Wednesday, June 2, 2021

About today's DOGE pump.

Hello all. So as we all see by now DOGE is pumping. The reason being supposedly the listing on Coinbase, although historically whenever a coin got listed on CB, it dumped the next day.

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Anyway, im looking at the charts now, trying to figure out what's happening.

And i think i see a trap.

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Bear with me. As we all know altcoins move wherever and whenever Bitcoin moves, independently of their own movement. DOGE had been dragging along its support line for some days now. Whoever's been selling all this time, somebody's buying. (Edit: Although i have a feeling most trading was bot trading these past days) Today, it bust out back into previous levels that we had before the end of this run *but still doesnt break any significant resistance line* to indicate that this is somehow an extraordinary movement.

​

So the mechanics of the trap: DOGE has been pumped hard today. Not a hard thing to pull off in a cooling down market though. It's seemingly back at 42-44 cents. In the event that Bitcoin bumps back into the 44s (a thing im expecting), DOGE would seemingly have another rise of around 20% in the USDT pairing. All this time, the perfect opportunity exists for a prepared party to keep dumping their coins while the price that most check, the DOGE-USDT pair, keeps going up.

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Now i understand that this scenario has hard restrictions that need to play out but as quoted by Dave "The markets dont move, they are being moved" and i dont see any other reason for a major pump during a FUD period, other than a trap.

What are your thoughts?


Add to your calendar ReddCoin (RDD) event: Bitcoin.com Listing - June 3, 2021

https://kryptocal.com/event/65372/bitcoin-com-listing

Cardano Rumor Rundown JUN 02 2021

Hey Everyone!

Let's go...

Newly covered today:

  1. Reuters reports on an EU digital identity wallet project. https://www.reuters.com/business/finance/eu-step-up-digital-push-with-digital-identity-wallet-2021-06-01/?taid=60b6e171efd84f0001b64ae1&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
  2. The U.S. Currently has Issued Sanctions on Ethiopia, but they are not all-encompassing economic sanctions as with rogue nations, they have just barred entry into the U.S. for certain government personnel. https://www.nytimes.com/2021/05/24/world/africa/ethiopia-us-sanctions-tigray.html

Previously Covered but still interesting:

