Bitcoin Price, Ethereum Privacy, ChainLink Partnerships & more ! (Crypto Over Coffee Ep.4)

by birtanpublished on September 29, 2020

ladies and gentlemen people of the
internet welcome to yet another episode
of an ongoing weekly series called
crypto over coffee every Friday I pick
out interesting news current events and
announcements in the cryptocurrency and
technology world and then I break them
down for you over a cup of delicious
coffee today we're talking about coin
bases bold Bitcoin predictions anonymous
etherium transactions andrew yang chain
links latest partnerships and a whole
bunch more oh and by the way in today's
episode as well as episodes in the
there will be some awesome giveaways of
cool products apparel and cryptocurrency
so make sure that you hit that subscribe
button and that you stop by every single
Friday so you don't miss out today I'm
giving away a treasure model-t Hardware
wallet to one lucky winner and all you
have to do to win is a subscribe to the
channel B leave me a comment below about
why Hardware wallets are essential and C
stop by on next week's episode to find
out who won boom good luck as always
though let's start the meeting potatoes
of this episode with questions from the
community on YouTube and Twitter so I'll
jump on the good old iPad now and pick
some to answer and remember if you want
a question of yours answered make sure
that you leave them in the comments down
below or tweet me outa Shoshi 4 on
twitter dan Hanna masks best crypto tax
software question mark great question
my top three would be coin tracker Zen
ledger and note 40 not in any particular
order I think all three of those are
really cool and work really well thank
you for the question the next question
on here is from Joseph Greene all I want
to know is will aetherium 2.0 take too
long thanks and have a good one
you too have a great one a theorem 2.0
and my opinion hasn't yet reached the
point where it's taking too long and
it's not at the point where it will take
too long I think even if they launched
all the features by the end of 2021
they're still going to be in a good
position I don't think that any projects
out there have solved all the
problems that aetherium 2.0 is trying to
solve so we're not at the point where we
have winners in the crypto space I think
there's so much that still has to be
done to bring the stuff to mainstream
and everyone's gonna have a fair shot at
doing so the theorem does have the
advantage though because they have so
many developers already that are working
on all this stuff so there's that thanks
for the question how different is tezo's
from aetherium love the coffee vids
thanks i love these videos as well and
this question is from scripts Skynet or
script Skynet cool name and also cool
photo now to answer your question once
you get past the initial definition of
both platforms which is that they're
both smart contract enabled blockchain
networks that are designed to be
platforms on which decentralized
applications can be built these are
really different protocols underneath
the hood first of all tezo's is a
complete 180 degree pivot from etherium
traditional off chain governance most
block chains built around the time of
aetherium use hard Forks for major
protocol changes that are not backwards
compatible tezo's is really trying to
avoid this all together with on chain
governance where a form of like
democratized management deals with
changes to protocol so there's voting
that happens it's almost like a mini
democracy all on chain beyond that
aetherium is proof of stake is very much
a traditional proof of stake network
where the more stake you put up the more
chance you have of making a block
whereas tezo's is liquid proof of stake
which is an interesting name is kind of
a blend of delegated proof of stake and
standard proof of stake where you can
either stake directly or you can
delegate to others without giving up
ownership of your tokens and finally
aetherium uses primarily an imperative
programming language solidity for smart
contracts where tezo's is all in on a
functional language called mickelson
which is based on the Oh camel
programming language which is totally
functional totally different from
solidity so there are a lot of
differences and way too many to talk
about in this video but that is a
fantastic question and it might
be a full video on its own next question
is there any way the transition to Eve
2.0 proof of state could go so badly
through some error or bad foresight that
Eve could go to zero this question is
from Joe vu comedy he also says keep up
the great work and making people think
you are Canadian I am actually not
despite this sign I actually got it
thrifting in my girlfriend's hometown
which is
Toronto in terms of eath 2.0 proof of
state going badly I think that
considering how long this is taken and
how many engineers they have working on
this at least a hundred core protocol
engineers plus probably another several
hundred non protocol level people that
are helping support the development I
have a feeling that this is going to be
built well I have a feeling that this is
going to be effectively done on behalf
of the etherium foundation if for some
reason the etherium 2.0 transition goes
badly it could destroy the token value
of ether but I don't I don't even know
