Saturday, August 7, 2021

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Don't fully understand what is going on with the US infrastructure bill everyone is talking about? I took a shot at an ELI5 for you.

A lot of people have been asking questions about this US bill that is being proposed this weekend in the US. Some have also asked for an ELI5. I took a shot at it below to explain it as simply as possible (TL;DR at bottom).

Hidden within the larger $1.2 trillion US infrastructure legation bill is a clause on crypto. This clause wants anyone who is providing any crypto service to record and report the value of the service and who received the service to the IRS (taxation institution in the US) so that they can tax them. This includes development, mining, defi, cefi, you name it.

This is obviously impossible due to the very decentralized nature of crypto, which then would make providing those crypto services illegal in the US.

On top of this the language is very confusing and makes no sense because some of it applies to Bitcoin but not ETH 2.0 for example. It just shows these US lawmakers have little understanding of crypto but are trying to regulate and tax it. There are already amendments (proposed adjustments) filed to help clear language around crypto tax up or even remove it completely.

Today, the senate debated the bill but was not able to reach a conclusion yet. On Sunday, the senate will reconvene again to resume consideration of the bill and vote. Ted Cruz said he filed a separate amendment to strike the whole thing, in the event a bipartisan deal can’t be reached.

Even if this bill passes the senate it still needs to pass the house as well, 2 separate chambers of legislation in the US, must pass both.

TL;DR: US lawmakers are trying to sneakingly pass overarching crypto taxation laws in a huge infrastructure bill but they have little idea what they are talking about and it's a mess so now a bunch of politicians are trying to debate and fix it.

Unpopular opinion. The only thing that recent events have proven..

..is that most of the player base is embarrassingly stupid.

Prices of water made no sense during the heat wave event. While all the other Hydration sources like Kvass, Juices, Sugar drinks didn't budge a ruble.

This event prices of the keys haven't even moved. 2+2=fish for the most of the players. Nobody noticed that they could put a lower price and get more money (thus the point of the event) due to how sharp the flee market now that base price for these items got lower. But no. We still have the same prices on cards and keys.. it's sad really.

Just like, in general, the selling of some Gunsmith parts for 50-150k for, like, a handle, while the same handle can get bartered at level 2 traders for 14k of items. The fact that bartered bitcoin costs more than the price of the items it's bartered for and stuff like that.

There is one thing not being good at the game, especially, such a hard one as Tarkov. There is whole other thing to not be able to do basic preschool math. The latter is quite embarrassing.

Reason BTC is pumping

…whatever law/amendment ends up passing today, all of them legitimize Bitcoin by the US Government (one of them is really bad but only for shitcoins/PoS, not for Bitcoin/PoW). I know there's plenty of anti-government people here, but for the masses, this is one of the most bullish events in Bitcoin's history. And yes, I'm still fighting against them and calling the Senators, due to the bad stuff included in the law proposals. Here's my post to fight and raise awareness: https://np.reddit.com/r/CryptoCurrency/comments/oz5iqm/this_cant_be_put_off_or_delayed_they_are_about_to/

The insanity of contrarian action in crypto markets.

I would just like to take a moment to point out how irrational are marketplaces are in the last few months.

A few months ago one of the biggest events in the last decade happened - a entire country decided to make a cryptocurrency legal tender (El Salvador and Bitcoin). This was literally the first step of the holy Grail - countries positioning themselves to finally add cryptocurrencies to their reserve asset basket.

Now this event is so monumentous that it should have sent the market into a fresh Bullrun skyrocketing in price. Instead it did the opposite. Not only did it not move the price upwards the market went down.

Now we have an opposite situation. The largest economic powerhouse country in the world is setting up legislation to make activities related to cryptocurrencies regulated in a way that makes it impossible for a normal person to contribute to the network. You have yellen and the US Treasury as well as the White House lobbying for the worst amendment that would make activities like staking equivalent to that of a financial broker.

And the market is rallying upwards.

I learned over 5 years ago that often in cryptocurrencies contrarians win. You would think that you could trade on news but you really can't. You never know when the market is going to go in the complete opposite direction in the face of all logic and rationality.

When this legislation gets passed is the market going to continue rallying? Or will people finally wake up and smell the coffee?

I know that this is a global system and that the United States does not represent the rest of the world. But it is a trend setter and the rest of the world is watching. Corrupt authoritarian regimes are looking for any way to stifle dissent and threats to their power structures. Crippling the security of a network that bypasses traditional financial systems is one way to do that. I'm just surprised it's not coming from the usual means - by using the fear of terrorism and child pornography. Instead it's just coming through typical overburdensome regulation.

I think I see where this is going. Promotion of CBDCs and overburdensome regulation of decentralized cryptocurrencies. Governments have learned that if you come out swinging with orwellian like actions you can have a Streisand effect. So instead they are going to slowly implant insidious regulation to cripple these networks while they in tandem build centralized highly controllable digital currencies.

That's about as tin-hatty as I can get. This probably is not some insidious plan concocted by the Illuminati.... It's most likely just naive uneducated politicians being corrupted by large financial interests. I think the bigger problem is money in politics and how these people are swayed.

Cardano Rumor Rundown August 7, 2021

Hey Everyone!