  1. The Essential Cardano List is published by IOHK. (credit to /u/cascading_disruption for pointing this out) https://twitter.com/InputOutputHK/status/1390728385945550848
  2. Cryptodoggies.org NFTs are now available. The website says 50% will go to a community voted animal charity. https://www.cryptodoggies.org/
  3. For those learning Haskell, Check out this new video on Type Theory. https://www.youtube.com/watch?v=Y7blCeETJo8
  4. Also, Lars puts out a new Plutus Pioneers video on Native tokens. https://www.youtube.com/watch?v=6VbhY162GQA
  5. ADA is the most crypto of all cryptos. George of CryptosRUs pointed out in a recent video that he couldn’t find any trace of a VC firm owning Cardano in its portfolio in his search of the categories section on CMC. This makes sense if you know Cardano. Would freedom and decentralization loving Satoshi not throw up a little in his mouth to find out that VC ownership of cryptos was a metric people would care about in 2021? The lack of VC stake in the very decentralized and freedom loving Cardano only adds to our already iron-clad claim on the mantle of the most crypto of all crypto projects. Our ecosystem never sought to attract VC money that would only centralize ownership in a smaller number of hands. This doesn’t even address the current extreme centralization of block validation in BTC and ETH. https://coinmarketcap.com/cryptocurrency-category/ https://etherscan.io/stat/miner?range=7&blocktype=blocks https://www.blockchain.com/charts/pools
  6. IOHK has dropped a new article on the status of KEVM and IELE. Grigori Rosu of Runtime Verification says a proof-of-concept of IELE should be ready in six months. This is a key component in how we get to the ocean of all developers as we grow beyond the pond. https://iohk.io/en/blog/posts/2021/05/10/runtime-verification-iele-from-interoperability-to-universality/
  7. Cardano saw a new challenger enter the scene with Internet Computer (ICP) debuting very high on the CoinMarketCap charts. However, a look into ICP makes one question whether they are really in the Gen. 3 Blockchain race at all given that available information indicates the blockchain runs via datacenters hosting standardized hardware and that those datacenters can only join the network with the permission of the “Network Nervous System”. You could say that the winner of the Gen. 3 Blockchain race needs to solve the blockchain trilemma of decentralization, security, and scalability. If that’s true, then it’s arguable that ICP is not even competing in the decentralization leg of the race. https://youtu.be/zHl-oVPoX88?t=97
  8. The new venture of Sebastien, Nico, and Robert Kornacki is announced: https://twitter.com/dcspark_io. That’s a hell of a team!!!!
  9. The Cardano Subreddit hit 400k users! https://www.reddit.com/r/cardano/
  10. Alonzo Testnet Updates. https://cardanoupdates.com/ https://twitter.com/InputOutputHK/status/1392457888636022789
  11. IOHK drops a blog entry on the strategic partners in the Plutus rollout! https://iohk.io/en/blog/posts/2021/05/12/developers-add-muscle-to-plutus-smart-contracts-on-cardano-for-defi/
  12. Does Elon’s move away from BTC (ostensibly for environmental reasons) hold promise for ADA? https://twitter.com/elonmusk/status/1392602041025843203
  13. The case for Cardano to replace BTC with Tesla and beyond is building. https://twitter.com/CardanoStiftung/status/1392806669810339851 https://twitter.com/elonmusk/status/1392950720979030019
  14. Charles makes the case for collaboration with Starlink in Africa. https://twitter.com/IOHK_Charles/status/1392916783854616577
  15. People are starting to realize what the real value of NFTs will be. It’s not in collectibles. https://twitter.com/RaoulGMI/status/1392939118355783682
  16. The Cardano Development Update for this week is out. https://roadmap.cardano.org/en/status-updates/update/2021-05-14/
  17. The Cardano 360 team also dropped a video with specific mid-month Alonzo testnet updates. At the timestamp in the link below the vid lays out the various test groups and when they will participate. https://twitter.com/InputOutputHK/status/1393258090703826944 https://youtu.be/5mPC4uLMdEw?t=532
  18. We are seeing some small pools retiring. We’ll obviously see more and more of this as time marches on. But, here’s a salute to the small pools that gave it a go! This SPO also brought us poolpeek.com which we have covered here before. https://twitter.com/CardanoBudz/status/1393252321845465088 www.poolpeek.com
  19. John O’Connor on CNBCAfrica! He gave a really good explanation of how Africa with it’s already very high adoption of mobile payment wallets can leapfrog the legacy payment systems currently in use in more developed countries. He also reiterated that Cardano will expand to five countries this year and 20 next year! https://youtu.be/RET8hIQQLUA
  20. This tweet by u/TheADAApe pretty much sums it all up. When people ask me how I knew, I’m going to point them to this post. https://twitter.com/ArmySpies/status/1393606491110662146
  21. To hear about something truly good happening in the Cardano ecosystem check out this interview with Mickey Watkins, CEO of World Mobile, on the Hotel Cardano podcast. Really good details on World Mobile's connecting the unconnected in sub-Saharan Africa! https://youtu.be/L15bn_b2moA
  22. What if these two got to talking about what Atala Prism could bring to the table for students in the city of Miami? https://twitter.com/IOHK_Charles/status/1393574632305868805
  23. The saga of BTC maximalists being angry at Elon continues with Elon implying that Tesla could sell its BTC while Cardano continues just doing its thing like normal. https://twitter.com/elonmusk/with_replies
  24. Likewise, Marc Cuban tried to FUD real world use of Cardano only to be confronted with a giant infographic of use cases and partnerships along with an explanatory video just for him. https://twitter.com/mcuban/status/1393646131708665858 https://twitter.com/IOHK_Charles/status/1393689887648272384
  25. Initial Stakepool Offerings (“ISOs”) are here. Crypto is no stranger to novel means of capital formation and now the Cardano ecosystem is getting in on the action. Here is SundaeSwap’s explanation of how ISOs will work. https://sundaeswap-finance.medium.com/iso-sundae-with-the-works-c5c335101ef5
  26. ICYMI, Manuel Chakravarty reminds us all that his Cardano Summit 2020 talk is publicly available for questions on native assets. Really interesting discussion of the asset identifier just being a hash of the policy script and how that helps create a super lightweight easy to use system. https://twitter.com/TacticalGrace/status/1394263629088923649
  27. Elon confirms that Tesla has not sold any BTC. https://twitter.com/BTC_Archive/status/1394051036462071808
  28. Charles makes a whole video about how to fix Doge. https://youtu.be/iQd9XjEm8EE
  29. The Ecosystem is getting even bigger every day we inch closer to Alonzo! https://twitter.com/TyIsDigital/status/1394345977952284676
  30. The Cardano Foundation is out to do something incredible with supply chains as described in the fireside chat! In his previous Cardano Live appearance, Frederik Gregaard, CF CEO, also expressed a very healthy and sustainable perspective on what DeFi should become. He compared the current state of DeFi to just moving funds from your left pocket to your right pocket and taking profit. https://youtu.be/d8uPMZplfeM https://youtu.be/xbMSQUA1lss
  31. The ISO model entering the capital formation toolbox in Cardano is going to make the stake pool game extremely interesting with SPOs scrambling to find the right balance between rewarding ADA and giving their delegators other things like tokens. Some stake pools could even become like portfolio funds with relationships with many different projects the tokens of which are given to delegators. Babel Fees could also play a role here for smart SPOs as they may allow access to a wide variety of tokens in the ecosystem that could be used to reward delegators with a sort of index fund exposure to a wide variety of Cardano projects.
