Wednesday, June 16, 2021

The month long MDMA bender, part 1

This is a part 1 of a story of a month long mdma bender in 2019. I am recalling the events by faint memory and what digital evidence I have left, as I am not in touch with anyone involved anymore.

The reckless, careless, dangerous, obnoxious and risky behavior described in this story, do not reflect me today. I strongly advise against abusing drugs, driving on drugs and smuggling drugs across international borders.

At a wedding, on a warm summer night, in the middle of nowhere, I met a guy from a neighboring country and we ended up doing drugs for days on end before he left back to his country. We had a lot of fun and he invited me to visit him sometime, and I promised.

October comes around and in a couple weeks, there is going to be a big techno festival in his city. Before he even had the chance to ask me if I'd come, I agreed and asked to bring a friend of mine. He agreed and I immediately jumped to work.

I open up my laptop, buy some bitcoin and in less than 2 weeks, a package of mdma and pills magically shows up at my friends door. Next day, I quit my job, packed my shit, bought an ounce of weed, told my mom I'll see her sometime and got on a bus to his city.

My friend picked me up at the bus station and immediately we started grazing away on our fresh german candy. Later on, we met up with some friends and spent the entire night doing drugs and driving around. The next day, we decide to rest until we leave for the festival, but as soon as I went to bed, my friend called and said he was on his way to pick me up with a bunch of other junkies. Needless to say, we spent that night getting fucked as well. Only one day left to rest before the festival.

By noon we go home and agree to sleep and lay off the molly as we want to be ready for the festival. But fate had us meet up again within hours. As day turned to night, we had about 8 hours left before we had to get on the bus. With our infinite wisdom, we decided to finish off the mdma we had and we spent the night driving around and doing molly. I have no idea how we didn't fucking die, I couldn't see shit and I wasn't even driving. We even knocked down a stop sign and every couple minutes or so, we were inches from running of the road or killing ourselves and other drivers unfortunate enough to be in our vicinity.

A couple hours before our bus we pop a pill each, go to his apartment and pack our shit and head to the bus station. We didn't sleep or eat for 3 days already and we ran through all of our mdma we planned to bring. Luckily we didn't munch through all the pills so we put them in bags and put them in our underwear and lit up a joint at 5 am on the way to the bus station.

Eventually in the bus, we succumb to the immense fatigue induced by 3 days of nonstop drug abuse and finally fall into a deep slumber. After several hours, we were awaken by the sudden chatter and movement of our fellow passengers. We have arrived at the border and reality suddenly dawned upon us. We are visibly pale and absolutely fucked, at an international border crossing, with bags full of pills in our underwear. We looked out the windows and noticed the vast amount of police and customs agents everywhere. I manage to keep my cool but my friend was visibly shaken by the sudden realization that our fate hangs on a thread.

The driver comes around and asks for passports, but we forgot one thing. I had a passport from a country that's not even on the same continent, and I was the only person in the bus with a passport not from the countries whose border we were on. And sure thing, not 2 minutes pass when I hear my name called by the driver. Everybody fucking turns around to see who he is calling and I rise up and head his way. He leads me to a customs agent who has summoned me to answer some questions. Every time she started a new sentence, I expected her to tell me to follow her into another room where she would inspect my luggage and my person, and both me and my buddy would be arrested and charged with drug smuggling.

After what felt like eternity, she lets me off and I go back to my bus. We where running late and everybody was waiting for me to come back. As I enter the bus, I notice everybody is looking at me. But one face shined at me from all the way back, my friend was at the edge of his seat, pale as if he witnessed genocide just seconds ago. As I walk through the aisle, I feel everybody's head turning towards me as I pass by. The bus was so silent, that you would hear a hair drop on the floor. I didn't even manage to sit down and already I was bombarded by questions, by fellow passengers as well as by my traumatized friend. The driver turns on the bus and off we go. The collective sigh of relief my friend and I let off as we finally crossed the border had the energy of a thousand suns. Not 15 minutes pass and we pull up to a gas station to take a break, and to celebrate we split a pill in the bathroom and get back in the bus. We made it and nothing can stop us now.

Continued in part 2


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Say what you want about Max Keiser's style and personality but...

His short and long term predictions have been always on spot.

Worth watching his (and Stacy's) Bitcoin show "The Orange Pill".

Today he predicted word by word what the FED would say later in the morning.

Also it's informative, entertaining, educational (relevant historical references) and usually have great guests to discuss the current relevant Bitcoin events.

Here's today show:

https://www.youtube.com/watch?v=5UdA5ITIvVc


Say what you want about Max Keiser's style and personality but...

His short and long term predictions have been always on spot.

Worth watching his (and Stacy's) Bitcoin show "The Orange Pill".

Today he predicted word by word what the FED would say later in the morning.

Also it's informative, entertaining, educational (relevant historical references) and usually have great guests to discuss the current relevant Bitcoin events.

Here's today show:

https://www.youtube.com/watch?v=5UdA5ITIvVc


Banks Edge Closer to Ethereum 2.0 Staking

Switzerland-based Sygnum Bank is helping institutional clients get staking rewards from the new Ethereum network. And they’re not alone.

An article was written by Ian Allison.

Banks could one day be key participants in Ethereum 2.0. (This seems interesting and bullish)

It’s a trend that will soon garner as much attention as institutional interest in bitcoin, say firms like Blockdaemon and Bison Trails, which provide the infrastructure to make running a staking node on Ethereum 2.0 low risk and easy to deploy. 

These hand-holding intermediaries in the staking arena have been surprised by the pipeline of large companies looking to get involved in Ethereum’s next-generation network.The network’s proof-of-stake (PoS) overhaul provides rewards akin to interest, denominated in ether (ETH), at a time when yields in traditional savings vehicles remain paltry.

“There are some large banks we’re working with, but the regulatory sequencing is important to them and so unfortunately we can’t name them at this moment,” said Konstantin Richter, founder and CEO of Blockdaemon, which just closed a $28 million founding round that included Goldman Sachs. 

When staking goes institutional

Unlike Bitcoin’s energy-intensive crypto mining system, which seems to be under continual attackfrom critics these days, the next generation of blockchain networks use PoS, where blocks of transactions are added to the chain by a consensus of individuals, each holding tokens on the network. 

Staking validators earn a return for having their tokens locked up on the network, but can also lose some of their stake (known as slashing) if they do not behave consistently or as expected. 

There are a number of PoS blockchains in operation today such as Polkadot, Cardano and Algorand, but the most eagerly awaited is the transition of Ethereum away from proof-of-work.

“Ethereum 2.0 is a really big deal,” said Richter, who predicts the transition will make holding ETH in a wallet and earning interest as simple in form as holding a checking account with a bank. 

“You simply have a wallet with ETH and it’ll earn interest automatically,” he said.

Proof of Swiss

When it comes to offering institutional staking, probably the most progress has been made in crypto-friendly Switzerland. 

For instance, digital asset bank Sygnum is now offering Ethereum 2.0 staking, as per an announcement shared exclusively with CoinDesk. 

It’s not the first foray into staking for Sygnum: a couple of months back, the crypto bank allowed its asset management, hedge fund and family office clients to stake on the Tezos blockchain. 

It’s part of an incipient suite of digital asset yield-bearing opportunities being offered by Sygnum, which earlier this week announced support for a clutch of major decentralized finance (DeFi) tokens. 

Sygnum’s Ethereum staking service will involve locking up multiples of 32 ETH for a currently-undefined period of time, until the transition to Ethereum 2.0. This is expected to generate a yield of between 8% and 6.5% per annum, according to Thomas Eichenberger, head of business units at Sygnum Bank. 

“Given its market cap and the importance of the network, Ethereum is getting a lot of attention among institutional clients who are not necessarily knowledgeable about the entire space, but want to focus on some of the largest coins as a first step,” Eichenberger said in an interview.

Sygnum’s institutional staking is “bank-grade,” said Eichenberger, using hardware security provider Securosys to handle the withdrawal keys. (Ethereum 2.0 staking involves both a validator key and a withdrawal key.)

On the digital asset custody side, Sygnum leverages the Custodigit solution, which involves Swiss tech provider METACO, a provider of crypto safekeeping to banks like BBVA, Standard Chartered and GazpromBank Switzerland.

‘Tax nightmare’

While instructional interest in Ethereum goes beyond simply trading the token, there are wrinkles still to be ironed out when it comes to earning yield on tokens. 

