Monday, August 16, 2021

Crypto is on FIRE - Financial Independence, Retire Early

5 ways to set your investments on FIRE

  • Buying and Hodling: The most widely used strategy involves holding (hodling) onto the investment for an extended period. The secret is to ignore short-term volatility and have faith in the assets inherent capabilities, increasing adoption, and future applications.
  • Day Trading: While investment is a slow, measured approach, trading is often a fast-paced, high-octane way to make money with equally higher risks. It's usually executed on a short term basis, and traders observe news, events, and market activity at all hours to look for indications that an asset's price could change.
  • Mining: It's a virtual process that ensures coins are issued only after a certain amount of work is done to ensure no oversupply within the blockchain. One way crypto mining can be profitable is through mining pools. It enables miners to pool their resources, adding power but splitting Bitcoin's difficulty, cost, and reward.
  • Staking: Staking involves holding coins in a staking pool, thus allowing you to earn additional coins for securing that particular crypto network. Hence it doesn't require high-end equipment like mining.
  • ICOs: Keep a lookout for Initial Coin Offerings (ICOs) since it's the easiest way to get your hands on worthy crypto-assets that are in their nascent stage. ICOs have become an essential means to raise funds for blockchain and cryptocurrency start-ups.

So how much would you need to become financially independent and retire early? That is like asking, how long is a piece of string? It is determinant on factors such as, geographical location, average cost of living, number of dependents, rate of growth and return on investments.

One thing is sure though. As the world and critical infrastructure becomes more and more unstable, having assets, such as crypto, that hedge against volatility will be a tremendous asset and security. Which is kind of ironic, because it’s the volatility that concerns most people investing into these cryptocurrencies right now.

Volatility (at this stage in growth) is crypto’s greatest asset.

.


FCNEX Discussion:The future of Bitcion

It’s a legendary debate between two of the greats of 20th-century monetary economics over whether “challenger money” will replace the government-backed standard currency as the world’s most popular payment medium. What might these two great men think of Bitcoin, even though it’s only a few decades old since its invention? Do they see the potential for bitcoin to rise and become a competitor to fiat currencies?

On one side of the debate was Friedrich Hayek, the Austrian-British economist who advocated classical liberalism, against Milton Friedman, an advocate of free markets. The two economists are usually on the same page, but the stand-off has centred on whether privately issued competitive money would create a more stable monetary system.

When the two economists confronted each other on the issue in the mid-to-late 1970s, the dollar system entered its most volatile period since World War II, with the cost of gasoline, air tickets and home heating soaring in the United States as a result of the Arab oil embargo. In response to the shock, the Federal Reserve flooded the market with money (quantitative easing of money), reducing the dollar’s purchasing power against almost everything else, and consumer prices, which had been rising at a steady but moderate pace, rose at an annual rate of 14 per cent.

Hayek taught at the University of Chicago from 1950 to 1962, a period that overlapped Friedman’s long tenure there, so the two economists knew each other well. But the two did not debate face to face. Hayek laid out his ideas in a series of speeches and papers in The mid-to-late 1970s and in a 1976 book, ‘The Denationalization of Money.’ At industry events in the 1970s and 1980s, the two men reportedly did not yet have opposing views. Friedman’s first public criticism of Hayek’s ideas came in a book he co-authored with the economist Anna Schwartz in the 1980s.

At the time, politicians, academics and ordinary people were worried that the dollar system was headed for collapse. At the time, the Fed was pursuing the opposite of its “sound money” policy of the past, devaluing the dollar faster than American workers could earn it. Hayek believed that during difficult economic times central banks would continue to overinflate the money supply, artificially boosting the economy quickly, which would trigger the kind of monetary inflation that the US was experiencing. The solution, According to Hayek, was for private money issued by banks or other companies to compete with sovereign money in an open market. The currency or currencies that do the best job of maintaining stable purchasing power for consumers and businesses will attract the most consumers and win.

According to Hayek, if the Federal Reserve continues to churn out dollars and make their purchasing power weaker and weaker, privately created and managed competitive currencies will replace the unstable dollar. This “let the best currency win” philosophy would allow governments to stop this reckless monetary policy, either by forcing central banks to reform or by opening the way for a new, more stable currency to take power.

https://preview.redd.it/fi01sgjrwuh71.jpg?width=600&format=pjpg&auto=webp&s=f0d1092d999b0de61962fef0517d7ce5eac0f2e3

What’s the future of Bitcoin?

Digital currencies issued by sovereign states will further limit Bitcoin’s future. But bitcoin has strong potential as a niche medium of exchange for transactions, especially large ones where privacy is crucial. “Bitcoin does this particularly well, whereas other currencies don’t,” Luther said.

Of course, bitcoin is used for many illegal transactions, including paying ransomware attacks, and the government will try to crack down on its underground trade. But bitcoin is hard to control, which is another advantage. “It’s much harder for governments to stop bitcoin transactions than it is to stop the use of cash, even though it’s used underground today,” Luther said.

Luther, who has studied the views of influential monetary economists, says what does Friedman and Hayek think of bitcoin? “They will applaud the growth and relative success of this experiment [bitcoin],” Luther said. In theory, they would see it as an effective check on unbridled government spending. But what they want is a money-supply mechanism that takes into account changes in the demand for holding money, which Bitcoin clearly doesn’t have. Friedman or Hayek would never have argued that bitcoin could or should replace the dollar as the primary currency of the United States. They would probably agree that bitcoin is best used for what it is for, which is to keep transactions private.”

In today’s financial world, Bitcoin has grown into a behemoth. But as hayek and Friedman, two great men, might have concluded, bitcoin’s lofty image will fade as the world realises that its future is very niche.

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Toronto Daily - Aug 17th 2021

Welcome to the Toronto Daily Thread.

This thread serves two purposes:

1) To collect and make visible new posts in smaller Toronto based subreddits.

Feel free to visit, comment and be generally helpful in posts indexed below. Please also remember to stay on your best behaviour when travelling outside of /r/toronto.


2) To act as a general off-topic conversation hub for the day.

To that end, use this thread to talk about whatever is on your mind, regardless of whether or not it's related to Toronto.

No matter where you're posting, please remember to be excellent to each other.


/r/AskTO

Post Title Author Comments
Advice please! Pearson to Chicago /u/UnderstandingLevel11 1
Wanted: Personal Assistant /u/wizenedwitch 0
Anyone else miss the CNE as the sign that it's the end of summer? /u/EdwardBliss 1
Where to get fancy tea in Toronto? /u/telos- 1
Anyone know what’s filming in Etobicoke near Burhamthorpe and Martin Grove? /u/95fromTO 1
Best bone marrow in the city? /u/yoyoyo88yo 2
Are there any local videogame stores that sell arcade fightsticks? /u/smalltincan 0
Where can I find cheap jewelry in the city? /u/askipareu 1
Where can I get free moving boxes? /u/miskizzle 9
Lease signed, apartment not ready /u/pm_me_ur_big_dosas 6
is Fibrestream a good ISP? /u/tuerta 4
Looking for bands /u/Temporary_Concern_82 4
Deceased feline removal services in Toronto? /u/Bonegilla 13
Open Question to All Grocery Stores (The Corn Debacle) /u/The_DashPanda 21
Relocated from NYC - TV Producer, how to break in? /u/No_Pattern_7160 3
TDSB High School registration, 1 street out of district /u/Smil3yAngel 8
Looking for a weekly pub quiz in the west end /u/Conflif 2
Any recommendations on an affordable place to get a MacBook screen repaired in the GTA or nearby? /u/shadow-show 1
How are uber vs taxi prices in Toronto? /u/private_spectacle 5
How long does it take for Service Ontario to mail something? /u/mel-cora 3
Online vaccination booking efficiency and effectiveness /u/twing1983 1
Bicyclists on the sidewalk on Bloor Street /u/TOmissy 3
Phone charging station near SickKids /u/Pageturner967 1
How are food courts operating right now? /u/T6A5 3
Any Local Bitcoin miners? /u/passiveparrot 3

/r/TorontoEvents

Post Title Author Comments
Comedy Show at opera house this Wednesday /u/birdo- 0
Anti-Poverty Rally August 21st 11am Dundas Square /u/JonoLith 0
🔥 Patio Comedy Show at Tallboys Craft Beer House August 17th 🔥 /u/worldsbestuncle 3
Toronto Housing Protest /u/RedBlinkingLight3 0
NEW VENUE - Midtown Toronto Standup Comedy /u/jgillcomedy 0
[Toronto Public Library programs August 16 to 21](https://www.reddit.com/r/Torontoevents/comments/p5fw73/toronto_public_library_programs_august_16_to_21/) /u/TPL_on_Reddit
New Show at Comedy Bar Tonight! /u/isamcomedy 0

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Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Rally Expected to Pause

Analysts expect traders to take a breather after the crypto’s recent rally.