  32. May Cardano 360 coming one week from today (always the last Thursday of the month). https://twitter.com/InputOutputHK/status/1395117067960045569
  33. New delegations from IOHK are out. Congrats to the selected SPOs. https://twitter.com/InputOutputHK/status/1395087751746310156
  34. The Cardano Foundation has released the full video of the Fireside Chat with Eva and Fred. Lots of questions answered on a variety of fronts. Very interesting remarks including that in discussions with financial institutions, Fred has found they are interested in exposure to the alpha provided by the asset class in general, tokenization of assets, and the yield provided by staking rewards. Fred counters that they SHOULD be far more interested in the Cardano standard including the concepts of reference accounts, programmability of money, and transaction metadata. https://youtu.be/JW6s9Jkyazg
  35. In a video press release yesterday, the Fed finally admitted that it’s moving toward a central bank digital currency (just like every other central bank). This will eventually be impactful on Cardano and every other crypto ecosystem. https://youtu.be/WOAQxpG79Ag
  36. The Treasury is trying to figure out how to get cryptocurrency regulation in a headlock. This will probably go hand-in-hand with the Fed’s March toward a CBDC. Afterall, what good is all the tracking and monitoring afforded by a CBDC if it’s easier for everyone to just use a non-central bank digital currency? Tax evasion in crypto is also obviously a target problem since we know only about 800 people a year paid taxes on crypto in 2013-2015. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf https://www.businessinsider.com/bitcoin-taxes-overview
  37. The Cardano Foundation has released the full video of the Fireside Chat with Eva and Fred. Lots of questions answered on a variety of fronts. Very interesting remarks including that in discussions with financial institutions, Fred has found they are interested in exposure to the alpha provided by the asset class in general, tokenization of assets, and the yield provided by staking rewards. Fred counters that they SHOULD be far more interested in the Cardano standard including the concepts of reference accounts, programmability of money, and transaction metadata. https://youtu.be/JW6s9Jkyazg
  38. In a video press release yesterday, the Fed finally admitted that it’s moving toward a central bank digital currency (just like every other central bank). This will eventually be impactful on Cardano and every other crypto ecosystem. https://youtu.be/WOAQxpG79Ag
  39. The Treasury is trying to figure out how to get cryptocurrency regulation in a headlock. This will probably go hand-in-hand with the Fed’s March toward a CBDC. Afterall, what good is all the tracking and monitoring afforded by a CBDC if it’s easier for everyone to just use a non-central bank digital currency? Tax evasion in crypto is also obviously a target problem since we know only about 800 people a year paid taxes on crypto in 2013-2015. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf https://www.businessinsider.com/bitcoin-taxes-overview
  40. Charles has now added the Jack Dorsey edition to his series of “Let’s Educate Crypto Adjacent Celebrities” videos. https://youtu.be/lMZ1xQzWtl4
  41. ...and still...KINGS OF THE GITHUB! May our reign never end. https://twitter.com/ProofofGitHub/status/1395771379929255945
  42. Some banks still won’t allow customers to buy crypto with their accounts. In 2021, this is still a thing. https://twitter.com/CryptoCardano_/status/1395933037192437763
  43. Even the Pope is condemning Proof-of-Work? At least, that’s how the crypto community took a recent tweet. https://twitter.com/Pontifex/status/1394993742226939905
  44. Apparently, you can now have your own Stakepool run for you for $122/month in a Stakepool-as-a-Service arrangement. https://twitter.com/ChrisGraff/status/1396169061487333380
  45. If you want to see how the Cardano NFT space has been heating up, you can check out CNFT resale listings at Lovelace Marketplace. https://lovelacemarketplace.io/all-categories/
  46. Ethiopia awards new Telecom license as promised. The winner, a consortium including Vodafone, Safaricom, and Sumitomo; will invest $8 billion in their network in Ethiopia in the next 10 years and will cover the country in 4G. https://www.bloomberg.com/news/articles/2021-05-22/ethiopia-awards-new-telecoms-license-to-vodafone-consortium https://twitter.com/AbiyAhmedAli/status/1396060475184533505
  47. Check out this new infographic explaining how World Mobile Works! https://blog.worldmobile.io/post/how-world-mobile-is-connecting-the-unconnected-infographic/
  48. Cardano hits 1MM wallets! https://twitter.com/Cardano/status/1396331888093061121
  49. Set your calendars! The May Cardano 360 is this Thursday! https://twitter.com/Cardano/status/1396331908632653830
  50. Charles releases a 90 Day Countdown to Alonzo video. https://youtu.be/u6negi1yAQQ
  51. Institutional inflows into Cardano get some coverage by the crypto press. https://cointelegraph.com/news/cardano-sees-largest-weekly-inflows-from-institutional-managers-coinshares
  52. Charles and Kim Dotcom have a conversation about PoW miners possibly fleeing China with all of their hardware. https://twitter.com/KimDotcom/status/1396964996693708801
  53. Cardano gets a little coverage on NBC for it’s energy efficiency. https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030
  54. Plutus Pioneers Lecture #7 is out. https://youtu.be/_EDJt55vOB0
  55. Yesterday was ADA Payday with the end of Epoch 267. I hope everyone made lots of sweet delicious staking rewards! https://adapools.org/epochs
  56. Paypal moving away from the “walled garden” model. This is decentralization teaching the legacy institutions a lesson. https://www.coindesk.com/paypal-will-let-customers-withdraw-crypto-exec-says
  57. Charles is interviewed on Yahoo Finance where he explained: 1) how the lack of an obvious decentralized governance system in ETH and BTC will cripple their efforts as they attempt to scale and the founders/core developers start losing prominence, 2) the ADA EUTXO system is vastly more scaleable with it’s local state being so much more amenable to sharding than ETH’s global state system, 3) Cardano has a high willingness to bring on users in hypergrowth areas like Africa where ETH seems to have little interest, and 4) ETH does not seem to be as highly concerned with interoperability which might become highly valuable in the future. https://twitter.com/YahooFinance/status/1397593275826151424
  58. Cardano 360 is tomorrow. Don’t miss it if you want to hear about all the awesome things happening with Alonzo (smart contracts), Hydra (scalability), and everything else! https://twitter.com/InputOutputHK/status/1397549347592675338
  59. The May Cardano 360 was yesterday and we had lots of updates including the Color Coding for the different stages of the testnet! https://www.youtube.com/watch?v=SS33gRj9JYE
  60. Alonzo “Blue” Era Testnet (through mid June; <50 user cohort) will include the basic functionality of the system for testing basic contracts . Initially the SPOs will be included, then some of the Plutus Pioneers will be allowed in, then a few of the outside development firms (Plutus Partners). The Plutus Partners will be working on specific areas including oracles, DEXs, stablecoins, NFTs, and DeFi. This will produce code and documentation that will be publicly available.
  61. Alonzo “White” Era Testnet (mid June to mid July; <500 user cohort) will add more Plutus Pioneers and more functionality. They will develop various dApps and there will be interaction on the user side of these dApps. They will do some benchmarking at this stage.
  62. The Alonzo Hard Fork Combinator Event requires a lot of different pieces come together at the same time. But, this is not their first rodeo and they have a lot of experience with this from the ITN, Shelley, and etc.