“We’ve been doing a lot of education sessions with the major banks,” said Evan Weiss, head of business operations at Bison Trails, which was acquired by cryptocurrency exchange Coinbase in January of this year.

The technological integration and upkeep of a staking node is not too much of a challenge and can simply be outsourced. But it’s regulatory gray areas like tax and accounting that need to be buttoned up before large institutions can really get comfortable.

Weiss said lots of progress has been made by the Proof-of-Stake Alliance, which is working closely with the IRS on this topic.

“Right now, receiving a staking reward and it being classed as a taxable event is a tax nightmare, both for token holders, but also for tax authorities,” said Weiss. “The goal is to treat staking rewards as any type of new property. So, it’s never income when you create that new property, it’s income when you sell and dispose of it.”

The added clarity is especially needed given the plethora of PoS protocols hitting the market. Said Weiss:

“Can you name a proof-of-work token that’s launched recently?”

TLDR: Banks are joining in to give clients staking rewards. E.g. Switzerland-based Sygnum Bank. Banks may take up an important role in ETH 2.0. So basically banks are getting themselves involved in this crypto space. All this is also a tax nightmare for both token holders and tax authorities as it is extremely hard to determine what kind of tax it falls upon. As of now, it is treated as a type of new property. It is not income when you create the new property it is when you sell.


List of Today's and Tomorrow's Upcoming Events

I will be bringing you upcoming events/announcements every day. If you want improvements to this post, please mention /u/houseme in the comments. We will make improvements based on your feedback.

 

https://kryptocal.com | /r/kryptocal | Android | iOS | Telegram Interactive Bot (add cryptocalapp_bot) | Telegram Channel @kryptocal

 

ADD AN EVENT

If you like an event to be added, click Submit Event, and we will do the rest.

 

NEXT DAY UPCOMING EVENTS


 

General

Ethereum(ETH) Goerli Testnet June 16, 2021
KuCoin Shares(KCS) Kcc Launch June 16, 2021
ChainLink(LINK) Youtube Live AMA June 16, 2021
WaBi(WABI) Founders Office Hours June 16, 2021
Nuls(NULS) Nabox Staking June 16, 2021
Stox(STX) DeFi Summit June 16, 2021
Stox(STX) Freehold Townhall June 16, 2021
Divi(DIVI) Telegram AMA June 16, 2021
Phala.Network(PHA) Youtube Live AMA June 16, 2021
Tixl [NEW](TXL) Telegram AMA June 16, 2021
Ergo(ERG) Discord Developers Chat June 16, 2021
Pangolin(PNG) AMA June 16, 2021
iExec RLC(RLC) Podcast Interview June 17, 2021
WaBi(WABI) CEO Progress Update June 17, 2021
Fetch.ai(FET) Federated Learning June 17, 2021
TrueFeedBack(TFB) Cooperation Announcement June 17, 2021
Venus(XVS) VGP Final & Public Audit June 17, 2021
BitcoinSoV(BSOV) Whitepaper Updates June 17, 2021
Polkadex(PDEX) Talk: Decentralized KYC June 17, 2021
Rentible(RNB) Bancor Whitelisting Vote June 17, 2021

 

ICO/Pre-Sales

Nuls(NULS) Stake NULS for TICO June 16, 2021

 

Conferences

SOLVE(SOLVE) TECH Conference Europe June 16, 2021
Aave(AAVE) Super Crypto Conference June 17, 2021

 

Exchanges

Maki Finance(MAKI) BitMart Listing June 16, 2021
AIOZ Network(AIOZ) Kucoin Listing June 16, 2021
Unmarshal(MARSH) Kucoin Listing of $MARSH June 16, 2021
WPP Token(WPP) BitMart Listing June 16, 2021
Feeder Finance(FEED) XT Listing June 16, 2021
Alaska Inu(LAS) Bitmart Listing June 16, 2021
Covalent(CQT) Kucoin Listing June 16, 2021
Vacay(VACAY) Coinsbit Listing June 16, 2021
Alpha Wolf(AWF) Lbank Listing June 16, 2021
UNION Protocol Governance Token(UNN) BitMart Listing June 17, 2021
Poodl Token(POODL) Lbank Listing June 17, 2021
Dogelon Mars(ELON) SatoExchange Listing June 17, 2021
NFT Stars(NFTS) Biki Listing June 17, 2021

 

 


List of Today's and Tomorrow's Upcoming Events

I will be bringing you upcoming events/announcements every day. If you want improvements to this post, please mention /u/houseme in the comments. We will make improvements based on your feedback.

 

https://kryptocal.com | /r/kryptocal | Android | iOS | Telegram Interactive Bot (add cryptocalapp_bot) | Telegram Channel @kryptocal

 

ADD AN EVENT

If you like an event to be added, click Submit Event, and we will do the rest.

 

NEXT DAY UPCOMING EVENTS


 

General

Ethereum(ETH) Goerli Testnet June 16, 2021
KuCoin Shares(KCS) Kcc Launch June 16, 2021
ChainLink(LINK) Youtube Live AMA June 16, 2021
WaBi(WABI) Founders Office Hours June 16, 2021
Nuls(NULS) Nabox Staking June 16, 2021
Stox(STX) DeFi Summit June 16, 2021
Stox(STX) Freehold Townhall June 16, 2021
Divi(DIVI) Telegram AMA June 16, 2021
Phala.Network(PHA) Youtube Live AMA June 16, 2021
Tixl [NEW](TXL) Telegram AMA June 16, 2021
Ergo(ERG) Discord Developers Chat June 16, 2021
Pangolin(PNG) AMA June 16, 2021
iExec RLC(RLC) Podcast Interview June 17, 2021
WaBi(WABI) CEO Progress Update June 17, 2021
Fetch.ai(FET) Federated Learning June 17, 2021
TrueFeedBack(TFB) Cooperation Announcement June 17, 2021
Venus(XVS) VGP Final & Public Audit June 17, 2021
BitcoinSoV(BSOV) Whitepaper Updates June 17, 2021
Polkadex(PDEX) Talk: Decentralized KYC June 17, 2021
Rentible(RNB) Bancor Whitelisting Vote June 17, 2021

 

ICO/Pre-Sales

Nuls(NULS) Stake NULS for TICO June 16, 2021

 

Conferences

SOLVE(SOLVE) TECH Conference Europe June 16, 2021
Aave(AAVE) Super Crypto Conference June 17, 2021

 

Exchanges

Maki Finance(MAKI) BitMart Listing June 16, 2021
AIOZ Network(AIOZ) Kucoin Listing June 16, 2021
Unmarshal(MARSH) Kucoin Listing of $MARSH June 16, 2021
WPP Token(WPP) BitMart Listing June 16, 2021
Feeder Finance(FEED) XT Listing June 16, 2021
Alaska Inu(LAS) Bitmart Listing June 16, 2021
Covalent(CQT) Kucoin Listing June 16, 2021
Vacay(VACAY) Coinsbit Listing June 16, 2021
Alpha Wolf(AWF) Lbank Listing June 16, 2021
UNION Protocol Governance Token(UNN) BitMart Listing June 17, 2021
Poodl Token(POODL) Lbank Listing June 17, 2021
Dogelon Mars(ELON) SatoExchange Listing June 17, 2021
NFT Stars(NFTS) Biki Listing June 17, 2021

 

 


prepper

Watch 'em dots

Today's Federal Reserve meeting may be the most watched in recent years, with famed investor Paul Tudor Jones even calling it "the most important in Chair Jay Powell's career." With inflation gathering speed and the job market tightening, the FOMC will have to weigh the path for the country's monetary policy - chiefly the federal funds rate target range (now at 0.0%-0.25%) and asset purchases that continue at a $120B monthly pace. Again, it's widely expected that no tightening will occur this time around, but investors will be watching closely for any signals that the Fed is setting the stage to become less accommodative.

Dot plot: Investors will be focused on the central bank policymakers' summary of economic projections, specifically the dot-plot charts showing expectations on when Fed officials expect interest rates to start rising. More than half of 51 economists surveyed by Bloomberg forecast the median of 18 officials seeing an interest rate hike during 2023, in contrast to the March dot-plot where the median expectation was for a 2024 liftoff. Fed watchers will also be parsing Powell's comments on whether he softens his insistence that inflation is "transitory."