Bitcoin traded in a choppy range on Monday as buyers appear to be exhausted ahead of the $50,000 resistance level. The cryptocurrency was trading at around $46,000 at press time and is roughly flat over the past 24 hours.
On Monday, the total crypto market cap surpassed $2 trillion for the first time since mid-May, according to CoinMarketCap data. Ether and cardano are standouts in the recent crypto rally, with strong rallies month to date, rising 26% and 62% respectively, compared with a 16% rise in bitcoin during the same period. XRP is also up 70% so far this month.
The rapid rise in crypto prices has some analysts expecting a pause. Katie Stockton, managing director of Fairlead Strategies, highlighted signs of upside exhaustion in bitcoin in her Monday newsletter.
Upside exhaustion signals could “support a brief period of consolidation as gains are digested and short-term overbought conditions are relieved,” Stockton wrote.
“Even though the trend has flipped bullish, a pullback is to be expected before continuation. This is because there has been declining volume with an increase in price,” Marcus Sotiriou, a trader at the U.K.-based digital-asset broker GlobalBlock told.

Latest prices

Cryptocurrencies:
Bitcoin (BTC) $45867, -1.1%
Ether (ETH) $3156.3, -1.6%
Traditional markets:
S&P 500: $4479.7, +0.26%
Gold: $1787.9, +0.45%
10-year Treasury yield closed at 1.27%, compared with 1.29% on Friday.
Bitcoin mining reserves rise
Bitcoin miners have added more of the cryptocurrency to their reserves in the past few weeks.
“The reserves are now close to this year’s all-time high of May 9, recovering the outflows in June,” Jan Wuestenfeld, an analyst at blockchain analysis firm CryptoQuant, wrote in a blog post.
Miners “appear to be unimpressed by the most recent price moves (likely expecting higher prices),” Wuestenfeld wrote. “The fact that miners are not under pressure to sell their BTC at these prices is a testament to the health and resilience of the miners and the network.”

2. Poly Network Hack Not Over as Attacker Prolongs Return of Funds

The attacker now says they are considering accepting the $500,000 bounty offered by Poly Network as a reward for returning the funds, and using it to pay anyone else who can hack the DeFi site.

The Poly Network cyberattack saga has dragged into its second week with the hacker or hackers yet to provide the key for the multi-signature wallet needed to complete the full return of the roughly $600 million that was stolen, with the exception of the $33 million worth of the stablecoin USDT (+0.01%) that was frozen by Tether.
China-based Poly Network had previously offered $500,000 to the attacker or attackers as a reward for returning the money taken on the Binance Smart Chain (BSC), Ethereum and Polygon platforms in what is likely the largest-ever hack of a decentralized finance (DeFi) site.
The hack or hackers acknowledged receiving the offer and initially said they had declined it, but had instead begun (and eventually completed) returning the stolen funds to a multi-signature wallet set up by Poly Network. The hacker or hackers haven’t turned over the final key for the wallet, though.
In a message posted to the Ethereum blockchain at 1:45 p.m. UTC on Monday, the attacker, who the Poly Network is calling “Mr. White Hat” but who some others doubt is a true white hat hacker, said that they were considering taking the bounty and using it to reward anyone else who can hack the cross-chain platform. A “white hat” attacker is one who tries to exploit vulnerabilities in a protocol to help expose and ultimately fix bugs or loopholes in the underlying code.
“MONEY MEANS LITTLE TO ME, SOME PEOPLE ARE PAID TO HACK, I WOULD RATHER PAY FOR THE FUN,” the attacker or attackers wrote. “IF THE POLY DON’T GIVE THE IMAGINARY BOUNTY, AS EVERYBODY EXPECTS, I HAVE WELL ENOUGH BUDGET TO LET THE SHOW GO ON.”
“I TRUST SOME OF THEIR CODE, I WOULD PRAISE THE OVERALL DESIGN OF THE PROJECT, BUT I NEVER TRUST THE WHOLE POLY TEAM,” the attacker added.
“I WILL PROVIDE THE FINAL KEY WHEN _EVERYONE_ IS READY. MY IDEA IS NOT CHANGED, BUT I DO WORRY IT MIGHT BE AN ENDLESS WAR. SO I MIGHT RELEASE IT EARLIER AS LONG IF THE COMMUNITY UNDERSTANDS EVERYTHING.”

3. Bitfarms Increases Revenues by Almost 400% in Q2

The crackdown on crypto mining in China has helped the results and outlook for the Canadian bitcoin mining firm.

Canada-based bitcoin (BTC, -1.98%) mining company Bitfarms reported Monday that its sales grew 396% year-over-year to $36.7 million in the second quarter. It recorded an operating loss of $2.1 million and a net loss of $3.7 million for the quarter.
Shares of Bitfarms were up 0.5% to $6.42 in after-hours trading on Monday following the release of its earnings. Shares are up almost 240% year to date as China has cracked down on crypto mining and the price of bitcoin has increased significantly.
The company mined 759 bitcoin in Q2 with an average cost of approximately $9,000 per Bitcoin, and held 1,293 bitcoin valued at $35,057 each, or approximately $45.3 million, as of June 30, 2021.
Bitfarms’ average cost of production per bitcoin to $9,000 for the quarter compared to $5,075 for the prior year quarter reflected the May 2020 halving event and expenses related to third-party hosting, offset by the benefit from operating efficiencies.
“The second quarter of 2021 was a pivotal one for our company,” said Emiliano Grodzki, Bitfarms’ CEO. “From the beginning of 2021 through the end of 2022, we expect to have increased our capacity eight- fold and have expanded our geographic resources throughout North and South America while continuing to pursue opportunities elsewhere.”
Grodzki added that “further, while the price of Bitcoin continues to fluctuate, the current market is favorable to our global operation with the ban on crypto mining in China and the resultant shutdown of almost one-half of the network hash rate, allowing us to increase our market share to just above 1.5% from less than 1.0% at the beginning of the year.”

4. Congressmen McHenry, Thompson Call SEC Chair Gensler’s Remarks on Crypto ‘Concerning’

The two congressmen wrote that rather than potentially regulating innovation and job creation out of the U.S., lawmakers and regulators should “promote an active dialogue between regulators and market participants.”

Reps. Patrick McHenry (R-N.C.) and Glenn Thompson (R-Pa.) said Securities and Exchange Commission Chair Gary Gensler’s recent comments on increasing crypto regulation, and a letter Gensler sent Sen. Elizabeth Warren (D-Mass.) that the SEC needs more authority to regulate cryptocurrency, provide a “concerning roadmap for regulatory actions that will have long-term implications.”
In an open letter to Gensler and acting Commodity Futures Trading Commission Chairman Rostin Behnam, the congressmen said that “rather than regulate innovation and job creation out of this country, we should promote an active dialogue between regulators and market participants.” The two noted that this is the goal of H.R. 1602, the Eliminate Barriers to Innovation Act of 2021, which passed the U.S. House of Representatives in April.
The 2021 act requires the SEC and the CFTC to establish a joint Working Group on Digital Assets with market participants, organizations involved in academic research and investor protection organizations, among others.
The two said that lawmakers and regulators should work together to balance protecting innovation with any new regulations to “ensure the digital asset marketplace flourishes in the United States.”
They called on Gensler, Behnam and their fellow commissioners to provide details on how the SEC and CFTC plan to work together on these issues.

