CryptocurrencyScripts

Category: Opinion corner

Algorithmic stablecoins; the future of stablecoins?

Following the recent tragic developments in this space; ‘algorithmic stablecoins’ must be a huge caveat for you. Maybe there are exceptions such as when they have a 60% APY attached. I’ll always say it; cryptocurrency’s biggest achievement is, capturing human greed. When the yield is great, anything goes. In absence of tangible returns like this, most investors will pass up on anything involving stablecoins backed by algorithms and computerized economic policies.

Commodity-backed stablecoin projects are having a good time currently. The big argument used to be how Tether is backed ‘by air’ and should be cracked down. Taking a look at it again, it’s amazing how it managed to retain its dollar peg to date. We might have to re-calculate the strength of ‘air’.

I’m still not a fan of Tether or other shady stablecoins backed by unverified commodities and fiat though.

Terra blockchain’s Luna was on course for some incredible growth — price-wise, the ecosystem itself was booming. The foundation had billions in its reserves and the project founder was beaming with some serious ego. I’d recommend his interview on the fate of cryptocurrency projects as a reminder that nothing is too big to fail. That aged very badly and too fast, in my opinion.

It was going great until Terra’s stablecoin lost its dollar peg and caused a ghastly downward spiral for the Terra ecosystem. The whole crypto space was caught in the crossfire as bitcoin briefly traded below $26,000. Recovery hasn’t been easy and Terra’s LUNA and UST have since lost hope of a comeback.

In contrast to commodity-backed stablecoins; algorithmic stablecoins are programmed to respond to presiding supply and demand forces in order to maintain a pre-defined peg; most popularly, the US dollar. Stablecoins’ algorithms might have tangible differences in their core functionalities but a major similarity is that they are backed by ‘mathematics’ and logic rather than real assets. As long as the logic controlling the functionality of the coins works, the supply and demand continue to vary and the price stays relatively stable and around the value of the pegged figure.

The failure of Terra’s UST casts a shade on the growth of algorithmic stablecoins; but prior to this event, this concept was growing and was on track to pose a huge challenge for stablecoins backed by air and an efficient printer…pun intended.

But despite the unfortunate events, algorithmic stablecoins still have a place in the crypto space and still have good chances of being the preferred medium of value preservation in the crypto space. If not for any reason, the fact that they are backed by the same concept that powers the whole space — logic, makes them more traditional.

Tether, the most used stablecoin remains one of the blurriest operators in this space. Regulatory attempts have been channeled towards it but this hasn’t really resulted in a tangible breakthrough in at least making it a more transparent system. Popularly termed ‘cryptocurrency’s doomsday’, Tether’s stablecoins have reached a market capitalization of over $70 billion. Thanks to incessant and unexplained emission, billions of tokens pegged to the value of the United States dollar has filled the space. During this time, the value of cryptocurrencies has seen incredible growth as well. Yet, it will be hard for the most experienced crypto enthusiast to explain how exactly this stablecoin works and if it is fully backed.

Commodity-backed stablecoins have become prominent figures in the crypto space. In addition to vague backing and conformation to legal specifications, they are controlled by one entity and are grossly centralized. The issuing organization controls the supply and distribution. Consider these issuing institutions the new Central Banks. They have since minted billions of dollars and are trading on the most reputable exchanges.

Algorithmic stablecoins present a more transparent and decentralized alternative to these institutionalized and centralized stablecoins. With emission and distribution controlled by the community; and the peg maintained by a well-explained algorithm, they present a competent system for the preservation and transfer of stable value.

When the heat settles and algorithmic stablecoin projects develop a sustainable stablecoin system, decentralized stablecoins will take their rightful place in the crypto space. There are no perfect systems and just like every new concept, algorithmic stablecoins are prone to early days inconsistencies; we have seen one of the most terrible instances in UST’s failure. If we are being realistic, there might be even more coming, but this does not mean that algorithmic stablecoins are dumb…at all.

20/12/2022
Ethereum will flip Bitcoin. But when?