Perhaps the most vocal critic of the "transitory inflation" theory is Lawrence H. Summers, former Treasury Secretary and ex-director of the National Economic Council. "I do not see how any responsible policymaker can fail to recognize that overheating is now the largest risk in the near term U.S. macro outlook," he said via Twitter on June 10. "If overheating takes place in the U.S. and there is an eventual spike in interest rates driven either by the Fed or the markets, there will be enormous risks to an already fragile and over leveraged global economy." The bond market, however, seems to agree with Fed's narrative of transitory inflation, with the 10-year U.S. Treasury yield remaining below 1.5%.

Taper talk: Looking to avoid the 2013 "taper tantrum," when markets were caught by surprise by the Fed's change in policy, Powell has said the central bank will give advance notice of when it plans to trim its asset purchases. Some 40% of economists in the Bloomberg survey expect the Fed to indicate in late August its intention to start tapering (Jackson Hole?), while some 24% of the economists expect that signal to come in September - with actual reduction of purchases likely to start in early 2023. Recall that many Fed officials have commented that they're willing to let inflation run hot for a period of time after the measure has lagged its 2% target for years. (15 comments) Little changed

Traders are in wait-and-see mode before the latest Fed meeting, with U.S. equity futures hovering close to the flatline for most of the night. While the central bank is not expected to take any action, there will be plenty of accompanying commentary when Chair Jerome Powell takes the stage at 2:30 p.m. ET.

Bigger picture: Scott Ruesterholz, portfolio manager at Insight Investment, expects the Fed to strike a "patient tone" at the gathering, "wanting to ensure they do not overreact and slow the pace of recovery." "There is a tremendous amount of uncertainty: how much of the inflation is being driven by transitory factors, like supply chain disruptions, and how much of the slower job growth is being driven by temporary measures like enhanced unemployment benefits." Powell's recent balancing act has emphasized the need for a full rebound before the Fed would consider raising rates, but has also highlighted a strong economic revival, which has maintained investor confidence in the economy.

The latest outlook comes as retail sales dropped in May, marking a shift in pandemic spending, while producer prices rose at their fastest annual rate in nearly eleven years, triggering worries about inflation. Others are less concerned. "On a one-year basis, inflation is indeed high," declared Brad McMillan, CIO at Commonwealth Financial Network. "On a two-year basis, which captures the downturn and the upturn, inflation is still in the normal range over the past decade. The one-year numbers are simply misleading. When you dig in, on time frame and components, inflation is not nearly as bad as the headline numbers suggest."

Go deeper: Another area that has been getting a lot of attention is commodities. While everything from lumber to copper and corn have been falling precipitously in recent weeks - denting expectations for a new commodities super cycle - oil continues to hold the line above $70/bbl. That could prompt Chair Powell to say he's monitoring the situation, or shake it off as another "transitory" event. While some of crude's rise may be inflationary, there are signs of stronger demand and tight supplies, with many U.S. companies balking at investment given the transition to a greener economy. Shell is said to be selling holdings in its largest U.S. oil field, the Keystone XL pipeline was recently terminated and activist shareholders last month won a board battle at Exxon.

Pressure on Big Tech

Progressive tech critic Lina Khan has been sworn in as chair of the Federal Trade Commission, becoming the youngest commissioner ever confirmed to the FTC. Her 69-28 approval in the Senate also points to some bipartisan agreement among legislators that Big Tech needs some tighter reins. Amazon.com (AMZN), Facebook (FB), Alphabet (GOOG, GOOGL) and Apple (AAPL) are watching closely...

Who is Lina Khan? The 32-year-old is a law professor at Columbia University, specializing in antitrust and anti-monopoly cases, and previously worked as a legal adviser to FTC Commissioner Rohit Chopra. Last year, she served as counsel to a House investigatory panel, conducting a 16-month investigation into large online platforms and recommending action against the companies' anti-competitive behavior. Coming into focus is also a paper she wrote in 2017, called "Amazon's Antitrust Paradox," which made her a well-known figure in antitrust circles.

More on the article: Khan argues that current anti-competition laws are poorly equipped to address e-commerce. This is because the usual framework for evaluating competitive harm is the popular consumer welfare standard, which is often measured based on prices. However, that harm could be discounted in the modern economy, where practices like online predatory pricing lowers costs for consumers in the short term, but equips a company to gobble up market share. Like others, she also flags problems with Amazon owning a marketplace and selling on the same platform.

"Congress created the FTC to safeguard fair competition and protect consumers, workers, and honest businesses from unfair & deceptive practices," Khan said on Twitter after her confirmation. "I look forward to upholding this mission with vigor and serving the American public." (86 comments)

RIDE it out

It's been quite a week for Lordstown Motors (RIDE), whose stock has been a rollercoaster ride over the last few days. Shares plunged 19% on Monday, only to rebound 11% on Tuesday, but are again off 3% in premarket trade. Investors and analysts are still figuring out how to size up the company, which was once hyped to take market share from Tesla (TSLA) and Rivian (RIVN), as well as Nikola (NKLA) - which faced its own crisis in September 2020.

Backdrop: Lordstown Motors was founded in 2018 by Steve Burns, former CEO of Workhorse Group (NASDAQ:WKHS), and a year later scooped up a GM (NYSE:GM) plant located in Lordstown, Ohio. Lordstown later inked a deal with Workhorse for the intellectual property rights of its W-15 pickup truck by giving the latter a 10% equity stake in the company. Last October, Lordstown reverse merged with a SPAC named DiamondPeak Holdings and became listed on the NASDAQ at an estimated equity value of $1.6B (roughly around its current market cap).

But... Both Lordstown CEO Steve Burns and the CFO Julio Rodriguez resigned on Monday after a board investigation into claims made by Hindenburg Research. While the internal probe found the short-seller's report "in significant respects, false and misleading," it did flag "issues regarding the accuracy of certain statements regarding" its pre-orders. The news added to a damaging headline from last week, when Lordstown revealed it was almost out of cash, "creating substantial doubt as to our ability to continue as a going concern."

Resetting course? While breaking into a competitive and capital-intensive field like EVs is not easy, Lordstown's new chairwoman feels it can be done. "It's a new day at Lordstown and there are no disruptions, and there will be no disruptions, to our day-to-day operations," Angela Strand said in a statement. She also confirmed that the company remains on track to begin limited production in September and there was enough interest from potential buyers to support factory output through the end of 2022. (43 comments)

What else is happening...

Growth ETFs outperform value ETFs over the past month.

Judge blocks Biden's halt on new oil and gas leases.

$100/bbl crude oil a notion not dismissed by some top traders.

Turning a page... New York, California lift most COVID restrictions.

Southwest (NYSE:LUV) fliers slammed by two days of tech troubles.

Spotify (SPOT) nears exclusive deal for Call Her Daddy podcast.

U.S, EU agree to a truce in planemaker subsidy conflict.

'Now is the time' to fight ransomware attacks - Homeland Security.

BTIG says gene therapy space offers a compelling opportunity.

DraftKings (NASDAQ:DKNG) falls after Hindenburg warns of black market links.

More antitrust... Apple-Google mobile ecosystems eyed in the U.K.

Tuesday's Key Earnings

Oracle (NYSE:ORCL) -4.9% AH despite topping FQ4 estimates. Roblox (NYSE:RBLX) -8.1% AH amid a decline in users, platform spending.

Today's Markets

In Asia, Japan -0.5%. Hong Kong -0.7%. China -1.1%. India -0.5%. In Europe, at midday, London +0.1%. Paris +0.2%. Frankfurt -0.1%. Futures at 6:20, Dow -0.1%. S&P flat. Nasdaq +0.1%. Crude +0.1% to $72.18. Gold +0.3% at $1861.30. Bitcoin flat at $39994. Ten-year Treasury Yield -1 bps 1.49%

Today's Economic Calendar

7:00 MBA Mortgage Applications 8:30 Housing Starts 8:30 Import/Export Prices 10:00 Atlanta Fed's Business Inflation Expectations 10:30 EIA Petroleum Inventories 2:00 PM FOMC Announcement 2:30 PM Chairman Press Conference


Has Amp decoupled from Bitcoin?

