement at the start of the supply chain. Just go do your thing! You don’t necessarily have to be involved in all of this.
All you know is you do your job and receive your crypto salary.
Just as computers and the internet changed the world forever, and not only had economic implications but also changed our culture, routines, work lives and ways to interact with each other, crypto will. We are just so early; that all we can do for now is dream.
You’re having too much hope in humanity dude…
Sure, I may be making some optimistic assumptions on the motivations of humans, I may be saying that we will use this technology for good, and that we care about each other, and that’s one way to look at it. But we could also argue in favor of this from a sceptic perspective: even if you don’t care about the collective wellbeing of your community, it’s in your interest to live in a safer environment right? Ergo you want to reduce poverty. Its also in your interest to stop global warming so organized human life can continue to exist, or to make sure you and your children will have water and food in 50 years, that’s why you will want to use technology for good even if you only care about yourself. Also lets not forget the powerful incentive of profits. Crypto has the clear potential to achieve all of this.
Most of the current generation of crypto projects will be ready and operating within the next 3 years, so all we will need by then is the will to use this technology for good, and the vision to change the world.
This is just the beginning, we will be killing industries but giving birth to others we could have never imagined before.
Cons of Crypto:
A coin called “Chia” is gobbling up 1,125,000 TB storage per day. Just to farm this token that no one seems to use. This takes resource wastage to a whole new level.
Chia is a coin that works on a proof of time space consensus. I.e. to farm this coin, one must allot dedicated hard drives and allot the space (known as plots), and get rewarded for it. Sounds good on paper, and one could even be tempted to think they may put that spare 500 GB space left and earn some passive income on it.
Except, this one already requires industrial grade storage space, just to farm a token that has almost zero adoption anywhere.
As you can see from this coin’s explorer, the storage is growing by almost 1000 PiB per day, in the last few days.
1 PiB = 1125.9 TB.
So a growth of 1000 PiB per day => almost 1125000 TB of storage per day is added onto this network, just to mine these coins. This equates to 1.1 million 1 TB drives added per day just to support farming on this network!
Pros of Crypto:
– People in Hong Kong Use The Crypto and Blockchain To Fight Against Media Censorship
- Network effect and staying power
BTC is the first virtual currency to solve the double-spending issue. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with a blockchain network structure, a notion first created by Stuart Haber and W. Scott Stornetta in 1991.
- Bitcoin undoubtedly has a ‘brand’. It has perhaps the most substantial name recognition of any existing crypto asset and is basically synonymous with ‘cryptocurrency’ to the lay public.
- Despite near constant proclamations of its demise, Bitcoin has not died. One could argue that – as the progenitor of cryptocurrencies – its longevity and continued profitability is itself an investment thesis.
- As the number of public addresses, daily active users (DAU), and large holders/long term holders continue to trend upwards, it becomes harder and harder to ‘put the genie back in the bottle’:
- Bitcoin’s valuation is well described by the most fundamental factor intrinsic to its network: the number of addresses that hold BTC. Applying Metcalfe’s law, the total value of Bitcoin’s network is well explained, with an R squared of 93.8%, simply by the square of its user base, n.
- Store of value to hedge inflation
- Over its lifetime, narratives of Bitcoin’s value have gone through several shifts, from the original cypherpunk vision in the white paper of p2p ‘e-cash’ to today’s ‘digital gold’ narrative.
- One theme underlying both of these points, however, is a reaction to or distrust in the current financial system. This was true during the financial crisis of 2008 (see the genesis block message) and is still relevant today with unprecedented levels of monetary and fiscal stimulus being pursued by governments worldwide. Government deficits and central bank money printing may lead to inflation and thus drive investors towards assets like gold or Bitcoin to preserve their wealth.
- This notion that BTC is a store of value to hedge inflation has certainly caught on in the last few years – not just from institutional or hedge fund investors, but from companies like MicroStrategy, Square and Tesla adding BTC to their balance sheets.
- Like gold, BTC is scarce – only 21M will ever exist. It is estimated that 3M-3.7M BTC have been lost forever/will never enter circulating supply again.. One estimate is that 14.5M BTC are essentially illiquid.
- To take one example, Grayscale’s BTC trust – which has no redemption process and thus effectively takes BTC out of circulation – alone holds over 600k BTC.
- Like gold, BTC is also divisible, interchangeable and durable. Unlike gold, however, BTC is a digital asset and is thus easier to purchase, move and store.
- If the store of value narrative endures, Bitcoin may have significant upside in supplanting a share of gold’s use case (estimated to be a $10T asset class).
- One of the common counterarguments for Bitcoin is that it is a ‘dinosaur’ with little technological improvement or development (as compared to its more innovative successors).
- Schisms in the dev community notwithstanding, Bitcoin remains an open-source project with global development communities and activity
- Developments of note include:
- Segregated Witness (SegWit): a protocol upgrade proposal that went live in August 2017. This protocol upgrade effectively increased the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second (TPS)
- Lightning Network: is a second-layer micropayment solution for scalability
- Taproot: an anticipated upgrade to increase privacy and improve upon other factors related to complex transactions
- While other blockchains boast enterprise development, some companies are indeed building on Bitcoin. For example, Microsoft recently launched a Decentralized Identifier (DID) network (ION) on the Bitcoin mainnet
- Ideological foundation for a potentially new financial system, without the old, decrepit, and corrupt banks and middle men.
- The Environmental Argument is almost pointless, as it is the most efficient way of transporting millions of dollars around the world in mere seconds. And I mean efficient in all ways, there us no other single asset in the world capable of transporting this amount of capital wealth with such a low environmental impact or financial cost. If not, try moving 4 millions dollars of gold. Also, as Btc increases in value, this gets more on more efficient.
- Innovation of the technology and the first mover advantage in capturing this new market’s value/future value. Btc will always be at the top as mainstream adoption continues relating Crypto=Bitcoin.
- Ability to be bankless, with proven liquidity (thanks to Tesla) and with the best performing asset creation-to-date.