if that would be the case because I
think they could probably wind it back
and just stick with the proof of work
chain then again people would probably
be very disappointed and lose their
faith in aetherium as a community and as
a block chain network so yes it's
possible do I think it's likely No and
the last question of the day from Emma
Gator hash are you staking on cardano's
incentivized test net I am not and is
not because I don't want to it's because
they do not have time to set it up I
really do want to create a video of me
learning how to set it up and
subsequently teaching you how to so
hopefully I can do that sometime in the
near future but I will have Rick
McCracken from the card ah no effect
podcast and YouTube content creator on
the channel to talk about his awesome
incentivized test network so that about
covers it for the questions today and
now the first topic I wanted to touch on
is a cool project on the etherium
blockchain called the aztec protocol
aztec protocol mastermind thomas walton
Pocock and his team are pushing a new
era of private efficient transactions to
aetherium using their ZK snark zero
knowledge proof based protocol now I've
video talk
about all sorts of stuff about zero
knowledge proves what they are how they
work etc so it can pause here and watch
that really quickly if you want using
the link above I will be here waiting
for you
ZK snark is short for zero knowledge
succinct non interactive agreement of
knowledge and you can probably tell now
why it's abbreviated so simply in a
super generalized form the aztec
protocol uses this zero knowledge scheme
to allow one user to prove to another
that he or she has enough tokens to
cover a transaction that they own a
given private key or etc without ever
exposing the raw data behind that this
ZK snarks technology is already being
enabled on the etherium chain with the
recent Istanbul hard fork that
introduced scalability improvements
based on this technology right now the
smart contract using aztec on aetherium
is for the private version of the dice
table coin zk die but the same
technology could be used to create more
private versions of popular ERC 20
tokens or even natively on the etherion
blockchain protocol to make private
transactions native i'm really excited
to see where this implementation goes
and my fingers are crossed that we get
to play with it some more in the ERC 20
world now with all the craziness of the
2020 election cycle continuing to take
its toll on the hearts and minds of
everyone in the country and people
outside of it as well it's hard
sometimes to find silver linings and all
the antics that ensue for those of us in
the cryptocurrency world and even the
broader world of innovative technology
fans we lost our most technology-focused
candidate this past week in andrew yang
threw out his bid for the presidential
nomination Andrew yang spoke of the risk
of automation to the workforce the power
of technologies like cryptocurrency and
blockchain as well as a plethora of
other tech oriented topics that are far
too often glossed over completely by
other candidates while Andrew Yang's
political campaign in this race is over
I think there are positives that can be
taken from this process first of all
yang brought national attention to
cryptocurrency in a positive light and
if you juxtapose that against the
standard rhetoric that crypto was only
used for criminal exercises
I think the renewed focus on the
technology is a tool for positive change
is a very good thing beyond that I
believe Yang's race has also gotten
thinking about technology and
relationship to our daily lives a little
bit more closely
maybe we'll see yang in a state race
sometime soon where he can be an
advocate for cryptocurrency and other
innovative tech in the political sphere
but who knows I'm curious what are your
thoughts about Andrew yang is a
candidate and even if you're not from
the US a comment down below let me know
cuz I'm curious what the sentiment is
towards his campaign and the stuff that
he talked about in other news the retail
crypto investing app circle invest was
just sold to a company called Voyager
who already offered trading services in
the crypto space this means that the
40,000 users are more that circle invest
had will be migrated over to Voyager by
the end of March as circle the old
company ships completely towards a focus
on stable coins the Voyager app is a
relatively new crypto app but it's been
around for a little while and they're
looking to push adoption with
commission-free trading interests
turning products and they have over 20
crypto currencies to choose from on the
app today with Fiat 2 crypto
transactions and withdrawals I tested it
out and it's actually a pretty solid app
with a nice UI and fees are taken on the
spread much like you see on something
like uphold of course this is a US only
product right now but it is expanding
abroad as we speak I would also say that
it does require kyc as with any Fiat 2
crypto ramp that's nothing surprising
I'll link it up down below if you want
to check it out but all in all I think
the voyager application will be a much
better home for crypto investors than
circle invest was it ended up not being
so great the good news is voyager will
be integrating the best part of circle
invest platform and the thing that I
