Welcome to this analysis of ETH/BTC. ETH/BTC has been in an uptrend since February after breaking out of a 6 months long double bottom reversal pattern. Since then it went sideways and consolidated for a bit more than 3 months, from the 8th of February till the 3rd of Jun. The consolidation looks like a symmetrical triangle pattern which is a continuation patter...
Why the Stock-to-Flow Bitcoin Valuation Model Is Wrong. Maybe you shouldn’t be banking all your finances on a halving-driven appreciation in bitcoin this year. In this op-ed for CoinDesk, contributor Nico Cordeiro picks apart one of the most commonly cited theories for why many people expect bitcoin’s baked-in quadrennial money supply decelerations to boost its price.
I like POW (proof of work) crypto currencies where the system is ruled on the basis of how much computing power you can apply to maintaining the system. I’ve steered clear of Ethereum because it is heading towards POS (proof of stake,) a system where oligarch-sized owners of the coin get to call the shots and likely do what oligarchs do best, poop on the little people and fight to the death amongst themselves. Crypto is politics in software form, so to me the political framework of cryptocurrencies is all important. The POS future for Ethereum is a killer for me long term, but right now it is not that “in the long term we are all dead” that is the key, it is that visibility of the long term itself is all but dead.
ZIMBABWE ACCIDENTALLY LEAVES DOOR OPEN FOR CRYPTO. Here’s a recipe for creating a fertile environment for alternative payment systems: outlaw the system everyone is currently using. When the Zimbabwean government made the nutty step of banning digital payments – used for 85% of transactions by individuals, due to severe shortage of cash – it clearly wasn’t trying to promote bitcoin. In forcing people to go to a local bank to redeem funds locked in popular payments apps such as Ecocash, its goal was to protect the embattled Zimbabwean dollar. In a statement, the Reserve Bank of Zimbabwe, said the move was “necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and unpatriotic individuals and entities to create instability and inefficiencies in the economy.” The thinking is that Ecocash, which enables currency trading, is making it easier for people to dump the local currency. But here’s the thing: Ecocash, which said it suspended cash-in-cash-out functions (presumably because its banking lines will be cut) is still keeping in-app payment facilities open. And it said nothing about stopping its fairly popular service allowing people to buy cryptocurrency. Not surprisingly, since the ban “demand for bitcoin has skyrocketed,” according to African crypto news site, bitcoinke, with “sources claiming bitcoin is now selling at at 18% premium above the market rate.”
As is their wont, each faction described the growth of WBTC tokens, whose value is pegged one-to-one against a locked-up reserve of actual bitcoin, as proof of their coin’s superiority over the other. The Ethereum crowd said it showed that even BTC “hodlers” believe Ethereum-based applications provide a better off-chain transaction experience than platforms built on Bitcoin, such as Lightning or Blockstream’s Liquid. Bitcoiners, by contrast, took it as confirmation that people place greater value in the oldest, most valuable crypto asset, than in Ethereum’s ether token.
Unlike earning Bitcoin online currently, there are only a few legitimate ways available to earn Ethereum since Ethereum is younger than Bitcoin and yet to reach more people though it is the second most dominant cryptocurrency even if Litecoin is called the predecessor of Bitcoin. Some sites have started to pay free Ethereum and we can expect more sites to pay Ethereum for doing online jobs like taking paid surveys, completing tasks, & offers, etc. For now, there are only a few ways to earn Ether online. More ways to earn ETH will be updated once they are tested and found authentic.
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Interestingly, USD Coin (USDC), the world’s second-largest stablecoin from Coinbase and Circle, was ranked at 1.00 by the Crypto Rating Council (CRC), whose members include Coinbase, Circle, Kraken, Bittrex, Genesis Capital, eToro, OKCoin, Radar, Anchorage, Cumberland, among others). The CRC supports and promotes regulatory clarity in the distributed ledger technology (DLT) space.
The original Ethereum value driver was the ICO (initial coin offering), another casino on Meth. The regulators did what they do well and snuffed it out but crypto at its base is a way of creating value outside of the maw of fiat monopolies and you can’t keep that at bay indefinitely. So snuffing out ICOs didn’t snuff out Ethereum, it just left it ticking over until the distributed computer got another hit app. Here it is.
That’s not to say there aren’t risks in DeFi. Many are worried that the frenzy around speculative activities such as “yield farming” and interconnected leverage could set off a systemic crisis. If that happens, maybe Bitcoin can offer an alternative, more stable architecture for it. Either way, ideas to improve DeFi are coming all the time – whether for better system-wide data or for a more trustworthy legal framework. Out of this hurly burly, something transformative will emerge. Whether it’s dominated by Ethereum or spread across different blockchains, the end result will show more cross-protocol synergy than the chains’ warring communities would suggest.
There are legitimate concerns about security on Ethereum. With such a complex system, and so many different programs running on it, the attack surface is large. And given the challenges the community faces in migrating to Ethereum 2.0, including a new proof-of-stake consensus mechanism and a sharding solution for scaling transactions, it’s still not assured it will ever be ready for prime time.
We talked about miners, pools, the windows command line and how to bring them all together for quite same time. Explaining multiple new concepts at the same time really does not work out to well most of the times.... I really wished there was an application which I could just throw at him, like: Look, here is an application which will get you started into mining, you don’t need to do or know anything at all, just start it!
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