- Inability of third parties to do anything about your Btc holding without the seed phrase. Government’s can hardly tax it if, as Michael Saylor put it: “I had a boating accident and forgot my seedphrase, I don’t have acces to my crypto anymore so I can’t be taxed”. In a way, nobody but yourself can prove that you still have access to those funds, so, can they truly be taxable?
- The S2F model and updated S2F XA model. So far they have been scarily precise. Otherwise, Metcalfe’s law assures anyone that bitcoin may never go to 0, as the network is already strong enough to provide a certain degree of value.
- Bitcoin has been around way too long, and to the uneducated it is the face of the crypto world.
- Bitcoin has no smart contracts.
- Bitcoin is slow.
- Bitcoin fees are expensive.
- People see it as an investment, not a currency they can use and spend. In the end this is not defined as it’s supposed to be used, but only as store of value. It’s at the state of gold, not of a coin.
- Bitcoin has become outdated, the only thing it’s useful for is investing, day to day transactions are useless.
- Bitcoin’s largest advantage and in fact it’s greatest disadvantage is that it’s the oldest cryptocurrency. Since then technology has evolved so much to become more energy and time efficient.
- Bitcoin is like the grandpa of crypto and we should look at it as such. Admire it for its wisdom because it has taught us so much, but also acknowledge that each of its children are trying to make their own marks on the world.
- It’s huge environmental impact due to its proof-of-work concept. BTC has a carbon footprint like Singapore, uses as much electrical energy as the Netherlands, and produces as much electronic waste as Luxembourg. This is a huge problem and needs to be accepted more widely.
- It’s slow. with an average transaction time of like 10 minutes, we are pretty far from instant transactions – this might not be a problem in all cases, but is one when one would like to use it like a currency, as it was planned originally
- High transaction costs – not ETH-high, but too high
- Bitcoin takes a lot of energy to mine and use. As of May 2021, a single Bitcoin transaction takes as much energy as 760,201 VISA credit card payments (source). To keep this in context, the world banking system uses about two times as much energy as the Bitcoin network (source)
- Bitcoin is difficult to mine. GPUs and CPUs don’t have enough computing power to compete with other miners, meaning so-called Application-Specific Integrated Chips (ASICs) are required. These are expensive – generally in the range of $1000 to $6000, depending on how new the model is (source). This restricts Bitcoin’s mining pool to people and groups who have enough wealth to invest in ASICs, which threatens the goal of keeping cryptocurrency decentralized.
- Bitcoin transactions can take a long time to be confirmed. The average time for a transaction to confirmed once is 10 minutes (source), but for a payment to be absolutely final, it needs to be included in multiple blocks to ensure consensus in the mining pool. This takes even longer, sometimes up to one hour (source, for 6 confirmations).
- Bitcoin transactions require expensive mining fees. At the moment, the average fee for a single transaction is $14.35, making Bitcoin unsuitable for day to day use (source).
- Bitcoin lacks many features available in other coins, including smart contracts (programs run on and enforced by the blockchain, see here), anonymity (source), and CPU mining (allowing anyone with a CPU to mine, thus making the network more democratic and less susceptible to being taken over by large groups).
Crypto is definitely a good way to make money. However, you might end up finding the tech interesting. I know that I sure did, and having a sound understanding of your investment will make a big difference in your ability to hodl. It doesn’t have to be much, just a few YouTube videos.
Strategies when it comes to cryptocurrencies
The HODL’er: you buy and basically you never sell. It’s kind of the holy grail of strategies when it comes to crypto according to this sub. Buy and forget and check back 10 years later. You’re a millionaire, Harry! No stress and no maintenance. You can even buy more over time and continue stacking your fat holdings. Do this if you believe in crypto long term
The Goal Setter: set a goal and sell when you reach that goal. Maybe it’s 3x and I’m out. Or maybe it’s make enough for student loans and I’m out. Or maybe it’s $1MM and sell half. Can be anything. Stress depends on your goal.
The Active Trader: Buy high and sell low
The Swing Trader: Some people are good at trading – they usually wait for those days where the whole market bleeds 20-30% in a day then they buy and wait for the bounce and they sell. Rinse and repeat. But they also risk missing out on the rocket jumps. But they also minimize the risk of being in the market when there’s a crash. In the end they might be able to increase their total holdings but for most beginners they lose rather than win. High stress and high maintenance.
The Cycle Trader: you DCA in during the bear market when everything has lost 80-90% of its ATH (alternatively, a year before the Bitcoin halving). Then you slowly sell off everything approximately a year after crypto starts trending up and enters a bull market. So this method has worked well for many people – they don’t necessarily time the top right but they continue to increase their holdings over several cycles. This might be the smart move if you have discipline. The risk is that history no longer repeats itself. It has worked the past 2 cycles but it’s not guaranteed it’ll work again. Medium stress, low maintenance
The Arbitrager: usually they have algos do the trading for them. They minimize risk and just arbitrage the price differences between exchanges. They might not care about crypto and just want to make money. They miss out on the bull run but also miss out on the bear market. Low stress, medium maintenance.
The Moon Chaser: 1000x or bust. Forget $10K eth or $100K btc, they want the next shiba or safe moon. They buy coins with market caps in the millions and hope for the pump to sell. This is like the lottery ticket buyers of crypto. High stress, high maintenance, smooth brain
Crypto: What to do in the bear market
–HODL, dont sell with a loss if you believe in your Coin long term.
–Stake, staking is really important! I cant tell you enough, if we are in a bear market and you can stake for a few years you can easily get 20-30% more coins then you have right now.
–DCA, keep buying. The bear market is where you DCA, dont stop buying. Right now is where you can get coins cheap! Just dont stop DCAing cause you are scared! Pick projects you believe in long term and keep buying at low prices!
–Get rid of coins you dont believe in long term, shitcoins. Many wont survive the bear market.
–Research coins for the next bull run!