Let's go...

Newly covered today:

Charles & IOHK announce the Alonzo Purple testnet is out! Many new segments of partners and others will be onboarding with availability to any developer soon! https://twitter.com/InputOutputHK/status/1423704788512952331 https://www.youtube.com/watch?v=ZTExHbqVHAM
It turns out that Janet Yellen lobbied lawmakers on Thursday against the Wyden-Toomey-Lummis Amendment according to the Washington Post. https://www.washingtonpost.com/politics/2021/08/06/crypto-bitcoin-infrastructure-senat
Check out this awesome “12 Facts” style article about Alonzo from Sebastien Guillemot form dcSpark. https://medium.com/dcspark/do-you-know-what-is-included-in-cardanos-alonzo-hardfork-changes-96cde16a8305

Previously Covered but still interesting:

People are starting to realize that the Stakehound private key loss in ETH may attract unwanted regulatory attention to Ethereum 2.0 while this problem could never have occurred in Cardano. Also, only a few days later another ETH stakepool (this time SharedStake...the sixth biggest ETH Stakepool) allegedly experiences a rugpull that some are valuing at over $30MM. This is another problem that could not happen in Cardano staking. It feels like we stepped into the ring, they rang the bell, and ETH just started punching itself in the head. Eventually it’s going to KO itself. https://twitter.com/Madror7/status/1408505144984051716 https://twitter.com/JamesSpediacci/status/1407761823143645189 https://twitter.com/MeiTrades/status/1408117430656905219 https://sharedstake.medium.com/the-sharedstake-story-by-kairos-44d37aa7837a
Here’s another great Cardano data site. This one is from the Cardano Fans stakepool. https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/r2LQC
John O’Connor of IOHK points out that France still controls the monetary policy of 14 countries in Africa. There is definitely a built in market on the continent for a project that delivers monetary sovereignty to the people. https://twitter.com/jjtoconnor/status/1408978882129272832
Here’s a great new interview with the CEO of World Mobile from Cardano Chats. https://youtu.be/w0Z2RP6a9HE
New article from the Cardano Foundation on Governance. https://forum.cardano.org/t/blockchain-governance-what-it-is-and-why-it-matters/65493
Sebastien explains some Alonzo HFC event changes. https://twitter.com/SebastienGllmt/status/1409485560012414978
IOG Research update from Prof. Aggelos Kiayias. Really interesting bit right at the beginning on the history of cryptography as a field of study. https://www.youtube.com/watch?v=7UAL_6f7PFw
Sebastien of dcSpark submits a Cardano Improvement Proposal to allow wallets to implement collateral. https://twitter.com/SebastienGllmt/status/1409910858117877763
Coti update from Shahaf Bar-Geffen. https://twitter.com/COTInetwork/status/1410644013863124992
The Mithril paper (allows for trustless light wallets) is now available for your reading pleasure. https://iohk.io/en/research/library/papers/mithrilstake-based-threshold-multisignatures/
The Ouroboros Chronos paper (allows for the blockchain to be its own timekeeper) is also now available. https://iohk.io/en/research/library/papers/ouroboros-chronospermissionless-clock-synchronization-via-proof-of-stake/
Cardano is now a small part of Grayscale’s Digital Large Cap Fund. They actually sold off current holdings in other coins to buy ADA. This is big for institutional adoption! https://twitter.com/Grayscale/status/1410945118228692994
Catalyst Fund 4 results are here. https://adapulse.io/fund-4-results-are-here/
Robert Kornacki of dcSpark releases an article on why every Cardano dApp will use NFTs. The article contains some very interesting discussion on smart contracts in the EUTXO context including language instructing that “UTXOs have smart contracts attached to them and not the other way around” and “[...]the simplest way to think about it is that when a UTXO is created it has the option to have a smart contract attached to it.” https://medium.com/dcspark/every-eutxo-dapp-will-use-nfts-and-heres-why-fd87e6a8c9a6
A very interesting medium article on the concurrency problem in eUTxO blockchains such as Cardano. (Article by Occam Fi....thanks to Muggy Pool for sending it my way). https://medium.com/occam-finance/the-occam-fi-technical-series-on-concurrency-cd5bee0b850c
The concurrency issue in plutus smart contracts has also been recently commented on by Lars and Sebastien. https://twitter.com/LarsBrunjes/status/1390331642103877633 https://twitter.com/LarsBrunjes/status/1403761666383306757 https://twitter.com/SebastienGllmt/status/1410983827481108480
The Cardano Foundation has released a video on its short and long-term strategies to get to one billion users by 2026. https://twitter.com/CardanoStiftung/status/1412137365318127626
Ben O’Hanlon sets the record straight on developer interest in Cardano. https://twitter.com/benohanlon/status/1412136150404370432
As always, Cardano is straight killing the competition in terms of assets staked. https://twitter.com/StakingRewards/status/1412389781003194395
Between Cohort 1 and Cohort 2 of the Plutus Pioneers program there have been 4,300 potential future Cardano developers involved. https://twitter.com/InputOutputHK/status/1412465643245424649
Here’s an interesting chart purporting to show the dates on which various Cardano DeFi projects might have finished products. https://twitter.com/Cryptokev84/status/1412343821757730820/photo/2
Cardano Gainz Calculator now has a graph showing 10 year growth. https://twitter.com/lesquive1/status/1413249312465866757
Emurgo has released a guide on how to register for Catalyst voting with your Ledger Hardware Wallet. https://github.com/Emurgo/yoroi-mobile/blob/develop/catalyst5-instruction.md
Great new interview with World Mobile’s Mickey Watkins, Charles, and John O’Connor. https://youtu.be/WSSpI8Rtif0
This infographic shows just how big the Cardano DeFi space is getting. https://twitter.com/BPE_Crypto/status/1413973912396963840