5. Solana, Terra Hit All-Time Highs as Markets Disregard Last Week’s DeFi Hacks

“Crypto natives have proven to be very resilient,” one analyst said.

Prices for Solana’s SOL and Terra’s LUNA tokens hit all-time highs on Monday, as the total market capitalization of cryptocurrency broke $2 trillion for the first time since May.
The price rally for the tokens representing two projects that are built for the decentralized finance (DeFi) sector shows that investors remain confident about the industry, especially in layer 1 protocols, despite security risks that were exposed by the biggest DeFi hack ever in monetary value last week.
Solana, the native token of Solana, a public blockchain that is backed by Sam Bankman-Fried, the founder of crypto exchange FTX, logged a record high price Monday of $69, according to data from FTX and TradingView.

Founded in July 2018, ZBG is a Hong Kong-based cryptocurrency exchange, a global platform of ZB.COM.

ZBG.com has quickly become one of the top 10 exchanges in the world with its innovative, efficient and global operations, and is known as a “New First-Tier” exchange.

Currently, ZBG supports 11 languages, with an average daily activity of more than 160,000, providing over 3 million users around the world with trustworthy cryptocurrency trading, contract trading and other crypto asset investment services.

In the future, ZBG will continue to expand its global market and provide stable, safe and fast blockchain project listing, diversified crypto assets and blockchain derivatives investment services to more blockchain enthusiasts around the world.

ZBG Official English (Telegram): https://t.me/ZBG_Exchange

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Twitter:https://twitter.com/ZBG_Exchange

ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

August 17, 2021


What is an Oracle?

In ancient Greece, oracles were sacred people that interpreted the will of the Gods and relayed it to the population. Today, oracles are a new technology that interprets real world data and relays it to the blockchain; and they are bringing the power of the blockchain to the outside world.

In this piece we will explore:

  1. What Is a Blockchain Oracle?
  2. What Are the Different Types of Blockchain Oracles?
  3. The Oracle Problem
  4. Examples of Oracles Being Used in the Real World
  5. How to Buy an Oracle Token
  6. What’s Next For Oracles?

1. What Is a Blockchain Oracle?

Beginner explanation

Oracles are the bridge connecting the blockchain to the outside world. They enable smart contracts to use information such as weather data, stock prices or even election results. Oracles have many practical and powerful applications, from DeFi to crop insurance.

Imagine a farmer in Ethiopia. He pays 120 USDC for drought insurance. An oracle network fetches rainfall datasets for the following 180 days. If his region receives less than 140mm of rain, the farmer is automatically paid 7,500 USDC to his wallet.

As blockchains cannot access off-chain data by themselves, oracles are a valuable third-party service that dramatically expands the use-cases for smart contracts. While oracles can theoretically access any data in the physical world, building consensus from real world information can be challenging.

Advanced explanation

Much like the Bitcoin and Ethereum blockchain, oracle networks can be incentivized using game theory mechanisms. Oracles that provide accurate information to the network are rewarded, while those that submit false information are punished. In this way, oracles aim to provide data with the same degree of immutability, accuracy, and decentralisation.

It’s important to emphasise that oracles are not the actual data. Rather, oracles are the tool that verifies external data sources and relays the information. As oracle network, Chainlink, co-founder, Sergey Nazarov, said “We don’t make contracts. We don’t secure blocks. We don’t secure transactions. We just feed data into various systems.”

In essence, oracles let developers access real world data on the blockchain. They take information from the physical world using off-chain components such as Internet of Things (IoT) devices, online databases, or websites. They then use a smart contract to make that data accessible on the blockchain. This is valuable, as it creates a verifiable and immutable information source that can be embedded within smart contracts. In this way, access to oracles is like giving devs the power of an immutable on-chain API.

2. What Are the Different Types of Blockchain Oracles?

There is a range of blockchain oracles, each serving a different purpose and offering unique advantages. Essentially, oracles are ways to source truthful information. As information has many sources, it makes sense there would be a range of oracles for various circumstances.

Software oracles

Software oracles pull information from online sources, such as temperature, asset prices, or flight times. Key advantages of software oracles are that they can update data in real-time and only require the internet to function.

Hardware oracles

Hardware oracles get their information from the real world, typically using IoT (internet of things) devices such as barcode scanners, actuators, and electronic sensors. Hardware oracles then translate that information into code that can be understood by smart contracts. For example, RFID sensors allow goods to be tracked along supply chains.

Inbound oracles

The examples we’ve discussed so far are inbound oracles. They take information from an external source and send it to a smart contract, like an oracle checking the Ethereum price and sending it to a defi smart contract.

Outbound oracles

Outbound oracles do the opposite of inbound oracles, sending data from smart contracts to the external world. They inform off-chain actors of events that occurred on-chain. For example, with an outbound oracle, you could create a smart contract that sends you a notification on your phone whenever you receive deposits in your bitcoin wallet.

Centralised oracles

Centralised are controlled by a single entity. This means that they’re solely responsible for the information sent to a smart contract. While this type of oracle lacks the trustworthiness for a DeFi application built on a public blockchain, it can be suitable for a logistics company to monitor its supply chain on a private blockchain. However, a single point of failure remains.

Decentralised oracles

Compared to centralised oracles, decentralised oracles produce data that can be verified by multiple sources and is therefore more trustworthy. They aim to eliminate counterparty risks by relying on multiple oracles to determine a reliable source of truth, which is why they are also referred to as consensus oracles.

Contract specific oracles

While most oracles are designed to be used repeatedly by smart contracts, such as reporting the weather every 30 seconds in perpetuity, contract-specific oracles are designed to be used by a single smart contract. For example, a financial institution may create a contract specific oracle to verify a one-off transaction.

Human oracles

An individual (or group of individuals) with specialized knowledge in a specific field can serve as human oracles. They are trusted to verify the authenticity and accuracy of certain information, before submitting the data using a cryptographically secure public and private key.

Game theoretic decentralised oracles

Much like Bitcoin and Ethereum’s blockchain, decentralised oracles can be incentivized by similar game theory mechanics. Oracles first stake tokens, then receive extra tokens when they produce data that the network verified as accurate or lose tokens if they submit false data. With enough decentralised oracles, users can trust the network is free from collusion and rely on the data the network produces.

3. The Oracle Problem

The oracle problem is that blockchains cannot access external data, and if they use centralised oracles to access data, they are creating a major security risk. If you need to trust a third party when using a blockchain, you may as well have used a database.

Blockchains cannot access outside data

Due to the nature of their consensus protocol, blockchains cannot support native communication with external systems. This leaves blockchains as isolated networks, much like a computer without access to the internet. While the limitations of a blockchain are what make it secure, it limits its use cases.

Centralised oracles create major security risks

Centralised oracles give rise to man-in-the-middle attacks, where bad actors attempt to access the data flow to falsify the information. The security threat is clear: If an oracle is compromised, then any smart contract using it is also compromised.

While the oracle problem is a challenge, decentralised oracle networks like Chainlink use a number of tools to prevent malicious actors from altering the data.

Critical tools to protect the integrity of oracle networks include:

  • Advanced cryptography like zero-knowledge proofs
  • Decentralisation at both the node and data source level
  • Reputation systems to identify trustworthy nodes
  • Certification services to increase the transparency of nodes
  • Data signing so users can track node performance
  • Binding service agreements with penalties and rewards
  • External adapters to securely store API keys and logins
  • Open source technology to independently verify the source code

4. Examples of Oracles Being Used in the Real World

Chainlink is currently the most widely used oracle network. It offers both a public commons of decentralised data and the technology to build your own customised data with modular networks. Let’s take a look at three real world examples.