  63. Alonzo “Purple” Era Tesnet (mid July to mid August; fully public) will involve a full public network with all of the Plutus pioneers, the Rosetta Api to the exchanges, Daedalus, hardware wallets, graphQL, and full functionality. The purpose of this phase will be optimization.
  64. Alonzo “Red” Era Tesnet (August; a very short phase) will involve a new network where they can test scalability and stability.
  65. Alonzo “Black” Era Tesnet (August; a very short phase) will be the final public testnet where they will ensure they have their candidate mainnet releases ready to launch on the mainnet.
  66. They are committed to making sure there is a very large group of people who are familiar with using the Alonzo testnet by the time the mainnet launches.
  67. Alonzo Mainnet (August-September). It’s looking like Alonzo mainnet launch was positioned in very late August through September in the infographics. That makes me assume there is a chance of August, much better chance of September, and also some chance of October or later. This is blockchain development after all. Also, we’ve waited years. Why care about a few weeks?
  68. There will be another Plutus Pioneers Cohort later this summer.
  69. Marlowe Run will be a browser product that can run on mobile or desktop. It can be linked to your wallet and be used to run Cardano smart contracts simultaneously on a distributed basis across multiple user browsers. The user interface is light years ahead of anything we saw in Marlowe Meadow or the Marlowe Playground simulations. It will include a library of off-the-shelf contracts.
  70. There will be a Marlowe Webinar on June 3. Register here: https://webinar.marlowe-finance.io/
  71. The ERC-20 converter was looking very intuitive and seamless in the new demo. It should be on the testnet in June.
  72. Manuel Chakravarty gave a big update on Hydra (layer 2 scaling). Hydra will not require that the base layer be modified since it will be implemented via Plutus smart contracts. Hydra is actually a collection of protocols including Hydra Head and Hydra Tail. Hydra Head is a symmetric protocol where multiple participants will be online simultaneously for the whole period of the head exchanging messages. Hydra Tail is an asymmetric protocol involving a high performance server and many clients that may be mobile and could be offline for large portions of the tail’s existence. There will also be “inter head & tail networking” which will allow for a network of heads and tails. They have a published research paper on Hydra Head. They are currently writing the Hydra Tail paper.
  73. Hydra is distinguished from other layer 2 protocols by its isomorphic properties. This means you will be able to run any smart contract that works on the base layer in a Hydra Head! This is very special. We won’t need special purpose contracts built out just for layer 2. There are some big implications to this. Since a Hydra Head is essentially just a Plutus smart contract, this means you can run a Hydra Head inside another Hydra Head. It’s turtles all the way down, guys. It sounds like they can do this iteratively as much as they want.
  74. Aggelos also gave a good presentation on the importance of “skin in the game” in resource based consensus protocols (both proof-of-work and proof-of-stake) and its effect on promotion or discouragement of centralization. He explained how Ouroboros has built-in safeguards to prevent centralization including the K parameter (currently at 500) which caps total rewards per pool and the alpha parameter (currently at 0.3) which splits rewards into a 77% piece and a 23% piece. A pool can take its share of the 77% piece based on the pool’s total stake and its share of the 23% piece based on the pledge of the SPO. A higher alpha parameter makes it less attractive for individual SPOs to proliferate multiple pools since they can’t be as leveraged on their available pledge and still get as big a share of the 23% piece. This also discourages Sybil Attacks. As Cardano on-chain governance progresses, these parameters will be controlled by the community.
  75. There will be a Cardano Goguen Summit in September. It will be hybrid digital/in-person.
  76. Charles is helping to bring the cryptographer who broke SHA-1 to the University of Wyoming. The Cardano funded blockchain lab there could be on the road to be a powerhouse. https://twitter.com/CaitlinLong_/status/1398290866419105802 https://en.wikipedia.org/wiki/Yiqun_Lisa_Yin
  77. We don’t often get to hear from the engineers behind Yoroi over at Emurgo. But, here’s a podcast with Vicente Almonacid from Emurgo. Check out 12:50 where he mentions the dApp Connector (Cardano’s Metamask Equivalent). https://twitter.com/vacuumlabs/status/1397847633696280576
  78. Check out this great article from Cardanians.io on the work being done at the University of Wyoming on a physical chip for transfer of private keys in day-to-day cashlike transactions. https://cardanians.io/en/cardano-can-give-crypto-a-cash-like-experience-58
  79. Professor Aggelos Kiayias recently dropped a video explaining exactly how Mithril (apparently neckbeard dungeon master talk for elf armor) is going to allow for Perfect Cardano (ADA) wallets that combine the ease of use and convenience of light wallets with the trustlessness of full node wallets. We also learned exactly how Mithril is going to work. https://youtu.be/LhepJFCyWRk
  80. In proof-of-work, bootstrapping can be done with blockheaders. This won’t do in proof-of-stake since we need information about stakeholder distribution to confirm block validity.
  81. Mithril fixes this by being a cryptographic construction that enables a population of stakeholders to issue a signature consistent with certain constraints.
  82. For Mithril to work in proof-of-stake, it needs three crucial properties: 1) it needs to enforce a threshold ratio of stakeholders before the signature is issued; 2) the pre-signature fragments must be independently verified and subject to public aggregation; and 3) it must be efficient in the sense that the final signature is of constant size and is logarithmically dependent on the # of stakeholders.
  83. Stakeholders will issue special Mithril keys along with the normal cryptographic key material. Then at regular intervals, full nodes will test whether they can produce a pre-signature fragment. Only a random subset of stakeholders will be eligible to produce a pre-signature fragment. When a sufficient # of pre-signature fragments have been issued by eligible stakeholders then it will be possible to aggregate the fragments into a final signature.
  84. This will be a checkpoint that will be verifiable with respect to previous check points all the way back to the genesis block. Such checkpoints will be cryptographic commitments of the relevant UTXOs.
  85. Since the checkpoints will be trustless, a light client (i.e. wallet) will only need to verify the sequence of checkpoints up to the current time to trustlessly bootstrap.
  86. The ecosystem is growing so fast, it’s hard to keep up with all the projects without these infographics at this point. https://twitter.com/Dr_shwetaPHD/status/1398783893638103040
  87. The Cardano subreddit is at 487k users. Half a million isn’t far away. https://www.reddit.com/r/cardano/
  88. Epoch 268 is a wrap as of yesterday with 22.83 billion ADA staked. https://adapools.org/epochs
  89. Check out the telegram AMA tomorrow with the CEO of World Mobile! https://twitter.com/ZwijBerg/status/1399377659105320962
  90. A very interesting stat on Cardano user growth. https://twitter.com/cex_io/status/1398959088684445699
  91. Don’t forget, the Marlowe webinar is this Thursday! https://twitter.com/InputOutputHK/status/1399444331556225027
  92. More and more people in the youtube sphere are jumping on the Cardano train. https://twitter.com/techleadhd/status/1399398373384351744