This infographic shows just how much DeFi volume is out there for Cardano to steal. https://twitter.com/Coin98Analytics/status/1413514041029394439/photo/1
There is a new stakepool explorer available. https://www.cardanoworld.io/
Very interesting timing with a) Grayscale Buying $50MM ETCG, b) Grayscale adding ADA, and c) Charles joining the ETC Cooperative board given that two of the members of the ETC Cooperative board seem to come from Grayscale and DCG. Maybe the world is starting to understand just what Charles and IOHK have been able to accomplish over the last few years. https://twitter.com/ETCCooperative/status/1410439775950082051 https://twitter.com/ETCCooperative/status/1413328106568421377 https://twitter.com/Grayscale/status/1410945118228692994
There is currently a lawsuit challenging the notion that staking rewards should be taxed as income. The plaintiff argues that newly created property isn’t taxed as income and that this should also apply to staking rewards. A win here would be very nice for Cardano delegators. https://cointelegraph.com/news/crypto-staking-rewards-and-their-unfair-taxation-in-the-us
The Cardano Foundation’s Cardano Developer Portal is now up and running. https://twitter.com/CardanoStiftung/status/1414640913612255234
Prime Minister Abiy Ahmed’s party has won re-election in a landslide election. https://www.bbc.com/news/world-africa-57791868
Avanti Bank of Wyoming files comments with the Federal Reserve on their new guidelines that could massively impact how the traditional banking system interacts with cryptocurrencies like Cardano. Given what role ADA is likely to play in the future of crypto financial transactions, this is extremely relevant for ADA holders. https://avantibank.com/press/avanti-submits-comments-to-federal-reserve https://twitter.com/CaitlinLong_/status/1414783323193364482
Cardano is still destroying everyone in terms of value staked! https://twitter.com/StakingRewards/status/1414895205384327168
The Cardano ecosystem maps keep getting bigger and more complicated. https://poolg.de/Eco/CardanoEcosystemMap.html
In news that could have significant repercussions for many stablecoin reliant Cardano DeFi projects, Fed Chair Jerome Powell gave some hard signals that they will regulate stablecoins in House Committee testimony. He revealed that the Fed will issue its long-awated paper on stablecoins, CBDCs, and other digital assets in September. Powell also went as far as to say "You wouldn't need stable coins you wouldn't need cryptocurrencies if you had a digital US currency, I think that's one of the stronger arguments in its favor." https://twitter.com/Nate_DiCamillo/status/1415349008034418691
We experienced a successful fork to the Alonzo White testnet! https://twitter.com/InputOutputHK/status/1415399456841863177
Very serious accusations are laid out against the Meld project. https://twitter.com/Bobme808/status/1415283648438358016
The European Central Bank drops news of “a project to prepare for possibly issuing a digital euro.” A digital Euro is coming and regulation of private fiat-pegged stablecoins is coming with it. https://twitter.com/ecb/status/1415273625385644036
IOHK releases a paper on a crypto-backed algorithmic stablecoin. https://twitter.com/IOHK_Charles/status/1415531260470972423
A crypto media personality recently uncovered links between the Priviledge EU Project, Horizon Europe Grant Agreement 780477, and Cardano. https://twitter.com/BreakingADA/status/1415653936703295488
Always the GitHub activity champs! https://twitter.com/ProofofGitHub/status/1416065097794002946
We are now seeing the advent of a so-called “Fair Initial Stakepool Offering”. https://twitter.com/MinswapDEX/status/1416110973690122240
The weekly development update is out. https://roadmap.cardano.org/en/status-updates/update/2021-07-16/
Janet Yellen, Secretary of the Treasury, is calling a meeting of the President’s Working Group on Financial Markets to discuss stablecoins on Monday. Prepare for regulation. https://home.treasury.gov/news/press-releases/jy0276
Coindesk really hates us. Now they are writing articles about Cardano and using words like “crypto-colonialism”. https://www.coindesk.com/the-headache-of-crypto-colonialism
Liqwid says it is on target to be live on day 1 after the Alonzo hardfork combinator event. https://twitter.com/liqwidfinance/status/1416363542975074305
According to maximalists you’re apparently not allowed to be busy with your company authoring papers if you’re in Cardano. https://twitter.com/woonomic/status/1415761569082789890
The IOHK mid-month development update for July is out and available for viewing. https://youtu.be/U9K-8jILGcg
Apparently “unsigned Phalices” are a thing in the Cardano ecosystem now. https://twitter.com/unsigned_algo/status/1416909454100992000
The El Faro article reporting meetings between Cardano, Whizgrid of Cyprus, and the brothers of President Bukele of El Salvador definitely contain some extremely interesting details related to a possible Salvadorean national stablecoin by the end of the year and a possible digitization and blockchain storage of a wide range of government related documents next year. This could be huge!!!!!! https://elfaro.net/en/202107/el_salvador/25611/Bukele-Plans-to-Launch-a-National-Cryptocurrency-This-Year.htm
Treasury Secretary Janet Yellen told regulators in the Presidents Working Group on Financial Markets that they must move quickly to regulate stablecoins. So, a Salvadorean market for stablecoins might be good for Cardano. https://www.reuters.com/technology/yellen-says-us-must-move-quickly-establish-stablecoin-rule-framework-2021-07-19/