  1. Ping - Supply Chain

Ping uses IoT devices with Chainlink’s oracle network to enable automated payments as IoT enabled pallets move through the supply chain. They are planning to incorporate more data from their IoT devices including humidity, altitude and UV index.

  1. DeFiDollar - Stablecoin

DeFiDollar is a meta-stablecoin backed by USDT, USDC, and DAI. It used Chainlink Price Feeds to check if any of its underlying stablecoins lose their peg, so it can automatically rebalance to preserve the parity of DUSD.

  1. Digital Bridge - Authorisation

Digital Bridge is using Chainlink oracles to help users protect their funds on Polygon. They help prevent unauthorized transfers if a private key is stolen by connecting to a 2FA API oracle authentication service.

5. How to Buy an Oracle Token

You can purchase oracle tokens from online cryptocurrency exchanges like Cointree, and either store your tokens in a wallet on the exchange or transfer them to a hardware wallet. To buy an oracle token on Cointree, all you need to do is create your account, deposit funds, and select an oracle token. Let’s quickly explore three of the most popular oracle tokens.

  1. Chainlink (LINK)

Chainlink is a decentralised oracle network that uses the same security mechanisms as blockchains to provide verifiable and trustworthy data. It lets developers embed highly accurate data within smart contracts. LINK tokens are the digital asset token used to pay for services on the network.

Buy Chainlink

  1. Augur (REP)

Augur is a prediction market platform. It lets users trade assets using prediction markets based on real world events, such as an election, weather, or stock performance. REP is the protocol’s token used for reporting and disputing the outcome of events.

Buy Augur

  1. Band Protocol (BAND)

Band Protocol is a decentralised network of oracles that provides real world data to smart contracts running on blockchains. Band protocol is built on its own blockchain using Cosmos technology, letting it relay data to many different blockchains. The BAND token is used for voting to secure the network through a delegated proof-of-stake network consensus mechanism.

Buy Band Protocol

6. What’s Next For Oracles?

Oracles are vital to the global adoption of blockchains and their implementation into everyday life. Bringing the benefits of blockchain security and decentralisation to new industries will help build more reliable and efficient supply chains, financial ecosystems, payment networks, insurance products, and enterprise systems. Moreover, identity tokens and NFTs will impact culture at large. As blockchains have fundamentally altered our financial ecosystem, oracles will impact society at large.

https://preview.redd.it/rxk9eaj4nth71.png?width=1080&format=png&auto=webp&s=870b6b33bde68903179698dc513dca6021df9828

Original content created by Cointree


A Lesson in Hard Money Illustrated by Hayao Miyazaki’s The Castle of Cagliostro

TL;DR: The flaws in unsound money allow Count Cagliostro, our villain, to use and abuse politicians. The Count would be unable to do so had there been an immutably hard money in place like Bitcoin instead of infinite fiat.

Let me know your thoughts, if you've seen the movie did you see the same plot elements or something different? This was a fun piece to write; I always enjoyed this movie when I was younger, but after watching it recently, post-crypto, I realized there were some great underlying lessons for why we need a hard money. Put the ethics back into money production. Clearly it's written pro-Bitcoin, but applies to all decentralized crypto

Edit: Direct URL if it helps: https://www.bitcoinbrothers.io/home/a-lesson-in-hard-money-w-hayao-miyazakis-the-castle-of-cagliostro

A Lesson in Hard Money w/ Hayao Miyazaki’s The Castle of Cagliostro1,2

The lowering of a fiat curtain sealed off all connections to a hard money standard and our global economy has sunk knee-deep into a bog of fiscal uncertainty, mooched by money-sucking mosquitos a la fractional reserve banking, whipped by the winds of politically-fueled monetary policies, and a populace’s perspective clouded by the indoctrination into an inflationary ideology. Unsound monies are defenseless against the gaming of its production and purchasing power, making the utilization of an unsound money prone to the personal goals of megalomaniacs. The antagonist in The Castle of Cagliostro enslaves the world’s economy through the flaws of fiat as an unsound money.

“… these monetary institutions have not come into existence out of any economic necessity. They have been created because they allow an alliance of politicians and bankers to enrich themselves at the expense of all other strata of society.” - Hülsmann Jörg Guido (The Ethics of Money Production, Pg. 239)

Bitcoin provides an exceptional alternative to the insurmountably and disgustingly corrupt fiat system. A system that is free from self-motivated and centralized entities enables greater individual future certainty than any monetary policy tweaking could hope to accomplish. While FUDers have yet to connect the dots between Bitcoin and individual sovereignty, these same people are largely cognizant of the widespread politician pocket-lining innate to traditional monetary institutions. These people will initially blame voters who brought the corrupt politicians to power, but regardless of who voted them into office this isn’t why politicians are synonymous with corruption. Then, these people look to blame the greedy bankers encouraged by capitalism and the free market who are lobbying for self-interested goals, yet this still isn’t the reason as to why politicians are susceptible to corruption regardless if they are pro-capitalist and lobbied by big banks. Finally, these people resort to blaming the other side of the political spectrum for being rife with corruption and selfishly motivated, yet this still does not pinpoint the exact reason for why politicians of all political spectrums can be corrupted. FUDers prefer to point fingers but fail to realize the smokescreen that politicians and bankers employ to distract them from the source of corruption. There exists a disconnect until one realizes that Bitcoin exists not as a speculative asset, but rather as an immune system guarding the freedom of individual wealth against the virus which enables corruption—that is, the ability to create money and dictate its distribution at the lift of a gluttonous finger.

Relinquishing the production of money in a decentralized manner discourages dishonest public servants specifically seeking positions that fulfill their aspirations for wealth and fortune instead of prioritizing public good. Without a means for politicians and bankers to enrich themselves (through the technique of indirectly taxing citizens via inflation), the role of policy-making can be separated and free of influence from the inevitable temptation to conjure up more money to carelessly continue bribery and corruption. Even the most stringent, respected leaders can lose their moral bearings and become persuaded to corrupt or, due to the fickle nature of tweaking monetary policies, be required to confront fiscal complexities with enormous pressures and little time to react; thereby emphasizing the necessity to remove centralized control over money production and de-politicize the distribution of money. Perhaps unwittingly, Hayao Miyazaki taught us this valuable lesson and to appreciate the benefits of an immutably hard money over four decades ago.

The classic 1979 feature-length anime film The Castle of Cagliostro is an endearing and captivating tale centered around a sly, charming thief’s unquenchable thirst for the next big heist. I thoroughly recommend watching the film in its entirety for full plot context as this quasi-analysis will be focused on story components regarding the flaws of fiat. The movie’s introduction sets the scene with our mastermind thief, “the Wolf”3, and his trusted colleague, Jigen, sprinting out of the front doors of a glitzy casino, hugging bags full of money and paper bills pluming from the getaway car. They escape the casino’s security personnel without breaking a sweat, but Wolf quickly realizes the money they stole was all counterfeit! Yet the counterfeit money was legitimate enough to fool the national casino where Wolf and Jigen stole the money straight out of the vault. That would mean whoever created these counterfeit dollars holds the keys to a fountain of wealth—the printing presses that create limitless riches and power. At this point, depending on the viewer’s dosage of orange pill, we can already foresee the dangers of a printing press producing convincingly counterfeit money. If a malicious entity can create counterfeit money good enough to be circulated in a government-owned and operated facility4, then there is no theoretical end to the exploitation that this entity could inflict. There is an obvious reason why counterfeiting money is illegal and that is because money becomes effectively worthless when its supply is severely diluted with quality fake money that can’t be detected by the government itself.