I’m just curious what everyone thinks about this. Is this a special event and we will return to following Bitcoin’s trends or are we breaking out?


r/Bitcoin - Bitcoin is a one time per sentient species event: what does digital scarcity mean, Bitcoin's "Je Ne Sais Quoi," and the first and only digital land grab

/r/Bitcoin/comments/o0zqd4/bitcoin_is_a_one_time_per_sentient_species_event/

Cross-chain Demand in Booming DeFi

As we all know that the outbreak of DeFi has made an over crowded Ethereum, thus other smart chains with higher performance have become the first choices for many newborn projects, even for some leading applications. The blockchain ecology has been gradually evolving from Bitcoin and Ethereum’s oligopoly towards the co-prosperity of multiple chains, such as Ethereum, Huobi Eco Chain, and Binance Smart Chain. And more new smart chains like Polygon and Solana are also emerging. The data on DeFi Llama(defillama.com)shows that the Total Value Locked (TVL) of DeFi on Ethereum has reached $100 billion, and the sum of TVL on BSC, Solana, Polygon has also exceeded $35 billion.

Smart chains like BSC can provide faster transaction service with lower gas fees, so users will naturally transfer some behaviors outside Ethereum; however, after a series of movements, many people will finally return value back to the latter. After all, assets need a universal application environment to maximize their value, and Ethereum always plays the role of a safe hub. Each public chain has its own self-positioning and mission, thus users hold different expectations on various chains in different functioning. To achieve mutual prosperity, it is not cutthroat competition for users and applications that ecosystems should be in, but cooperation to meet different aspects of user demand.

Such shift in user behavior has foster the demand for cross-chain: users tend to play with their assets on multiple chains according to the features of each chain and the allocation of varying applications, choosing the most suitable chain in each segmented demand. Currently the distribution of applications is already set, what needs more is breaking the wall among these diverse islands. However, the exclusivity of the public chains makes it impossible for users to integrate assets on each individual chains by themselves, since the consensus mechanism, the ledger, and the underlying technology are incompatible. This dilemma is bringing the data-isolation problem to the surface, booming the demand for cross-chain.

This demand can be understood from two aspects:

  • To maximize the value of their assets, users need to participate in different kinds of financial activities on different chains at a cost as low as possible.
  • As for developers, the realization of cross-chain not only adds to the liquidity, but also makes it possible for more novel scenarios. Moreover, it can also attract extra users from other chains, increasing the exposure of projects. Especially for those located outside Ethereum, since the congestion of a chain is positively correlated with the extent of prosperity, developers must think of how to bring in more users while enjoying the light traffic.

In terms of implementation, cross-chain means asset swap or transfer between two chains, i,e, either to swap CAKE on BSC to UNI and use it on Ethereum, or mapping CAKE to Ethereum. It sounds like a piece of cake but the underlying logic is quite sophisticated. One thing is to build mutual consensus to acquire and verify information from other chains; the other is to keep a high level of decentralization to guarantee the transparency and correctness of the data validation.

Decentralized cross-chain techniques and product types

It is still in the early stage for blockchain players to explore cross-chain solutions, which can be divided into three types according to different techniques: Notary schemes, Sidechains or Relay chains, and Hash TimeLock Contract.​

Notary schemes introduce one or more credible entities who take the responsibility of data collection and transaction verification. Only when the intermediary confirms that a specific event has actually happened and signs for it will the asset be unlocked and sent. That is how the consensus is built.

Instead of depending on trusted intermediaries, relay chains take on this task by themselves in order to maintain a higher level of decentralization. A smart contract that is monitoring the block headers of chain A is set on chain B and can verify them with a standard procedure, which is accepted by chain A’s consensus. Once the block header is reported to be finalized, the relay can then authorize the transaction.

Hash TimeLock Contract refers to a series of predetermined trigger conditions set in a smart contract, including a hash lock (the hash of a random secret) and a time lock. Both ends lock their assets into the smart contract, and only when the correct hash value is provided within the time interval can the transaction be successfully carried.

As has been said, there is no perfect solution, and each type of chain interoperability above has its own drawbacks: Notary schemes raise the risk of centralization; relay chains are difficult to be implemented, while hash-locking has limited functions and only supports cross-chain asset exchange. Despite their imperfections, more developers are involved in blockchain interoperability and create more and more multi-chain applications that are worth attention and learning. According to application scenarios and product design, the current projects can be divided into the following three types: ecotypes, cross-chain bridge, and multi-chain aggregation.

Ecotypes

Represented by Polkadot and Cosmos, these cross-chain ecosystems provide a new substrate framework that allow chains/applications in the same eco to interact with each other.

Polkadot, given birth by Gavin Wood (one of the founders of Ethereum), uses a heterogeneous sharding structure and creates a new ecology where data and assets on different parachains under Polkadot can interact with each other in the help of a relaychain without further restrictions. However, there is a cost for renting a parachain slot, and projects need to bid for its right to use and lock a certain number of DOT (the native tokens on Polkadot). Polkadot aims to achieve cross-chain composability and scalability, but by ‘cross-chain’ it only means the chains that inhabit on Polkadot (pay for its slot).

Cosmos, created by Jae (the inventor of Byzantine consensus engine Tendermint), is a decentralized network which contains multiple parallel and independent blockchains that use BFT consensus algorithm. Similar to Polkadot, it also adopts the relay model. Hubs (analogous to the relaychain on Polkadot) play the role of sorting, verifying and sending oders from and to different Zones in Cosmos eco(analogous to parachains on Polkadot). Cosmos focuses more on assets transfer rather than the wider concept of blockchain interoperability; however, it wins Polkadot in openness, offering more freedom for developers to customize their projects and to build consensus.

As for such ecotypes, the risk lies in the uncertainty of the quantity and quality of projects in each ecology, since the initiative is held in latter (including existing public chains), who can determine whether to agree with their cross-chain protocols and to be a sebset of these ecos. Afterall, an ecology without enough apps is only an empty shell.

Cross-Chain Bridges

The second type is the cross-chain bridge, which provides a compatible channel between two public chains with different protocols and consensus. The essence of a cross-chain bridge is that a same asset circulates on numerous chains, so that it can be minted and used on chain A, and be burnt on chain B to achieve a rebalance.

At current stage, cross-chain bridges mainly function via mapping assets. For example, suppose that a cross-chain bridge deploys a smart contract on both Binance Smart Chain and Ethereum, when a user wants to transfer UNI from Ethereum to Binance Smart Chain, it can be managed by the following steps:

  1. The user deposits and locks UNI to/in the smart contract on Ethereum.
  2. The smart contract verifies the change in state and send it to a companion on BSC.
  3. On BSC, the smart contract receives this information, and mints the same number of UNI-BEP20 (the mapping token of UNI on BSC, while BEP20 is the token standard on BSC).
  4. The user acquires the mapping assets and can use them on Binance Smart Chain.

The advantages of cross-chain bridges are that they are not only easy to implement, but also maintain high decentralization. For users, cross-chain bridges can meet their needs with a cheap and friendly user experience; and for developers, the underlying logic and coding are relatively simple to build such a bridge, thus most cross-chain projects on the market are based on this model, represented by:

Anyswap: a Biance-founding project that supports seven public chains namely Ethereum, Huobi Eco Chain, Binance Smart Chain, Fantom, Fusion, xDAI and Polygo, with a gross transaction volume over $10 billion.

Chainswap:Launched by ANTIMatter and with a strategic funding of $3 million, Chainswap has been deployed in 5 public chains (Ethereum, Huobi Eco Chain, Binance Smart Chain, OKEx、Polygon) and supports 61 cryptocurrencies, with TVL exceeding $100 million.

Multi-Chain Aggregation

While the core of cross-chain bridges is mapping assets, the concept of multi-chain aggregation protocals as its name implies, is to aggregate the liquidity of multi-assets on different chains and to create a cross-chain pool, which makes it possible to achieve cross-chain transaction rather than simply token transfer. Based on this main idea, there are some disparity in the way of implementation. Taking O3 Swap as an example, if a user wants to swap CAKE on Binance Smart Chain for MDX on Huobi Eco Chain, the steps are as follows:

  1. The user initiates an exchange request to O3 Swap and lock CAKE to its smart contract on BSC.
  2. CAKE is swapped into BUSD, a stable currency on BSC.
  3. BUSD is swapped into HUSD, a stable currency on Huobi Eco Chain, in O3’s cross-chain pool (which contains various stablecoins on different chains).
  4. HUSD is swapped into the targeted MDX.
  5. The User receives MDX in a Huobi Eco Chain wallet

A different solution is to introduce an intermediate token as a joint that replaces stablecoins on different chains. Taking THORChain as an example:

  1. The user initiates an exchange request to THORChain and lock CAKE to its smart contract on BSC.
  2. THORChain swaps CAKE into equivalent numbers of RUNE (the native currency of THORChain).
  3. THORChain swaps RUNE into equivalent numbers of MDX.
  4. The user received MDX.