~Army of Spies


Is This a Current (Potentially Impermanent) Flaw in the Amp Collateralization Model?

Please, if my understanding of how this works is incorrect I'd love to hear it.

But as I've come to know it,

  • Bob spends his Bitcoin at Starbucks
  • Starbucks is plugged into Flexa and so $4 of AMP is put up as collateral to guarantee that transaction
  • The Bitcoin payment thus becomes "instant"
  • Bob leaves with coffee

However, if there is a problem with the payment, if Bob finds a way to do a doublespend, then the AMP is liquidated in order to cover the cost of the coffee so the merchant loses nothing.

Ok, so a $4 cup of coffee is nothing, but what about a $10,000 or $25,000 purchase?

The problem being, a quick check on Messari reveals that the daily trading volume for AMP is only $1.2 million! That's literally nothing, an incredibly illiquid market with an orderbook that's probably not that deep. Liquidating $25,000 worth of AMP could be enough to meaningfully move the price of AMP down. Now you've just lowered the capacity of the network since the AMP collateral is worth less.

So basically, what I'm worried about is that the entire supposed capacity of Flexa is based on the price of AMP which is based on an extremely illiquid market that could crash in the event of a big liquidation.

Is this a real concern? Have I misunderstood the system somehow?


Bitw is my biggest unrealised loss at this time. NIO is #2 "A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days" will the amc/gme black swan event take out some whales?

https://itsblockchain.com/bitcoin-whale-bought-3521-bitcoins/

Do you hear what I hear?