Jigen (left) and Wolf (right) make their great escape!

On a thief’s hunch (plus elements that would spoil the movie), Wolf and Jigen journey to the Castle of Cagliostro where Wolf suspects the printing presses are located. For additional context and to not delve too deep into the movie’s details, the primary plot involves Wolf, our protagonist, saving a princess in distress, Clarisse, who is about to be forcefully married to our dastardly evil and wickedly abhorrent antagonist, Count Cagliostro, the country's regent and an enormously influential world leader. Hot on the Wolf’s trail is his longtime pursuer, Inspector Zenegata of Interpol, whose character acts as the moral compass in an otherwise centrally corrupt justice system.

The evil Count Cagliostro!

Aside from some over-the-top, cartoonish amounts of security measures Count Cagliostro’s castle provides (like auto-aiming lasers) and keeping the printing presses out of plain sight, the Count is able to amass limitless wealth right under the nose of Interpol because paper money is easily forgeable relative to an immutably hard money like Bitcoin. Beyond the forgeable aspect of paper money, there is no publicly auditable ledger for a money-producing jurisdiction or an international watchdog to track the circulation of unmarked bills, making fiat far more appetizing for criminals to adopt than Bitcoin. Who will know if the Count prints unmarked bills in order to economically crush a political foe through dilution of their money supply? This fictional scenario is strikingly similar to the trade beads that were exchanged as money in African nations between the 16th and 20th century, where the advanced production of beads using methods employed by European artisans enabled exploitation in the manner of a speculative attack on this African monetary system—effectively crippling its role as a money and subjecting these nations to perpetual poverty.

Accordingly, there exists the persistent need to crush opposing political dissidents from exposing the Count’s operation. During the story’s rising action scene, the Count captures the Wolf and imprisons him in the castle dungeons where corpses of political opponents have accumulated across 400-some-odd years of the Cagliostro rule. As for Inspector Zenegata, who initially came to the castle to arrest the Wolf, he gets a little too nosy in the Count’s personal affairs and similarly finds himself in the castle dungeons. Expressing suspicion against the Count or so much as potentially representing a threat in dismantling the Count’s operation results in one’s immediate confinement to the castle dungeons. There are similarities to the Count’s tight control over his counterfeiting scheme and the USA’s tight control over the monopolization of money production. Much like the USA, the Cagliostro family is renowned as too powerful to touch, even by Interpol, further cementing their imperviousness to the laws that only apply to the peons.

Wolf (left) and Inspector Zenegata (right) settle their differences to take down the Count!

While navigating the maze of sewers comprising the castle dungeons, Inspector Zenegata runs into Wolf and thinks he finally caught the world’s greatest criminal… but disappointment settles in as he realizes they are both equally lost in a dungeon and thus can’t formally arrest anyone. To find their way out, the two enemies agree to a truce and Wolf reveals to Inspector Zenegata there is a secret treasure in the Cagliostro Castle. That secret treasure, Zenegata soon finds out, are the printing presses operated by Count Cagliostro. Upon finding the printing press room, packed with rows of machinery and stacked crates of freshly printed bills, Zenegata exclaims it is the largest operation and best counterfeit he has ever seen. Wolf remarks that they are the best machines money can buy—a testament to the resources and power the Count is able to garner through exploiting unsound money. In exploring the printing press room, Inspector Zenegata and Wolf discover counterfeit monies of Japanese Yen, German Deutsche Marks, Swiss Francs, US Dollars, Russian Rubles… even Italian lira. Fake money from every country in the world. Inspector Zenegata responds appropriately upon discovering this egregious crime:

“The world is at his mercy!”

Inspector Zenegata marvels at the scale of Count Cagliostro's operation.

The Wolf, apparently already orange pilled and aware of the ramifications that an unsound monetary system enables, comments:

“This is how the Cagliostro family has been able to build a secret international empire, the principality has been running on phony money for centuries! The counterfeiting scheme weakened all his enemies. Seemingly insignificant Cagliostro ruined the Bourbon dynasty. They caused the 1929 depression, they’ve secretly controlled global economics for centuries. This is the source of Cagliostro’s fabled wealth. An international counterfeiting ring that has ruled the world’s economy through conspiracies and assassinations We’ve gotta stop ‘em!” 5

The movie depicts a montage of economic recessions, wars, political squabbling, and rioting. Wolf’s comment resonates beyond the film’s fictional setting and lands more in the realm of reality. The economic terrorism capable by affluential families and figureheads has indeed resulted in secret international empires beyond the reach of laws and regulations. To name a few: the Rothschilds, the House of Saud, and the Koch family. Although these entities can’t print their own money (as far as we know), they certainly can lobby and buddy-up with those who manage the printing presses. The tool that these affluent entities use, unsound money, permits these vectors of economic attack and ensures their oligarchy remains unfettered. The Count weaponized this tool to his advantage because the only gatekeeping to power is the price tag to buy a politician. With endless monetary resources at his fingertips, the Count can form strong alliances within Interpol through bribing or, if necessary, blackmailing that guarantees his counterfeiting operation continues without interruption.

Subsequently, malicious entities like the Count have no incentive to use their influence responsibly and herein lies the fault with conflating trust in human goodwill and the production of money. This is the weakest link and primary point of failure in a fiat monetary system that, when the Count feels like it, can devastate whole economies. The ability to choreograph the value of a single unit of money is a monumental role to manage that always attracts the most power-hungry individuals. Humans are a self-serving, self-interested creature at heart. Therefore, it would follow that money production should be separated from humans or else the production of money becomes fundamentally unethical and a conflict of interest. It comes as no surprise that naturally flawed humans continue to support a flawed, unsound money to benefit their personal objectives.

Furthermore, Wolf adds that Count Cagliostro can’t be arrested because, sure enough, counterfeiting money isn’t illegal in Cagliostro’s country. Since they can’t confront Cagliostro legally, they formulate a plan yet to be revealed to the viewer and together they look to bring justice against the Count’s crimes. To avoid further details and spoiling the film entirely, the reader just needs to know that they flee the castle and Wolf slips away from the Inspector. Inspector Zenegata managed to smuggle out some evidence in the form of printing plates and counterfeit notes. Consequently, since Zenegata cooperated with the infamous thief to escape instead of arresting him, Interpol orders the Inspector to return home after “harassing” poor old Count Cagliostro.

Of course, Wolf was the only witness who could have testified to the counterfeiting operation and Zenegata’s lack of compelling evidence could not convince the members of Interpol to interfere due to the power Cagliostro held over them. One member agreed these were the best counterfeit he’d ever seen, another member whispers it would be a waste of time pursuing legal action against Cagliostro. Zenegata, understandably frustrated with Interpol’s lack of interest in convicting the Count, asks the room what they are afraid of or if Cagliostro controls them all—which they all of course deny such a notion. Instead, Interpol defends their position and says they cannot meddle in the internal affairs of a sovereign nation such as Cagliostro. Zenegata, now fully orange pilled, implores the members of Interpol to realize the catastrophic power that a central entity can have when in control of a money supply. Zenegata rightly argues that this is no political matter—it’s criminal! Yet he is again met with doubt and skepticism. Russia’s Interpol delegate concludes that everyone agrees the Count’s reputation is above suspicion and this is likely a conspiracy by the Americans to usurp Count Cagliostro. And just like that, Zenegata’s attempt to convict the Count fails and the discussion takes a tangent as Interpol members devolve into tribalistic finger pointing. Additionally, the Inspector’s reputation is smeared when the front page news published pictures of him and Wolf slipping out of the castle together.