Every cryptocurrency investor shares the random thought of bitcoin getting ousted. The oldest cryptocurrency and blockchain has spent its whole years of existence on top of the charts. Dominating a fast-growing space and pioneering tremendous developments; the ‘future of money’ controls over 30% of the total crypto market valuation. The top list is ever-changing, a number of projects have occupied positions in the elite league. Only a few have kept this position for a reasonable duration. The competition at the top is stern, but for bitcoin; it is lonely at the top.

Apart from the alpha cryptocurrency, only one project has spent a ‘long’ time in the elite position — Ethereum. Vitalik Buterin developed a technology that has won the heart of many. Since its debut in 2015, Ethereum has become a household name in the space. The most used and emulated project, that’s a simple description for Ethereum’s reputation amongst developers and enthusiasts. The most actively developed too.

Thanks to brilliant technology and widespread adoption, Ethereum has claimed a position just below bitcoin. Unlike other projects that once occupied this position, it has retained it for a relatively long time and had been dubbed bitcoin’s successor. Well, dare to dream. If any current cryptocurrency project stands a chance of taking over bitcoin at the top, it’s Vitalik’s brainchild.

Does Ethereum have what it takes to move to the absolute top? I’d say YES; technically. But then these need to happen before that…

Ethereum’s ascension will need a little bit of bitcoin’s share of attention. Not just bitcoin maximalists, the whole space is much dependent on bitcoin and what happens around it. The old ‘reserve currency’ is currently the sole dictator of the direction of other assets in this space. It will be tough for Ethereum to climb to the top while bitcoin retains this undisputed rulership figure. The bitcoin hype needs to die, at least a little. This won’t be easy, bitcoin moving over to second place will be a bizarre sight too.

Anyways, bitcoin’s hype isn’t the only impedance on Ethereum’s ascension. Ethereum has its own problems too. Fees, speed…you name it. Despite being the most developed blockchain to date, the smart contract chain is still unusable to many. If any cryptocurrency is going to trump bitcoin, it has to be special. Ethereum is special, no doubt; it still needs a whole new level of efficiency to move over to the number one position. A lot of developments are rumored to be coming to the chain, maybe this will be a revolution…who knows.

Unlike bitcoin, Ethereum is built for several purposes. There’s a long list of unique things that can be built on the chain. The quality of projects built on Ethereum has a big impact on its growth. The tons of projects currently running on Ethereum are the principal reason for the price growth over the years. This growth will continue for as long as reputable projects launch on Ethereum and existing ones continue to make great progress. However, if Ethereum will ever grow past bitcoin, mainstream institutions will have to build alternatives or replacements for normal products or services on Ethereum.

Visa recently shared plans to build a payment solution on Ethereum. This and even more are possible on Ethereum. Mainstream firms and brands can launch incredible services on Ethereum. This will boost the price greatly and ease Ethereum’s journey to the ultimate top.

Just like Visa’s payment solutions, Central Bank Digital Currencies (CBDCs) can be launched on the Ethereum blockchain. Most cryptocurrency enthusiast frown at CBDCs, but the reality is; they are here to stay. Not just here to stay, they stand more chances of survival than most normal payment solution crypto projects. Most governments are building their own blockchains to launch CBDCs. While this is for obvious reasons, the Ethereum blockchain can easily host as many CBDCs as possible. Nations should consider taking this route, which is relatively cheaper and easier. Ethereum as a hub for CBDCs will be a huge boost for adoption and value as well.

You surely have your preferences and you hope to see them at the top. If anyone is ever going to come too close to overthrowing bitcoin, Ethereum is first on my list. This space is unpredictable and the most reasonable scenario is bitcoin retaining its position. But anything is possible and Ethereum could go all the way. Or XRP? Well, feel free to dream!

20/12/2022
Love bitcoin? Buy Bitcoin cash.

A follower once referred to Bitcoin cash as bitcoin’s ‘Dumb’ brother. That sounds funny anyways, but it’s a perfect representation of the friction between bitcoin and bitcoin cash communities. One cut out from the other, these two don’t really share a very ‘lovey’ history. According to many, “Roger Ver was a bitcoin legend until he decided to fork it”. This article itself could get some stern backlashes and it is easy to understand why.