Notable news for upcoming Cardano DeFi projects. There may be slightly less competition in the “get a return on your crypto assets” game very soon. The New Jersey AG’s office has delivered a cease and desist letter to BlockFi. The AG’s press release cited BlockFi’s interest bearing deposit accounts as unregistered securities and also mentioned the lack of FDIC or SPIC insurance for it’s depositors. This leaves some lingering questions for Cardano DeFi projects that might be planning to accept deposits or other transfers of value and offering a return of sorts. You could argue that these projects are decentralized where BlockFi was not. But, the AG’s press release seems to cite decentralization as one of the risks of DeFi projects. Also, as a practical matter, there is a question whether decentralization will be a good shield from regulators since many of these projects have companies and real humans with faces and names behind them unlike a truly anonymous founder such as Satoshi Nakamoto. https://www.njoag.gov/new-jersey-bureau-of-securities-orders-cryptocurrency-company-blockfi-to-stop-offering-interest-bearing-accounts/ https://twitter.com/BlockFiZac/status/1417316834244796416
EU is planning to introduce regulations on anonymous crypto wallets. This is a big deal. But, Cardano is probably more prepared than any with its identity solutions that could be used for KYC/AML. https://twitter.com/Wiiinnie/status/1417575921565978628
Cardano didn’t come up in the Cathie Wood, Jack Dorsey, and Elon Musk panel discussion at “The B Word” event. But, given how Elon repeatedly shot down maximalist explanations for the shortcomings of proof-of-work chains in energy consumption and throughput, the whole thing ended up sounding like a long-form pitch for proof-of-stake and Cardano. Seriously, you should check it out. https://www.thebword.org/c/track-2-Bitcoin-As-A-Tool-For-Economic-Empowerment
Gary Gensler, SEC Chair, indicates that crypto assets providing synthetic exposure to securities will be regulated as securities. This should be scary news for any Cardano projects that are aimed at exactly that! https://www.sec.gov/news/speech/gensler-remarks-aba-derivatives-futures-law-committee-virtual-mid-year-program-072121
The mainstream press is suddenly realizing the behavioral economics tools that a central bank with CBDCs could wield. There is definitely a universe where this becomes a very dystopian and jarring introduction to virtual currencies for the mainstream. https://twitter.com/NeerajKA/status/1418168477429424135
Wolfram CEO, John Woodard, drops a guest article with IOHK on NFT liveminting. The article seems to have a good amount of focus on the community building potential of NFTs. I think that could be a big growth area for the future. https://iohk.io/en/blog/posts/2021/07/22/wolfram-and-cardano-build-communities-with-nfts-and-liveminting/
IOHK has released its Conclave paper on collective stakepools. https://eprint.iacr.org/2021/742.pdf
Here’s the IOHK Development Update for July 23! https://twitter.com/InputOutputHK/status/1418635822987943939
Cardano received some coverage in the Motley Fool as an eco-friendly crypto! https://www.fool.com/the-ascent/cryptocurrency/articles/4-eco-friendly-cryptos-you-should-know-about/
Big lesson for future Cardano DeFi projects: Uniswap Labs just had to censor the Uniswap UI to ban synthetics of underlying securities. Bucket shops have been around for 150 years and illegal for 100 years. It turns out that you can’t do it in crypto either. https://twitter.com/Uniswap/status/1418697012095164420 https://twitter.com/haydenzadams/status/1418961999539712006
Check out this new video of the World Mobile Team on the ground in Zanzibar. Doesn’t this feel like a better mission for our ecosystem than DeFi? https://twitter.com/WorldMobileTeam/status/1419051567878221828
Reports are coming in that Amazon plans to integrate Bitcoin, Cardano, ETH, & BCH in the very near future. This has apparently been a work in progress for several years. https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/
Adam Dean brings us open source code to accept ADA in your Woo Commerce store. https://twitter.com/adamKDean/status/1419495005983371264
Weiss Crypto has very good things to say about Cardano. https://twitter.com/WeissCrypto/status/1419685634566938634
Check out this new bot that tweets every time it discovers a Cardano Giveaway Scam! The tweets show ISP and geolocation info for the scammers. Follow this bot and report the scammers! Brought to us by @nicknikiforakis. Thanks for building this, Nick! https://twitter.com/CardanoPhishing
The regulatory purge of stablecoins is getting into full swing now with Bloomberg running a piece on a DOJ criminal probe of the Tether founders. Of particular note for the Cardano ecosystem is that the first attack surface for regulators is the relationship of the stablecoin with legacy banking institutions. This is something that Cardano ecosystem stablecoin, Djed, may already fix with its own crypto backed reserve system. https://www.bloomberg.com/news/articles/2021-07-26/tether-executives-said-to-face-criminal-probe-into-bank-fraud?srnd=economics-vp
Nami Wallet now allows you to mint NFTs for no extra fees (only Cardano network fees) inside the wallet. https://twitter.com/NamiWallet/status/1420031000017608717
More pressure for Crypto regulation is coming to bear today in the U.S. This time it comes in the form of a letter from Senator Elizabethe Warren to Treasury Secretary Janet Yellen (in her position as Chair of the Financial Stability Oversight Council which brings together 10 different financial regulators including the SEC, CFTC, and the Federal Reserve). The letter was sent after a Senate Banking Committee hearing titled “Cryptocurrencies: What are they good for?” https://www.cnbc.com/2021/07/27/elizabeth-warren-presses-yellen-financial-regulator-to-manage-crypto.html
Stephen Wolfram does the first NFT liveminting event where he creates NFTs of cellular automata from the computational universe while live on stream. The first two created were “Crashing Waves” and “Down Arrows”. https://twitter.com/IOHK_Charles/status/1420087229104283656
A new Cardano NFT Marketplace is now live and receiving a lot of attention. https://twitter.com/CNFT_IO/status/1419655915226152961