That’s what you get for going against the Cagliostro family. Without physically pulling these Interpol members out of their chairs, dragging them down to the castle, and taping their eyelids open to see the evidence for themselves, there would be nothing damning enough to convict the Count. Even then, the Count already owns some of these Interpol members and would just buy off those who put up a fight. Eventually any members of Interpol who still have a grain of grace left in them are vastly outnumbered and the cycle is successfully repeated—Count Cagliostro’s branding is further strengthened as an untouchable force to be reckoned with. The Count continues to rely on weaknesses in unsound money: capability to counterfeit and an infinite supply cap. By removing the Count’s limitless resources, he no longer has the crutch that affords him the luxury to buy influence. Unfortunately, this is easier said than done. It appears that the only meaningful solution to constrain people like the Count would be adopting a money that has a limited supply cap and a virtual impossibility to forge, but regrettably Bitcoin does not exist in this film’s timeline. So instead of ushering in a new monetary era free from the tyrannical reigns of a centralized, malicious entity, our dynamic duo gets crafty in capturing the Count.

Wolf (right) returns to Castle Cagliostro to stop the wedding and save the princess (left).

Nearing the film’s climactic face-off between the hero and the villain, Wolf sneaks back into the castle and disrupts the Count’s vows to save the princess from her forced marriage. Inspector Zenegata, attending the wedding under the guise of trying to nab Wolf once again, sees his opportunity amidst the wedding chaos and directs a nearby TV crew to follow him as he arrests the Wolf… but Zenegata actually steers the TV crew down to the cellars of the castle where the printing presses are hiding! Perhaps my favorite moment of the film is where Zenegata acts as though he took a wrong turn and discovered the world’s biggest crime syndicate. Humorously, the scene transitions to show the Interpol members watching the wedding’s live broadcast and are experiencing Zenegata’s point of view as he barrels down the stairs towards the printing presses. If Interpol is watching the broadcast, then the whole world is also watching it and will be witnesses to the counterfeiting ring Cagliostro operates. Zenegata busts into the room and, with an attempted look of shock, states:

“What do ya know? Printing presses! What could they be printing, I wonder? Hmm, let’s take a look... [Inspector Zenegata picks up a fresh sheet of printed bills and presents it to the camera] What’s this? It’s money! Counterfeit! Well, what do ya think about that? What a break! I found this purely by accident! My investigation with the Count was closed and I was after the Wolf! Can you believe it?” 6

The scene then returns to the Interpol members circled around the TV where one of them face-palms with resignation, “we’ll never be able to cover this up” he says. An admittance that not only did Interpol want to avoid pursuing the Count, but also that they wanted to drink from the fountain of wealth provided by Cagliostro’s counterfeiting ring. Politicians so corrupt that it required cold, hard evidence to be publically broadcast, live, to millions of viewers. The movie concludes with the collapse of the Cagliostro empire.

There are clear drawbacks associated with centralized money, a la fiat and other unsound monies, that are fundamental to understanding Bitcoin’s accomplishments. Bitcoin provides a publicly auditable ledger that allows for anyone of any economic background to verify the security of the network and the integrity of the coin. This means that Bitcoin can’t be counterfeited; the apolitical code won’t let you and that very code lives inside a decentralized force field making its manipulation virtually impossible. Satoshi understood that humans are innately selfish, so Bitcoin is programmed to exploit this human trait to its advantage. Participants in the Bitcoin network naturally want to maintain their individual sovereignty and will selfishly protect the network from malicious actors—which has the indirect effect of securing the network for all participants. Manipulation of the network becomes uneconomical for an attacker as the value proposition of Bitcoin fails if it can be easily attacked. If we can realize the opportunity that an immutably hard, sound money like Bitcoin provides for individual sovereignty7, then we can effectively expel the evils enabled by centralized, unsound monies.

This has been an explorative thought process that is a bit of a break from conventional analysis of non-fictional events in the history of money. Considering the movie’s primary plot follows the relationship between the thief and the princess, the interpretation I’ve put forward is certainly not a perspective explicitly stated by Hayao Miyazaki and thus should not be considered a view that Miyazaki intended to endorse when making this movie. However, I doubt Miyazaki accidentally slipped in a lesson on hard money since he has always been vocal in trending topics such as economics and politics8. The Castle of Cagliostro is a masterpiece in storytelling, soundtrack, world building, and character creation that also subtly brings to light the corruption brought by a fiat system.

The secret treasure of the Cagliostro Castle is revealed to the world.

References

  1. Miyazaki, Hayao, director. Lupin the 3rd: The Castle of Cagliostro. Toho, 1979. Streamline Pictures' 1992 English dub.
  2. Direct link to written article URL: https://www.bitcoinbrothers.io/home/a-lesson-in-hard-money-w-hayao-miyazakis-the-castle-of-cagliostro. Posting for a friend.
  3. Streamline Pictures’ 1992 English dub contains several deviations from the original Japanese script. Due to copyright issues with Maurice LeBlanc's estate, the creator of the fictional gentleman thief and detective Arsène Lupin, our thief is referred to as "the Wolf" in this paper.
  4. “Treasury, Federal Reserve and Secret Service Issue Report on High Use, Low Counterfeiting of U.S. Currency Abroad.” U.S. Department of The Treasury, 25 Oct. 2005, www.treasury.gov/press-center/press-releases/Pages/hp154.aspx.
  5. There are a few translations from Japanese into English. For this paper, we refer to the English dub by Streamline Pictures 1992. In other translations, Goat Money or goat-bills is used to refer to fake or phantom money counterfeited by the Cagliostro family.
  6. “The First Miyazaki Movie | The Castle of Cagliostro.” YouTube, STEVEM, 8 Feb. 2021, youtu.be/fujZjgigZpg?t=1096.
  7. Davidson, J. D., & Rees-Mogg, W. (1999). The Sovereign Individual: Mastering the Transition to the Information Age. Touchstone.
  8. “Hayao Miyazaki on Trump, Japan's Military Role and Your Name.” YouTube, Koganei, 26 Apr. 2017, www.youtube.com/watch?v=sMQVYdfqKUU.

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How to check the checksum of the blk_____.dat files?

I noticed that during initial block download (IBD) the blocks can arrive out of order and will hence be stored out of order. I'm maintaining a few nodes and, although it is busy work, I'd like to store the blocks in the blk__.dat files sequentially. My main goal of this is to allow me to have a reproducible SHA checksum for the blk__.dat files. I do my IBD on fast machines and run the live nodes on slow machines. Doing this process on the "slow" machines would take forever, hence the need for checking files at rest with an off the shelf checksum utility.

My best guess to get this done would be:

  1. Perform an IBD on some node.
  2. Use the linearize script to create a bootstrap.dat file.
  3. On a "fresh" install of 0.21.1, import bootstrap.dat using the -loadblock switch
  4. Checksum all the blk_____.dat files I wish

Once done, any node created using step #3 should have matching checksums for "old" blk_____.dat files. Obviously blk_____.dat files created after the loadblock event have the potential to have out of order blocks again.

Is this correct?


Crypto in Afghanistan

No, this isn't a push to make a case for why Afghanistan needs crypto.. in fact its the opposite.

Can we stop with the attempted agenda injections? It's obvious we all love crypto and want worldwide adoption and ,sure, having access to a better financial situation could potentially be an immense help in certain situations.. but people aren't falling from planes because they can't buy Bitcoin, people aren't having their doors kicked in for wanting to stake ETH, and people certainly aren't dieing for the sake of shilling shitcoins.

Economic conditions have been and almost always will be an underlying catalyst for people's suffering, but during a humanitarian/social crisis is not the time to try convincing anyone that crypto could've prevented this or somehow would change the minds of those with ill intentions.

I believe there ARE some smart, well informed individuals, well intentioned people within this massive sub but I also believe r/Politics may be a more appropriate place for perspectives on the current events. Nobody here is qualified to justify how crypto politics should be levied as a tool for peace or war. We promote crypto by advancing its use cases and technology, not speculating the suffering of strangers.