Steps 2 to 4 in the example of O3 Swap and steps 2 to 4 in the example of THORChain are performed behind the scene, meaning that users do not need to execute these steps by themselves. Multi-chain aggregation is just a conceptual idea, on top of which there are more than one practical solutions. Moreover, multi-chain aggregation has made it possible for one-chain applications to provide multi-chain experience (for example, pledging idle UNI for BUSD so that to mine on BSC), thus achieving the interoperability of assets on different chains at the application level and solving the problem of data isolation in real sense.

Expectations

2020 has witnessed the booming of DeFi, but it just begins, with huge potential and more application scenarios in the future. This is bound to drive a greater demand for cross-chain. As for the latter, there is no denying that the goal of each stakeholders remains the same, i.e., connecting all ecosystems and realizing the seamless finance across chains. The exploration of cross-chain technologies also leads to the positive collision of different projects, which pushes the development of this segmented demand in mutual learning.

At present stage, to land the solutions mentioned above requires sophisticated knowledge in mathematics and cryptography, as well as strong coding capability of developers; it is also a must for a project to achieve great user experience, friendly and readable codes, openness, and commercial implementation; while user experience can also be digged deeper into aspects like easiness of operation, transaction speed, waiting time for transaction finality, transaction fees, and so on.

By far, it can be said that the users’ demand for the most basic cross-chain functions is already met. However, in the level of product design, how to provide a faster, cheaper and more convenient user experience is still to be explored. In analogy with the evolution of mobile phones, cross-chain is a basic function as dialing, but on top of that, blockchain interoperability has made it possible for more creative DeFi applications like facetime and online shopping, realizing the revolutionary progress from landline phone to PHS, and finally to the smart phone.

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Making money from Tethers collapse. Opinions?

Okay, so we all know Tether is dogshit based on lies and run by con men. In all likelihood, it will eventually implode. They'll want to exit at some point, and not sure how they're going to do that without it imploding.

So... How can money be made from this event?

USDC seems a lot more legitimate as a stable coin. Visa seem to be okay working with them, and having worked with Visa they do a ton of due diligence. On top of that, Circle release independent reports from an accountant in NYC verifying they hold the cash they claim to.

So, on the face of it, USDC is legit and actually backed. So 1 USDC should always be $1.

However, in the event of Tether imploding the liquidity will dry up super fast. Tether is basically the backbone of liquidity in the crypto space.

But bam, Tether becomes worthless... What do all the people holding shitcoins on sketchy exchanges that only operate using stablecoins do?

The markets crashing, they need to cash out ASAP. They'll try buying Bitcoin, but will probably quickly buy all the Bitcoin on offer.

So then they'll flood into stable coins.

I think this will mean the price of a USDC will rise above $1, and probably by a fair bit.

So, could simply sitting some money in USDC net some decent profits while being relatively risk free?


Bitcoin is a one time per sentient species event: what does digital scarcity mean, Bitcoin's "Je Ne Sais Quoi," and the first and only digital land grab (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/o0zqd4/bitcoin_is_a_one_time_per_sentient_species_event/

Bitcoin is a one time per sentient species event: what does digital scarcity mean, Bitcoin's "Je Ne Sais Quoi," and the first and only digital land grab

Prior to the first Bitcoin block and the absolute scarcity that the network introduced to the world, every single object or resource in the physical realm had no absolute cap of availability. But now we have Bitcoin, the first truly scarce "thing" known to man. And it just happens to be digital. Yet, what does this actually mean--an absolutely scarce digital thing?

Well in my view, it is something that can happen only once.

Here is a hacked together logical proof replete with logical errors and random commentary:

PROOF:

1.) Absolute scarcity is not possible in the physical realm (barring extinction of living creatures and plant life of course).

2.) Therefore, absolute scarcity can only occur in the digital realm.

3.) Since absolute scarcity can only occur in the digital realm, what is it about the digital realm that allows that scarcity? With adequate security, computers have the ability to execute immutable rules.

4.) Given that all computers with adequate security can execute immutable rules, what differentiates Bitcoin from ETH, Shibacoin, Fortnite V-Bucks, Fedcoin, or RuneScape party hats?

5.) Bitcoin is a decentralized consensus based P2P open source network with absolute scarcity as its founding principle. All of those other digital tokens are subject to the whims of their owners with varying degrees of centralization and unpredictability.

Still, this isn't quite satisfying, is it? After all, couldn't this sub just make a new bitcoin called "hodlcoin" with a 3.1 million coin limit, using exactly the same software as the bitcoin protocol. Yep! Could every sub on reddit do the same thing? Yep! Then we would have a trillion new coins floating around with 3.1 million coin limits for each sub protocol (dibs on WSBcoin) and some of the protocols would probably even be decentralized.

So what is that extra "je ne sais quoi" about Bitcoin that makes it unique? Bitcoin is both a discovery and an invention. Satoshi invented Bitcoin and discovered absolute scarcity in the process as a byproduct (the potential for which always existed in the digital realm). This is why absolute scarcity cannot be replicated. The discovery has been made.

Interestingly enough, this also aligns with what the world needs. The world only needs 1 absolutely scarce digital asset because Bitcoin can effectively store decillions of dollars of USD value right now. The price of a bitcoin in USD is essentially meaningless to the network.

So then, what does all this word salad mean? Pretty simple really. This is the age of the digital land grab. Those who understand Satoshi's discovery earliest will be the landed gentry of tomorrow. Those who don't, serfs servicing the robots that replaced them for one years salary.


Cardano Rumor Rundown JUN 16 2021

Hey Everyone!

Let's go...

Newly covered today:

  1. With exploits like this one being all too common in the legacy smart contract networks, we’re not even going to have sell the Cardano use case for DeFi. The competitor networks have already made the case that something better must be on the way. https://twitter.com/zapper_fi/status/1404429179794362369
  2. World Mobile CEO tweets out a tantalizing response to the Tanzanian President’s call for her nation’s central bank to prepare for crypto. https://twitter.com/MrTelecoms/status/1404375153191141377
  3. If you are new to Cardano and you would like to get a handle on the terminology involved in the ecosystem, you may want to check out these Cardano flashcards produced by Coconut Pool. https://twitter.com/coconut_pool/status/1403442954434269185
  4. While renewable energy is certainly a wonderful thing, there may be a problem with your technology when your path to compete on clean energy consumption involves you talking about harnessing the power of a whole series of volcanoes. Maybe just use fewer volcano’s and more proof-of-stake? https://twitter.com/_eLaPs_/status/1404125569093029889 https://twitter.com/gladstein/status/1402718041557725184

Previously covered but still interesting:

  1. Charles makes the case for collaboration with Starlink in Africa. https://twitter.com/IOHK_Charles/status/1392916783854616577
  2. People are starting to realize what the real value of NFTs will be. It’s not in collectibles. https://twitter.com/RaoulGMI/status/1392939118355783682
  3. The Cardano Development Update for this week is out. https://roadmap.cardano.org/en/status-updates/update/2021-05-14/
  4. The Cardano 360 team also dropped a video with specific mid-month Alonzo testnet updates. At the timestamp in the link below the vid lays out the various test groups and when they will participate. https://twitter.com/InputOutputHK/status/1393258090703826944 https://youtu.be/5mPC4uLMdEw?t=532
  5. We are seeing some small pools retiring. We’ll obviously see more and more of this as time marches on. But, here’s a salute to the small pools that gave it a go! This SPO also brought us poolpeek.com which we have covered here before. https://twitter.com/CardanoBudz/status/1393252321845465088 www.poolpeek.com
  6. John O’Connor on CNBCAfrica! He gave a really good explanation of how Africa with it’s already very high adoption of mobile payment wallets can leapfrog the legacy payment systems currently in use in more developed countries. He also reiterated that Cardano will expand to five countries this year and 20 next year! https://youtu.be/RET8hIQQLUA
  7. This tweet by u/TheADAApe pretty much sums it all up. When people ask me how I knew, I’m going to point them to this post. https://twitter.com/ArmySpies/status/1393606491110662146
  8. To hear about something truly good happening in the Cardano ecosystem check out this interview with Mickey Watkins, CEO of World Mobile, on the Hotel Cardano podcast. Really good details on World Mobile's connecting the unconnected in sub-Saharan Africa! https://youtu.be/L15bn_b2moA
  9. What if these two got to talking about what Atala Prism could bring to the table for students in the city of Miami? https://twitter.com/IOHK_Charles/status/1393574632305868805
  10. The saga of BTC maximalists being angry at Elon continues with Elon implying that Tesla could sell its BTC while Cardano continues just doing its thing like normal. https://twitter.com/elonmusk/with_replies
  11. Likewise, Marc Cuban tried to FUD real world use of Cardano only to be confronted with a giant infographic of use cases and partnerships along with an explanatory video just for him. https://twitter.com/mcuban/status/1393646131708665858 https://twitter.com/IOHK_Charles/status/1393689887648272384
  12. Initial Stakepool Offerings (“ISOs”) are here. Crypto is no stranger to novel means of capital formation and now the Cardano ecosystem is getting in on the action. Here is SundaeSwap’s explanation of how ISOs will work. https://sundaeswap-finance.medium.com/iso-sundae-with-the-works-c5c335101ef5
  13. ICYMI, Manuel Chakravarty reminds us all that his Cardano Summit 2020 talk is publicly available for questions on native assets. Really interesting discussion of the asset identifier just being a hash of the policy script and how that helps create a super lightweight easy to use system. https://twitter.com/TacticalGrace/status/1394263629088923649
  14. Elon confirms that Tesla has not sold any BTC. https://twitter.com/BTC_Archive/status/1394051036462071808
  15. Charles makes a whole video about how to fix Doge. https://youtu.be/iQd9XjEm8EE
  16. The Ecosystem is getting even bigger every day we inch closer to Alonzo! https://twitter.com/TyIsDigital/status/1394345977952284676
  17. The Cardano Foundation is out to do something incredible with supply chains as described in the fireside chat! In his previous Cardano Live appearance, Frederik Gregaard, CF CEO, also expressed a very healthy and sustainable perspective on what DeFi should become. He compared the current state of DeFi to just moving funds from your left pocket to your right pocket and taking profit. https://youtu.be/d8uPMZplfeM https://youtu.be/xbMSQUA1lss
  18. The ISO model entering the capital formation toolbox in Cardano is going to make the stake pool game extremely interesting with SPOs scrambling to find the right balance between rewarding ADA and giving their delegators other things like tokens. Some stake pools could even become like portfolio funds with relationships with many different projects the tokens of which are given to delegators. Babel Fees could also play a role here for smart SPOs as they may allow access to a wide variety of tokens in the ecosystem that could be used to reward delegators with a sort of index fund exposure to a wide variety of Cardano projects.
  19. May Cardano 360 coming one week from today (always the last Thursday of the month). https://twitter.com/InputOutputHK/status/1395117067960045569
  20. New delegations from IOHK are out. Congrats to the selected SPOs. https://twitter.com/InputOutputHK/status/1395087751746310156
  21. The Cardano Foundation has released the full video of the Fireside Chat with Eva and Fred. Lots of questions answered on a variety of fronts. Very interesting remarks including that in discussions with financial institutions, Fred has found they are interested in exposure to the alpha provided by the asset class in general, tokenization of assets, and the yield provided by staking rewards. Fred counters that they SHOULD be far more interested in the Cardano standard including the concepts of reference accounts, programmability of money, and transaction metadata. https://youtu.be/JW6s9Jkyazg
  22. In a video press release yesterday, the Fed finally admitted that it’s moving toward a central bank digital currency (just like every other central bank). This will eventually be impactful on Cardano and every other crypto ecosystem. https://youtu.be/WOAQxpG79Ag
  23. The Treasury is trying to figure out how to get cryptocurrency regulation in a headlock. This will probably go hand-in-hand with the Fed’s March toward a CBDC. Afterall, what good is all the tracking and monitoring afforded by a CBDC if it’s easier for everyone to just use a non-central bank digital currency? Tax evasion in crypto is also obviously a target problem since we know only about 800 people a year paid taxes on crypto in 2013-2015. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf https://www.businessinsider.com/bitcoin-taxes-overview
  24. The Cardano Foundation has released the full video of the Fireside Chat with Eva and Fred. Lots of questions answered on a variety of fronts. Very interesting remarks including that in discussions with financial institutions, Fred has found they are interested in exposure to the alpha provided by the asset class in general, tokenization of assets, and the yield provided by staking rewards. Fred counters that they SHOULD be far more interested in the Cardano standard including the concepts of reference accounts, programmability of money, and transaction metadata. https://youtu.be/JW6s9Jkyazg
  25. In a video press release yesterday, the Fed finally admitted that it’s moving toward a central bank digital currency (just like every other central bank). This will eventually be impactful on Cardano and every other crypto ecosystem. https://youtu.be/WOAQxpG79Ag
  26. The Treasury is trying to figure out how to get cryptocurrency regulation in a headlock. This will probably go hand-in-hand with the Fed’s March toward a CBDC. Afterall, what good is all the tracking and monitoring afforded by a CBDC if it’s easier for everyone to just use a non-central bank digital currency? Tax evasion in crypto is also obviously a target problem since we know only about 800 people a year paid taxes on crypto in 2013-2015. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf https://www.businessinsider.com/bitcoin-taxes-overview
  27. Charles has now added the Jack Dorsey edition to his series of “Let’s Educate Crypto Adjacent Celebrities” videos. https://youtu.be/lMZ1xQzWtl4
  28. ...and still...KINGS OF THE GITHUB! May our reign never end. https://twitter.com/ProofofGitHub/status/1395771379929255945
  29. Some banks still won’t allow customers to buy crypto with their accounts. In 2021, this is still a thing. https://twitter.com/CryptoCardano_/status/1395933037192437763
  30. Even the Pope is condemning Proof-of-Work? At least, that’s how the crypto community took a recent tweet. https://twitter.com/Pontifex/status/1394993742226939905
  31. Apparently, you can now have your own Stakepool run for you for $122/month in a Stakepool-as-a-Service arrangement. https://twitter.com/ChrisGraff/status/1396169061487333380
  32. If you want to see how the Cardano NFT space has been heating up, you can check out CNFT resale listings at Lovelace Marketplace. https://lovelacemarketplace.io/all-categories/
  33. Ethiopia awards new Telecom license as promised. The winner, a consortium including Vodafone, Safaricom, and Sumitomo; will invest $8 billion in their network in Ethiopia in the next 10 years and will cover the country in 4G. https://www.bloomberg.com/news/articles/2021-05-22/ethiopia-awards-new-telecoms-license-to-vodafone-consortium https://twitter.com/AbiyAhmedAli/status/1396060475184533505
  34. Check out this new infographic explaining how World Mobile Works! https://blog.worldmobile.io/post/how-world-mobile-is-connecting-the-unconnected-infographic/
  35. Cardano hits 1MM wallets! https://twitter.com/Cardano/status/1396331888093061121
  36. Set your calendars! The May Cardano 360 is this Thursday! https://twitter.com/Cardano/status/1396331908632653830
  37. Charles releases a 90 Day Countdown to Alonzo video. https://youtu.be/u6negi1yAQQ
  38. Institutional inflows into Cardano get some coverage by the crypto press. https://cointelegraph.com/news/cardano-sees-largest-weekly-inflows-from-institutional-managers-coinshares