Crypto Currency Market Cap Visualized during the Pandemic
Latest News on Crypto:
- Nigerian central bank does U-turn on crypto ban
- Paypal allowing withdrawal of crypto
- Billionaire Carl Icahn eyeing $1.5 billion investment in Bitcoin
- Sheetz convenience store becomes the first store chain to accept crypto
- Nashville couple suing IRS over staking gains being taxable
- Dubai’s first cryptocurrency rises over 1000% since its debut
- Biden announces $6 Trillion budget
- Colorado wants to be the first state to accept Crypto
- Large investors bought $3 Billion during the pullback
- Texas creates legal clarity for Bitcoin
- SEC starts scrutiny of Skybridge and Fidelity’s Bitcoin ETF bids
- Texas Bitcoin Bill Gets Senate Approval
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submitted by /u/Rboy1725 [link] [comments]
- Noticias cripto de la semana: Hackeo a puente Horizon y otros sucesosby Typson Sánchez (Bitcoin on Medium) on June 30, 2022 at 12:11 am
Con distintos acontecimientos, no te puedes perder las noticias destacadas de criptomonedas de la semana comprendida a partir del 20/06Continue reading on Medium »
- WHY SHOULD I BORROW FROM BINANCE LOANby Onifade Ridwan (Bitcoin on Medium) on June 30, 2022 at 12:04 am
Introduction of Crypto loansContinue reading on Medium »
- Daily General Discussion - June 30, 2022 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on June 30, 2022 at 12:00 am
Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules: All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect. Discussion topics must be related to cryptocurrency. Behave with civility and politeness. Do not use offensive, racist or homophobic language. Comments will be sorted by newest first. Useful Links: Beginner Resources Intro to r/Cryptocurrency MOONs 🌔 MOONs Wiki Page r/CryptoCurrency Discord r/CryptoCurrencyMemes Prior Daily Discussions r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance. submitted by /u/CryptoDaily- [link] [comments]
- Three Arrows Capital falls into liquidation after crypto crash, they had not made the required payments on a loan worth more than $665 million.by /u/Amazing_SpiderLAN (Cryptocurrency News & Discussion) on June 29, 2022 at 11:58 pm
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- Why Do I Have to Borrow From Binance Loans?by Huldah Targema (Bitcoin on Medium) on June 29, 2022 at 11:45 pm
Introduction of Crypto Loan.Continue reading on Medium »
- Coinbase Exchange will unify USD and USDC order booksby /u/ashiente (Cryptocurrency News & Discussion) on June 29, 2022 at 10:50 pm
I got the following email from coinbase: On July 13, Coinbase Exchange will unify USD and USDC order books. As part of this process, Coinbase Pro will remove USDC order books and centralize liquidity on USD order books. Coinbase Pro users that do not have USD wallets will still be able to deposit and withdraw USDC, but USDC trading will only be available on Coinbase.com. Please note, any open USDC orders on July 13 will be canceled and Coinbase Pro users will need to place new orders on USDC books available on Coinbase.com or the Coinbase mobile app. For the latest updates on this project, follow us on Twitter or visit the Exchange Status page. What's going on? Will this affect usdc stability? submitted by /u/ashiente [link] [comments]
- NFTs Have ‘Fallen Off the Cliff’ as Sales Sink to Lowest Levels in a Yearby /u/RaidBoss3d (Cryptocurrency News & Discussion) on June 29, 2022 at 10:15 pm
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- Cryptocurrency Titan Coinbase Providing “Geo Tracking Data” to ICEby /u/ajenn22 (Cryptocurrency News & Discussion) on June 29, 2022 at 9:33 pm
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- Bitcoin holds $20K as European Central Bank warns inflation may never return to pre-COVID lowsby /u/polloponzi (Cryptocurrency News & Discussion) on June 29, 2022 at 8:13 pm
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- Does "Ethereum 2.0" mean the end for alternate Layer 1 coins?by /u/mybed54 (Cryptocurrency News & Discussion) on June 29, 2022 at 7:53 pm
We all hold some alternate L1 solutions to Ethereum (me included). But let's be honest the only reason we do is because we missed the massive run-up for Ethereum through the years and think we can be early on another coin. But is this really the right thinking? Say ETH 2.0 fully releases in a few years but when it does why would anyone hold other L1 solutions? ETH at that point would be by far the most decentralized, secure, largest network effect and it would have low fees and fast confirmation times as well. What does any other L1 have over ETH at that point? Why would anyone use a more risky, more centralized chain to develop anything when ETH at that point is almost "perfect"? I know everyone wants to say "ETH 2 will never happen" or that it will be delayed for many years because they are bagholders of L1s but I'm wondering what happens when it releases. submitted by /u/mybed54 [link] [comments]
- Pentagon report says Bitcoin can be disrupted by 4 entities, and that 60% of all Bitcoin traffic moves through just three ISPs.by /u/Neembuu (Cryptocurrency News & Discussion) on June 29, 2022 at 7:26 pm
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- You should look up crypto disagreements here and there even when you don't agree with themby /u/kn0lle (Cryptocurrency News & Discussion) on June 29, 2022 at 6:54 pm
The Thing is, i don't really do it often myself. But beeing in this sub where everyone is pro crypto and everything you say pro crypto is getting upvoted to the moon. That's the echo chamber for you. Go check out Some specific coin subs. Echo Chambers in it's definition. It won't hurt to read some crypo enemies and their disagreements against crypto, even if you don't agree with them. Taking everything into account and looking from every perspective possible is a good start. Actually know in these times it's a good idea, with a lot scams going and and the stable coin disaster, etc... Just look out for some other opinions and don't just stay on reddit to get all your informations. submitted by /u/kn0lle [link] [comments]
- Fed Chair Jerome Powell says “We now understand how little we understand about inflation” and admits inflation models have been wrong for 40 years. Bitcoiners have been sounding the alarm all along!by /u/KAX1107 (Cryptocurrency News & Discussion) on June 29, 2022 at 6:27 pm
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- Safemoon LLC, the CEO, top developers and social media influencers have now been summoned to court.by /u/TNGSystems (Cryptocurrency News & Discussion) on June 29, 2022 at 6:19 pm
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- Crypto CEO Warns That Exchanges Are "Secretly Already Insolvent"by /u/ChemicalGreek (Cryptocurrency News & Discussion) on June 29, 2022 at 6:16 pm
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- It's embarrassing to watch some people cheer on LUNC and UST like shitcoins after pumping 70%. IT DID NOT CHANGE ANYTHING.by /u/partymsl (Cryptocurrency News & Discussion) on June 29, 2022 at 5:17 pm