The Ethereum triple halving and why ETH will easily overtake BTC in marketcap

So, why do I make such a confident claim as to why Ethereum will easily surpass BTC as the largest cryptocurrency by almost every metric including market cap? Simply put, its because the Ethereum selling pressure is going to reduce by as much as 90% – the equivalent of three Bitcoin halvenings in the span of 12 months. ETH will experience what is known as a triple halving, yes you read that right, a triple halving. To understand the triple halving of ETH we need to first understand what the BTC halving is:

  • A Bitcoin halving event is when the reward for mining bitcoin transactions is cut in half.
  • This event also cuts in half Bitcoin's inflation rate and the rate at which new bitcoins enter circulation.
  • It is widely thought that all previous halvenings are closely correlated to the initiation of bull market cycles leading to much higher prices than previous cycles.

https://preview.redd.it/ya4ccg2yuqh71.png?width=1070&format=png&auto=webp&s=cb05471edf3ba58045ef2534d2b377c4f5413c91

Ethereum will undergo a triple halving, or in other words, 50% * 50% * 50% = 12.5%, i.e. a 87.5% reduction in issuance which is the equivalent to 3 consecutive Bitcoin halving events. The upcoming Triple Halving will likely lead to a price explosion that I believe will allow ETH to easily overtake BTC in market cap. In this post I will discuss **two** key events that lead to the triple halving and why ETH will then easily overtake BTC as the most dominant crypto currency.

  • The first event, and likely the least impactful of the three events will be caused by EIP-1559. On August 5th, EIP-1559 was passed, which means that 70% of the transaction fees in Ethereum will continually be burned. The more the network is used, the more fees will be burned. It is expected that with the deployment of EIP-1559, Ethereum would become net deflationary and stand at 2% negative annual issuance. In just one week over $100M of ETH was burned, this is insane. The drop in sell pressure represents a 30% reduction with the release of EIP-1559 which represent just over half of one BTC halving

https://preview.redd.it/cneo5zbzuqh71.png?width=853&format=png&auto=webp&s=636dc44bcedbadf71323f6e2ba73c5e23ced28f1

  • The second (and very significant) cause would be the transition to Proof of Stake (POS) from Proof of Work (POW). To understand what this means we firstly need to understand Ethereum mining. As it stands, approximately 12,800 ETH (equivalent to $39,000,000) is rewarded to miners for running the Ethereum network and keeping it secure every day. Since ETH is still in a Proof of Work system most of this ETH is immediately dumped and sold into the market. Since the miners run a cash business, they need cash for electricity, equipment, paying investors etc. So everyday there is **at least** $39,000,000 worth of selling pressure for ETH each and every day. The implications for this transition means that ETH will go from a mine and dump economy (POW) to a stake and restake economy (POS). POS encourages saving as the more ETH you have the bigger your monetary benefit; this will not be for true all people as of course people will still sell a lot of ETH but most people will hold and restake their rewards as time goes by, enormously reducing sell pressure.

https://preview.redd.it/2y8ue7j0vqh71.png?width=885&format=png&auto=webp&s=c5767436475c53af3d23266a2edb01c4cfde5998

So now you know what the ETH triple halving will lead to ETH being deflationary and have a ~90% reduction in sell pressure, we will discuss why ETH will overtake BTC in market dominance. Firstly, price leads narrative. A narrative by itself potentially creates a price increase. A narrative with a significant price increase validates the narrative and induces a price explosion. The following events will convince any investor that ETH is ultra sound money:

  1. Exploding active accounts and transaction volume
  2. Low fees - The most significant problem with Ethereum is scalability and is about to be solved, once and for all. The Layer 2 deployment is in full swing and the transaction fees will come down in the future
  3. Powerful DeFi & staking yields
  4. An environmentally-friendly Ethereum 2.0. ETH 2.0 will require 99% less energy to run and this is required to break into mainstream adoption. This is an obstacle where BTC failed. BTC is currently using up 0.7% of the world’s electricity while only serving 50 million people and you would likely need to use 70% to serve 5B (Full global adoption). Climate protection is the number one agenda in many developed countries and simply for this reason is why BTC will never truly be able to become mainstream

Another likely scenario is sooner rather than later Elon Musk will ride the ETH bandwagon, the news of Elon Musk praising Ethereum’s soon upcoming launch of energy-friendly Ethereum 2.0 POS will be enough to propel ETH to 5 digits alone whether this is a good or bad thing is another debate in of itself.

https://preview.redd.it/wcamms32vqh71.png?width=1881&format=png&auto=webp&s=c1e0b067bcaae94c80fb6c4c3a8b63c7052a4816

https://preview.redd.it/74zr1o32vqh71.png?width=1895&format=png&auto=webp&s=f3b0a8f4b22364743a50e007bdfa4a5552df4548

https://preview.redd.it/lh1arw32vqh71.png?width=877&format=png&auto=webp&s=4248e6bd0ba1a270e655816f5034e4c04f67a42f

Now, we must also take into account that all this will be happening when there is record demand for access to the Ethereum blockchain for DeFi and NFT's. ETH is simply too important relative to BTC. Ethereum has flipped Bitcoin in every important metric, the last remaining metric is the market cap and that is only one 2.5x of Ethereum away.

But now you may ask, isn't this narrative already priced in? Well no, I don't believe so. The Triple Halving narrative only came into existence on April 27th (A 79 page investment report on why ETH could hit $150,000 by 2023 can be found on this link https://drive.google.com/file/d/1bECqgijhgjdS782AB620gFjK5qx-vA99/view?usp=sharing ) how many of you had even heard of the ETH triple halving before reading this post? The average person will have no clue what even an Ethereum is but almost everyone has heard of BTC. In the last cycle the world discovered BTC not ETH, this cycle the world will discover ETH. BTC's first mover advantage will only take it so far and over time will begin to mean less and less. The shifting narrative of BTC to ETH will come as a result of BTC failing to be environmentally friendly and BTC will always fail at this hurdle as well as the very limited utility of BTC. Another reason why its unlikely this has been priced in yet is the Bitcoin halving was never priced in even though people knew about it 4 years in advance and it always led to a 100x price increase.

Now we must also discuss some major reasons why this laid out foundation for the price of ETH to explode could be hindered. The journey for ETH will not be straight forward by any means and will likely be plagued by delays and many other unforeseen events.

  • Scaling could fail to reduce fees - Adoption can be too fast or Optimism is delayed or not adopted quickly enough by the main gas consumers (Uniswap and Tether).
  • POS is delayed - This is ETH we are talking about and this scenario is very likely to happen. POS is scheduled for late 2021 but will more likely come in early 2022
  • Transaction fees end up being so low that due to scaling or lack of usage (bear market) - If Ethereum scales too well, fee burns would not have such a big impact on price.

There are also some other issues that are less likely to occur such as a $10 Trillion market cap ETH could cause a regulatory risk as an unregulated decentralized entity being worth so much is a scary prospect for many governments to deal with.

TLDR: ETH is already beating BTC in almost every important metric except market cap, with the EIP-1559 update and upcoming transition to POS ETH will loses 90% of its sell pressure or the equivalent of three BTC halvings in the timespan of 12 months leading to a price explosion that some predict could hit $150,000 by 2023 (https://drive.google.com/file/d/1bECqgijhgjdS782AB620gFjK5qx-vA99/view?usp=sharing).

This is the gwei.


Pig-Butchering Scammer Wanted to Meet/Have Sex ~I'm Out $10K

TLDR: This is about 4 days post this situation. I feel better than I did when it initially ended that I can now talk about this. I lost $10k. I invested $5k and paid another $4k to pay the taxes to get it out and obviously it didn't work. My scammer actually gave me specific dates to meet and really wanted to have sex with me. This whole charade lasted 31 days.