Project Catalyst now has 30k members! https://twitter.com/InputOutputHK/status/1420474342253678599
Emurgo has released an article about what we can expect from the Yoroi dApp Connector. https://emurgo.io/blog/emurgo-is-thrilled-to-announce-the-yoroi-dapp-connector
Reports are coming in that the new bipartisan Infrastructure Bill contains new provisions that might require a whole host of actors within crypto ecosystems like Cardano to report transactions over $10k. https://www.coindesk.com/new-infrastructure-bill-looks-to-raise-30b-through-crypto-tax https://www.marketwatch.com/story/crypto-allies-rally-against-ignorant-new-tax-rules-in-bipartisan-infrastructure-deal-11627578844 https://twitter.com/jerrybrito/status/1420724068286926853
But this bill is an even bigger deal. If passed as-is, we can probably say RIP to the Wild West Era of crypto (2009-2021). https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307
The July Cardano 360 can now be viewed on Youtube. https://youtu.be/AG5DspF9tuA
John O’Connor was on SkyNews discussing the Ethiopian Ministry of Education project! He stressed that this was not a profit center for IOHK, and had a chance to refute the “crypto colonialism” strain of thought. https://vimeo.com/581137605
We are kings of the github commits once again! https://twitter.com/ProofofGitHub/status/1421138529908842502
The differences between the currently dominant smart contract blockchain and Cardano’s upcoming smart contract architecture keep getting highlighted by dramatic failures of the former. https://twitter.com/WeissCrypto/status/1421064543900418048
Don’t forget that registration for the Cardano Summit is live. https://summit.cardano.org
In case you missed the July Cardano 360 and don’t have a lot of time. Here is the always great Cardano 360 Mini! https://twitter.com/InputOutputHK/status/1421803459997835266
Reports are coming in that we’ve got final language from the crypto tax reporting piece of the Infrastructure Bill. It’s better but not great or even good. https://twitter.com/jerrybrito/status/1422002228102107142
The Charles AMAs returned on August 1 after a brief break. https://www.youtube.com/watch?v=yKY6VwVq02s
A quarter million votes were cast in Catalyst Fund 5 voting! Apparently, this is over 10x what we saw in Fund 2. https://twitter.com/danny_cryptofay/status/1422253955816505345
Here’s a very good read on one vision for prosperity via CBDC and how such a currency should interact with existing blockchains like Cardano. https://twitter.com/RealNatashaChe/status/1422270993498705921
Cardano has been listed by Bitpoint in Japan! https://www.bitpoint.co.jp/news/info/info-2021080301/
Senators Wyden and Toomey are trying to fix the crypto provisions in the Infrastructure Bill! https://www.bloomberg.com/news/articles/2021-08-03/crypto-rules-in-infrastructure-bill-eyed-for-bipartisan-rewrite
SEC Chair Gensler gave another speech strongly signaling that a lot of stablecoins, lending platforms, synthetics platforms, and other DeFi projects are probably non-compliant in the eyes of the SEC. I would heed this warning very carefully if I were one of those projects. https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03 https://www.youtube.com/watch?v=tusQLLCgrDs
The Yoroi Wallet is already making improvements in preparation for the dApp Connector release! https://twitter.com/YoroiWallet/status/1422905221793996809
We’re now up to 5 different states that are getting after BlockFi for their crypto lending activities. Reportedly, this includes New Jersey, Vermont, Alabama, Kentucky, & Texas. Probably relevant for those building lending solutions on Cardano. https://www.coindesk.com/blockfi-receives-fifth-cease-and-desist-from-kentucky-financial-regulator
Charles dropped an update to let us know that Light Purple Alonzo will come next week. That will bring in exchange partners. Mid-month there will be an update with official dates given for a primary date and a fallback date for triggering the hardfork combinator event. The fallback date will likely be one epoch (five days later). Part of this depends on how the exchange partners are doing with their integrations. Charles says it looks like late August or the first week of September. There will be a live HFC party where they will deploy “some things” minutes after the HFC. The Plutus Application Backend (PAB) might be integrated on something like September 10th. https://www.youtube.com/watch?v=8y261_eImsE
Cardano’s closest competitor, Ethereum, carries out it’s EIP-1559 London Fork which creates a new transaction fee scheme including some burning of fees and a more predictable base fee with an additional tip option on top. While the long term impact is unclear, the immediate aftermath of the fork seems to be even higher fees. We’ll see if this is just due to high transaction volume at the moment. Of course, part of this is already solved by Cardano’s deterministic fee system enabled by its local state as opposed to the global state in the Ethereum system. https://twitter.com/Birdson64827145/status/1423324771303972867
Senators Toomey, Wyden, & Lummis took to the Senate Floor to plead for a vote on their amendment which would fix the overly broad crypto tax reporting provisions in the Infrastructure Bill. https://twitter.com/jerrybrito/status/1423381402905726983 https://twitter.com/jerrybrito/status/1423413806634577922
The Toomey, Lummis, Wyden Amendment was then challenged by a competing amendment from Senators Warner, Portman, and Sinema which only excluded proof-of-work block validators and sellers of wallets from the tax reporting requirements. This terrible competing amendment was then immediately endorsed by the White House. This is a serious danger to our industry! Please call your Senators and ask them to support the Toomey/Wyden/Lummis Amendment! https://twitter.com/jerrybrito/status/1423429377459736577 https://twitter.com/WardDPatrick/status/1423464991441702912