Yesterday LUNC had a 70% rally and UST too had about the same rally. To prices that are so insignificant that I don't even have to list them but for reference UST that was mean to be at 1$ is now at 0.07$ and some are cheering it on to go to 0.12$. Also the fact that LUNC has been trending at Twitter for nearly a whole day now makes it the ultimate shitcoin, congrats holders! A over 100% pump has made LUNC really move to big places, it's not down 100% anymore, just 99.99%! The show right now by LUNA believers is a 1:1 shitcoin pumping shoe very compareable to SHIB last year. They are rallying for it to remove one zero and go easily another 100% today and tomorrow and so on. With that the conversion is finally complete as LUNA has officially turned into a solid shitcoin. Before it just was a shitcoin from the leaders position and how they handled it now even all investors are handling it as a prime shitcoin. submitted by /u/partymsl [link] [comments]
- Polkadot's founder announces steps toward full decentralization with new governance modelby /u/ImaFreemason (Cryptocurrency News & Discussion) on June 29, 2022 at 5:04 pm
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- Will crypto based real estate ever go mainstream?by /u/Ultitasker (Cryptocurrency News & Discussion) on June 29, 2022 at 2:33 pm
I posted a question about crypto based real estate in the main real estate subreddit a while ago and they were pretty against the concept (before it was taken down for being off topic). It's not surprising because most of Reddit hates crypto, but there was a thread about it on one of the other crypto subs recently and people on there were pretty critical about it too. It seems like the consensus is that crypto real estate is generally a bad idea at the moment. I'm curious if people think it will ever get big, or if it's just trying to fit a square peg into a round hole and will never work. If you don't know what I'm talking about, I'm referring to companies like CitaDAO and Balcony DAO that want to focus on putting real estate transactions on chain and selling it as digital tokens. submitted by /u/Ultitasker [link] [comments]
- MicroStrategy Acquires Additional 480 Bitcoins for ~$10.0 million at an average price of ~$20,817 per bitcoin.by /u/Far-Scholar9028 (Cryptocurrency News & Discussion) on June 29, 2022 at 12:16 pm
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- Here is why 2022 will be a great year for Loopring (LRC)by /u/Regret92 (Cryptocurrency News & Discussion) on June 29, 2022 at 11:25 am
I’ve been in the crypto space since 2017, and this bear market is leading us to some exciting times! As the bear continues, and as a general rule, I am becoming more and more of a loopring maxi. Here is why. ZK rollups are the future of web 3, and reduce transaction fees massively. Minting an NFT on loopring network is a fraction of competing marketplace costs. The loopring market cap is tiny compared to other less ambitious products. So much room to grow. Once the bear market is over smart money will flock to a humblecap like Loopring. Daddy V (Vitalik) has namedropped us no less than 4 times on various podcasts, unprompted. This is a huge thing as he usually remains impartial. The GameStop connection is massive. GameStop has always been at the forefront of innovation and is the #1 name when it comes to purchasing new games or gaming tech. This cannot be understated and I am so bullish for the future of loopring now they are formally partnered! Power to the players! Loopring stores your KYC and all user information permanently and securely on-cloud in accordance with PRC law, which is convenient as you never have to validate it periodically (looking at you, Binance!) Link to their privacy and security policy The permanent storage of your information is for any possible future disputes. This is huge, as a massive downside of ETH and BTC is sending to wrong addresses and burning your tokens. With loopring, this is the first DeFi system to offer this kind of user security, not unlike PayPal. Public sentiment and community. The loopring sub is amazing and welcoming. The discord is hugely useful. The public is also beginning to wake up to the huge utility of NFT - it is not just monkey pictures. The FUD here on reddit - you will see a lot of anti-loopring/ GME posts and comments. Resistance is bullish, as there must be a reason to try to suppress a good project. The response to the FUD - I frequently see comments unfairly criticising loopring be downvoted fairly quickly. This shows the community is aware of the great utility of loopring, and that we are moving on from unfounded criticism. We are so early! Future partnerships in the works - a fair amount of contributors in the GitHub are from large organisations such as Amazon and Alibaa. This cannot be overlooked. Looprings fee-cutting tech has helped out ETH ahead of the merge, as people have now gotten a taste for cheap transactions and minting on the ETH network. The loopring wallet is amazing and seamless. Imagine Fantom wallet but even better. This is the future. Here’s the link to give it a try! The open and honest nature of the dev team. Check out their github - they are constantly updating and providing bug fixes as well as communicating with the public. There are honestly so many more points, but I wanted to provide some during this bear market as it leaves more room for open and honest discussion. I am so incredibly bullish for the future of crypto, and the ETH-LRC wombo-combo is one that is very understated! Edit: point 9 being displayed in this thread by the paid FUDders! Edit 2: thanks for the suicide bot report, kind stranger! submitted by /u/Regret92 [link] [comments]
- Crypto hedge fund Three Arrows Capital falls into liquidationby /u/EVERWILDOUTDOORS (Cryptocurrency News & Discussion) on June 29, 2022 at 11:25 am
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- Beware, a moderator of /r/therwasanattempt is posting crypto scams around Redditby /u/Kevlar013 (Cryptocurrency News & Discussion) on June 29, 2022 at 10:54 am
See /u/karmaistasty He claims Tesla is giving away free crypto. This is not true and a filthy scam! The 'double your crypto' should be a dead giveaway, but still. submitted by /u/Kevlar013 [link] [comments]
- British Virgin Islands has ordered the liquidation of Singapore-based Three Arrows Capitalby /u/I-LUV-CUPCAKES-AND-U (Cryptocurrency News & Discussion) on June 29, 2022 at 10:18 am
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- Yurei, concept from Japanese folkloreby /u/TitterBitter (NFT) on June 29, 2022 at 9:16 am
It works really well as an wallpaper, and a profile picture too. Cool project. https://preview.redd.it/f5ckoys02j891.png?width=1600&format=png&auto=webp&s=e149212e56c9d883978ba2daf14867e23c329735 submitted by /u/TitterBitter [link] [comments]
- would this be interesting as an NFT ? and how much would you put into it ?!by /u/heacko (NFT) on June 29, 2022 at 9:14 am
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- Lazy lions and world of women NFT..by /u/Shadymash (NFT) on June 29, 2022 at 8:44 am