Bitcoin maximalists are hardly (rarely) impressed with anything outside Satoshi’s brainchild, but the spite for bitcoin cash is on another level. Pretty weird stuff considering the fact that bitcoin and bitcoin cash could serve two different purposes…competently.

As a newbie in the crypto space and before you grasped the concept of blockchain technology, you probably already regard bitcoin as the ‘digital gold’. Making cryptocurrencies tradable and integrating them on exchange platforms similar to that of digitized gold sparked off the long-lasting comparison between gold, bitcoin, and cryptocurrencies at large. Bitcoin is at the helm of this comparison.

Bitcoin’s initial purpose was a flexible payment technology; its current orientation designates it as a store of value… principally. The perpetual comparison with gold, firms adding bitcoin to their reserves, values reaching thousands of dollars; bitcoin is simply a better replacement for gold… even the transaction speed suggests.

Bitcoin Blockchain is adapted to perform about seven transactions per second. Working at this speed, transactions could take over ten minutes to be executed and verified on the blockchain. With the Bitcoin lightning network, you can transact faster. Well, the bitcoin lightning network basically applies clever tweaks to parse your transactions, and via ‘verified trust’ transactions are confirmed ‘offline’.

Borne out of an infamous turmoil and living through a series of ‘dramas; bitcoin cash, a more flexible fork of the original bitcoin presents a more sustainable payment solution. Built for merchants; the ‘cash’ suffix says everything you need to know about it. Albeit criticism from bitcoin maxis, bitcoin cash is ultimately faster than the original bitcoin and works better for the purpose bitcoin was initially created.

Say “bitcoin for investors; bitcoin cash for merchants”. Bitcoin should rather spar with gold and lustrous metals, but adopting bitcoin (in its purest form) for day-to-day financial activities is simply not sustainable. Bitcoin is not scalable and flaunts a rather archaic technology. Bitcoin cash is more developed in these areas and more adapted to suit merchants.

If any ‘bitcoin’ must be used in commerce, it should be cash. You’d have to wait for minutes before the barista confirms your payment and serves you coffee. Relative to most other cases, this is actually a manageable scenario. Bitcoin causes this, bitcoin cash fixes it. Well; the lightning network does too, you’d argue.

Love bitcoin? Buy bitcoin cash as well. Or at least, acknowledge its technological advantages. In Contrast to the current situation, bitcoin and bitcoin cash complement each other and should grow along. Instead, we are witnessing a case where one is pushed to serve both purposes.

Don’t get it wrong; any store of value can serve as a medium of exchange, including gold. But bitcoin cash actually fits better into the idea of a ‘cash’. A number of other blockchain solutions boast faster and more flexible transaction speed; however, bitcoin cash is built on the original bitcoin framework.

18/12/2022
Bored Apes didn’t really need a DAO.

If you minted a bored ape NFT at 0.08Eth; watched it climb to $380,000 and got airdropped tangible thousands of dollars in Ape Coins; this title and the whole discussion may sound a bit ‘off’ to you. That’s easy to understand, I’d probably feel the same way. Bore Ape Yacht Club is arguably the most popular NFT art in the world. After that airdrop, it’s probably the undisputed star brand in NFTs and crypto. Hats off to the brilliant team that worked to get it to this height…and of course, the celebrities and influencers who did a great job too. I personally love Eminem’s Ape and I’m not afraid to say that; pun intended.

BAYC’s success rings a bell in the NFT and crypto space, feel free to regret not minting and holding, most people who missed out feel the same way.

In a move to create a more decentralized and accommodating consensus mechanism, Yugalabs introduced the APE coin. APE Coin was designed to be the Bored Ape community’s governance token. In addition to being used for political purposes, APE Coin was also designed to be the reward token for Play-to-earn GameFi projects developed by the team.

Anyways, does a project like this need a governance token? The idea of DAO has long existed, many older projects have implemented this before it became so popular in the past few years. Many projects have launched tokens whose primary use is to vote on proposals. A brilliant move, in my opinion. Unfortunately, this hasn’t really worked so well. Not just APE coins, most DAOs are just another money-doubling scheme.