  39. Charles and Kim Dotcom have a conversation about PoW miners possibly fleeing China with all of their hardware. https://twitter.com/KimDotcom/status/1396964996693708801
  40. Cardano gets a little coverage on NBC for it’s energy efficiency. https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030
  41. Plutus Pioneers Lecture #7 is out. https://youtu.be/_EDJt55vOB0
  42. Yesterday was ADA Payday with the end of Epoch 267. I hope everyone made lots of sweet delicious staking rewards! https://adapools.org/epochs
  43. Paypal moving away from the “walled garden” model. This is decentralization teaching the legacy institutions a lesson. https://www.coindesk.com/paypal-will-let-customers-withdraw-crypto-exec-says
  44. Charles is interviewed on Yahoo Finance where he explained: 1) how the lack of an obvious decentralized governance system in ETH and BTC will cripple their efforts as they attempt to scale and the founders/core developers start losing prominence, 2) the ADA EUTXO system is vastly more scaleable with it’s local state being so much more amenable to sharding than ETH’s global state system, 3) Cardano has a high willingness to bring on users in hypergrowth areas like Africa where ETH seems to have little interest, and 4) ETH does not seem to be as highly concerned with interoperability which might become highly valuable in the future. https://twitter.com/YahooFinance/status/1397593275826151424
  45. Cardano 360 is tomorrow. Don’t miss it if you want to hear about all the awesome things happening with Alonzo (smart contracts), Hydra (scalability), and everything else! https://twitter.com/InputOutputHK/status/1397549347592675338
  46. The May Cardano 360 was yesterday and we had lots of updates including the Color Coding for the different stages of the testnet! https://www.youtube.com/watch?v=SS33gRj9JYE
  47. Alonzo “Blue” Era Testnet (through mid June; <50 user cohort) will include the basic functionality of the system for testing basic contracts . Initially the SPOs will be included, then some of the Plutus Pioneers will be allowed in, then a few of the outside development firms (Plutus Partners). The Plutus Partners will be working on specific areas including oracles, DEXs, stablecoins, NFTs, and DeFi. This will produce code and documentation that will be publicly available.
  48. Alonzo “White” Era Testnet (mid June to mid July; <500 user cohort) will add more Plutus Pioneers and more functionality. They will develop various dApps and there will be interaction on the user side of these dApps. They will do some benchmarking at this stage.
  49. The Alonzo Hard Fork Combinator Event requires a lot of different pieces come together at the same time. But, this is not their first rodeo and they have a lot of experience with this from the ITN, Shelley, and etc.
  50. Alonzo “Purple” Era Tesnet (mid July to mid August; fully public) will involve a full public network with all of the Plutus pioneers, the Rosetta Api to the exchanges, Daedalus, hardware wallets, graphQL, and full functionality. The purpose of this phase will be optimization.
  51. Alonzo “Red” Era Tesnet (August; a very short phase) will involve a new network where they can test scalability and stability.
  52. Alonzo “Black” Era Tesnet (August; a very short phase) will be the final public testnet where they will ensure they have their candidate mainnet releases ready to launch on the mainnet.
  53. They are committed to making sure there is a very large group of people who are familiar with using the Alonzo testnet by the time the mainnet launches.
  54. Alonzo Mainnet (August-September). It’s looking like Alonzo mainnet launch was positioned in very late August through September in the infographics. That makes me assume there is a chance of August, much better chance of September, and also some chance of October or later. This is blockchain development after all. Also, we’ve waited years. Why care about a few weeks?
  55. There will be another Plutus Pioneers Cohort later this summer.
  56. Marlowe Run will be a browser product that can run on mobile or desktop. It can be linked to your wallet and be used to run Cardano smart contracts simultaneously on a distributed basis across multiple user browsers. The user interface is light years ahead of anything we saw in Marlowe Meadow or the Marlowe Playground simulations. It will include a library of off-the-shelf contracts.
  57. There will be a Marlowe Webinar on June 3. Register here: https://webinar.marlowe-finance.io/
  58. The ERC-20 converter was looking very intuitive and seamless in the new demo. It should be on the testnet in June.
  59. Manuel Chakravarty gave a big update on Hydra (layer 2 scaling). Hydra will not require that the base layer be modified since it will be implemented via Plutus smart contracts. Hydra is actually a collection of protocols including Hydra Head and Hydra Tail. Hydra Head is a symmetric protocol where multiple participants will be online simultaneously for the whole period of the head exchanging messages. Hydra Tail is an asymmetric protocol involving a high performance server and many clients that may be mobile and could be offline for large portions of the tail’s existence. There will also be “inter head & tail networking” which will allow for a network of heads and tails. They have a published research paper on Hydra Head. They are currently writing the Hydra Tail paper.
  60. Hydra is distinguished from other layer 2 protocols by its isomorphic properties. This means you will be able to run any smart contract that works on the base layer in a Hydra Head! This is very special. We won’t need special purpose contracts built out just for layer 2. There are some big implications to this. Since a Hydra Head is essentially just a Plutus smart contract, this means you can run a Hydra Head inside another Hydra Head. It’s turtles all the way down, guys. It sounds like they can do this iteratively as much as they want.
  61. Aggelos also gave a good presentation on the importance of “skin in the game” in resource based consensus protocols (both proof-of-work and proof-of-stake) and its effect on promotion or discouragement of centralization. He explained how Ouroboros has built-in safeguards to prevent centralization including the K parameter (currently at 500) which caps total rewards per pool and the alpha parameter (currently at 0.3) which splits rewards into a 77% piece and a 23% piece. A pool can take its share of the 77% piece based on the pool’s total stake and its share of the 23% piece based on the pledge of the SPO. A higher alpha parameter makes it less attractive for individual SPOs to proliferate multiple pools since they can’t be as leveraged on their available pledge and still get as big a share of the 23% piece. This also discourages Sybil Attacks. As Cardano on-chain governance progresses, these parameters will be controlled by the community.
  62. There will be a Cardano Goguen Summit in September. It will be hybrid digital/in-person.
  63. Charles is helping to bring the cryptographer who broke SHA-1 to the University of Wyoming. The Cardano funded blockchain lab there could be on the road to be a powerhouse. https://twitter.com/CaitlinLong_/status/1398290866419105802 https://en.wikipedia.org/wiki/Yiqun_Lisa_Yin
  64. We don’t often get to hear from the engineers behind Yoroi over at Emurgo. But, here’s a podcast with Vicente Almonacid from Emurgo. Check out 12:50 where he mentions the dApp Connector (Cardano’s Metamask Equivalent). https://twitter.com/vacuumlabs/status/1397847633696280576
  65. Check out this great article from Cardanians.io on the work being done at the University of Wyoming on a physical chip for transfer of private keys in day-to-day cashlike transactions. https://cardanians.io/en/cardano-can-give-crypto-a-cash-like-experience-58
  66. Professor Aggelos Kiayias recently dropped a video explaining exactly how Mithril (apparently neckbeard dungeon master talk for elf armor) is going to allow for Perfect Cardano (ADA) wallets that combine the ease of use and convenience of light wallets with the trustlessness of full node wallets. We also learned exactly how Mithril is going to work. https://youtu.be/LhepJFCyWRk
  67. In proof-of-work, bootstrapping can be done with blockheaders. This won’t do in proof-of-stake since we need information about stakeholder distribution to confirm block validity.
  68. Mithril fixes this by being a cryptographic construction that enables a population of stakeholders to issue a signature consistent with certain constraints.
  69. For Mithril to work in proof-of-stake, it needs three crucial properties: 1) it needs to enforce a threshold ratio of stakeholders before the signature is issued; 2) the pre-signature fragments must be independently verified and subject to public aggregation; and 3) it must be efficient in the sense that the final signature is of constant size and is logarithmically dependent on the # of stakeholders.
  70. Stakeholders will issue special Mithril keys along with the normal cryptographic key material. Then at regular intervals, full nodes will test whether they can produce a pre-signature fragment. Only a random subset of stakeholders will be eligible to produce a pre-signature fragment. When a sufficient # of pre-signature fragments have been issued by eligible stakeholders then it will be possible to aggregate the fragments into a final signature.
  71. This will be a checkpoint that will be verifiable with respect to previous check points all the way back to the genesis block. Such checkpoints will be cryptographic commitments of the relevant UTXOs.
  72. Since the checkpoints will be trustless, a light client (i.e. wallet) will only need to verify the sequence of checkpoints up to the current time to trustlessly bootstrap.