I met my scammer on Facebook dating he came to Chicago from NY on a business trip and that's how we matched. I actually slid into my scammer's DMs on Facebook dating, he listed his job as a minimum risk bitcoin investor. I was intrigued and actually messaged him first. He almost immediately wanted to move to whats app. We talked about what we wanted in a family, our career, where to live, and all our future travel plans. We never talked on the phone or skyped (big mistake on my part) We exchanged pictures of ourselves and of our daily lives, (a very good-looking Russian guy, they looked so real, almost like they were taken just that second). He actually sent me pics/videos of his friends and him (never his face, but faces of his friend/performer) at a bar in NY (i was able to track down the bar on Instagram- a very Russian bar in a Russian part of NYC, find out that the performer at the bar was there the same time he sent me the video of her singing, I'm still mystified by this because this event made it seem so real/true) He really played on my emotions, saying we have the same morals and values, and I was exactly what he was looking for in a wife. After about a week of talking, he told me his uncle has insider trading and he would even show me the screenshots of his winnings. He sent me a link to download SKEX and I did. and at first I invested $1k made $700, was able to pull out $100, I got greedy and wanted to leave in profits to make more in trades. So I added $3300 more. I trusted the app if I was able to withdraw from it.

We traded a few more times and I never tried to pull money out. He kept telling me he was showing his love for me and proving himself to me by making me this money. I went out one night came home tipsy and started to actually sext him, in a broken weird translation he replied about oral sex, used terms like juicy/moisture ( i chalked it up to the language barrier). I'm not proud but I did send him a partially nude, and a picture of me in my bra. I then received an erection pic in his sweatpants, even though it was a day later. (makes sense now bc the scammer probably had to go and find a stock photo to send me) He wanted more pictures but I said I rather he sees it in person. He actually agreed and said he has off for Holiday from work in mid-August and will come to Chicago and we could go on a vacation together. I was obviously really reluctant and told him lets meet first before we plan something like that. He became angry saying has our past conversations did not matter, we have seen each other's pictures, that we share the same morals/values/hobbies that we will be perfect together.

At one point I was up $35k in the account, I could not take it out, customer service said I made too much money too fast I had to pay a 20% tax. He agreed to pay 5 out of the 10k I owed. Stating this is his love for me. I thought this was real if he paid half, so I agreed to pay the other half, I had to wait a couple of days for my bank to transfer money into my coinbase for the money to be tradable. During this time the messages were not as frequent but when they were he would talk about the upcoming vacation, and he was asking how much time I could take off from work? He had a final conference in Chicago on the 18th then he would be off for a month. I have to work on the 18th and he asked if he could pick me up from work and he would take me out to a romantic dinner and after we would go back to his place and do something more meaningful. He literally would sometimes just message me how excited he was to be together in a week, how I could wake up in his arms, take baths together, and just spend all this time together. I admit I was starting to eat it up. I actually went and bought outfits for this "vacation"

The money finally cleared I was able to transfer it, of course, I was hit with late penalties and had to owe a 5% penalty of the current portfolio: a total of $4k. I told my scammer I was done I can't do it anymore that's enough money. He tried a few times to get me to just send him the money and he would take care of SKEX for me. I said no and stupidly asked if we are still on for the 18th. I have not received any messages back since I said I will not be adding any more money. He hasn't blocked me and I can still see that he is "on-line" in the app.

The emotional toll has been the worst part. I feel like maybe it is a Russian guy in NYC that is pulling this off. I know I lost $10k but I feel like I lost a friend/partner. The stories/hopes/dreams for the future we exchanged, our day-to-day lives, the "intimacy", the vacation planning all abruptly ended. This thread has helped me out so much and I hope my story helps others: you are not alone and you are not stupid for falling for this. I "fell in love" with a picture/a fantasy and it wasn't real at all. It's ok to feel like a fool, but don't beat yourself up too much. Learn and grow from it, and move on, living in the past is not going to change it or make it better.

https://preview.redd.it/3g66gnsx3rh71.png?width=360&format=png&auto=webp&s=1985616309adb47f1a45863de41b5655cc65de7b

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[Mon, Aug 16 2021] TL;DR — Crypto news you missed in the last 24 hours on Reddit

r/Bitcoin

It blows my mind how many people are sitting on the sidelines waiting to buy bitcoin at $15-$20k

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AMC will allow bitcoin payments for tickets in their cinemas by the end of this year

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Nothing like finding $2k worth of Bitcoin on an old, forgotten account.

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r/ethereum

Grayscale Assets Under Management (AUM) Now Has $10 Billion Worth of Ethereum

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Vitalik Buterin: Moving beyond coin voting governance

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Microsoft intends to combat piracy by utilising the Ethereum blockchain

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r/CryptoCurrency

Cryptocurrencies would NOT have saved the people of Afghanistan......

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WALMART posts job opening for "DIGITAL CURRENCY AND CRYPTOCURRENCY PRODUCT LEAD" one hour ago

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I've earned more money staking crypto in a week, than I have holding it in my bank for 5 years.

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r/btc

Paying for Lowe’s with BTC. Hodlers get at me.

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If you are an afgani citizen your life savings are gone, as the Taliban have taken Kabul there is no currency for you too withdraw. This is why the people of afganistan need help.

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Bitcoin Cash has never been Cooler!

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r/SatoshiStreetBets

I strongly agree with this… Safemoon will be changing lives very soon thank me later

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Doge train is leaving the station 🚅💨, next stop on the moon! 🚀

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Highly accurate 100% 😂🤣

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r/CryptoMarkets

Bitcoin Steps Closer to $100K as Crypto Market Reaches $2T

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REIMAGINE 2021 the world's largest blockchain education event is live right now. Universities, companies, and interesting speakers discussing crypto and blockchain tech

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Cryptomarket last week’s Movers and shakers from Crowdsense

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r/CryptoCurrencies

I live in a corrupt country with a failed economy, and crypto is the only thing keeping me alive.

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Whales Say “Greenlight on $HANU” + Leaked GojiSwap Images

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Impossible Finance is excited to announce our first project to graduate from the Impossible Incubator and participate in a public Impossible Launchpad – the Impossible Decentralized Incubator Access (IDIA) token.

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r/CoinBase

I publicly apologize to u/coinbasesupport

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Coinbase falsely reports a fix has been implemented.

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"The issue has been identified and a fix is being implemented. "

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r/binance

How I got hacked and lost 80k USD in a few hours.

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Can anyone tell me what happened to over $200 of my funds when I sold my crypto for USD?

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Is there anything like this on Binance? Where you can see how much you bought for what price.

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r/Ripple

Sec vs. Ripple : hell week begins. Jeremy Hogan is back

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Does anyone have a reason for Coinmarketcap to be doing this?

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Daily Discussion 08/16/21 [Join FlareXRP Discord] - discord.com/invite/FlareXRP

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r/litecoin

Reminder the USD is a terrible store of value, litecoin will never inflate it's supply due too a political or financial crisis as there will only ever be 84 million litecoin.

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Night Sky Crypto - Buy a star with Litecoin

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How to Mine Litecoin (LTC) in 2021?

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r/Monero

Another reason to use monero

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As expected: Monero on LWT with John Oliver painted as the crimicoin.

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The day a Surveillance Coin user learned about dusting attacks

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r/Stellar

I’ll say it. XLM is indubitably underrated.

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Is stellar part of the ISO 2022?

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/r/Stellar Daily Chat Thread

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r/cardano

Does anyone else find Cardano’s future more than promising?

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NEW CARDANO NEWS - Mike Check-in Day (Put it in your Calendar Folks)

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Cardano staking cycle; why you have to wait a few weeks for rewards

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r/NFT

BitPunk 1. Kicking off the BitPunk NTF Collection by giving away 500! Just put your address in the comments and ill send you a free BitPunk NTF!

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Crypto Birthday Cakes. We want to celebrate breaking the 25% sale mark! If this post gets over 25 upvotes we'll give away ONE FREE CAKE to a random person who comments.

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Just bought my first NFT! Anyone want to drink a beer with me to celebrate? Post your address and will send you a sixer!

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