Looking over the fact that APE coin has added some free money to your portfolio and the fact that it has had more marketing and financial impact on the project, the real purpose for introducing this token could as well be ignored. A governance token for decentralized digital art? Well, you surely have your arguments but Bored Apes has done so well without a DAO.

Yugalabs is a brilliant team and has the best ideas to push its project forward. Demanding approval from a community of people who are less informed on issues like this is more likely to defeat the whole purpose. This is the exact issue with most DAOs, the community is more likely to get it wrong than a team of specialists. Communities consist of tons of people with different (personal) goals which might not necessarily be beneficial to the greater public. Their personal needs are what their individual votes reflect and not the community’s well-being.

To date, about five proposals have been voted on APE coin’s voting portal. Three of these have been voted in favor while the rest couldn’t make the cut. There are certainly more in-depth reasons why that staking proposal didn’t make the cut. Proposals like this easily pass the voting stage. However, these proposals have been centered around developing the voting process and incentivizing token holders. When more vital proposals are made, the complicated nature of DAOs will be put into play.

Project teams are shying away from leaving vital decisions to the community, a major reason why DAOs are becoming grossly uninteresting. Albeit decentralizing the community, DAO project teams still execute important proposals without the consent of the community. Many argue that a complete DAO is ‘dumb’ and unsustainable. You’d agree too. It falls through at some point. The majority isn’t always right, this happens more often than not. In cases like this, project founders face the hard decision of going against the community or not consulting them properly.

The community will happily vote in favor of token burns but not a proposal to lower the floor prices by minting more NFTs at cheaper prices. While token burns have shown to be good for the numbers, a lower floor price will invite new members. But the community will prefer to see numbers go up…I will too.

18/12/2022
Post-war Ukraine will be a catalyst for digital assets’ growth.

Ukrainians face an uphill battle to retain their country as the conflict with Putin-led Russia continues. Peace talks between the Waring nations haven’t really yielded tangible results; the Russian military is showing no signs of backing off while Ukrainians are keen to fight off their invaders. The harsh effects of the sanctions on Russia’s economy and citizens haven’t been enough to convince her leader to call off the attempts. Russia’s invasion has grounded the central European country’s economy and has displaced millions of its citizens.

While the rest of the world continues to condemn Russia’s actions and assist Ukraine, the conflict could linger on for a while. Support for Ukraine comes from all parts of the world in different forms. As usual, cryptocurrency communities are getting involved. Drumming their support for the eastern Europe nation, over $100 million in cryptocurrencies have since been donated to Ukraine to assist them in their plight.

Being handed millions of dollars in cryptocurrencies via donations, Ukraine nets more than just one advantage. In addition to the financial reinforcement this could bring, cryptocurrencies offer a more efficient financial system relative to the traditional system. For a government thrown into war, an ‘unblockable’ means to exchange value comes in handy. Cryptocurrencies’ underlying technology makes for the most flexible exchange. Devoid of third parties and powering universally acceptable stores of value, it is actually meant for turbulence.

Seeing the role cryptocurrencies have played in his struggle, the Ukrainian president moved to make bitcoin a legal tender in the region. This a reasonable thing to do when you have a tangible amount of cryptocurrency in your custody. We currently have no clue how exactly Ukraine is using the cryptocurrencies donated to them, but at least we can guess. The move to legalize bitcoin hints at positive results from using cryptocurrencies; especially at a time like this. And if more nations will consider adopting positive policies for bitcoin and other cryptocurrencies is a question of if they are actually watching the role cryptocurrencies are playing currently.

In conflict, Ukraine is demonstrating just how useful cryptocurrencies could be in turbulent times. A point of consideration for other nations. It is already playing an important role in digital assets. And even after the war, Ukraine is poised to be a catalyst for digital assets in Europe and the rest of the world…obviously.

The nation of Ukraine is currently in ruins. Thanks to shellings from Russia’s artillery, important structures in Ukrainian cities are in rumbles. Once the conflict ends, Ukraine will be looking to rebuild its nation again. That stash from donations will once again play a role. And as long the nation stays, open to cryptocurrency donations, the benevolent cryptocurrency community will continue to support their recovery. As a legal tender, donations in bitcoin and other cryptocurrencies will be circulated through the nation’s government. Probably as payment to the different bodies assisting in development plans.