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- GOODBULLS NFT, sold out already today, more than 400 in less than an hour. Get in now, you’re still early ! Revealed is liveby /u/True_Ad4891 (NFT) on June 29, 2022 at 8:33 am
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- New NFT on Opensea ! Happy SamuNanuk.by /u/The-New-Experience (NFT) on June 29, 2022 at 8:06 am
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- BIG BALLZ LIVE! 06.30, 24HRS STREAM , OLYMPUS MOUNTAIN GODS NFT!by /u/Alternative_Draft156 (NFT) on June 29, 2022 at 7:39 am
O.M.G! submitted by /u/Alternative_Draft156 [link] [comments]
- Cutting-edge NFTs, customize & mint-your-own supercar! Pre-release 30 June!by /u/WagyuSam (NFT) on June 29, 2022 at 7:32 am
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- A Detailed Summary of Every Single Reason Why I am Bullish on ETH in 2022. (TL;DR at the bottom)by /u/Tricky_Troll (Cryptocurrency News & Discussion) on June 29, 2022 at 7:16 am
The following will be a list of the many reasons why I still hold and am still extremely bullish on ETH. This is the third updated version of this post since the first one I made in 2020. This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom. ETH 2.0 The Merge The switch from Proof of Work to Proof of Stake also known as “The Merge” (formerly known as ETH 2.0) has numerous enormous benefits for Ethereum. These include: A 99.9% increase in power efficiency, making Ethereum by far the largest environmentally friendly blockchain. Greater network security than PoW provides due to efficiencies with PoW and the new ability for the protocol to “slash” or punish dishonest validators/attackers. An ~80-90% drop in ETH inflation from around 5%pa to well below 1%pa and these inflation numbers are excluding ETH burned from transaction fees which based on recent fees will turn ETH into a deflationary asset. This will reduce the current daily sell pressure of $20,000,000/day of new ETH being sold by miners to offset electricity costs to just $2,000,000-$5,000,000/day going to stakers who will sell less due to not having any significant operating expenses to pay off. Furthermore, these stakers won’t even be able to withdraw their earnings until after a later hard fork months after the merge. An increase in ETH 2.0 staking rewards from the current 4-5% to [possibly as high as 7.5-15% due to miner/validator extractable value and network fees/tips.](nitter.snopyta.org/drakefjustin/status/1384124998084792324) The 25% value in that tweet is out of date and no longer likely. At this rate, the merge will go live later this year, likely in September. Lately there has been a series of successful shadow forks for merge testing as well as the Ropsten testnet which has successfully switched to Proof of Stake. Extended Ethereum Roadmap The extended Ethereum roadmap includes a wide range of very promising and forward thinking features which will keep Ethereum on the bleeding edge of blockchain tech for a long time. The roadmap was recently outlined by Vitalik and along with the aforementioned merge upgrade, it includes the following categories: Surge: Scalability for rollups through data sharding. This effectively allows rollups to scale another 100x from their current levels. Verge: Introduces stateless clients which means the blockchain can be verified without needing the complete history of the blockchain which came before it. This allows validators to run without the need for a large hard drive, dramatically reducing the hardware requirements to run a node, thus improving decentralisation. Purge: Technical debt elimination and elimination of historical data. This comes in multiple forms such as historical data expiry, state expiry and the removal of numerous other unnecessary functions. Much of this will make node operation and validating much easier as well as simplifying the wider Ethereum codebase. Splurge: Numerous miscellaneous upgrades such as proposer builder separation, account abstraction and zkSNARK-ifying everything. These will further lighten the load for node operators and give smart contract wallets more functionality. It is worth noting that these upgrades won’t all rollout together under the above names like the merge. The above names are simply categories for different upgrades. These upgrades within each category will come at different times. EIP-1559 and ETH scarcity As I covered a while ago in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the recent addition of EIP-1559, net ETH issuance is variable due to its fee burning feature. During times when network demand is high, transaction fees can rise to levels at which the amount of fee revenue being burned is greater than the inflation rate from new ETH issuance going to miners (and stakers post-merge). In effect, this fee burn acts a lot like a company such as Apple using profits to perform share buybacks, except instead of Apple using money from selling iPhones to reduce the supply of Apple shares, Ethereum is using the profits it makes from selling scarce, decentralised block space to reduce the supply of ETH. This creates a constant negative supply side pressure which without a matching reduction in demand, will lead to ETH price appreciation. So what does this mean for ETH scarcity? It means that if the Ethereum economy is healthy and there is a constant demand for Ethereum’s scarce, decentralised block space, there will be a sink in the form of the fee burn which reduces the supply of ETH. If the fee burn is high enough, the fee burn can outweigh the new issuance being minted for miners and stakers. This threshold is around 100-150 Gwei under Proof of Work and around 10-15 Gwei post-merge/under Proof of Stake. The long term prediction for ETH supply according to Ethereum researcher Justin Drake is that supply will peak just before the merge just below 120 million ETH before decreasing post-merge where over time the burn will lessen relative to new issuance before ETH supply eventually floats around 100-120 million ETH or continues to decrease at a slow rate. You can create your own post-merge issuance models by playing around with the variable inputs on ultrasound.money. Layer 2 Scaling One of the most under appreciated aspects of Ethereum is its forward-thinking rollup centric scaling roadmap which is sometimes referred to as a “modular blockchain” architecture. Meanwhile many “Ethereum killers” or alternative layer one general purpose blockchains are still trying to scale with the outdated “monolithic blockchain” architecture and are having to compromise on one of the three elements of the blockchain scalability trilemma, scalability, decentralisation and security. But I won’t go on about this, I’ll let u/Liberosist convince you about the superiority of Ethereum’s rollup centric roadmap and the modular blockchain thesis. What’s important here is that this model of scaling effectively flips the blockchain scalability trilemma on its head, allowing Ethereum to scale, become more decentralised and secure all at once. Optimistic rollups and ZK rollups have been live on main net Ethereum for a while now. Arbitrum and Optimism have a very wide range of DApps