liked the most which was the collections
section which allowed users to buy
diversified mixes of crypto currencies
all in one single click you can buy like
buckets of crypto this is great for
beginners trying to test the waters and
honestly I think it was a fantastic
now speaking of exchanges let's talk
about coin base and they're a bold
Bitcoin blog post on February 7th
coinbase posted a blog post and an
accompanying slew of tweets to promote
that blog
and the entire premise of the write-up
was that bitcoin is increasingly living
up to its identity as digital gold in
other words because bitcoin is a
deflationary asset with a fixed supply
and an increasingly high cost of
acquisition through mining it's very
much akin to physical gold in terms of
its value as a store of value coinbase
went on to postulate that the upcoming
having event which is going on in may
2020 the total Bitcoin reward for mining
a new block go from 12 and a half to six
point two five Bitcoin further supports
this definition of Bitcoin as a store of
value that's similar to gold now if you
really break down the key facts about
Bitcoin you can see that it was designed
to be like gold even down to the
terminology gold has value because it's
scarce and because people have demand
for it as a result this scarcity really
comes from the total finite supply of
gold on earth Bitcoin on the other hand
has a digitally enforced protocol that
creates scarcity 21 million bitcoins
total will ever exist based on this
protocol gold initially became so
valuable though not only due to its
scarcity but due to the overall cost and
difficulty of obtaining it which is done
through mining again you may see the
parallel with Bitcoin where mining is
the costly and difficult process of
filling proof of work and consensus to
earn Bitcoin rewards mining is even
called the same thing in both cases and
that is no coincidence some say that
gold has utility and that's what gives
it value today which is actually true
gold is an essential material and many
consumer electronics and that's great
however Bitcoin has some key benefits
over gold one of them being the ease of
transfer over a blockchain network the
other being the cost of storage it's far
and finally there's no physical way to
increase the supply of Bitcoin it's
digitally programmed into the protocol
itself we already know that there are
planetary bodies and asteroids that are
rich in gold when technology improves
enough to make mining that gold
effective in terms of cost our supply of
gold on earth could skyrocket if demand
does not incur
continuously with that new supply Gold's
value could very well plummet of course
demand for Bitcoin must also stay stable
or increase over time to get the
valuation that many people claim we'll
have online but ultimately I think that
Bitcoin has a far better controlled
supply than gold that very well could
have an increased supply in the future
and down below in the comments section
tell me if you think bitcoin is a better
investment than gold and why you think
so or why you don't think so moving on a
project that I really like called torus
has been running a beta of their
decentralized application login service
for a little while now they just
recently moved out of beta and have a
nice list of partners at launch think
names like the etherium name service
finance ether scan ontology scale and
more the concept behind the product is
that you can use existing services
logins like Gmail Reddit and etc to
create a wallet account with tourists
that can be used to send and receive
crypto authenticate with taps from your
own browser and a whole bunch more this
is all designed to make interaction with
web 3.0 applications like taps faster or
less cumbersome and more accessible to a
broad range of users who really can't
keep their keys safe this happens all
the time of course this does mean that
you technically do not hold your own
private key which is bad in terms of
keeping large amounts of crypto assets
safe for long-term storage
but for DAP usage this is a sacrifice
you make in control for the benefit
inconvenience instead of making torus a
single point of failure though they
decided to take the keys created for
users through this login service and
shard them or break them up into little
pieces and distribute those pieces
amongst the after mentioned partners
that are all nodes and the torus and
network when you want to authenticate
for a DAP for example you would use your
Gmail login with the standard 2fa which
you should be using and then the torus
client will retrieve your key shards
from the variety of tourist network
nodes or partners recombines your key
uses it to sign your DAP transaction
you're good to go so this is really cool
tech and I'm really interested to
integrate it into one of my own Dobbs to
see how
works I think it's a lot easier on users
to be able to log in in the same way
that they normally do for other services
and not have to worry about keys when
you're holding crypto long term it's
essential your keys need to be in a
hardware wallet and they need to be
owned by you but for something like this
for adapts this is a great solution
speaking of cool tech though chain link
is now being used by crypto Visa card
service swipe as a decentralized price
data source for their US dollar to ether