With bitcoin etched in the legal books of a country whose development has been badly affected by war, the need to adopt futuristic solutions to fast-track its recovery and competitive ability is a matter of importance. An optimized medium of payment and a superior store of value are good options, bitcoin fits perfectly into this. Just like El Salvador, Ukraine could be the next country to utilize digital assets for national growth.

Unlike Salvadorians, Ukrainians have learned the benefits of using swift payment solutions like cryptocurrencies in a rather unfortunate way. The banking experience during this conflict period is already enough to make them appreciate the distinctions between bitcoin and other cryptocurrencies over their custodial financial systems. Many already hold a majority of their funds in cryptocurrencies, this will continue even after the war.

Ukraine will double as a case study for cryptocurrencies’ relevance in turbulence and recovery. As a nationally accepted medium of exchange, it will play a role in the normal lives of people living in this region. As the rest of the world watches; every event in Ukraine as it concerns cryptocurrencies is a major demonstration of utility. For a concept met with so many restrictions, cryptocurrency and blockchain are proving the rest of the world wrong. Playing vital roles in contrasting times is proof of versatility.

18/12/2022
How lucrative is the future of NFT?

How lucrative is the future of NFT?

NFT enthusiasts have moved Billions of dollars in NFT arts and multimedia since the idea came to life as a valuable item. Mainstream and local artists have since made life-changing wealth from selling otherworldly arts and rare pictures. (successful) NFT traders have turned their fortunes around by flipping NFTs on NFT marketplaces. The widespread rumors of staged trades and artificially bloated NFT might not be a fact, but the mind-blowing NFT value figures could easily trigger rumors like these. Bored Apes are arguably the most popular NFTs and have seen incredible growth; in popularity and value, but many other similar projects have seen wild growth as well.

I’d assume every NFT trade and positive statistics to be 100% real, even if they are not; the concept has been undoubtedly yielding for anyone who dived in successfully. Do share your NFT story with us anyways! That being said, the scope of NFTs has been grossly limited to art trades and multi-media vending. Denis Rodman’s NFT collection has moved over 590 Ethereum at the time of this writing. The popular ‘tough’ guy made it clear that he simply “want to make money” from his NFT drop. Not sure about his current financial condition, I only hope 500Eth is enough money. He probably made more from throwing balls for a few hours.

Expensive arts have a rich history, you might have seen movies about them. Dwayne Johnson and Ryan Reynolds did a good one too. In contrast to NFT, these are (very) special Arts and usually ‘one of ones’. Well, when you simply have to move some nerdy virtual coins, you are bound to be a bit extravagant. The NFT buzz has tuned down a bit, but this can be blamed on the crashing cryptocurrency market. A return might be possible when the market returns, or even before then. Regardless, most NFTs have seen their peak and will always be a shadow of their best, but NFTs will continue to be a prized asset for quite longer.

The future of NFT is however not geared towards a continuation of the photo-vending use case. While artists will still be able to drop their arts on marketplaces for collectors, this practice will begin to fade when NFT arts fail to meet up with the utility demands.

Arts and multimedia trading is the current buzz, but the utility of NFT as technology lies elsewhere. Cryptocurrency projects are already exploring ways of introducing NFTs as a competent way of assigning viewership tickets to sports fans. A welcome development and NFTs will do just well in this aspect. NFT sports tickets are easily verifiable and immutable. Just like NFT vouchers, these tickets can be easily redeemed and reused. Cinemas can also adopt this exact technique to issue movie tickets to their customers. NFT attributes can be used to encode the provisions of these tickets.

NFTs could replace the traditional algorithm of assigning ownership rights to vouchers. Spending NFT vouchers is as easy as redeeming an NFT for a prize. This also saves the institution from producing new vouchers regularly as NFT vouchers can be re-used over and over again…as much as possible.

Novel Cryptocurrency ideas have a record of fading into obscurity after a period of hypes and panic buys. A rather general phenomenon. NFT arts could follow a similar route while real utility NFTs take place in mainstream sectors. Would be a win for the technology itself. In contrast, these will struggle to command the financial sways NFT arts have easily pull-off for the past year. NFT minting platforms and marketplaces could still retain their function though not for billion-dollar daily transaction volumes.