and can offer transactions for less than a dollar and token swaps for not much more, all while retaining the Ethereum main chain’s security guarantees. Meanwhile, ZK rollups such as ZK sync offer even cheaper transactions at less than 10¢ per transfer with full Ethereum base layer security. Finally, rollups are only just getting started. There are many optimisations which have been proposed and will soon roll out such as EIP-4488 and call data compression. Together, these could boost throughput and cut fees by as much as 50x. As previously mentioned, rollups flip the blockchain trilemma on its head, meaning that the more people that use them, the cheaper they get and the more secure Ethereum becomes! DeFi and Composability If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (AKA DeFi or more accurately, open finance). Ethereum was the first and is still by far the largest platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution! NFTs and tokenisation NFTs or “Non-Fungible Tokens” – We’ve all heard of them by now. This once niche aspect of the Ethereum community has exploded into the mainstream through almost unprecedented hype and speculation in the modern era. Since then, they have received a lot of flak, and in some cases, rightfully so. The reality is that the future is not buying a JPEG of a cartoon ape which gives you nothing more than commercial rights to said JPEG and being able to flex your ownership of this NFT to others. The NFTs which have staying power and create real value will be the ones which have utility. This could be something directly practical like an ENS name which allows you to use a human readable address for your wallet such as vitalik.eth, or it could be something more innovative and subjective in its value like a community token released by a musician which gives you many perks like private groups, special deals and even financial benefits such as tokenised song royalties. Institutional Adoption Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises. Another example is EY’s “Nightfall”, a Zero Knowledge optimistic rollup which provides full privacy and cheaper transactions for enterprise use. Institutional Investment This latest bull run was characterised by the beginning of institutional acceptance of cryptocurrencies as an asset class. Exposure to the space is becoming easier and easier for large institutions with custodial firms for institutional investment and hedge funds exposed to crypto offering their products left and right. But it doesn’t stop there with Ethereum. As businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield when staking. The first major mover in this field is Cloudflare who recently announced that they are buying and running their own staking nodes to help secure the network. Improvements in user onboarding and abstracting away complexity Ethereum has started making huge leaps forward in terms of usability for the end user. The aforementioned ENS names is a huge UX improvement which is equivalent to the huge leap forward for the internet which was DNS. No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. Another major improvement is the advent of smart contract wallets like Argent wallet. Argent allows for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask. While at times the Metamask UX still has a way to go to get to mass adoption levels of user friendliness, there have been improvements in the last year such as EIP-1559. EIP-1559 has removed the old gas price guessing game and subsequent waiting for an uncertain length of time for your transaction to be accepted. Metamask has also added a feature which allows you to switch networks to other chains or L2s in once click instead of having to manually add the RPC endpoints. The user experience will continue to get better until it gets to the point where it is just like email today. So easy that even your grandmother can tap a couple of buttons and use DeFi without even knowing anything about how it works. The lack of an obvious #1 ETH killer One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. However, one of the biggest hurdles to overthrowing Ethereum is finding consensus over its biggest competitor. Ethereum is by far the biggest, most decentralised and politically neutral smart contract platform which gives it a snowball effect of attracting most of the new users and builders in web 3.0. Furthermore, this gives it a stamp of legitimacy which other projects don’t have. The best way to measure the adoption of a layer 1 chain is to compare the fee revenue. This is because blockchains sell block space and the fee revenue is the sum of money which people are willing to pay to access that block space. Ethereum’s fees in the last 24 hours (while I am writing this) total $3.9 million. Compare this to BNB (a network which doesn’t try to compete with Ethereum as a truly decentralised platform) which had $600,000 in fees in those same 24 hours. The next largest smart contract platform (one which actually claims to be decentralised) is Avalanche at just over $30,000. This means that Ethereum provides 100x the value to its users than its closest true competitor does. Source: https://cryptofees.info/ Network effects This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and largest market cap. The network effect is also why most people use Zoom and Facebook Messenger/WhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (https://meet.jit.si/ for a Zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People have heard of Bitcoin and many understand it already. Many people don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap and AAVE. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. This is also why the vast majority of Ethereum killers are effectively just Ethereum clones with different specifications. The reason for this is of course because it is easier to build and onboard new users and apps if the experience is familiar and developers can port over existing applications rather than build them again from scratch. Ethereum is the most decentralised and provably neutral smart contract platform Ethereum is also the most decentralised and provably neutral smart contract platform. Unlike some of the competing smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes on a whim like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999). Attacking Ethereum’s Proof of Stake beacon chain would be extremely costly and require a very large amount of money or influence over staking entities. In its current state, an attacker would need to control 66.7% of the >400,000 validators on the beacon chain to control the network. At the current moment, even the largest four custodial staking providers such as Coinbase and Kraken only add up to 34% of the total stake. Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap since it will be the most secure and politically neutral way to transfer value between adversaries. Not to mention if much of the world’s commerce were to be settled in the same place — on Ethereum — then it would make sense for governments to settle on the same platform. While this future is a long way away, it is very much a possibility. ETH distribution is decentralised Thanks to around 7 years of proof of work — a system where miners have to sell newly mined ETH to pay for electricity costs — newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchanges. As pointed out by u /AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors. The community Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Vitalik is one of the best examples of this. Vitalik holds less than 0.3% of the total ETH supply, a remarkably small percentage for any founder of a multi-billion dollar company or cryptocurrency (for reference, Jeff Bezos owns about 10% of Amazon and Satoshi owns about 5% of all Bitcoins). Not to mention his many charitable donations, including $1 billion dollars worth of SHIB sent to the Indian COVID relief fund (sure, there wasn’t $1 billion worth of liquidity in those SHIB tokens but it’s still a hell of a lot of money) and $5 million to aid in Ukraine among many other charitable donations. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community can be great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of r/Bitcoin to the incredibly helpful and welcoming daily discussion of r/EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at r/EthStaker who will go out of their way to help you set up an Ethereum beacon chain staking node on the mainnet or testnet. Don’t believe me? Head over to those subs and see for yourself. Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! 🙂 TL;DR: The Merge - A ~ 90% drop in ETH issuance, beginning the era of deflationary ETH, AKA ultra sound money. Furthermore, staking yields will rise post merge. Plus, the merge starts the more secure and more environmentally friendly future of Ethereum. Extended Ethereum Roadmap - The surge, the verge, the purge and the splurge offer a wide range of benefits and features which will dramatically increase Ethereum’s capabilities. EIP-1559 and ETH scarcity - Ethereum is now the first actually profitable blockchain which doesn’t need constant inflation to pay for network security. This translates to ETH the asset actually remaining scarce and the Ethereum network secure. Layer 2 Scaling - Rollups and a “modular blockchain” architecture flip the blockchain trilemma on its head to allow Ethereum to scale while maintaining, or even increasing security and decentralisation. DeFi and Composability - Money legos and open source code allowing for fast development and unprecedented innovation in the world of finance. NFTs and tokenisation - Tokenise everything. No, seriously. NFTs will be so much more than just art NFTs. Institutional Adoption - Ethereum has the most enterprise partners (EEA) + the Baseline protocol and Nightfall are bullish AF. Institutional Investment - We have seen the beginning of institutional acceptance of crypto as an asset class but understanding is still very poor. It is a matter of time before more yield chasing institutions discover ETH, the deflationary, dividend paying/stakeable, environmentally friendly, more advanced version of Bitcoin. Improving UX and abstracting away complexity - Human readable addresses and smart contract wallets which even your mother could use. Even MetaMask and DApps are getting easier too. The lack of an obvious #1 ETH killer - No ETH killer clearly sticks out from the rest. This makes it hard for one of them to create a big network effect. Furthermore, their actual value created is more than 100x lower than Ethereum’s. Network effects - Ethereum has by far the largest network effect and as Bitcoin has shown us, the network effect is extremely important. Ethereum is the most decentralised and provably neutral smart contract platform - Super secure under Proof of Stake, no more tolerance of DAO like forks and a neutral platform for geopolitical adversaries on the world stage to settle on, removing the need for them to have to trust each other’s banking systems. ETH distribution is decentralised - Years of proof of work have put ETH in the hands of many. In fact, ETH supply is more decentralised than the supply of Bitcoin. The community - Super duper mega friendly. Shoutout to r/ETHStaker and r/ETHFinance! Extra Sources: Bankless Podcast Episode #99 - Vitalik Buterin - Endgame Bankless Podcast Episode #57 and #44 - Justin Drake - Ultra sound money submitted by /u/Tricky_Troll [link] [comments]
- Five NFTs To Keep An Eye On As 2022 Draws To A Closeby /u/OkOrdinary5299 (NFT) on June 29, 2022 at 6:28 am
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- Is Double Minting an NFT possible?by /u/OutRagousGameR (NFT) on June 29, 2022 at 6:28 am
Hey all - simple question. I bought an NFT on Vatom. When I click on the NFT's actions, it gives me the option to mint on Polygon. The NFT must have been minted before I bought it, right? If it's minted, why is it giving me an option to mint again? If it's not minted, is the NFT useless unminted? submitted by /u/OutRagousGameR [link] [comments]
- Colorful Snykers NFT collection by komuartm on Openseaby /u/komuartm (NFT) on June 29, 2022 at 6:26 am
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- The Economic Times Artificial Intelligence: Four skills that won't be replaced by Artificial Intelligence in the future - The Economic Timesby /u/Md_Mosheiar_Rahman (NFT) on June 29, 2022 at 5:52 am
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- The Olympians are building Mt. Olympus in the metaverse. Join the Gods in their newest adventure. 5000 nft, 5 Gods, Amazing art, Lots of utility, including Educational content/lessons, Comics, Merch, Cartoons and more. Join DC link in comments for added perks.by /u/2Shankx (NFT) on June 29, 2022 at 4:43 am
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- Complete noob, I think I got screwed before even starting.by /u/walkingcorpse123 (NFT) on June 29, 2022 at 4:22 am
I am a designer, and wanted to test the waters on NFTs, at least to understand how everything works and see it for myself. So I create my wallet and an account on Open Sea, I uploaded several finished pieces that I was expecting to sell in the near future. While I was trying to buy ETH someone else went and Minted my designs. Which I thought it was something I, the uploader had to do before selling them. I wasn't aware that the moment they are up, they are up for grabs. I am confused, what is the best practice here? submitted by /u/walkingcorpse123 [link] [comments]
- Our DAO decided to Improve their School Facilities, It's a good move by our @savannakidz NFT holders! Join us today to learn moreby /u/AlvinNFT (NFT) on June 29, 2022 at 3:25 am
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- Check out the first 25 Calaveras NFT Drops from Emporium NFTs On WAX!by /u/Nanonarcagent (NFT) on June 29, 2022 at 3:01 am
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- Snoop Dogg: Crypto Bear Market ‘Weeded Out’ Those ‘Abusing the Opportunities’by /u/elumeus (Cryptocurrency News & Discussion) on June 29, 2022 at 2:43 am
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- Pathos Art - A deep dive into NFTsby /u/tradersinsight (NFT) on June 29, 2022 at 2:32 am