  73. The ecosystem is growing so fast, it’s hard to keep up with all the projects without these infographics at this point. https://twitter.com/Dr_shwetaPHD/status/1398783893638103040
  74. The Cardano subreddit is at 487k users. Half a million isn’t far away. https://www.reddit.com/r/cardano/
  75. Epoch 268 is a wrap as of yesterday with 22.83 billion ADA staked. https://adapools.org/epochs
  76. Check out the telegram AMA tomorrow with the CEO of World Mobile! https://twitter.com/ZwijBerg/status/1399377659105320962
  77. A very interesting stat on Cardano user growth. https://twitter.com/cex_io/status/1398959088684445699
  78. Don’t forget, the Marlowe webinar is this Thursday! https://twitter.com/InputOutputHK/status/1399444331556225027
  79. More and more people in the youtube sphere are jumping on the Cardano train. https://twitter.com/techleadhd/status/1399398373384351744
  80. Reuters reports on an EU digital identity wallet project. https://www.reuters.com/business/finance/eu-step-up-digital-push-with-digital-identity-wallet-2021-06-01/?taid=60b6e171efd84f0001b64ae1&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
  81. The U.S. Currently has Issued Sanctions on Ethiopia, but they are not all-encompassing economic sanctions as with rogue nations, they have just barred entry into the U.S. for certain government personnel. https://www.nytimes.com/2021/05/24/world/africa/ethiopia-us-sanctions-tigray.html
  82. Vitalik is saying it’s highly unlikely we see ETH 2.0 before late 2022. I’m guessing that means mid 2023 which will be after two years of Cardano slaughtering the entire ETH user base. Things are looking so bad that Vitalik says he doesn’t even like using the ETH 2.0 label anymore since he knows the changes will be more incremental. This is what early capitulation sounds like guys. https://cointelegraph.com/news/even-vitalik-buterin-is-surprised-at-just-how-long-eth2-is-taking
  83. Cardano-Nervos cross-chain bridge to be built. This would be at least the second cross-chain bridge after the Cardano-AGI bridge. https://www.coindesk.com/cardano-nervos-force-bridge-network-first
  84. Sundaeswap ISO delayed due to regulatory concerns. This brings up interesting questions for the whole space about requesting regulatory permission vs. possibly being forced to ask for forgiveness. https://www.sundaeswap.finance/posts/iso-update
  85. Tim Harrison has announced that the transition to Alonzo Blue was successful. https://twitter.com/timbharrison/status/1400481879883649034
  86. Finally, 500k users in the Cardano Subreddit! https://www.reddit.com/r/cardano/
  87. We got a nice update on the first week of Alonzo Blue. https://twitter.com/InputOutputHK/status/1400876181122174977
  88. And….still! Kings of the github! https://twitter.com/CryptoDiffer/status/1400744567956180993
  89. Epoch 269 is in the bag with active stake of 22.77 Billion. Hope everyone made lots of delicious staking rewards! https://adapools.org/epochs
  90. Binance has 63 stakepools charging 6%. Please stop paying so much for the right to stake your ADA. You don’t have to pay that much. You have a huge number of better options. You are literally giving away your ADA rewards to a large corporation. It’s easy: just download the Yoroi Chrome extension, send your ADA there, and pick from the 2k+ available stakepools right inside Yoroi. https://twitter.com/BraveHeartStak3/status/1401204563189940231 https://adapools.org/groups/binance-20 https://play.google.com/store/apps/details?id=com.emurgo&hl=en_US&gl=US
  91. Nigeria Bans Twitter after Twitter censors Tweet from Nigerian President. This emphasizes the need for decentralized social media. A decentralized solution running on Cardano could fix this. https://www.cnn.com/2021/06/04/africa/nigeria-suspends-twitter-operations-intl/index.html https://www.youtube.com/watch?v=JilEb42q-CI
  92. A Really Big Deal: El Salvador is on the verge of making Bitcoin legal tender in the Central American nation. https://www.youtube.com/watch?v=3uGOfqN2y9k
  93. This could have huge ramifications for bank and accounting treatment of Bitcoin potentially including that banks might suddenly be allowed to handle Bitcoin as a foreign currency. Today it was BTC. But, wait until they find out what Cardano can do. https://twitter.com/CaitlinLong_/status/1401334421773504517
  94. Nayib Bukele, President of El Salvador, also clarified that there will be no capital gains taxes on Bitcoin since it is a “legal currency” and crypto entrepreneurs will be given instant permanent residence. https://twitter.com/nayibbukele/status/1401622548396314631
  95. Bitcoin enthusiasm seems to be off to a great start among other Latin American politicians after the fervor around the El Salvador announcement. This will serve as a great gateway drug that only leads to Gen 3 projects and Cardano. https://twitter.com/gilson__marques https://twitter.com/carlitosrejala https://twitter.com/gabrielsilva8_7/status/1401965129051389958 https://twitter.com/FabioOstermann
  96. We are always the Github Kings. It’s amazing. https://twitter.com/CryptoIRELAND1/status/1402011593995603975
  97. Charles basically just laid out what 4th Gen Cryptos are going to be all about in his video yesterday. https://www.youtube.com/watch?v=nkr1EKQrVeQ
  98. Here’s a good Emurgo blog article on the use of Emurgo Trace in the Oil and gas industry. https://twitter.com/emurgo_io/status/1402339278097502210
  99. IOHK gives us a closer look at everything being upgraded for Alonzo. https://iohk.io/en/blog/posts/2021/06/08/a-close-look-at-the-software-running-cardano/
  100. We’re currently at 71.52% of ADA staked. This is a pretty incredible ratio and shows the strength of the Cardano community. https://twitter.com/CardanoPoolPeek/status/1402378400803794950
  101. SEC Commissioner Hester Pierce warns about the regulatory impulse being displayed by her colleagues toward crypto and the impact it could have on the stifling of innovation. https://www.ft.com/content/ae0d40a1-8a4a-4885-a6a7-b157e27b3311
  102. El Salvador passes the statute to make Bitcoin legal tender in the country. https://twitter.com/nayibbukele/status/1402827595339681794
  103. Cardano gets more positive coverage on the Nasdaq website with a second article following the one from April 7 earlier this year. https://www.nasdaq.com/articles/be-part-of-a-historic-crypto-moment-with-cardano-2021-06-08
  104. Prof. Aggelos Kiayias releases an article on a tri-coin system called Stablefees that could fix the problem of appreciating transaction fees in crypto. https://iohk.io/en/blog/posts/2021/06/10/stablefees-and-the-decentralized-reserve-system/
  105. There’s very interesting speculation circulating out there about how El Salvador’s Bitcoin adoption might impact relationships with the U.S. and the IMF. https://twitter.com/cardano_whale/status/1403136968456765443
  106. Elizabeth Warren is now talking about the U.S. needs to regulate crypto. https://twitter.com/BloombergTV/status/1402749016845262851
  107. The mid-month Alonzo development update from IOHK is out. Alonzo blue is in full swing and they are working on “hello world round trips” going from the node to the ledger and back. Plutus Partners (third party functional dev firms) are working on different use cases ahead of the Alonzo launch. https://twitter.com/InputOutputHK/status/1403314932968574981
  108. Miniswap gives us the dev perspective on why Cardano’s Plutus is such an improvement over Ethereum’s Solidity. https://twitter.com/MinswapDEX/status/1403411522110427137
  109. Here’s a great ETH vs. Cardano DeFi project comparison infographic. https://twitter.com/Coin98Analytics/status/1403397242707320835
  110. Charles recorded for the Lex Fridman Podcast. It went over five hours. This is a big deal given that Lex has 1.12 million subscribers and it’s closer to mainstream than a crypto audience. https://twitter.com/IOHK_Charles/status/1403498549300584448 https://www.youtube.com/user/lexfridman
  111. The Marlowe Webinar with Shruti is now available on youtube. Very interesting discussion of DeFi in general and also specific topics like “deep interoperability” in DeFi. Cardano is obviously already doing the very involved thinking about the future of DeFi. https://youtu.be/vzsUSG5CSj0
  112. John O’Connor recently tweeted about a day where he “wrote a letter to a president” and “found a million users to bring into Cardano”. Sounds like the Cardano train is rolling along as smoothly as ever in Africa. https://twitter.com/jjtoconnor/status/1402565547716399104
  113. Zach Guzman and Mike Novogratz get an opportunity to prove once again how extremely threatened they are by the fact that they can’t frontrun Cardano at this point. https://twitter.com/IOHK_Charles/status/1404100510525841408
  114. John O’Connor appeared on the Disrupt Network Podcast. bit.ly/3znqyB7
  115. President of Tanzania calls on the central bank to prepare for the adoption of cryptocurrencies and blockchain technology. I wonder what crypto ecosystem already has experience working with an African government on a big crypto project and has partnered with a mobile company that is already bringing connectivity to rural Tanzania? https://twitter.com/DocumentingBTC/status/1404126444863766533
  116. Hedgefund Billionaire Paul Tudor Jones tells the world to buy crypto and certain other assets if the Fed doesn’t address inflation in their policy meeting that concludes on Wednesday. JP Morgan’s Jamie Dimon concurs that the current inflation is very likely not transitory. This could be tremendously good timing for Cardano given our top five status and the impending mainnet launch of smart contracts. https://www.cnbc.com/2021/06/14/paul-tudor-jones-says-bet-heavily-on-every-inflation-trade-if-fed-keeps-ignoring-higher-prices.html https://www.cnbc.com/2021/06/14/jamie-dimon-jpmorgan-is-hoarding-cash-because-very-good-chance-inflation-here-to-stay.html

~Army of Spies