Not to worry anyways; the most used words here are ‘might’ and ‘could’. These new use cases are still a couple of years away from relevance. Even if they come earlier, you’ll still be able to flip your ‘rare’ arts as long as collectors are willing to throw some heavy bucks on your collection. This is, however, for new NFT projects or older ones that stood the test of time. There won’t be many of the latter…of course.

18/12/2022
Bitcoin can still trade above $100,000 in 2022

Bitcoin topped $68,000 last year, and if you lived through that moment, you’d be left in awe of what the space has become since this time. Even more awesome is the state of things by the time you get to read this article. But that’s if you didn’t jump to the first paragraph to get to the point where I listed reasons why bitcoin will climb to $150,000 in the next 50 days.

Here’s a spoiler, that part doesn’t exist. You could still find a few hopium laying around the corners of crypto Twitter. The crypto space is adding to the relevance of Elon Musk’s new playground.
At least, he could have some money to run the ship before the verified users start paying up their $8. Well, this is unrelated but the rocket man recently checked into a Twitter space just to say ‘Doge to the moon’!

Even if you don’t love Twitter, you’ll love Mr. Musk. An absolute gentleman! Don’t read that twice.

Away from Twitter and away from the charts, cryptocurrency has taken a bad hit this year, the worse it ever did. Trashed reputation, air-proofed strength. It once looked like a very strong space. If we’re considering percentage losses, it’s still doing better than the 2017 crash, but that’s not a story to tell to anyone who bought the top. Heard Nayib Bukele’s bitcoins were stored on FTX. That turned out to be a joke, but what a story it would have been.

Tesla did test bitcoin’s liquidity and couldn’t move the market with billions of dollars in bitcoin sold. That used to be impressive, guess not anymore, we could drop to zero if anyone tries something similar right now.

If there’s any advice that almost went completely wrong in crypto, it’s the one that encouraged you to invest in ‘blue chips’ turns out that are blue rugs. But that’s fine, at least we still have NFTs to keep us going. Brilliant FTX investors did demonstrate the best use case for NFT — money laundering. Probably the single-use case that has steered the values in the way we have seen.

Next in line for capitulation? I guess not, that Ronaldo and Binance NFT partnership finally happened. The greatest footballer that ever lived will be dishing out some rare art and footage with the popular exchange. With other exchanges falling apart and Binance standing strong for now, NFTs might just pick steam again, NFA.

But then, what else could go wrong? Bored Apes announces that their monkey pictures are truly valueless and floor prices crash to two decimal point ETH while bitcoin drops below $10, 000. That’s just one zero short of the $100,000 mark. That’s an awful take, even in the words of a crypto Rockstar.

But the drums are still sounding. Thanksgiving is almost here, but things are still looking scary. Halloween got extended. Time to give up on your dreams and face reality. If you bought bitcoin anywhere near the 2021 top, you’re certainly ending the year at a loss. But one bitcoin always equals one bitcoin. A faulty arithmetic, but still works for people who have developed a Micro strategy for cryptocurrency investment.

Anyways, it’s the last quarter of the year and crazy things happen. Shiba Inu at $1 is on the cards as well.

18/12/2022
Survival struggle: Layer-1 edition.

Aptos launched with a speed of less than 10 transactions per second. Well, that’s some distance from the promised 160,000 transactions per second. Every layer-1 blockchain is a ‘game changer’, at least until they start to get the heat.

Somehow Ethereum still manages to be one of the best layer-1 blockchains in a midst of countless ‘Ethereum killers’. I know that sounds different in the ears of a random airdrop hunter who just received 700 Aptos and sold them at $7 each. That’s, some loss anyways, a little wait would have added more bucks to that. But it’s free by the way. A good compensation for one of the harshest crypto winters I’ve witnessed.

Sui blockchain is on the way, Cristiano Ronaldo would be proud. Heard he’s got an NFT deal with Binance. Would be a good coincidence if he launches his own ‘Rare’ collections on the Sui blockchain.