I'm a long time lurker in this sub. I've put together a telegram channel called Pathos Art to track the best "high" art on Ethereum and Tezos. It's going to have a couple of posts a day detailing a single work by an artist and will share their info. Here's a recent review I did for AVE - This world https://preview.redd.it/xg08lggi1h891.jpg?width=5835&format=pjpg&auto=webp&s=0eca08e4a4e2c47f4077ef04b1ca2e5f1091aa80 When exploring the Uncanny Valley, the space between emotional attachment to a thing-as-a-person, its easy to get lost, confused, or just rejecting the visual basis for art. Computer assisted digital art is ubiquitous, leaving it to the artist to define the resolution of humanity. “Futuristic” and “Sci-fi” themes and tropes may even derive their beauty and enjoyment from these generated deception canyons. It takes more skill to exist in this otherworldly domain, as the line between what is too real and obviously fake requires artistic craft to lead one through the half-real scenes. AVE is one of these leaders, mixing photography with effects bordering on the edge of surreal. His unique style is born of hyper-realistic tropes taken from anime, classical sci-fi and other fictitious adventures. A lone woman emerges from filth, rising calmly upwards. But what is real is unknown, as the digital effects skew boundaries between photo and 3d shell. This is not a shill channel. There are no ads, no promotions. Just focusing on the art and artists themselves. Hope you guys enjoy. Pathos Art submitted by /u/tradersinsight [link] [comments]
- I’m pooping 😉 zaddy can you come bring me toilet paper 🙂by /u/plokijzero4812 (NFT) on June 29, 2022 at 12:19 am
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- EN: This is a place that contains history and pure energy, aqueducts built centuries ago and magnificent nature. Size: 4032x3024 Bit Deep: 24 The date the photo was taken: 4.12.2020 reach from opensea link in my profile!by /u/That_Economy_9937 (NFT) on June 28, 2022 at 11:50 pm
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- Let's have fun staying poor...by /u/Diconcilio (NFT) on June 28, 2022 at 11:48 pm
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- Better buy a virtual land than a real one ROFL.by /u/crazytillweseesun154 (NFT) on June 28, 2022 at 10:55 pm
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- [Art] New to NFTs and just put up my first 1of1 piece. I would love some feedback. @NftThreetby /u/eegah1968 (NFT) on June 28, 2022 at 9:59 pm
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- Check out Leaves of Hope on OpenSeaby /u/rnssncmadman (NFT) on June 28, 2022 at 8:30 pm
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- Made this, anyone tryna buy it for like idk $40k or summ?by /u/MasterOfThyNutt (NFT) on June 28, 2022 at 7:38 pm
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- Roger Ver has been liquidated on CoinFLIX and now owes a big debt. And CoinFLIX has tokenised this debt to another debt, and sold it to users who are not even aware of the situation by promising 20% returns. Unbelievably scummyby /u/Set1Less (Cryptocurrency News & Discussion) on June 28, 2022 at 6:35 pm
News is just coming in that "a wealthy individual" has been liquidated on CoinFLIX and owes the company $47m USDC. The CEO of CoinFLIX confirmed this so far, and has said they have issued a notice of default to Ver. CoinFlix CEO: Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him However, Roger Ver in a throwback to his days of degeneracy and racketeering immediately denied this. Instead he claims CoinFLIX owes him money! Hence the CEO of Coinflix has issued additional clarifications that Roger is lying. CoinFLEX also categorically denies that we have any debts owing to him. His statement is blatantly false. It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities This is some welcome back into crypto for "Bitcoin Jesus" who infamously foked BTC into BCash. Literally all he had to do was hold on to his early BTC, and instead he created a shitcoin BCash which is sinking badly, and now he has been liquidated longing this shitcoin. FatMan says he has confirmed that the liquidation was due to Roger Ver's long BCash positions on CoinFLIX which Even more incredibly, CoinFlix has turned this debt owed by Roger Ver, which is denied by Roger Ver, into another debt and have sold this debt of a debt to other users as rvUSD token promising a 20% APY on these tokens. This is just incredibly scammy and pathetic from every party concerned here. submitted by /u/Set1Less [link] [comments]
- XMutaCATS 43 by Artificial Intelligenceby /u/ben198607 (NFT) on June 28, 2022 at 6:19 pm
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- Kunoichi is still my favorite Samurai Legends artwork so far!by /u/J0k3ling (NFT) on June 28, 2022 at 2:35 pm
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- Monthly Optimists Discussion - June 2022by /u/CryptoOptimists- (Cryptocurrency News & Discussion) on June 1, 2022 at 9:04 pm
Welcome to the Monthly Optimists Discussion thread. As the title implies, the purpose of this thread is to promote discussion which is guardedly optimistic about cryptocurrency topics. This thread is intended to be a counterweight to the Skeptics Discussion thread and will be pinned when the markets are bearish. Please read the rules and guidelines before participating. Rules: This discussion thread has much higher standards compared to the Daily Discussion thread. Please behave in accordance with the following rules. All r/CC rules apply. For top-level comments, a minimum of 250 characters will be imposed as well as a minimum of 1000 comment karma and 6 months account age. Discussions must be on topic, ie positive but not to the point of being absurd or utopian. Statements should be substantiated with sound reason and/or evidence. For example, announcing an obscure online store is adopting coin X for payments and then speculate Amazon will adopt it next without evidence. Also, discussions about market analysis, financial advice, or tech support will most likely be removed and is better suited for the daily thread. Low-effort comments promoting coins or tokens will be removed. For example, comments saying “Buy coin X!” or “Coin X is going to the moon!🚀”, showcasing the current composition of your portfolio, or stating you sold coin X for coin Y, will be removed. In other words, no shilling. Offensive language, profanity, trolling, and satire will be removed. This thread is intended for mature discussion. Most of the above rules will be promptly enforced upon top-level comments by AutoModerator. Please report shilling or any comments which violate the rules. Resources and Tools: Read through the Cointest Archive to find positive material to discuss and consider participating in the contest if you're interested. Click the RES subscribe button below if you want to be notified when new comments are posted. For help finding prior Optimists Discussion threads, click here. For help finding the latest Skeptics Discussion thread, click here. submitted by /u/CryptoOptimists- [link] [comments]