~Army of Spies

Bitcoin is pumping because...

…whatever law/amendment ends up passing today, all of them legitimize Bitcoin by the US Government (one of them is really bad but only for shitcoins/PoS, not for Bitcoin/PoW).

I know there's plenty of anti-government people here, but for the masses, this is one of the most bullish events in Bitcoin's history.

And yes, I'm still fighting against them and calling the Senators, due to the bad stuff included in the law proposals.

Here's my post to fight and raise awareness:

https://np.reddit.com/r/CryptoCurrency/comments/oz5iqm/this_cant_be_put_off_or_delayed_they_are_about_to/

Peachfolio Marketing Update – August 2021

Peachfolians! We hope you’re keeping well and trading well. In the Binance Smart Chain (BSC) ecosystem and beyond, we’ve seen plenty of reason to be hopeful about the direction that cryptocurrency markets will take in the next six months. The Ethereum London Hard Fork has seen $ETH soar to exhilarating heights (more ETH news to come below!). Bitcoin has also finally broken out of its torpor with $BTC trading above $42k for the first time in months.

As for us here at Peachfolio HQ, we’ve been waiting for the right moment to share a whole bag of exciting news with you. It’s finally time for us to share an overview of some of the things you can expect from our August Marketing Ramp for Peachfolio.

TLDR? We have four huge milestones arriving this month! Check out the graphic below for a sneak peek, then read on for more details.

Peachfolio August Marketing Ramp

Peachfolio Pro reveal

First up, we have the unveiling of the Peachfolio Pro requirements and pricing system.

We know this is an announcement that a lot of our holders have been eagerly awaiting. This is the first taste of the utility we have planned for the $PCHF token that will lead to excellent buying pressure for our chart. Understandably, we’re pretty excited about delivering the first of many use cases for our token that we have planned!

If you’ve tried the Peachfolio app, we’re sure you’ve seen how it’s the best BSC tracking app on the market. The Pro features we’ve already implemented mean you can effortlessly check your entire portfolio across multiple wallets. And the good news is — we’re only getting started yet.

With full-wallet profit and loss, price alerts, rugchecking, limit orders, market analytics, capital gains calculations, and social media crawling still to come, we know we have a winning formula on our hands. That’s without even talking about our plans to add Ethereum chain tracking and even more blockchains selected by our community!

After lengthy consultations with our users and deep research into app pricing strategies, we arrived at a tiered system that we feel is both affordable and fair to our $PCHF token holders.

Peachfolio Pro Pricing Tiers

Bronze

We want to make sure the core of Peachfolio remains available to everyone, so the first tier “Bronze” is free for all. You can still track unlimited wallets and will have access to future blockchains. You’ll also have access to our Peachfolio Web App that we’ll release in September.

Silver

The second tier will be the “Silver” tier, which you’ll need $50 of $PCHF to access. On top of the standard functionalities, you’ll also get exciting Pro features like Buying and Selling Price for tokens and Profit and Loss per token.

Gold

Moving on to the third tier: “Gold”! When you hold $100 in $PCHF, you’ll get access to the Peachfolio Rug Checker functionality. We’ve all been burned by scam coins, and this is a highly requested feature for many $PCHF holders and DeFi investors across the BSC ecosystem. You’ll also get to decide on the future direction of the Peachfolio app. We will have regular votes on new features, including future blockchains that will be added to the app.