Siuuu! You could hear that from every corner of the stadium or crypto Twitter.

Aptos somehow isn’t the game changer anymore, it only launched a few weeks ago! We are finally putting the “Ethereum Killer” phrase to rest. The space has moved on; from Solidity and Rust to ‘Move”

Two move blockchains with super-rich VCs launch in the same year. Even if these chains don’t amount to any good in the end, they surely stretched a few pockets. We can take that as a win.

The 2021 pumps favored cross-chains and their redesigned copies of UniSwap DEX. Even dead projects from 2017 could rebrand to the ‘Swap’ suffix, launch liquidity mining programs and score some 10Xs before going back to their previous position. All good anyways, crypto influencers had some nice play over there.

I might put in a few more paragraphs after this but before that; What’s your favorite layer-1 blockchain? Quick guess; the one with an airdrop in view. Airdrop hunting used to be about social media tasks, now it’s about testnets. An upgrade, really. Even the noob internet gamer could run some testnet node and make some quick bucks; sell off at launch and head out in search of the next game changer.

Tons of layer-1 blockchains, yet the space is still in search of the next big thing in smart contract blockchain. Gavin Wood came close with Polkadot. Sam and any other member of the Solana team did a plausible job with the Solana blockchain. Cool blockchain! You might want to check their timetable so you can have a feel before it’s switched off for the day. Ten days on, four days off, a balanced two weeks roster.

Pun intended… Not sure anyone would laugh at that anyways.

If we could get serious for a second, maybe we can have a flashback and check how innovative the new layer-1s created every day really are. A well-written whitepaper and some ‘gamey’ UI designs on the official website. Then, a couple of million raised in ICOs and IEOs. Like the dotcom boom, blockchain developers are the next lineage of billionaires…and meme coin influencers.

It only takes a few months before the ‘game changer’ gets riddled with meme coins and shady ‘otherworldly’ NFTs and of course; several exploitations and exit scams.

We’ll surely have a conversation about the VCs churning millions into these projects. But that’s when I get sober from the last Cup of coffee. Don’t expect a SEC investigation report anyway. I just need to know how my writing career can be funded. Maybe a DAO will do. Or a layer 1 writing platform. Perfect!
While I draft my pitch and whitepaper, the heavily funded layer-1s struggle to remain in the Ethereum killer discussions.

It’s uncertain who comes out on top.
We’ll get to know that in time, before then, I’d really like to say that it feels good to write on this platform again!

17/12/2022
Cryptocurrency is reserved in Memes!!

Unlike FTX, crypto.com have a reserve that protects your deposits. At least, when they finally file for Bankruptcy sometime in the future, you will get something back for the funds you left on their trading platform. Well, you’ll probably get a couple of million of Shiba Inu, but that’s fine, at least you got something.

It’s been a wild week and just when you think it can’t get worse, you find out that your whole deposit could be sent to the wrong address by the same institution that promises you your funds’ safety. Maybe the banks weren’t as bad as we have painted them over the years. And who cares whether the bank is always open or not? At least they play a better gamble than trading platforms valued in billions of United States dollars.

That’s by the way, I guess the coffee got somewhere between my emotions and my sense of taste. With every exchange showing an undue lack of integrity and bitcoin threatening to go back to 2018 levels, it’s time to deal with some addictions.

A pitiable state, the whole crypto space. But never mind, the remaining exchanges are proving to you that your crypto deposits are backed by a strong reserve, they are reserved in the most popular meme coins and a little bit of stablecoin and bitcoins as well. Can’t say much about the Ethereum coin in reserves since they can be easily sent to another exchange ‘mistakenly’. One suggestion is to use naming services like ENS and Unstoppable Domains…not sure if billion-dollar companies take advice from a common writer.

I could do a few conspiracy theories, my favorite theory is that all these events are meant to pump Shiba Inu to 1$. Since exchanges have billions of Shiba in reserves, Shiba at $1 will rescue these exchanges from bankruptcy and users can have their funds back while bitcoin races to $200,000 and crypto becomes the global standard of payment and Michael Saylor becomes one of the richest people on earth and the Bankman returns to his Forbes “30 under 30” ranks. I’m very bad at this.