In memory of Chester Bennington, the well known front-man for Linkin Park and lesser known OG Ape stacker. Like our forefather Abraham Lincoln for whom the band was named after and who set free the slaves in America, Chester too had a vision of setting all America's debt slaves free through a return to sound honest money, backed by gold and silver as our Founding Fathers had instructed.

Throughout his career, Chester sang about the pains of being a silver stacker fighting the corrupt financial system, but no one was able to grok the true meaning of his songs because he had not yet completed his masterpiece gospel by stitching his complete message together into a single album. That is until now ...

As one of Chester's 13 Ape Apostles, I have studied his songs and undertaken the arduous task of reassembling the jigsaw pieces and translating his lyrics into Ape-speak so that we Apes everywhere may see his musical works in a new light and discover their true meaning hidden deep within! The Book of Chester here below is the knowledge he always intended to share with his followers when the time was right. If you doubt me, then click each link and take another listen to their music from a different perspective within this new context:

​

  • For decades, apes have been Waiting for the End of this corrupt financial system and for somebody to finally step up and put a stop to the COMEX and LBMA's precious metals price manipulation. The COMEX, LBMA, and paper silver investors are "holding onto what I haven't got". Let that verse sink in for a minute or two. Possession is 9/10 the rule of law in the PM investing world.

  • OG Ape stackers have always known that the COMEX and LBMA system is a Castle of Glass ... nothing more than a "paper" tail that wags the "physical" dog of the precious metals markets. Rehypothecation with multiple people claiming ownership of the same physical asset is the name of the game. In any futures market, financial derivative bets are a multiple of the actual transactions involving an exchange of the actual physical commodity. The difference with the PM futures markets is that the ratio of paper bets to actual item exchanges is orders of magnitude higher than the other commodity markets. This allows paper trades with no intent of delivery to completely swamp any price discovery that might be had from actual physical transactions.

  • This paper market scam is being used to suffocate the traditional "smoke signal" role that a rising PM price would historically play whenever a government began to trash its own currency. In doing so, it gives the false appearance that all is well in the financial system, it props up the USD as a go-to "safe haven" in times of financial crisis, and maintains the illusion that the "full faith and credit of the US government" backing the currency is unquestionable and the government will always pay their obligations in full. What goes unsaid is that the government will nominally fulfill its promises by resorting to monetary supply inflation with its printing press, but it will not guarantee that the purchasing power of their borrowed currency will maintain its value until the time it is repaid. This allows the US to extract its "exorbitant privilege" from the rest of the world by swapping our worthless IOUs in exchange for real goods and services.

  • Naive Apes who initially sought legal refuge in the arms of the CFTC and DOJ captured government regulators now know after years and countless investigations that the motto of these Potemkin agencies is "Hear No Evil, See No Evil, Speak No Evil". They have no intention of ever seeking out or stopping all the methods of manipulation. When faced with incontrovertible evidence of wrongdoing, they will only hand out "cost of doing business" slap-on-the-wrist penalty/fine settlements and typically allow the culprit to escape w/o admitting any wrongdoing. They will not enforce their own rules and regulations on the books when they are brazenly broken, or craft special exceptions and loopholes for the most flagrant violators.

  • The powered Wall Street financial elite and bought DC revolving door politicians/bureaucrats have a vested interest in maintaining the status quo. Nobody from their ranks will ever come to aid our cause. Only Wise Apes can take it upon ourselves to enact change by rising up as one against the COMEX and LBMA system if we ever want to be able to Burn It Down and serve a modicum of true justice.

  • Therefore, we're left with no other choice, but to pursue the one and only remaining effective solution to this problem. Apes must band together in order to Bleed It (Them) Out of all the phyzz held in both the COMEX and LBMA vaults Until It's Gone completely and resides in our Silver/Gold Diamond Hands.

  • However, those COMEX 1k oz bars are a bit too Heavy for a single Silverback Ape to lift all by himself. Unfortunately, the masses by and large are still asleep and blissfully unaware inside the Matrix. Most of those minds are not ready to be unplugged from the system, and are forcibly unwilling to take the Red Pill when confronted with the naked truth. We need to raise a veritable Ape army if we are to stand any chance of pulling this off. (Luckily we now have Apes like Jake from Bison Bullion on our side who are willing to take delivery of COMEX bars and cut them up in smaller sizes for easy carrying!)

  • OG Ape stackers remained the only real voice of sanity over this last decade of Central Bank monetary insanity, which has spawned and fueled the Central Banker's "Everything (But PM) Bubble" in financial assets. Because the relative performance of our stacks (measured in their phony fiat currency) has paled in comparison to practically every other asset class (both by being spanked in the bad years and by barely outperforming in the few good ones), Nobody's Listening to our dire warnings of the consequences of wreckless money-printing. All the monetary historical knowledge from our elder generations is being Lost in the Echo. We must never forget humanity's past and its failed monetary mistakes, or we are doomed to repeat them.

