Posted 10 months ago | by Catoshi Nakamoto
Just when you thought Ethereum was going to get predictable – It throws you another curveball. There has been a delay with the London Hardfork but that hasn’t stopped Ethereums momentum. Why is that? Is Ethereum showing new strength against FUD, haters, and even Bitcoin? Or is this a flash in the pan?Read More
Let’s get it.
Welcome to Bitboy Crypto, home of the Bitsquad the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show you how to make money in crypto. If you like money and crypto, be sure to hit that subscribe button. In this video we cover the latest updates on Ethereum and its journey to proof of stake.
Let’s get the bad news out of the way first. The London Hardfork has been pushed to August 4th. I know I know. That’s pretty on par with everything Ethereum development related. Tim Beiko tweeted out the update a few days ago and so far it’s been holding true. None of that appeared to shake the price of ETH outside of the normal chop we’ve been seeing lately. But while the London fork brings about the most talked about change, EIP 1559, which is the fee burn mechanic to make Ethereum less inflationary, there is another EIP that you should know about. EIP 3554 which is the mining difficulty bomb. The delay to August means the difficulty bomb won’t pop until December 1st. The “diff bomb” is meant to “freeze’ the proof of work network in preparation for proof of stake. What will this mean for mining, network speed and price action? Let’s take a look.
No that’s not the look I wanted to take. Great now I have that song stuck in my head. Nightmare fuel.
Ethereum Twitter is very bullish on the price action of ETH over the next year. CryptoCapo, an Ethereum trader with over 130,000 followers on twitter, has looked at his ETH charts and thinks that with the deflationary supply of ETH happening this year, a 400% increase is likely. He also states the he thinks ETH will hit 10k this year and will flip Bitcoin in market cap in the next 12 months. Huh. Weird. You know ANOTHER Twitter user…one with almost half a million followers, has been saying that same thing all year long…who could that be?
This may come as a surprise but I’m a fan of sports. Including basketball. But if there is one team I can’t stand…it’s the Milwaukee Bucks. And their supreme leader – Mark Cuban has been having a rough go with crypto over the past couple months. After flip-flopping back and forth on the value of Bitcoin, then going big on a couple memcoins…getting wrecked…and then got butt hurt about it…Cuban showed his degen stripes and recently made big buys into several Ethereum defi platforms over the past week. We won’t get into the details of Marks portfolio in this video but we do know that Mark is big on Sushiswap and continues to bring other business owners and influencers to crypto. Mark if you need Defi points. Hollah at yah Boy!
- Want more bullish news? Good we’re nowhere near done yet. Consensys founder Joseph
Lubin believes that the London fork will be a phenomenon that no one can really understand how big it will affect Ethereum. “We’re seeing exponential demand for the Ether token to run transactions, to run programs on the network, on top of essentially massively decreasing supply. So we anticipate that there will be an enormous run up in demand and the value of Ether.”
In the second financial quarter of 2021, the Ethereum network settled over $2.50 trillion in transactions, notes our friends over at Altcoin Daily. That sounds impressive but just remember that Ethereum is still sitting at a marketcap around 200 billion USD. I’m not trying to diminish Ethereums impact or size in the markets, I’m just giving you context for what the growth potential of Ethereum can be. Speaking of potential. If you’ve gotten this far in the video you know that crypto has the potential to change your life. Give that like and subscribe button a click and join the Bitsquad. It’s the best crypto community in all the interwebs.
– Brazil. Land of sun, beaches, intense hair removal, crushing soccer supremacy, and Fogo De Chao, has approved the first Ethereum ETF in Latin America. The Brazilian securities commission or CVM approved the asset to be managed by QR Asset Management. It will get its own ticker, QETH11 on the Brazilian stock exchange called B3. It will follow data provided by the CME Group. Once again South America is showing how forward thinking it is when it comes to crypto. And the contrast to the US is striking. The US continues to fumble and bumble its way around crypto regulation and ETF applications. Just this year the buffoons over at the SEC rejected Ethereum ETFs from VanEck and Skybridge Capital. Hopefully, soon we’ll start to turn the corner on regulatory clarity in the US. But I wouldn’t hold my breath waiting for it. Brazil has flipped their rock over to the green side and you know that means it’s time to eat.
Anthony Di Orio, one of the co-founders of Ethereum and crypto entrepreneur has stated publicly that he is leaving crypto behind. In a phone interview with Coindesk he said ““I’m a crypto guy and I don’t want to be known as a crypto person,” he said. “I want to be known as a problem solver.” He said he also factored in “personal safety” into his decision. Anthony is from Canada and was active in the crypto community from the early days. He started the Bitcoin Alliance of Canada. He started Bitcoin Magazine. He even developed one of the early browser extrension crypto wallets, Kryptokit with his buddy Steve Dakh. Soon after that he started on Ethereum with other cypherpunks Roger Ver, Erik Vorhees and the carbon-based humanoid known as Vitalek Buterin.
Anthony won’t be giving up on technology all together, he’s hinted that his next venture will be using blockchain. While it’s hard to see a crypto OG leave the scene I understand that getting pigeonholed can be frustrating so I wish Anthony the best wherever life takes him. But Anthony…just know if you ever need a place to land, you can always come chill out at the most pro-Ethereum channel on the planet and hang with the BitBoy.
There has been a lot of chop this past week and today is no different. The news about EIP 1559 and of Anthony Di Iorio leaving crypto has caused a bit of a downward push. But that’s ok. Ethereum is still very strong and it’s fundamentals are getting stronger by the day. Have you noticed how low gas fees have gotten the past few weeks? That’s not just from the lower volume. It’s because major mining pools like Ethermine, Sparkpool and my sworn enemy F2POOL, have started implementing EIP 1559 pricing into their miner payouts. But the transaction times haven’t suffered and overall the network is still performing well. The difficulty is starting to climb back up which is a great bullish sign as well.
That’s all I got. Be Blessed. BitBoy out.