It unfolds like a joke tweet, similar to the one from the Popular Binance CEO, followed by a “Steady Lads” tweet and some storm-calming claims before the -80% drop and bitcoin comes tumbling. It’s sad that the orange coin has to suffer from all these when it has done nothing but stay in the wallets of high-power miners and Central-American nations. Bitcoin is closer to $100 than $100,000; one year ago, it was just a few bucks to $70,000. Funny how everything could change in a year. My favorite coffee brand cost two times more too.

We could go ahead with more puns and sarcasm about how the space has gone from “revolutionary” to a “wild west” it has always been the latter; we were just lost in a wave of “institutional adoption”. I guess we all learned the hard way; apart from the hackers who managed to make a few cash-outs while the market was booming and the projects that successfully rugged their investors. Not to forget the Twitter influencers that earned six figures from simple tweets. I hope they get to pay Mr. Musk his $8 and if they trusted Mr. Fried with any of those funds, then…

For the last paragraph, I will quickly end this so I can move my remaining ERC tokens to my wallet. I will have to pay more in withdrawal fees than the value of the assets, but that’s better than losing it to ‘researchers’ who don’t like using Stop Losses.

17/12/2022
How regulations impact crypto; positively

I think we should take back every word we uttered when we accused mainstream financial institutions of trying to stop “the crypto revolution”. Revolutions always come with a storm, but when they threaten the globe with depression, they should be checked. Now by ‘depression’, I mean mental and economic.

It’s been a while since I stumbled upon crypto philanthropy projects, only similar ones I’m aware of are comedians trying to make fun of Bankman’s effective altruism; sorry, Excessive altruism. I know he’s made a couple of good records; multiple Forbes mentions and appearance and surely one of the few very good men that gave other people’s money away. Anyhow you see it; I think he’s made a name for himself. His friends at the national media houses and his million Twitter followers can attest to that.

Enough of Sam though, but this whole ‘blurb’ is about him and how effective regulations would have saved millions of crypto gamblers (or investors) from a $10 billion incident. Just in case you are already taking back your words as we discussed earlier, I’d suggest you put a pause on it. Yeah, put a pause because the regulation attempts have never really been about investor protection.

If the United States government ever dipped its feet into crypto, it’d surely have some money stuck in FTX. Well, FTX US wasn’t part of the massacre and the funds should be safe. Even if Nayib left his nation’s bitcoins on FTX as the jokes told, he’d be glad to put an end to the losses he’s been counting since he put his nation’s money into bitcoin at ATH. I’m sure he is secretly DCAing or trimming his losses.

Regulations would have saved the collapse if there was ever an attempt at that. Unfortunately, that was never the case, and every word about stopping a revolution was factual. Even the United States officials were only bothered about the “super shadowy coders” whose only job was to deploy codes and use the blockchain… for fun. The real threats make donations to election campaigns and take front rows in political discussions.

At least the People’s Republic of China banned cryptocurrency mining and every crypto-related activity in the country, but I’m sure Jinping was more bothered about the portion of the nation’s power supply consumed by the miners in the country than the safety of the people’s fund in the firms that attempts to replace fiat.

About replacing fiat, I think we are devising a better way to go about it. Here’s my personal theory; exchanges and other custodial institutions are carting away investors’ and users’ funds and giving them (worthless) tokens as a replacement. That way everyone will have enough cryptocurrencies and less fiat. Revolution, yeah!

I guess most nations didn’t care about protecting their citizens since they’ve been already told that cryptocurrency isn’t a nationally recognized business. Every man to himself, the government is staying away from this one…until the next bullrun! About the investor, we wait on Sir. Bitboy for answers. You can save your statements about his paid shills, at least he didn’t give anyone’s funds away…literally. I suggest he takes a look at Sam’s new body build as portrayed by the New York Times (not sure I got that right).

I’d have loved to make a few statements about the new relief fund program by Binance’s tactician, but this blurb is limited to 600 words. I love to call it a blurb since it literally doesn’t even make much sense. But anyways, if this was cool to read, consider following us!

17/12/2022