Diamond

Finally, we have the high-end tier, “Diamond”. When you’re a Diamond Peachfolio holder, you will unlock every Pro feature in Peachfolio. You’ll be able to enjoy Price alerts, Profit and Loss per wallet, and Trade Statements. There will be tons of new Pro Features in the future, which will also be unlocked in the Diamond tier.

And remember, you don’t pay for Peachfolio — you invest in it! As buying pressure increases from our growing Peachfolio app user base, you’ll see this reflected on the $PCHF chart too.

Peachfolio goes Multilingual

Next up, the second of our exciting app updates. We’ll launch the inaugural Peachfolio app language pack on Saturday 14th August.

Language Pack One will launch the app to a huge new audience. The entire Peachfolio UI will be available in Hindi, Indonesian, French, Spanish, Dutch, and … Irish!

Collectively, this will allow 1 billion people to experience Peachfolio in their native language and native currency. In particular, we’re excited to open up native language access to India and Indonesia and their enormous markets of enthusiastic crypto investors.

Language Pack Two will be our third big update to the Peachfolio app, dropping on Saturday 21st August. Pack two will include Chinese, Turkish, Russian, and Arabic. Four more huge crypto communities that can help get the Peachfolio app onto the mobile devices of investors all around the globe!

To celebrate these two worldwide events, we’re lining up a stream of region-specific marketing content, including influencers, telegram posts, and targeted Facebook/YouTube adverts. This marketing push will focus on DeFi users across all of the countries being welcomed into #TeamPeach.

Our last marketing ramp saw the MC pump to a $5M MC! So… let’s fuel up the peach rocket, lock into the app, and boldly head once more TO. THE. MOON 🚀🚀🚀.

Peachfolio + Ethereum = ❤

Finally… it’s the big one.

We’re delighted to announce that at the end of August, we have our biggest event to date. We’ll be expanding the Peachfolio app’s tracking abilities to an entirely new blockchain: Ethereum!

Ethereum is a crypto behemoth which is home to some of the biggest projects on any chain, including giants like SNX, UNI, LINK, AAVE, and SHIB. Ethereum represents the Old World of crypto to the Wild West of BSC. Tracking tokens on Ethereum takes Peachfolio into the crypto mainstream and positions us perfectly to become the cross-chain tracking hub at the fingertips of every crypto investor.

To celebrate the Ethereum launch, we’ll be running a new multi-channel marketing campaign, including Reddit, YouTube, Facebook, PooCoin ads, as well as more widespread crypto ads. On top of that, we are putting plans in motion to form our biggest partnership yet. If this comes off, it will be a huge win for #TeamPeach! Watch this space 🙂

https://www.youtube.com/watch?v=Ie04l0BMbds

And one last last last thing…

We are hiring! You may have seen our advertisement for Sales Execs. These guys will be pushing peach. We are getting all hands on deck to scope out potential partners, peachy picks, and getting logos featured in the Peachfolio app.

Making peachfolio integral to the marketing strategies of other projects is our goal. We will become a critical part of the crypto infrastructure and checking tokens in the Peachfolio app will be in every investor’s daily routine.

And one last last last thing…

Make sure to check out our article on Smart Liquidity by our friends at DefiNews.

Their Twitter account is a great follow if you want to get daily updates on all things DeFi. We really appreciate them helping to spread the word about the Peachfolio app’s great features!

Til next time — stay safe and trade smart with Peachfolio.

Peachfolio, your DeFi Companion 🍑.

Die ersten Blockchain Days 2021 finden kurzfristig auf Burg Königstein bei Frankfurt statt!

https://preview.redd.it/l0mcg3hlywf71.jpg?width=1125&format=pjpg&auto=webp&s=1b98e71994ff506ea7cab97b589853e185d8068d

Wir haben spontan die Möglichkeit bekommen ein Bitcoin Event auf Burg Königstein bei Frankfurt zu organisieren. Wir werden damit keinen großen Gewinn machen. Unser Ziel ist es gleichgesinnte miteinander zu verbinden. Schaut gerne vorbei!

https://bitcoin-burg.de/

A realistic look at Government bans

Sorry is this is a silly doubt. I know that governments can't ban Crypto. Just like they can't ban the Internet. But wouldn't any moves by government(s) to do the same cause people to lose confidence in Bitcoin, therefore causing the price to free fall? In the event this happens, doesn't this lead to a capital loss for the vast majority of investors? I mean, apart from the hardcore maximalists, most of us are in this hoping to preserve and increase our capital. So.. In a realistic sense, isn't a government ban going to be detrimental to investors?

Dodgy Elons and dodgy scams

In case you haven't heard that there is an evil twin of Elon musk, well at the very least a very convincing look alike.

Word is on the street that he stole bitcoin from people, simply by saying if you send me bitcoin i will double it for you.

https://www.news.com.au/finance/money/investing/manhunt-for-alleged-bitcoin-scammer-who-conned-400000-people/news-story/352bb68b2b35552354f98ee6ab25bfbe

Obviously too good to be true and it is never a good idea to take these type of offers seriously, beware any platform offering massive yields. Remember "Not your keys, not your crypto" be happy with the amount of crypto you have and only you should have the private keys to them.

I have downloaded my Deeponion wallet from the website deeponion.org and as soon as my coins went to my desired address, I made a copy of the private key and put them in a safe spot.