trading pair and their native xxp SXP
that's really hard to say token price
against US dollars as well this is yet
another example of how chain links
decentralized oracle network is being
used for real projects already I see
this all the time on exchanges if you go
to one and you see one price then you go
to another one and you'll see a
completely other price you're completely
at the mercy of their pricing sources in
terms of data or their algorithms to
calculate it with chain link the
aggregation of the pricing information
from a variety of sources in
decentralized way makes the price you're
seeing more trustworthy and more fairly
sourced if you think about it you're not
getting data from one source that can be
tampered with and you're not having to
trust maybe one or two or an algorithm
that you can't see I think you're gonna
see an increasing number of crypto
exchanges and payment providers using
chain link for pricing of their assets
they really should be in my opinion for
swipes specifically their product
desperately needed chain link and
something like this because of the way
that they reconcile transactions when
you want to swipe your Visa card and pay
with ether for example swipe needs to
exchange your ether for fiat on demand
like nearly instantaneously to fund your
USD transaction to the vendor you're
trying to pay if the pricing information
is wrong or if it's manipulated swipe
could lose money on the trade and so
could you this means that a single point
of failure for their solution is that
pricing API whoever they're relying on
for data or whatever algorithm they're
relying on needs to work perfectly and
chain link really does fill this need
overall I think chain links a perfect
perfect fit for this use case I'm really
excited to see more exchanges using this
type of technology
now over in the realm of regulation
everyone's favorite topic secretary
minuchin at the Financial Crimes
enforcement network or FinCEN revealed
that his department and other regulatory
agencies will be providing or producing
significant new requirements for crypto
currencies in the near future there was
no actual specific detail about what
these requirements are but I have a few
predictions myself and I wanted to share
those with you now we all know that
there are regulators that are chomping
at the bit to ensure cryptocurrencies
are not used for criminal enterprise nor
is a safe harbor for tax evaders and
honestly this makes perfect sense I'm
all for it we don't need that extra
layer of rhetoric that people can
sprinkle on and write off crypto as a
whole we can get the criminals out this
is obvious though in my mind we'll be
seeing formal guidance on cryptocurrency
exchanges and things like the travel
rule are going to be a focus in an
instance where a financial instrument is
being transferred from one institution
to another the sending institution must
provide certain identifying information
about the user and the transaction to
the receiving institution basically
information has to travel from the
origin over to the receiving institution
so stuff doesn't get lost this is
designed to prevent crimes such as money
laundering and the like so if you
perform kyc at coin base and then you
send crypto to another exchange
technically according to the travel rule
if this were a bank you they would have
to send some information about you to
that receiving exchange I also think
we're gonna see formal standards for kyc
on all crypto platforms that interact
with US entities especially again this
is also self-explanatory most exchanges
that offer Fiat pairs they have kyc
around the world not just in the US and
we're gonna hopefully see some clarity
at least on what's required and how
those things are reported and how that
data is kept that's what I really want
to know we may even see mandatory
reporting requirements for exchanges
that serve US customers to prevent money
laundering other financial crimes I mean
these are all guesses complete guesses
on my part but we'll of course see what
likely this year
and hopefully as I've said in several of
these videos that touch on regulation we
need clarity it's not a matter of no
regulation is the answer because in a
lot of ways there are good regulations
that should be there to protect people
in a lot of ways think about it this way
for agencies not even agencies for
entities of all kinds exchanges interest
interest earning products etc if they
collect your information for kyc you
want to make sure there are standards
for how that information is protected
from a security standpoint you don't
want a yeah well you need to do kyc but
there's no standards by which you need
to store all that sensitive data right
think about things like the by Nance
hack for kyc right it was a very free
process for them to do it however they
wanted and they fixed it but only after
a breach showed up online with a ton of
people's IDs and photos and such so I
thinks in some cases standards are a
really important thing and hopefully
these regulations will be
non-restrictive but rather giving
clarity for everyone so that we can
follow very simple rules as always folks
I will link up a couple other cool
videos here and I'm very appreciative of
your support and your time so until next

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