  • OG Apes have been patiently expecting that the financial madness will eventually pass and our society will come back to its senses. However, that has become waiting for A Light That Never Comes as the Central Bankers invent new ways to do MOAR and MOAR in order to blow and inflate old and new "fool's gold" asset bubbles, each eclipsing the size of the previous one. Unbelievably, their attempts to kick the can further down the road have somehow continued to distract the masses for a little while longer still.

  • After all the eye-popping Bitcoin and crypto gains over the last few years while PMs languished even when it was their moment to shine during the Covid pandemic, many OG Apes had almost Given Up on precious metals as a reliable store of value. Attacks between stackers and crypto die-hards escalated as each group challenged the other's understanding of monetary finance. Suffering through the gauntlet and constant mental anguish from the neverending cartel price smashes during a multi-year PM bear 🐻 market is what separates the strong Silverback Diamond Hands 💎👐 from mere mortal fair weather PM investors. Only the truly masochistic ones survive the Bullion Bank mind fuckery.

  • Many increasingly frustrated OG Apes and highly esteemed, upstanding financial luminaries began Crawling, questioning their own sanity, and abandoned the precious metals camp one by one in search of greener crypto pastures. Their self-confidence dwindled in their previous logical conclusion based on numerous historical empirical examples that PMs were the best asset to protect their wealth from currency debasement. However, market action was indicating that something was different this time and the methods of old were no longer working. "Fear is how I (PM investors) fall, confusing what is real" and constitutes a reliable store of value. While crypto may indeed prove to be that reliable store of value in the future, a 12 year track record pales in comparison next to the 5,000+ years of accumulated human monetary knowledge and trust in PMs which are being thrown out the window because the constant suppression and smackdowns prevents them from gaining any sustainable price momentum relative to almost every other asset class.

  • But then, a strange thing occurred as the WSB movement started to go viral. That Reddit community cast a bright Iridescent light on the ability of social media to incite inconceivable moves in WSB favorite target meme stocks. Curious solitary Apes heard the jungle noises and ventured out to investigate what all the commotion was about.

  • After joining and blending into the community, some Wise Apes (like HappyHawaiian) suggested attacking the fraud in the silver markets to the WSB crowd. A few retarded chimps heard the call, and jumped right into the fray by buying paper SLV stonks all the while believing they "owned" the shiny precious. Silly rabbits, Bankster trix are for kids. You have to give them credit, though ... those retarded chimps were able to push the paper spot price up a couple of bucks for a few days in late Jan before the Banksters effortlessly bitch-smacked them down. To cover their criminal asses, the custodians of the SLV ETF made some changes to the fine print in their prospectuses to keep their Lying From You and their paper shenanigan tracks technically covered.

  • WSB was too enthralled by GME and AMC to be distracted from their misguided vendetta against low-on-the-financial-totem-pole hedgies. They began to ban anyone who mentioned the word "silver" in their subreddit. On the other hand, Wise Apes knew there were much, much bigger fish to fry. And out of the ashes, the WSS splinter group was resurrected with a sole focus to get the shiny! With WSS, it looks like this Ape has finally found a community of like-minded individuals ... truly Somewhere I Belong.

  • The WSS subreddit could be The Catalyst which finally brings these corrupt bullion banksters, central bankers, and their paper charades to their knees, allowing some TRUE price discovery!

  • However, after witnessing the half-assed lame WSB failed SLV squeeze, the Battle-scarred Silverback Apes from WSS knew that Breaking the Habit of paper silver investors who invest in financial mirage products was PRIORITY #1. So they organized a PSLV raid to suck out the wind from the SLV sails.

  • WSS apes rallied around their chosen Battle Symphony, shouting "OUT OF THE VAULT!!!" each time COMEX registered and eligible silver categories fell with contract deliveries and withdrawals of physical from their rigged system. For all the chimps and freshly minted Apes out there, welcome to the main event. Let's get ready to rumble! 😁

  • In parallel, Apes were encouraged to raid LCS, bullion dealers, and mints early and often in order to put further indirect pressure on the limited shiny supply. We shall soon witness the COMEX and LBMA exchanges die a slow death from a million Ape Papercuts.

  • Last but not least, Apes maniacally recruit other new apes from all across the jungle to aid in our cause. The COMEX is already One Step Closer, and it's about to break!

  • Finally, Apes stand a realistic chance of revealing the bankster's Final Masquerade to the whole world, exposing it for the gigantic scam it is.

  • This could mark the Shadow of the Day for the petrodollar and other lesser fiat currencies around the world. "Sometimes solutions (to a global debt problem) aren't so simple. Sometimes goodbye is the only way."

  • To the USD, Apes say Good Goodbye and good riddance. We use an unchanging physical item as the yardstick to measure our wealth in ounces stacked, rather than constantly depreciating dollar and how many digits are displayed on a computer screen showing the value of our bank account. Furthermore, without its exorbitant privilege stemming from its status of owning the world's reserve currency, the US will no longer have the keys which enable its military to wage endless, mindless wars across the globe. (No offence intended towards the good servicemen who carry out the orders they're given, but are not responsible for the direction of our country's bellicose foreign policy).