Also another copy in another safe spot, in the event of a house fire.

We are all tempted to make more money or wealth but remember the fasted way is not always the best way, sometimes it's also wise to consider risk mitigation before profits.

Keep those Onions safe everyone

https://preview.redd.it/79vti00x0wf71.png?width=490&format=png&auto=webp&s=384bd30dd6fcaa7515d1e60fd1152bca493a8f71

Bitcoin: The Last Cycle

We all have our own ideas on what the future of bitcoin holds and how high the price will eventually go. For people who are bullish about bitcoin, usually, their price predictions can become quite high, with the sky being the actual limit. There are a lot of factors that come into play when determining this question. You need to take into account the strength of the dollar and other currencies, the world situation, inflation if bitcoin has been accepted as legal tender of other countries, if it has surpassed gold as a store of value, and finally if it has been the world reserve currency. The list goes on and on, but I'm sure you are getting the point. Each day that bitcoin survives, it becomes stronger, and those price predictions become much more of a reality. I am about as bullish as a person can be for the future of bitcoin. So if you are anything like me; it becomes more a question of not the price going up, but will these four-year cycles continue? The four-year cycle is centred around the bitcoin halving, which cuts the bitcoin mining reward in half approximately every four years.

Throughout bitcoin's short history, the price has been directly correlated to this event. About seven months after each halving, the price of bitcoin begins to shoot up rapidly, thus beginning the bull run. This usually lasts for around 18 months will extreme volatility towards the end of this time and a large price blow off the top. And then prices drop drastically. Sometimes more than 80%. And this last for another 18 months, until the next bitcoin halving takes place. This cycle has been repeated and repeated throughout bitcoin's history. But will this always be the case?

My answer for this is no, and it is coming to an end very soon. In fact, I would even claim that I believe this will be the last bitcoin cycle. Now don't take this the wrong way, I do believe there will still be drastic price drops in the future, similar to what we have been experiencing the last few months. But just like this time period, they will continue to get bought up quickly and the "bear markets" will become much shorter. The price will of course be affected by the bitcoin halving, as the new BTC being minted will be cut in half, thus causing a supply shock. But the cycle will not only go up after the halving takes place.

Let me explain this thought more.

At this point, a large majority of people in the world know very little about bitcoin, let alone invest in it. Then, even fewer people know what bitcoin halving is, and how important it is. All they know is that the price of bitcoin is either going up or going down. This won't always be the case. But before we get to that point, corporations, hedge funds, and countries are now getting into the bitcoin game. These groups definitely know about halving and how finite bitcoin actually is. They also can see how the value of the US dollar is quickly depreciating and may not be the currency of the future. These groups are going to game the system. If you know that the bitcoin halving takes place every four years, and the price goes up drastically because of the supply shock that it causes; why would you then wait to buy until after the halving?

You wouldn't.

These organizations will begin buying before the halving in anticipation of that halving taking place. So while technically the price will be going up as a result of the halving. It will just now be happening before and after the halving takes place. Thus, changing the cycles forever. Unfortunately for the regular people; there will be hardships that occur. With bitcoin, the everyday person had a real opportunity to buy a once-in-a-lifetime asset, and do it before the big guys. The sad thing is, and I see this every day when I try to get the people around me or at my job interested in bitcoin or investing. They just aren't interested. They don't know what money really is, how they are losing it each year even when they think they are saving it. And they definitely aren't aware of the direction that the world is heading towards. These people will become aware of the bitcoin halving down the line, but by then their golden opportunity will be gone.

So now that the four-year cycles will be gone, what will happen to the price of bitcoin, and how will it look? Like I mentioned above, there will always be drops, but generally, the price will look a lot like the Stock-to-Flow chart from PlanB. Meaning that it will look like an upwards diagonal line from the left to the right.

A lot has to happen for this to become a reality. Bitcoin will need to swallow up gold's value, and many other assets. If this dream is to become a reality, we could see bitcoin's price reach $1 million by 2024 and that is just the start of this mania. If the dollar's value continues to decrease, what does the price of that even mean? By that time, things will begin to be priced in bitcoin or sats.

Always remember that the name of the game is to get as much bitcoin as you possibly can. I don't think people are ready for the tsunami that is heading towards everyone. It is crazy to think, but bitcoin at $40,000, is still extremely cheap.

How about you? Do you think this is the last bitcoin 4-year cycle? Do you have enough bitcoin yet?

As always, thank you for reading!

Blockchain backups in case of solar flares and other EMPs

There is compelling research suggesting there was a cataclysmic event at the end of the last ice age (around 10.000 years ago) where extreme weather and electromagnetic activity pretty much wiped out whatever civilizations were living then. Some think it was due to solar activity, while others think it's caused by meteoric impacts.

More recently there was also a pretty intense shock on electrical grids around 1850 (Carrington Event), although this would be considered mild as compared to the end of the ice age.

I've heard suggestions that the sun is showing signs of increased activity again, and while we would certainly have other things to worry about if this were to occur now, I'm wondering if the bitcoin blockchain would survive something like this? Are there backups of the blockchain that are not susceptible to electromagnetic overwhelming?