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Coin Home / Re: [ANN] Ethereum: Welcome to the Beginning

« on: August 19, 2021, 11:55:52 AM »

Did you catch our update on the Ethereum update EIP 1559 and the upcoming change to Proof of stake? As the market continues to react to this big change in crypto, let's take a look today at the hottest parameter everyone is talking about, the one that is most likely to influence the price of ETH. Halving.

A Bitcoin halving event is when the payout for mining a bitcoin transaction is cut in half. When this happens, the rate at which new coins enter circulation is halved, cutting in half the inflation rate of Bitcoin.

Many speculators point to such halving events as leading indicators of subsequent bull runs. Why is this important to understand? Because Ethereum might not only see such a halving event soon, it might see two more after that in quick succession!

This sort of triple halving has never occurred with Bitcoin. In just one week since EIP 1559, over $100M of ETH was burned. Over 70% of transaction fees will continually be burned after EIP 1559. Next, Proof of stake.

Currently, about $39M is paid to miners for running ETH networks and security. This ETH is immediately converted to cash because miners have operating costs.

When the proof of work is converted to proof of stake, ETH can move from a mine and dump economy to a stake and restake economy, reducing selling pressure theoretically by $39M every single day! Not yet time to sell your house and take out that loan for a lamborghini, but watch this space keenly!

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Crypto Discussion / Crypto Worth 600 MILLION at Risk of Theft!

« on: August 13, 2021, 11:06:27 AM »

Yesterday we took a calmer look at the PolyNetwork hack, and it seems our calmness has been vindicated.

After security firm Slowmist got the hacker's ID, he has already returned more than $256 million, creating a token called 'the hacker is ready to surrender' and sending it to a polygon address!

A few hours later, after speaking to the Poly Network team in encoded messages, the hacker sent back nearly all of the assets on Binance Smart Chain. They sent over 1,000 more BTCB ($46.4 million), 26,629 ETH ($86 million) and $119 million in the stablecoin BUSD. The only assets remaining on this chain are 6,613 BNB ($2.6 million).

The big story in this hack shouldn't be how much was stolen, but how quickly crypto sleuths followed the digital footprints, in a scene straight from the movies, and tracked down the hacker's IP information. There is only one failsafe protection against crypto security risk, and financial risk in general: and that is knowledge.

The crypto phenomenon is here to stay, so arm yourself with useful information, it will demystify the risks to make you less anxious, give you simple basic steps to safely navigate the ecosystem, and show you where to reliably turn if something ever goes wrong. Subscribe to this channel and we'll do it for you in under a minute each day!

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Crypto Discussion / Re: #infrastructurebillcrypto - #infrastructurebill

« on: August 12, 2021, 11:20:34 AM »

Did you catch yesterday's roundup of the 10 sides of the raging crypto regulation debate? If you didn't, start there by clicking the link. If you did, let's continue today with a contrarian pro-regulation view that intelligent crypto-enthusiasts like us can hold.

1. So far, the advantages of crypto - like decentralized finance, censorship resistance, and inflation hedges - are based off theory and very little empirical evidence. So far, governments have treated crypto like a fad, but now they are fighting it.

If the whole point of crypto was the ability to withstand this fight, surely regulation is the best test of its capabilities? Maybe regulation will cause the crypto fiat value to drop, but it cannot touch the underlying code and logic networks.

Individual crypto businesses might fail due to regulation, but whatever survives in spite of regulations will have demonstrated the consumer value, network resilience, and competitive advantage of decentralized finance, and truly bring into reality all the advantages we currently only read about in whitepapers.

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Crypto Discussion / #infrastructurebillcrypto - #infrastructurebill

« on: August 11, 2021, 12:10:54 PM »

The US senate debate on crypto rages on. Can you understand this sentence? 'The Biden administration is pushing back against a last-minute effort by a bipartisan group of senators to limit a proposal in the infrastructure bill to increase federal regulation of cryptocurrencies'. Lobbying against lobbying against lobbying? Maybe we need a blockchain to record and verify opinions of lawmakers on crypto.

Today let's try and make sense at least of how many sides to this debate there are, even if we can't understand who is on which side!

Side 1 is easy: The Biden administration wants to tax crypto to fund an infrastructure bill.

Side 2 is easy: crypto investors think this will cripple growth.

Side 3: Some senators want an amendment that limits the authority of the executive over crypto.

Side 4: 2 senators propose a compromise, that exempts some crypto actors from regulation, seen as too few exemptions by Side 3 and too many by Side 1.

Side 5 now just wants to break this impasse and get the infrastructure bill passed.

Side 6 takes specific issue with the definition of a crypto miner, that they think will drive miners out of the US.

Side 7 takes issue with crypto mining and the energy footprint it causes.

Side 8 is the news media that writes confusing narratives, and Side 9 is people like us trying desperately to count how many sides there are!