  • Some might say that any upward revaluation of the PMs to balance the books so to speak, will cause a great generational wealth transfer from "easy money" debtors to "hard/sound money" savers. If this creates a New Divide beneath who is wealthy and who is not, then so be it. Everyone had an equal opportunity to protect themselves with at least a modicum of the shiny while it has been "on sale" over the last 5 decades.

  • Ape society will Leave Out All the Rest of humanity who were foolish enough to believe their politicians' empty promises of "something for nothing" and their central bankers who fooled them into thinking that you can print your way to wealth and prosperity. Apes have no sympathy or love for foolish retards.

  • Let's forcibly begin the Great Reset, without the use of force on your fellow neighbors. Apes march to our own drumbeat and will do it on OUR TERMS & TIMETABLE, not according to THEIRS! Society will forgive and let go of What I've (We've) Done once enormous debt loads and ridiculous financial asset values have been slashed and burned by the ravages of hyperinflation.

  • Each new WSS Ape member is One More Light keeping an OG Ape from completely throwing in the towel on what to date has appeared to be a futile lost cause. The amazing growth of the WSS community in such a short amount of time is a beacon of hope for OG Apes that the younger generation can still learn a thing or two about economic and monetary history from their elders. OG Silverbacks have a renewed sense of motivation to keep on stacking!

  • Always remember that your time on Earth is your most precious commodity and one that you can't get back once spent. So, if Time = Money and your money is supposed to represent the accumulated fruits of your labor, then which form would you choose to store it in ... rock, paper, or air? Apes prefer shiny rocks. In the End, that simple choice does matter a whole lot!

  • Off-topic: Did Chester take his own life because he was an OG Ape before his time but w/o a WSS community of like-minded simians who could relate? Despite his legions of fans, did he feel like he was always Talking to (Him) Myself? The world may never know.


Tuesday, June 1, 2021

Key Points from the June 1st Q&A, “The calm before the storm”, with Alex and Brian.

Watch: https://www.twitch.tv/videos/1042754081?t=00h07m42s

June 7th: https://www.twitch.tv/videos/1042754081?t=00h28m08s

Roadmap: https://twitter.com/elongateog/status/139505387881983180

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  • The next Charity Party stream will be on Tuesday, June 8th, which is World Ocean Day! They have something special planned.
  • The web development team is currently working to ensure that the new website is safe and secure before launch. The new website will be rolled out before June 4th.
  • Alex will be in Miami at the Bitcoin 2021 Conference representing Elongate, June 4th to 5th, he will be meeting with community members and doing giveaways.
  • There will be marketing all around the city of Miami during the conference.
  • There are teasers coming up for June 7th. Watch out for announcements on June 6th.
  • Hasan, Chief Technology Officer, is in talks with several exchanges. Recently he was communicating with 8 exchanges. Nothing can be announced until contracts are signed.
  • Elongate will be incorporated in Switzerland. The law firm working with Elongate is based in Switzerland and they are handling everything. Incorporation will happen in a couple weeks.
  • Official announcements regarding the Elongate cable TV segment are coming soon.
  • They have planned to recruit streamers to compete in eSports and gaming tournaments. Winners will choose a charity.
  • The leadership has big goals and Elongate is moving beyond the meme coin identity. Elongate is becoming a legitimate company and is defining what it means to be a charity coin.
  • The first NFTs will feature official Elongate content, later on, the community will be able to submit and vote on NFTs.
  • Investing in Elongate is an investment in the vision, roadmap, and the long term. Elongate is not a pump coin. The team is 100% dedicated to making their vision and roadmap a reality.
  • Social media contests are planned. Winners will receive Elongate.
  • They are considering moving future streams to YouTube Live. They are considering the community's input on this matter.
  • Elongate will not be an official 501(c)(3) charity, an official charity will be established later on in the roadmap.
  • The tokenomics disincentives whales, if someone wants to pump and dump Elongate they need a +20% increase in price. This is an incentive to buy and hold.
  • They aim to have a mix of large and small charities. Every charity is vetted and the leadership confirms that donations are spent in an ethical and fair manner.
  • An Elongate crypto card is a big part of their vision. This would allow holders to spend their Elongate rewards and part of their expenditure goes to charity.
  • The DeCoin listing has not been vetted and therefore cannot be endorsed by Elongate. The Elongate staff cannot confirm your funds will be secure if you trade on DeCoin.
  • They have a healthy reserve of funds in stable coins to keep Elongate alive through any bear market.
  • Positions they are looking to fill: Social Media Managers, Designers, Developers, Head of Engineering, Security Engineers, Special Events and Community Engagement. Applicants can email a resume to [info@elongate.cc](mailto:info@elongate.cc) with a resume and portfolio. Ideally, they are looking for applicants with professional experience.
  • They are still growing the volunteer team on all social platforms. If you want to get involved, join Discord and ask. (Moderators, Help/Support, Special Events, eSports/Gaming)
  • There is a possibility for internship opportunities in the future.

Join future Streams, Q&As, and Hangouts to get the full experience.

*These notes are not financial advice.